PwC Middle East, is set to establish a new service delivery centre in Manama, Bahrain during the first quarter of 2024. The service centre will offer strategic compliance and advisory services to a wide range of global institutions. In line with PwC Middle East's objective to expand its market presence regionally, this new centre will strengthen PwC's global network of 328,000 people working in 152 firms around the world. Located at the heart of the Gulf and providing an accessible gateway into Saudi Arabia, Bahrain is strategically placed to facilitate the regional success of the new service centre.

As a leading global firm, specialising in taxation, legal, deals, assurance (audit) and consultancy services, the new delivery centre will continue supporting its diverse client portfolio, comprising of the public sector, financial institutions, healthcare providers, manufacturers, Telco providers, and more from its Bahrain office.

Leveraging on its established international strategies as an extension of its capabilities from its global network, PwC Middle East anticipates 50 new job opportunities for Bahrainis for the launch, with an overall operational target of 250 for the centre. The regional service centre in Bahrain will be working closely with the other centres in the region, with initial plans already in place to serve the region's client base.

Hani Ashkar, Middle East Senior Partner at PwC Middle East, said, "Beyond its competitive operating costs and strategic location providing facilitated access to serve the region, Bahrain's highly talented bi-lingual workforce is an undeniable asset against the backdrop of a growing economy that is witnessing impressive and consistent growth."

He added: "We are a community of solvers combining human ingenuity, expertise, technology and innovation to deliver sustained outcomes."

His Excellency Khalid Humaidan, Chief Executive at the Bahrain Economic Development Board, added, "PwC's decision to establish its regional service centre in Bahrain is a testament to the Kingdom's thriving financial ecosystem. Over the years, Bahrain has built solid financial foundations that today enable the efficient delivery of established business services. Owing to a world-class infrastructure and a talented workforce that merges local insight with global perspectives, Bahrain continues to create global success stories and support the expansion plans of leading industry players. We look forward to supporting PwC's latest initiative throughout their investment journey."

In line with the Economic Recovery Plan (ERP, 2021) which aims to develop Bahrain's economy with a focus on strategic high-impact sectors, the regional hub is set to emerge as an influential contributor to diversification efforts. Recently overtaking the oil and gas industry as the highest contributor to GDP growth at 17.5% as of 2022, Bahrain's financial services sector continues to showcase steady growth and is home to a balanced portfolio of leading local, regional, and global financial institutions.

Papara, the market-leading Turkish neobank, today announces the acquisition of Madrid-based neobank Rebellion, bringing the Turkish neobank’s valuation to over $1bn. This strategic move propels Papara into the coveted unicorn club, solidifying its position as one of the first bootstrapped unicorns in Europe.

The deal also marks the first step in Papara’s ambitious global growth strategy, as the business gains an instant presence outside of its home market for the first time, in order to drive financial inclusion for all.

Papara has purchased Rebellion from its current owners, Beka Finance, in a multi-million dollar cash and stock transaction that brings Papara’s valuation to over $1bn, making the business Europe’s latest unicorn and one of very few to have reached this milestone with no prior external investment. As well as being bootstrapped, unlike other challenger banks, Papara became profitable just two years after being founded by Ahmed Karslı in 2015.

One of Spain’s best-rated financial apps, Rebellion offers its customers many of the same products and services as Papara, including money transfer, prepaid cards and cashback to drive financial independence. Founded by Sergio Cerro and Alex Sagrado in 2017, Rebellion has received investment of 15 million euros to date.

Papara’s acquisition of Rebellion – which will rebrand to Papara Spain – offers the business a strong foothold in the fast-growing Spanish banking market, where digital and technological innovation is continuing to thrive. Current Rebellion employees will also join Papara’s rapidly expanding team, which grew by 43% in the last 12 months, and report into CEO Emre Kenci.

Papara’s founder and Chairman, Ahmed Karslı, said: “Papara was founded on the principal of financial inclusion for all, and this deal will allow us to ensure that is reality for even more people. 2023 is the year in which we are beginning to execute our ambitious international growth strategy, and we are confident that Rebellion is the perfect foundation upon which to expand our global reach. The business and team stood out to us for a number of reasons, primarily its unrivalled local market knowledge, best-in-class products and, most importantly, alignment of goals to our own. We look forward to working with their talented team and building on Rebellion’s local market success.”

Commenting on the acquisition, Rebellion co-founder Sergio Cerro said: "This acquisition presents an exceptional opportunity to propel a project that aligns seamlessly with the Spanish neobanking market. Given the absence of a dominant player in the Spanish sector, and considering the prevailing economic landscape, I strongly believe that Papara is the ideal partner to synergistically blend resources, business vision, and ambition."

This year, Papara expanded its product suite outside of its core banking offering for the first time, to include pet, home, travel and mobile insurance. In a world first, the business also launched its Voice Card with long-term partner BlindLook, bringing fast and secure payments for visually impaired users. The business hit 16 million users in April 2023.

Zuvy, a dynamic Nigerian invoice financing company, has bagged a substantial $4.5m in a debt and equity funding round.

The firm, known for its innovative approach to managing invoice software and providing discounting services, has drawn global investors keen on supporting its mission.

The funding, which attracted a host of international investors, was led by TLG Capital, with other contributors including Dunbar Capital, Next Chymia Consulting HK, Advent International’s Chairman David Mussafer, and Khalil Osman from Vicus Ventures, according to a report from Business Day.

Zuvy’s core objective is to streamline the vendor-buyer relationship within the sphere of small and medium-sized enterprises (SMEs). Recognised for its pioneering solutions, Zuvy has risen as a provider of liquidity to burgeoning businesses, not just in Nigeria but further afield.

The company intends to use the fresh funding to continue its mission of supporting the digital shift of SMEs. By offering effective financial solutions and software tools, Zuvy aims to resolve challenges relating to administrative burdens and cash flow management often encountered by Nigerian entrepreneurs.

Since its launch in late 2021, Zuvy has expanded its service offering beyond being an invoice financing platform. Today, it provides free software tools that facilitate procurement and vendor management for larger enterprises. Initially serving the fast-moving consumer goods sector, Zuvy has witnessed impressive growth, expanding its presence into the healthcare and supply chain industries.

Zuvy has also introduced integration with WhatsApp, enabling vendors to send invoices to buyers seamlessly. This innovative feature eradicates the time-consuming processes associated with paper invoicing, offering larger buyers considerable time and resource savings, while vendors enjoy discounts on invoice payments.

Zuvy CEO Angel Onuoha said, “Given the digital shift we foresee in SMEs over the next few years, Zuvy intends to become the go-to liquidity provider for these evolving businesses.”

VersiFi, a partner-powered prime services platform for digital assets, today announced its partnership with The Hunting Hill Group (“HHG”), a digital-asset-focused investment firm whose founders have extensive experience as participants and advisors in the digital currency alternative fund space. The collaboration will provide VersiFi with invaluable strategic guidance and support, enabling the new firm to effectively leverage its skills and capabilities to seize emerging trends and drive product innovations. HHG confirmed that it has provided seed funding and anticipates that it will become an active participant on the VersiFi platform via Hunting Hill Global Capital, an SEC-registered investment advisor managing strategies across asset classes including cryptocurrencies and financial instruments that reference digital assets.  

VersiFi announced its official launch earlier this month as it prepares to introduce a new partner-powered prime services platform for digital assets by Q3 2023. This plug-and-trade offering is designed to bring together an ecosystem of trusted and regulated exchanges, liquidity providers, custodians and lenders to provide clients with a full-service, regulatory-compliant solution that streamlines the trading lifecycle and mitigates single-firm counterparty risk.

“This partnership marks a significant milestone for VersiFi as we grow, develop and enhance our platform,” said VersiFi founder, president and CEO Sameer Shalaby. “We are confident that the collaboration with Hunting Hill, led by Adam Guren, will propel our success in the digital asset space.”

“We believe the experience of the Hunting Hill Group team in portfolio management, trade execution, operations, and risk management within both traditional finance and crypto markets well positions us to participate in the rapidly evolving opportunities across the digital asset universe,” said Adam Guren, CEO of Hunting Hill. “We are thrilled to join forces with VersiFi as they expand this much needed crypto infrastructure business.”

Exclusive data from Kin + Carta, the global transformation consultancy, has revealed that the overwhelming majority of financial services leaders believe AI has an intrinsic role in the sector.

At the recent FWD23 summit hosted by the consultancy, whose clients include Santander, 80 senior leaders from the UK’s largest financial services brands were asked: “What will help your organisation harness the power of AI and unlock innovation?”. 

A huge 98% of the C-suite and VP-level respondents believe that they won’t need to convince others that AI “is the future” of financial services. Meanwhile, 30% said “moving past the hype cycle and realising actual value” would help their organisation harness the power of AI.

Other findings from the survey showed that half (50%) of the attendees see that “identifying AI use cases” would help them implement AI, with:

• 34% want these “use cases” to demonstrate how AI can transform customer experience 

• While  16% wanted to see the true value of AI to understand where it can support business operations. 

Phil O’Neill, director of financial services at Kin + Carta Europe commented on the findings: “Financial services is no stranger to disruption, but unlike previously, there seems to be a sense of common thinking across the sector - AI is here to stay.

“But we are not there yet. As the survey results suggest, we need to be moving beyond the hype and actually prove the use cases and value the application of AI can deliver. Only then, with the right data foundations in place, will we see the more profound applications of AI come to the fore. 

“Industry leaders can see the positive impact that AI will have on financial services but only if we think pragmatically, build tools responsibly, and understand limitations, will we reach that AI mecca where it is actually making a worthwhile difference.”

Speaker at FWD23, Agata Grela, Futurist, also commented, “There's excitement about AI, there's possibility, yet it's important to step back and be thoughtful to ensure systems, measures and structure are in place for AI to be used to its full potential, ahead of it being unleashed to the world.”

Results were taken from research carried out at FWD23, held in London on the 14th of June 2023 by Kin + Carta, the latest in a series of sector-specific events, bringing together industry experts to discuss the power of data and AI and how they can be used to tackle market challenges. 

Moneycorp, one of the world's leading cross-border payments businesses, today announces that Chief Financial Officer, Velizar Tarashev has been appointed by the Board as the Group's next Chief Executive Officer effective immediately.

Velizar will succeed Mark Horgan, who will step down after 12 years in the role. Mark will remain on the Board of Moneycorp and will assume the role of Deputy Chairman in early 2024.

Velizar has a long track record of successful execution in regulated financial services. Before joining Moneycorp in 2021, he spent more than a decade at Barclays in various leadership roles including Finance, Strategy and Technology.

Alan Bowkett, Chairman of Moneycorp, said:

"Today's announcement marks a transition to the next generation of global leadership for Moneycorp to ensure it delivers its long-term strategic objectives.

"We are delighted that Velizar will lead the company into the future. Velizar is an established leader with an impressive track record of delivery. Since joining the Group, Velizar has been instrumental in the development and implementation of Moneycorp's strategy, business model and culture, making him the perfect candidate to take the Group forward.

"On behalf of the Board, we thank Mark for his significant contribution to Moneycorp. Under his leadership the Group has transformed from a domestic, consumer-focused, analogue provider of foreign currency to an international currency solutions and payments provider. We are fortunate that Mark will continue to provide counsel to Moneycorp in a non-executive capacity as Deputy Chair."

Mark Horgan commented:

"I hand over Moneycorp in excellent shape having overseen a fundamental transformation in the size and scale of the business during my 12 years as CEO. I am very proud of all we have achieved together and am confident that the business will continue to go from strength to strength under Velizar's leadership."

Velizar Tarashev said:

"It is a privilege to assume the responsibilities of CEO of Moneycorp. We have a well-established strategy, best-in-class people and an excellent client base which give us significant opportunities for further growth. I look forward to leading the business as it enters its next phase, executing our strategy and delivering strong results for all stakeholders."

Onfido, the global leader in automated identity verification, today announced the results of its four-year partnership with Lemonway, a leading Pan-European payment institution. Since integrating Onfido's AI-powered identity verification solutions, Lemonway has seen substantial ROI, including a 2X increase in validated identity documents and 2X increase in validated wallets and accounts, resulting in business growth while maintaining regulatory obligations.

Read more in the case study here

Lemonway provides regulated payment services, wallet management, and pay-out for marketplaces such as Decathlon, SNCF Connect, and HelloAsso. To meet the European Economic Area (EEA) regulations regarding Know Your Customer (KYC) and Anti-Money Laundering (AML) processes, Lemonway required a solution that avoided delays in the user onboarding process and that could verify identity documents (ID) at a global scale. Lemonway also wanted to focus on the overall customer experience and therefore made liveness for customer identification a priority.

In 2021, Lemonway partnered with Onfido to implement a digital KYC solution to streamline the onboarding process and provide a more seamless experience for their customers, using ongoing monitoring to prevent fraud while adhering to high regulatory standards.

The partnership yielded significant results in improved operational efficiency, enhanced compliance, and business growth. Specifically, Lemonway has seen:

• Enhanced automation and validation rates for individual wallets: Lemonway saw a remarkable improvement in the Year-to-Date (YTD) validation of individual wallets, with automation rates more than doubling.
• Reduction of manual workload: Automated identity verification processes reduced the manual effort required for document verification and KYC compliance.
• Increased document validation rates: Lemonway redesigned their KYC workflow while integrating Onfido which both combined doubled the validation rates for identity documents.
• Improved conversion rates: Automation in the document verification KYC workflow step facilitated a seamless user experience, resulting in increased conversion rates.

Lemonway has expanded its partnership with Onfido to strengthen their leadership in the marketplace sector, particularly with large corporations. Lemonway will use Onfido Studio to orchestrate verification journeys, as well as, Motion, the award-winning next generation of biometric liveness detection from Onfido that improves verification speed by 12X, detecting the presence of a real physical person in seconds. The extended partnership will also include Known Faces and Device Intelligence to enhance defences against common and sophisticated fraud.

“Onfido has been an invaluable partner for Lemonway. Their AI-powered identity verification solutions have helped us streamline our customer onboarding process, reducing friction and increasing conversion rates,” said Jeremy Ricordeau, Chief Operation Officer at Lemonway. “What sets Onfido apart is its commitment to accuracy and security, which gives us peace of mind knowing that our customer’s personal information is protected.”

By providing an optimal payment experience and maintaining compliance with regulatory requirements, Lemonway aims to foster growth in B2B commerce across Europe.

“In today’s digital age, speed and convenience are paramount to customer experience. We’re thrilled to expand our partnership with Lemonway to process applications faster and more efficiently while providing a simplified user experience,” said Nello Franco, Chief Customer Officer at Onfido. “With Onfido’s ETSI TS 911 461 certification and support of over 2,500 identity documents, Lemonway is able to scale its business, meeting regulatory compliance requirements while continuing to improve overall customer experience.”

Brought to the finance and fintech arena by Ultimate Fintech, iFX EXPO is the largest B2B exhibition worldwide. Faithfully convened every year in key financial hubs around the world, from Dubai in the Middle East to Bangkok in exotic Asia and Limassol on the warm Eastern Mediterranean shores of Europe, the expo brings together thousands of elite attendees and hundreds of speakers from fintech, online trading, blockchain and regtech. 

Every edition reveals something original and striking about the constantly shifting financial landscape. And every year, iFX EXPO grows, piquing the interest of big financial industry players. Here’s a recap of 2023 so far, how iFX EXPO shaped the fintech debate, what to expect later this year from the upcoming International edition and in 2024.

A year around the world: First stop - Dubai

Opening the expo season, iFX EXPO Dubai 2023 was a huge success. Between 16 and 18 January, 3,500 industry insiders, thought leaders and C-level executives gathered under the roof of the Dubai World Trade Centre to take part in the grandest fintech exhibition in the Middle East. 

100+ speakers approached some of the hottest topics that continue to stir the minds of financial professionals, technology developers and regulators in the MENA region and beyond, such as ‘Next Tech Industry Trends: Growth Drivers in 2023,’ ‘Survival Kit: The Payments Landscape in MENA,’ The Financial Melting Pot of MENA: Dos & Don’ts,’ and more.    

With an impressive lineup of sponsors and exhibitors including some of the most prominent industry leaders, including Exness, ZuluTrade, Multibank Group, CMC Markets, B2Broker, and many more, iFX EXPO Dubai offered the perfect stage for businesses and financial professionals to exchange ideas, showcase their products and services and lay the groundwork for future partnerships.

Helping lift the spirits and stir the flow of ideas, the Welcome and Night Party added a note of leisure and excitement to the event, allowing the attendees to interact in an informal setting.

From Dubai to Bangkok: bigger & bolder

Succeeding the Dubai edition, iFX EXPO Asia 2023 welcomed fintech leaders in the exotic city of Bangkok. Opening its doors on 20 June for 2+ days of insightful debate and exclusive product showcases which concluded on 22 June, the expo shed light on some of the most intriguing topics that shake up the world of fintech and finance, as well as some mind-blowing fintech innovations and affiliate programmes.

Exceeding the expectations of the audience, the Asian edition of iFX EXPO was even more spectacular than the Dubai event, calling to the stage some of the highest-profile industry players. Among them, executives from Revolut, Amazon Asia, Coinbase, the FinTech Association of Hong Kong and Visa International were only a few of the renowned speakers that enlightened the audience and enlivened the debate in the Speaker Hall of Centara Grand & Bangkok Convention Centre at CentralWorld.

Matching the high calibre of the speakers, the agenda distilled some of the most exciting topics, with online trading, crypto and Web3 in focus. But the speakers and agenda are far from being the only ingredients of the prestigious event. 

Sponsored by some of the top brands, such as XS.com, OpixTech, ZuluTrade, Equiti Capital, LIEZ Markets, B2Broker, CXM Direct, Swissquote and many more, iFX EXPO Asia shined at every level. 

Outside the business arena, the expo offered plenty of opportunities to mingle and exchange ideas in a casual atmosphere. The Welcome and Night parties wowed the audience, adding a pinch of informality and relaxed interaction to the business gathering.

Saving the best for the second half of the year, iFX EXPO has a lot yet to reveal. So, get ready for the event that the whole industry is talking about!

iFX EXPO International - the ultimate fintech frontier

Closing its yearly world tour in September, iFX EXPO returns home to Limassol, the fintech hub in Cyprus. Scheduled to take place between 19 and 21 September, iFX EXPO International is by far the most exciting, boldest and most anticipated trade show of the year. And the 2023 edition will reveal a lot of surprises.

More than 4,000 attendees are expected and more than 90% of the booth set-up space and sponsorship slots have already been sold. If you haven’t reserved your spot yet, don’t miss the opportunity to register now and take advantage of the early bird rate. 

There are plenty of opportunities to stand out at iFX EXPO International. There are still a limited number of booths and sponsorship slots available. To sponsor or exhibit at the world-leading fintech event, contact sales@ifxexpo.com.

Set to be the largest international iFX EXPO edition yet, this year’s event will be held in a new, high-end venue perfectly suitable for a display of this calibre - City of Dreams Mediterranean Integrated Resort. 

Combining the facilities of exclusive hotel accommodations with the lush environment of a casino and the upmarket set-up of an international conference venue, City of Dreams is the first integrated resort in Europe, providing the perfect location for iFX EXPO International 2023. 

Upcoming Events in 2024

iFX EXPO Dubai 2024: 16 - 18 January, Dubai, UAE

iFX EXPO LATAM 2024: APRIL, Mexico City, Mexico

iFX EXPO ASIA 2024: OCTOBER, Bangkok, Thailand

Stay tuned for updates on all things iFX EXPO!

“We pride ourselves on driving the conversation around digital trust forward. At Utimaco, we see our role as being not just about creating hardware and software that provides the ‘root of trust in a digital world’, but also communicating to our customers about the social context of that technology. In short, all the security systems in the world will be more effective if end users know and trust that they are effective,” says Stefan Auerbach, CEO, Utimaco. “We see the ‘Circles of Trust’ series of research as a vital tool to temperature test digital trust around the world, and an invaluable resource for any company working internationally.”

“In the current fast-paced environment, we know that advisers need more support than ever before, so we are delighted to join the finova panel.  Their strong track record of delivering high-quality results for clients build on a solid foundation innovation and technology makes them ideal partners. 

“In order to move the sector forward, we believe successful partnerships such as these are essential, and so we are pleased to give finova's members full access to our tools and information.” 

“It is gratifying to see our mortgage panel continue to grow and this is a testament to our team's dedication. Standard Life Home Finance's addition significantly expands the number of Equity Release products that members can access through finova and we are pleased that more brokers will be able to benefit from this.” 

“The brand impressed us with their commitment to supporting customers as well as advisers and we look forward to a long-lasting working relationship that ensures our clients get the best possible results.”