Wealth Access, the leading customer data insights platform that unifies and enriches data to power hyper-personalized experiences for financial institutions, announced today that it has been named a Finalist in the WealthManagement.com 2023 Industry Award (the“Wealthies”) for the Technology Provider categories of Chief Executive Officer of the Year, Client Portals, Account Aggregation and Document Management.

Wealth Access augmented its account integration capability via a new widget enabling clients to easily incorporate their customers' wealth, brokerage, and retirement accounts into their banking portal, providing a comprehensive view of their financial holdings. Wealth Access’ latest client portal enhancement focuses on allowing enterprise firms to represent complete financial views for clients and prospects – retail, wealth, business, and external – within their digital banking experience. The company’s new document vault also enables improved organization capabilities, greater security and increased efficiency.

Within the past year, Wealth Access has experienced strong business growth. The company now works with 45 banks and has increased its core business at a rate of 35 per cent per year. In addition, Wealth Access has seen significant increases in the adoption of its technology by 270 per cent.

David Benskin, founder and CEO of Wealth Access, said, “We are honoured to be recognized as finalists for these prestigious awards from WealthManagement.com. As an industry innovator, our team is always challenged to discover how we can develop more impactful financial technology to benefit our clients and the customers they serve. Each member of our Wealth Access team has played an integral role in helping us earn this recognition, and I am incredibly grateful for all their hard work and dedication.”

Wealth Access has been a recipient of several past WealthManagement.com Industry Awards. The firm received the Wealth Reporting/Personal Finance Managers award in 2020, 2019, 2018, 2017 and 2016. In 2017, Wealth Access also received the award for best Account Aggregation in 2017.

Now in its ninth year, the WealthManagement.com Industry Awards is the only awards program of its kind to honour outstanding achievements by companies, organizations and individuals that support financial advisor success. A panel of judges made up of top names in the industry, led by WealthManagement.com Director of Editorial Strategy and Operations David Armstrong, chose the finalists and will determine the winners, recognizing the firms and individuals who are bringing new innovations to market that make a real difference to the daily activities of financial advisors. Winners will be announced at a gala and awards ceremony in New York City on September 7, 2023.

“The Industry Awards are a beacon, illuminating the trailblazers and innovators who are shaping the future of the financial services industry,” Armstrong said. “They serve as a leading indicator of future activity, and as a barometer for the dynamic ecosystem of companies and organizations that empower, support and enable advisor success who are driving the industry forward.”

Wealth Access drives hyper-personalized banking experiences by unifying and enriching financial services’ existing books and records to create 360 views of each customer’s financial history. These living balance sheets enable bankers and advisors to work across business lines to better understand and visualize customers’ unique financial needs. With rationalized data, service teams are able to discover intelligent insights, identify risks and opportunities, and deliver hyper-personalized, right-timed recommendations for customers.

Volt, the company building the global infrastructure for real-time payments, today announces that it has raised a $60 million Series B to fund expansion into new international markets such as APAC and the Americas – and support product development in existing markets across Europe, the UK and Brazil. Following London Tech Week, this investment from IVP, one of Silicon Valley’s leading investors, signals a vote of confidence in the UK’s fintech sector.

The investment round was led by IVP, a Silicon Valley-based firm that has a 40+ year track record backing companies like Coinbase, Slack and Supercell (note that complete investment by IVP is subject to regulatory approval in the countries in which Volt is regulated). New investor, CommerzVentures, is also participating in this Series B round along with existing funds, including EQT Ventures, Augmentum Fintech PLC and Fuel Ventures.

Volt, which is currently available across the UK, Europe and Brazil, plans to bring its pioneering real-time payments technology to APAC with an Australian market entry planned for later in 2023, and also has its sights set on the US market. In an effort to continue innovating for customers, the company plans to use this Series B investment to build out its network of acceptance and global reach, and to enhance its product suite to include cash management, while also significantly bolstering its product and engineering teams.

Tom Greenwood, CEO of Volt, comments: “Testament to our progress and our vision for real-time payments everywhere, we’re thrilled to be working with our new partners at IVP, joining their portfolio of leading global brands. We’re staying focused, and humble, as we embark on this next chapter.”

Founded in 2019, Volt has established itself as a leading global real-time payments provider, and is forging the path by bringing together new generation account-to-account (A2A) payments infrastructure to a single point of access. This investment builds on Volt’s momentum, with recent wins including a global partnership for real-time payments with the world’s largest merchant acquirer, Worldpay from FIS, and teaming up with Shopify to become the commerce platform’s first open banking provider.

“True to its name, Volt is creating an electrifying global network for instantaneous, secure and cost-effective A2A payments. The wisdom and experience of the founders accrued at transformative payments companies, coupled with the talented employees at the company, strongly position Volt to give merchants and payment partners the lightning-fast, best-in-class payment solution they’ve wanted and needed,” said Eric Liaw, General Partner at IVP.

Angela Zhu, Partner at IVP, adds: “As over 70 countries, including the US, transition to RTP systems, merchants are experiencing the immense benefits of instant, secure, and cost-effective A2A payments. With the value of A2A payments in e-commerce transactions set to reach $757 billion by 2026, Volt is well positioned to redefine the future of payments on a global scale.”

Tom Mendoza, Partner at EQT Ventures, adds: “It’s no secret that fundraising in 2023 has been challenging for many, but Volt demonstrates that emerging category leaders in large and growing markets will thrive irrespective of the macroeconomic environment. The EQT Ventures team are delighted to see another British fintech take on APAC, Australia, and the US, with the backing of a globally renowned cohort of investors.”

Perry Blacher, Augmentum Partner, adds: “We are excited to continue to back the Volt team. The new capital and the addition of another leading investor, IVP, serves as further reinforcement for the company’s accelerating growth trajectory, as they continue to deliver their world-class service to global merchants.”

Stefan Tirtey, Managing Partner at CommerzVentures, adds: “We’re excited by Volt’s progress to date in its mission to deliver the first global real-time payment network. With its strong leadership team, technical expertise and commercial prowess, we believe it’s well-positioned to deliver on the potential of A2A payments. We look forward to seeing what the future holds.”

Picket, a firm that provides integrated technology and services for residential real estate investing, has completed a Series B funding round worth $20m.

The capital was raised in a round led by LL Funds, with participation from RET Ventures, a previous lead investor from Picket’s Series A round in 2022.

Picket is revolutionising the real estate industry by providing investors with an all-in-one platform to identify, evaluate, acquire, and manage single-family rental (SFR) properties across markets using robust data and analytics. This platform uses a plethora of data points including rental and sale valuations, neighbourhood-level data such as school scores and crime rates, and more, to rank properties according to investor criteria.

The funds will be used to speed up innovation and further broaden technology-enabled services for investors and rental home residents. Backed by its proprietary workflow automation technology, Picket’s teams aim to enhance the entire lifecycle of single-family rental assets, thereby improving investors’ operating income and the quality of life for rental residents.

Picket’s residential customers currently enjoy the advantages of a fully digital leasing process, smart home technology, and a custom mobile app. This feature suite also includes online bill pay, work order management, and a dedicated resident services team.

Philadelphia-based LL Funds, known for their investment in high-growth finance and technology companies, will help Picket navigate its next growth phase through this Series B investment. As part of the deal, LL Funds partner, Jim Morrissey, will join the Picket board of directors.

LL Funds partner Jim Morrissey said, “Picket is dedicated to building the industry’s highest-quality residential real estate investing tools and services, and its success is a reflection of that focus. We could not be more excited about the opportunity to partner with this team as they transform the way people invest and live in single-family rental homes.”

Picket has made considerable strides since its inception, helping a growing list of clients invest more than $270m in single-family rentals last year. While initially focusing on institutional clients, the company is now expanding its reach to individual investors.

Reflecting on the recent growth, Picket co-founder and CEO Quinten “Q” Shay said, “Picket’s growth has been significant in the last 18 months, and the company’s ability to rapidly innovate on behalf of single-family investors of every size is unmatched. We’re thrilled to be able to offer investors access to advanced data, analysis, and tools that simplify and streamline the real estate investing process, and we look forward to significantly expanding our reach in the months and years ahead.”

Reward Finance Group has cemented its twelfth year of continuous growth, by breaking through the £200m loan book milestone for the first time.

Reward, which supplies SMEs with tailored business finance loans and asset-based solutions of between £50k and £5m, is marking the landmark by donating £2,000 to reforestation company Tomorrow’s Forests in line with its sustainability goals to help local communities and the environment.

The £200m lending milestone has been a major boost to the regional economies across Reward’s offices in Leeds, Manchester, Scotland, Birmingham and London. Since its inception in 2011, the alternative finance provider has supported over 2,000 businesses across the UK by providing over £1bn of working capital needed to drive increased revenue, create jobs, innovate or navigate through a difficult trading period.

Commenting on the £200m milestone, Reward’s group managing director, Nick Smith, said: “Achieving such an exceptional lending milestone underlines the ongoing hard work and expertise within our team across our five regional offices. It’s also testament to the terrific relationships we’ve forged with our extensive network of SMEs, commercial finance brokers and other introducers.”

UK digital payment platform Silverbird has announced a new strategic partnership with Tuum, a modular core banking platform.

The partnership will help the company on its mission to boost financial inclusion for international SMEs.

This collaboration represents a significant milestone for Silverbird as it opens doors to cutting-edge technology and untapped markets. By leveraging this partnership, Silverbird aims to extend its banking services to a larger number of small enterprises and effectively address the needs of the underbanked population.

Speaking about the collaboration with Tuum, Max Faldin, CEO of Silverbird, said: “Tuum helps us with core banking. They have the most flexible modular core banking on the market as far as we can tell. We need this modularity to build what we call Payments Hub – a flexible solution to support our SMEs with multiple banking providers.”

Myles Bertrand, CEO of Tuum, said: “Tuum’s mission is to set banking free from old-world constraints. We provide the technology and processes to enable financial institutions to innovate their services and business models. As such, we are delighted to be working with Silverbird to enable them to transform how SMEs trade globally. Practically, the Tuum platform provides accounts in more than 30 currencies with a real-time ledger, smart routing of payments using multiple payment providers and multiple international payment methods, and API integration in other multiple cutting-edge technology providers for key areas like AML and KYB.”

He further added, “In addition, because our platform provides more than core banking, Tuum can support Silverbird as its business grows over time and they extend their proposition for global SMEs.”

Silverbird’s banking services cut across 200 countries. With a focused approach to working with exporters and importers, the company delivers exceptional service that effectively addresses the gaps left by traditional banks.

Today, payments technology company MultiPay Global Solutions has announced Inditex fashion retailer Zara as the payment provider for its new Near Field Communication (NFC) gift keychain collection. Already available from Zara stores across the UK, the new NFC gift keychains have been developed to be more convenient, innovative, fashionable, and sustainable than conventional single-use gift cards.

Recently unveiled at Zara’s iconic flagship store in London’s Battersea Power Station, the simple-to-use NFC gift keychains allow customers to pay for items by scanning the keychain’s unique identifier at any instore NFC-enabled contactless payment reader. Replacing single-use gift cards, the keychains can be reloaded with credit for use time and time again.

“Gift cards provide a vital connection between retailer and customer, and like any payment method, is always in need of innovation,” said David Maisey, CEO of MultiPay Global Solutions. “The scale of the gift card market should not be underestimated. Last year alone 28.8 million adults in the UK received a gift card. Importantly, they are especially popular with Gen Z and millennial shoppers, with 46% and 42%, respectively purchasing at least one gift card in the three years leading up to 2022. The arrival of a reusable NFC-powered key chain not only enhances the customer experience by making it easier to carry but also helps reduce single-use plastic consumption.”

NFC-powered payments have surged in popularity as buying products and services with cash and cards becoming increasingly less common. According to Markets and Research, the global contactless payment market size is expected to reach USD 164.15 billion by 2030, equating to a CAGR of 19.1%. NFC for contactless payments is anticipated to be a primary driver of this growth.

In total, 18,000 keychains, featuring a series of fun, creative designs, have been delivered to Zara stores in the UK. Powering the NFC keychains is MultiPay’s PCI P2PE & PCI DSS L1 validated solution that creates a single payment gateway to provide the same level of security and reliability it delivers for all payment methods.  

Delia Pedersoli, COO, MultiPay Global Solutions, commented: “With shoppers valuing convenience, speed and ease in their payment methods, NFC payments have become almost universal in a relatively short time. Now, with the launch of Zara’s keychains, this technology has extended to gift cards as well, enabling shoppers to purchase and personally gift store credit to one another in a new and appealing way.”

Session Highlights

After an action-packed first day, Fintech Week London once again welcomed some of the most exciting and influential members of the tech and fintech community. Despite some early morning showers, the Tottenham Hotspur Stadium was radiating with positive energy as individuals headed back for another day of high-level networking and discussions.

Fintech Week London’s CEO, Raf De Kimpe welcomed Secretary to the Treasury and City Minister, Andrew Griffith MP to the stage to kick off proceedings. During his informative keynote, Andrew discussed the strength of the UK’s tech and fintech sectors, before reaffirming the government’s continued commitment to protecting these sectors.

Next, a panel led by SkyParlour’s Managing Director, Kimberley Waldron examined the state of fintech funding. Amy Whitell, CEO & Co-Founder of Collctiv, Laura Pomfret, Co-Founder of Financielle, Craig Fox, Managing Director and Head of Fintech at HSBC Innovation Banking, and Will Mason, CEO & Founder of Infact Systems, provided insights on this important subject.

Louise O’Shea, Chair of the InsurTech UK Advisory Panel and FinTech Wales and Founder of Freedom Services Group, and Sam White, Founder and Global CEO of Stella Insurance Australia, then both delivered fascinating keynote talks on what is happening in the field of insurance, as well as the growth of insurtech.

This highly relevant topic was debated further during panel discussions and fireside chats throughout the morning. Among others, these conversations featured: Sabine VanderLinden, Co-Founder & Managing Partner of Alchemy Crew, Rosie Denée, Head of Lloyd’s Lab, Louise Birritteri, CEO & Founder of Pikl and Fraser Edmond, CEO of Broker Insights.

Following this, George Beattie, Head of Innovation at CFC, spoke about the future of the insurance and the insurtech sectors. Exploring three future risk trends, George highlighted how nascent technologies are redefining liabilities in commercial and personal activity, before highlighting the need for insurers to respond to these evolving threats. 

In the last session before lunch, Mark Walker, Editorial Director at The Fintech Times, Andrew Barnett, Director at Deloitte, Emma Lindley, Managing Director International Expansion at CAF, and Chor Teh, Director of Financial Crime Compliance Industry Practice Lead at Moody’s Analytics KYC, joined forces to discuss data, risk, and fraud.

The afternoon then kicked off with a glimpse of the (near) future, when Dr Catriona Wallace, Founder of the Responsible Metaverse Alliance, and Julia Streets, Founder and CEO of Streets Consulting, joined forces for a virtual discussion around the future applications of the metaverse and how it could change how we all do business.

Conversations around the metaverse continued deep into the afternoon led by Julia Streets, before comedians Daman Bamrah and Abigoliah Schamaun took to the stage to inject some levity to proceedings with a humorous panel entitled the ‘Fintech TalkUp ShutDown’, which was well-received by attendees.

Discussions then moved to fintech’s potential to improve outcomes and opportunities across society. Notable speakers including Betsy Samuel, CMO of Thredd, Theodora Lau, Founder of Unconventional Ventures, Kam Chana, Head of Future Finance Lab at RCA and Jas Shah, Founder of bitsul, who all shared thoughts on the thought-provoking topic.

The final keynote speech of the day was helmed by Emmanuel Daniel, Founder of The Asian Banker. Emmanuel provided his thoughts on the advent of new technologies, which have given data owners greater control over who they want to interact with, creating several new and exciting business models for companies to explore in a post-platform age.

Finally, Raf De Kimpe ended the in-person event with his closing address, which recapped on some of the biggest highlights from an eventful couple of days. Now, attention will turn to the rest of Fintech Week London’s schedule, which will be hosted online until Friday, as well as The Fintech Awards, which will take place on Wednesday at The Underglobe.

Throughout the packed day, there were several noteworthy soundbites that caught the ear, including:

“I want the UK to be the envy of the world when it comes to innovation. As we demonstrated with the sale of Silicon Valley Bank to HSBC, this government will always provide protection and support to the country’s most innovative companies.”

Andrew Griffith MP, Secretary to the Treasury and City Minister

“We expect the metaverse to be mainstream in the next three to five years, and by the latest within the next ten years.”

"The UK is on the right path to establishing itself as a global centre for crypto regulation, something I've described as the Goldilocks approach not being too hot, not being too cold, striking the right balance between innovation and protection. With the right regulatory framework in place, our country will continue to thrive as a global tech hub, attracting the brightest minds and revolutionising industries across the board."

“The government will move open banking under a sustainability regulatory framework using the smart data power contained in the data protection and digital identity bill that is going through parliament. Within this bill, the government will have powers to unlock data in new sectors building out from the successes in early open banking.”

Andrew Barnett, Head of Fraud for Financial Services at Deloitte

"So I think the payment rails needs to be what I would call fatter, so they need more information to be shared between the sender and the receiver and vice versa. That needs to happen in real time to allow both the receiver and the sender to do their job as they need to in line with the payment schemes. It would definitely improve fraud detection, it will also mean that genuine customers, that are sending genuine payments are less likely to get those annoying messages."

Dr Catriona Wallace, Founder of Responsible Metaverse Alliance

“Being able to access talent, funding and a network of peers is important to any business’ development. London remains the UK’s largest fintech ecosystem, but other areas have now matured into genuine industry hubs too. If you can access one, then your business has the opportunity to grow. I think that’s why we’re seeing so many exciting things happening outside of the nation’s capital.”

Armin Kia, Co-Founder and CEO at Driverly

“I love the insurance industry, but aspects of it are currently broken. However, these problems create opportunities for companies to come along and provide solutions. That’s why it feels like the sector is about to embark on an exciting chapter.”

Charlotte Halkett, Chief Underwriting Officer at ManyPets

“Attaining funding can be incredibly frustrating. Right now, it feels like investors want companies with exceptional growth trajectory, while also prioritizing businesses that can demonstrate a quick route to profitability. Often, these two things can’t be achieved in tandem, which needs to be addressed.”

Laura Pomfret, Co-Founder of Financielle

“There’s been a big slowdown in funding, but much of this has occurred with companies seeking later rounds of investment. Let’s be clear, raising capital has never been an easy process and while it’s harder now there’s still plenty available for good companies.”

Craig Fox, Managing Director Head of Fintech at HSBC Innovation Banking

“We’d started to see more diverse founding teams coming to the fore in the past few years, which has unfortunately been stripped back on account of this funding downturn. Ultimately, the funding process is too inefficient and must be improved.” 

Amy Whitell, CEO and Co-Founder of Collctiv

“I think I speak for a lot of founders when I admit that I’m terrified about the prospect of raising money next year. Sadly, I’m not sure that 2024 will be a great year for investments into this space.”

Will Mason, Founder of Infact Systems

“It is becoming harder and harder for companies in the fintech sector to avoid having a ‘Blockbuster’ event. That is to say, a moment when the technology it relies on is replaced by something more effective and efficient.”

George Beattie, Head of Innovation at CFC

“We’ve been able to build incredible relationships with our local network in the East of England, where we originate from. In London it can sometimes feel like relationships are primarily transactional. We still have great relationships here, but are strongest, most collaborative partnerships are with peers from our local region.”

Louise Birritteri, CEO and Founder at Pikl

“I work with a lot of startups, many of whom are going through funding rounds right now and it’s clearly very difficult. Some companies are being forced to wait a long time for funding. The pressure can become immense, but it’s important to ensure you pick an investment partner that’s aligned with your values. It’s almost like a dating site; you just need to keep swiping until you find someone who’s the right match.”

Rosie Denée, Head of Lloyd’s Lab

“Our actions can make a huge impact on someone’s life. It’s so important for people to be able to come to work and to be themselves. We don’t know what people are going through, so it’s important to lean in and try to help.”

Betsy Samuel, CMO of Thredd

“We need to consider how we bake trust and ethical working practices into the metaverse. People must understand the risks to make informed decisions and ensure that we’re promoting digital ethics.”

Laura Henchoz, Client & Emerging Tech Leader at EY UKI

“We must think about the open and closed versions of the metaverse. The launch of Apple’s Vision Pro, and the rise of ‘Spatial Computing’ highlight how close we are to the dawning of a new technological shift. The future is now!”

Shane Leonard, CFO at Outlier Ventures

“The metaverse gives us an opportunity to do something good. However, will society learn from the mistakes of today’s world and actually make good on that potential? We need to ensure it’s a safe space for all, but especially for children.”

Sophia Bantanidis Future of Finance Analyst Citi Global Insights

“You don’t need to be a big corporation to make a difference. Every single one of us can make a difference if we try. There has never been a better time to make a change, and to build the future that we all want to see.”

Theodora Lau, Founder of Unconventional Ventures

Here are a few announcements from today that caught people’s attention:

• Financielle has secured its second £50k Innovate UK Award - this time for Inclusive innovation.
• Collctiv, the Manchester-based group payments app, has announced the achievement of over $40 million in processed transactions.
• FOMO Pay has implemented Moody’s Analytics End-to-End KYC/AML Risk Monitoring Solutions for its Secure Digital Payment and Digital Banking Services.
• Broker Insights has appointed tech sector luminary Tom Duke as Chief Operating Officer.
• Griffin has raised $13.5 million in Series A funding round led by MassMutual Ventures

For more information, please visit: https://www.fintechweek.london/event/ec9a5c6a-d3ca-47a1-b945-cfe73f878b81/summary

Fintech Awards London is also taking place at the exquisite Underglobe in London, with companies including SEON, Monzo, Weavr, OpenPayd and 11:FS all up for a gong. You can find the full shortlist here: https://www.fintechawardslondon.com/2023-awards/

Additionally, eFinancial Careers are running the Global Fintech Fair today, where you can find more information here: https://recruiterhub.efinancialcareers.com/Global-Fintech-Fair2023_EMEA-US_FTWL.html 

Crown Agents Bank, a market leader in B2B cross-border payments and foreign exchange, specialising in emerging markets, today announced it has joined the World Economic Forum’s (WEF) New Champions Community.

The WEF New Champions Community brings together forward-looking mission-driven enterprises with revenues between USD $50m and USD $1 billion, that align with the WEF’s mission, demonstrate entrepreneurship in the global public interest, and shape solutions and strategies to address the challenges of the future through collaboration and industry expertise.

Through the New Champions community, Crown Agents Bank will be able to share thought leadership and present to organisations on how to create a more equitable global marketplace and connect hard-to-reach markets. Membership will open up collaboration for Crown Agents Bank with the WEF and its group of purpose-driven, high-growth companies to drive change, champion new models, lead emerging technologies and build sustainable growth strategies.

Crown Agents Bank’s network, technology, and expertise helps governments, institutions, and organisations de-risk access and deliver money to underserved geographies. It offers cross-border payments and FX in over 150 countries, and its extensive network of partners allows Crown Agents Bank to offer competitive prices and fast, reliable settlement.

By making financial services accessible and affordable to those who may otherwise be excluded from the financial system, Crown Agents Bank helps to strengthen local economies, deliver social impact and drive financial inclusion. It achieves this by facilitating transactions for development banks, businesses, and charities. To date, the fintech bank has delivered £3.3bn of development aid flows and £14.6bn of flows into low and lower-middle-income countries.

“Cross-border payments are the lifeblood of development aid efforts, the flow of money into low and lower-middle income countries, and intra-regional trade that is critical to building a sustainable future for the Global South. But moving money around the world is too complex, too opaque, and too costly - limiting the impact, and ultimately good, that development organisations can have on the world,” said Bhairav Trivedi, CEO of Crown Agents Bank. “Solving this problem takes collaboration at a global scale with businesses who want to make a positive social impact. The New Champions Community provides this forum for collaboration, and I can’t wait to work with like-minded leaders to help transform how money moves around the world for the benefit of everyone.”

“Within the community of New Champions of the World Economic Forum, we believe that success is best achieved through collaboration and strategic alliances. Crown Agents Bank brings a wealth of expertise, experience, and a unique perspective to the table, further enriching our collective knowledge and capabilities. We are excited about the possibilities that lie ahead and welcome them warmly to the community.” said Julia Devos, Head of the New Champions Community, World Economic Forum.

Paymentology, the leading global issuer-processor, and strategy consultancy firm Fincog, today announce the launch of a new report highlighting significant opportunities for telcos to enter the financial services space by adopting new banking business models. Considering telco’s existing technical infrastructure and industry trend of diversifying product offerings, the report analyses the specific advantages for telcos of offering innovative financial services.

“Unlocking Financial Services for Telcos” provides an overview of a unique opportunity for telcos to diversify their revenue-generating services and enter a new market. It analyses the viability of telcos offering innovative financial products and services to a traditionally underserved customer base, explores the wide range of entry strategies available, and stresses the importance of a digital-first approach.

Here are the key findings:

1. By leveraging their existing data and customer base and adopting new banking capabilities, telcos can generate new revenue streams and become facilitators for financial inclusion.

2. Telcos' marketing and customer relationship expertise and their established user base mitigates costly customer acquisition, one of the main barriers to entering the financial services market.

3. As demonstrated by successful projects from the likes of Safaricom, TrueMoney or Tigo Money, the diversification of revenue streams through innovative financial offerings will continue to be a key driver of growth and competitiveness for telcos in the years ahead.

4. There remains a significant gap between internet and mobile penetration rates especially in developing regions, resulting in a unique opportunity for telcos to address financial inclusion.

Abe Smith, Co-CEO Paymentology, said “We’re delighted to launch our report exploring opportunities for business expansion in the dynamic telco industry. We have extensive experience working with telcos and have identified a compelling engagement model that has enabled us to delve deeper into how we can drive financially inclusive offerings to meet the pressing need for digital-first banking products and services across the globe.” 

Bulent Dal, Global Director of Strategic Accounts at Paymentology, added “Extending financial services to the traditionally underserved is a key goal for Paymentology, as we strive to boost financial inclusion throughout the world. Our report demonstrates telcos can expand the services they offer to their customers without significant barriers to entry, improving access to crucial digital banking products and changing lives as a result. “

The report draws on extensive analysis of regional telecommunication markets and financial services across the globe, aided by input from leaders of recent telco financial services projects. It also explores the options available to telcos as they build their payments infrastructure, from partnering with an industry leader to developing a platform in-house.

“Our findings outline the opportunity for telcos to differentiate their revenue-generating products by offering financial services,” said Jeroen de Bel, founder and partner at Fincog. “Recent advances in technical infrastructure have enabled new and exciting banking business models for telcos in all regions to leverage. This report benefits those interested in expanding into the financial services industry and making the most of the opportunities presented by the global digital economy.”

Paymentology, the first truly global payments issuer-processor, has built an extensive network of regional expertise, supporting businesses with over 500 in-country experts across five continents. The London-based fintech enables banks, fintechs and telcos to digitise their financial infrastructure with a data-rich platform and a focus on API-first development. Paymentology gives businesses the technology, team and experience to rapidly issue and process Mastercard, Visa and UnionPay cards across 49 countries, at scale. 

To find out more about Paymentology and download the report: https://www.paymentology.com/report/unlocking-financial-services-for-telcos

SEI® today announced the appointment of Sneha Shah as an Executive Vice President and Head of New Business Ventures, reporting to CEO Ryan Hicke. In this newly created role, she will:

• Lead new business and platform identification and incubation 

• Engage clients, accelerators, and the entrepreneurial community to invest in and accelerate new ideas and solutions

• Cultivate innovation that drives top-line growth

Hicke said:

“An important component to achieving our goals for growth is solidifying the foundation from which we launch new businesses that can contribute to our success. In order to consistently generate new business ideas, test, and launch them, we need to dig deep into our roots of innovation with a dedicated focus. 

“Sneha brings a depth of exceptional global experience at established companies across industries, helping them identify and accelerate growth opportunities and drive organizational transformation. Her knowledge of industry trends and emerging technologies, as well as her leadership and relationships within the startup, private equity, and venture capital communities, will add tremendous value as we execute our growth strategies. As a critical member of the executive team, Sneha will bring fresh perspectives that will challenge our thinking and push us forward. We’re excited to welcome her to SEI.”

With more than 25 years of experience in business leadership, strategy, and execution globally, Shah most recently served as Managing Director and Group Head of the London Stock Exchange Group’s (LSEG) Business Accelerator, where she created and scaled new businesses at the intersection of data, artificial intelligence, and technology. Prior to LSEG, her roles as Managing Director, Global Head of Risk Managed Services at Refinitiv and Managing Director in Africa for Thomson Reuters included leveraging emerging technologies, innovation, and strategic partnerships to drive profitable growth. Shah has also held senior leadership roles across finance and risk, operations, sales, and client service. 

Commenting on her appointment, Shah said:

“SEI has a strong history and culture of working with clients and communities to solve problems that matter. As the pace of change in the world continues to accelerate, SEI’s unique position in the financial services ecosystem offers opportunities to explore new possibilities that can drive growth and value for the company, our clients, and the industry. I’m thrilled to join the team and help build a strategic function that can create and capitalize on market opportunities and contribute to SEI’s next chapter of transformation and growth.”  

A global citizen with a passion for purpose-led initiatives, Shah currently serves as a Board Trustee for the African Leadership Foundation, the Education Development Center, and the Harambe Entrepreneur Alliance. She is also Board Chair for the Young Presidents Organization’s New York Polaris Chapter. Shah was selected for Innovate Finance’s “Women in Fintech Power List” and was a two-time winner of the Gender Mainstreaming award by Business Engage. She spoke at the United Nations General Assembly in 2019 on the human impact of illicit financing and delivered a keynote on innovation to the UNDP Taskforce on Digital Financing. 

Shah holds a Bachelor of Arts in politics with international studies from the University of Warwick in the U.K. and completed the Harvard Business School’s YPO Presidents’ Program.