MediConCen Limited, an Insurtech company that automates insurance claims using AI and blockchain, announced that it has raised USD 6.85 million in its latest Series A round. HSBC Asset Management leads the new funding and has also received support from existing investors including G&M Capital, ParticleX, and new investor Wings Capital Ventures. To date, MediConCen has received USD 12.7 million, and this new investment will accelerate its growth in the international market, including the Middle East and Southeast Asia.

“Insurance does good for the society but often it is not felt by the customers. There is much frustration dealing with the medical claim process for both customers and insurers alike. We always aim to create a 10x better customer experience, and we believe that insurance claims are the most pressing area to address. MediConCen’s capability to deliver extraordinary solutions lies in our profound understanding of insurance and state-of-the-art technology. We are changing the paper-based and human-based claim process to digital- and AI-assisted journey, utilising the latest AI and blockchain technology. We are glad to have the Venture Capital team at HSBC Asset Management join us as an investor supporting our mission to revolutionise the insurance claim experience” said William Yeung, CEO and co-founder of MediConCen.

“Given our operational background in financial products and services, we are true believers in the transformational effect of igitization. Insurance’s true value is realised the moment policyholders experience an insured event. We are supportive of MediConCen’s aim to improve this experience by simplifying and speeding up the claims journey, including ensuring that the claim amount is fair, with a technology backbone that supports the scaling up of these benefits.” Said Kara Byun, Head of Fintech, Venture & Growth Investments, HSBC Asset Management.

MediConCen is a Cyberport community start-up that joined the Cyberport Incubation Programme in 2018 and benefited from the financial support and access to partners and networks.  With the support of the Cyberport Macro Fund, an investment fund that provides seed to Series A stage and beyond funding to Cyberport digital entrepreneurs, MediConCen has successfully secured extra co-investments to facilitate its growth in 2020.

Today Mastercard announced it is joining with the U.S. Department of Commerce to help establish the U.S. AI Safety Institute Consortium (AISIC), which will focus on creating new, trustworthy AI standards. The consortium will bring together a collection of AI developers, users and researchers and will include Fortune 500 companies, academic teams, nonprofits and other U.S. government agencies.

The goal of the group will be to research and provide guidance on AI safety issues, which will underpin future standards and policies. The members will help ensure the Commerce Department’s National Institute of Standards and Technology can collaborate closely with the broader AI safety community on best practices, learnings and new developments. The full list of participating organizations can be found here.

“To unlock AI’s full potential, we need to ensure there is trust in the technology,” Mastercard CEO Michael Miebach says. “That starts with a common set of meaningful standards that protects users and sparks inclusive innovation. The public-private partnership enabled by AISIC will be critical in helping to achieve this goal and reinforce responsible AI.”

Mastercard believes that technology development must always start with foundational practices that respect and protect individual rights and society. That’s why it has also developed and continually evolves a set of robust principles to hold the company to the highest standards of data and tech responsibility and share its experiences with partners, regulators and policymakers. Mastercard looks forward to collaborating in the same way through AISIC.

Revenued, a leading fintech that helps small businesses simplify the process of managing business finances, today announced the company's first neobank partnership with Found, a fintech company on a mission to make self-employment easier. The new and strategic partnership will address the significant challenges today's small businesses face such as access to capital and allow owners to establish a separate business account to qualify for Revenued products.

Revenued offers small business owners access to capital, which has historically been a significant hurdle for small business owners to overcome. Initial Revenued analysis, however, showed that more than 2,000 small businesses each month were unqualified for a Revenued product because they did not yet have a dedicated business bank account. The partnership with Found will help bridge this gap; Found will offer small businesses exclusive incentives to set up business bank accounts through their platform, which will in turn then help those businesses qualify for Revenued products.

"As an advocate for small businesses, we're thrilled to partner with a like-minded fintech leader such as Found. The company paves the way with digital solutions that empower business owners to access the financial tools and services they need in a convenient way. The partnership with Found also addresses a critical barrier for small businesses that don't have a business bank account," said Sol Lax, CEO of Revenued. "We are committed to enabling growth within the small business ecosystem and collaborations like this help us not only accelerate our impact but better serve the entrepreneurial community."

According to data gathered from more than 20,000 active small business bank account connections by Revenued, 92% of U.S. small businesses currently rely on traditional banks or local credit unions for their banking needs. However, these conventional financial institutions, on average, cost small businesses more than $700 in banking fees annually. An increasing number of small businesses are turning to online banks and fintechs, such as Found, allowing them to avoid fees such as NSFs and overdrafts.

The initial pilot between Revenued and Found showed high levels of interest and engagement from Revenued traffic; 34% of qualifying small business merchants clicked on Found's offer to learn more, and a significant proportion of those users went on to successfully create and fund new business bank accounts. The initial results of the pilot suggest the appeal of the offer, combined with a streamlined onboarding experience, are interesting, accessible, and useful to these small business owners.

"In just one month, we've seen approximately 10% of qualifying Revenued traffic move forward with creating a Found account," said Nick Adler, COO of Found. "If this milestone serves any indication of the future of our partnership, we're confident that we can reach even the most underserved small businesses."

Alba Bank (Alba) has announced that Rod Ashley is stepping down from his role after 6 years in post.

Jonathan Thompson will assume the role of acting CEO to lead the business over the next critical phase, bringing with him extensive start-up and SME banking experience. Dominic Wade also joins the firm as Chief Financial Officer. He joins from Unity Trust Bank, where he held the same role.

Rod Ashley said: “I have enjoyed every moment of leading Alba from the early days but now is the right time to step aside. I will be following Alba’s progress over the coming months and wish the team every success.”

Robert Sharpe, Alba’s Chair, said: “Rod has been a part of the Alba story for 6 years but has decided now is the right time to move onto other interests. He leaves with our thanks and best wishes.”

Jonathan Thompson, acting CEO, said: “I am delighted to take the reins at Alba and lead the bank through this next critical phase. It is great to have someone of Dom’s calibre alongside me as we take the business forward.”

Navro – the pioneering fintech firm formerly known as Paytrix that simplifies global payments for international businesses – today confirms that it has been authorised by the Central Bank of Ireland as an Electronic Money Institution (EMI). Under the terms of the licence, fast-growth businesses with international ambitions can benefit from Navro’s global payments curation services under the protection of European Union regulation. 

Securing an EMI licence from the Central Bank of Ireland confirms the importance Navro places on building a strong and effective governance structure as the foundation for its global payments network and infrastructure. In addition to the Irish licence, Navro also recently secured an EMI licence from the UK’s regulator, the FCA. 

Founded in May 2022, Navro launched its curated payments solution to fill a gap in the market for an efficient, cost-effective, and streamlined international payment solution. Up to now, businesses of all sizes aspiring to expand into new international markets have been faced with managing a diverse, complex and demanding range of service providers, payment gateways and regulatory authorities. 

In response, Navro has developed the world’s first payments curation platform — a new infrastructure approach that provides access to the best payment services in every region of the world through one platform, one API, and one contract. 

Aran Brown, CEO and Co-Founder of Navro, said: “International payments are a pain point across a range of industries including e-commerce, marketplaces, and online platforms such as payroll and pensions to name just a few. These are sectors that need to cater for complex layers of incoming and outgoing payments, to and from large volumes of businesses and individuals, and across multiple jurisdictions. Getting the licences in Ireland and the UK sets us up wonderfully for 2024 and means that international businesses can now use our solution to remove these headaches in a regulated environment.” 

Welcoming the authorisation, Ireland’s Minister for Finance, Michael McGrath, said, “I would like to congratulate the team at Navro on securing their EMI licence from the Central Bank of Ireland, which marks an important milestone for this fast-growing company. Ireland has a strong track record of attracting and retaining innovative firms like Navro and their Irish operations will give them a strong platform to develop their regulated business in the EU, the US and beyond.”

Following the successful licence applications in two of Europe’s major financial jurisdictions, Navro has also completed a new funding round to increase its reserves and satisfy the capital requirements of tier-one regulators, clients and banks. Existing investors, led by Bain Capital and Unusual Ventures, including Motive Partners, contributed a total of USD 14 million in an internal investment round with participation from prior investors Fin Capital. That sum, combined with the majority of funds retained from its Series-A investment round, means that Navro is well capitalised for growth.. 

As the company looks ahead and executes its expansion plans, it has also rebranded from Paytrix to Navro. The new brand comes off the back of rapid growth and recognises that the business is evolving to offer more than just payments. The new name, Navro, represents the business’ mission to help customers navigate their growth into new markets, with speed and efficiency. 

NatWest has become the first UK bank to be named as a supplier of the Crown Commercial Service’s (CCS) new Dynamic Purchasing System (DPS) for Open Banking services. This DPS will be accessible by all public sector entities in the UK including central government, local authorities, NHS, police, education providers, devolved administrations, and charities.

The announcement means buyers will be able to access Payit by NatWest open banking solutions as well as Confirmation of Payee (CoP) API to support fraud prevention.

NatWest is already well integrated with the public sector as the largest supplier of Commercial Cards under CCS’ Payment Solutions 2 framework, as well as one of two House Banks on the Government Banking contract.

Mike Elliff, CEO at Payit by NatWest said:

“After becoming the first country in the world to accept tax payments via Open Banking, this DPS will give the public sector access to a pool of pre-qualified suppliers. NatWest is delighted to be the first UK bank appointed to the DPS. Open banking is a key part of the UK financial ecosystem and seeing it integrated into the public sector is encouraging.

“With the continued adoption of Open Banking in the UK we are uniquely positioned to support the public sector with our award-winning Open Banking solutions.

“Individuals and businesses rely on NatWest to pay and get paid, which is why as a group we’re entrusted with 1 in 4 UK transactions. Our proven and secure infrastructure enables billions of payments every day. We combine the scale and resilience of a bank with the speed and innovation of a fintech to bring new payment services to our customers quickly and safely.”

Crown Commercial Service supports the public sector to achieve maximum commercial value when procuring common goods and services. In 2021/22, CCS helped the public sector to achieve commercial benefits equal to £2.8 billion - supporting world-class public services that offer the best value for taxpayers.

Intellect Global Consumer Banking (iGCB), the consumer banking arm of Intellect Design Arena Limited, announces that VakifBank International AG, part of Türkiye Vakiflar Bankasi T.A.O has selected iGCB’s platforms Intellect Digital Core (IDC) and Digital lending to transform its overall banking. This is the second strategic core banking transformation deal announcement for iGCB in Europe in close succession to the partnership with a leading European Bank on December 8.

VakifBank International AG headquartered in Austria and present in Hungary will leverage eMACH.ai based Digital Core and Lending platform to:

• Launch innovative products and features through the composable architecture-based platform, giving access to ready microservices, packaged business components, and events.
• Bank will be able to go to market faster with a country-ready marketplace leveraging APIs.
• Improve business visibility through CXO cockpit with enhanced real-time 360° customer insights and reporting
• Manage and reduce inactive customers through churn analysis
• Increase asset book with end-to-end digital lending
• Start banking operations in Hungary

Bahrain Commercial Facilities Company (BCFC), in a strategic partnership with Mastercard, is set to transform Bahrain’s commercial payments landscape with the introduction of its Commercial Cards Program for companies, corporations, and small and medium-sized businesses.

Through this partnership, Mastercard and BCFC will offer solutions to effectively manage company expenses, payables, and overall cash flow. From day-to-day expenses, supplier payments, utility bills, to managing travel expenses, governmental, and business-to-business payments, Commercial Cards Program promises better visibility and efficiency in commercial B2B payment flows. In addition the credit card carries a unique value proposition including but not limited to a rebate system to complement the existing benefits of the commercial credit card.

“Our collaboration with Mastercard is a strategic move to provide businesses in Bahrain with innovative payment solutions that cater to their diverse financial needs. With the introduction of the Commercial Cards program, we are not only enhancing our product portfolio but also driving innovation, automation, and digitization in the commercial payments sector,” said Abdulla Bukhowa, CEO of BCFC.

“Mastercard’s partnership with BCFC underscores our pledge to fostering digital payment flows and enhancing the commercial B2B space through trusted payment solutions. Together, we aim to empower businesses with tools that offer unparalleled efficiency and control over their financial operations. Our recent endeavors in the region, in partnership with the BCFC, have been pivotal in driving the adoption of digital payment solutions, reflecting our vision for a world beyond cash and our commitment to financial growth in the region,” stated Maria Medvedeva, Country Manager, Saudi Arabia and Bahrain, Mastercard.

This collaboration between BCFC and Mastercard is poised to redefine the way businesses oversee their expenses and payments, marking a significant step towards a more digitized and efficient commercial ecosystem in the Kingdom of Bahrain.

Global financial technology leader FIS® has today announced another milestone in its drive to make secure open banking more accessible to its clients and their customers. Agreements are in place with leading data networks including Akoya, Envestnet | Yodlee, MX, and Plaid to integrate into FIS’ Open Access platform, an innovative new open banking solution, that enables consumers to securely and seamlessly share their financial information with a greater number of third-party financial apps and services of their choice.

The shift to Open Banking is accelerating, and last year the Consumer Financial Protection Bureau (CFPB) proposed a Personal Financial Data Rights rule establishing consistent industry standards for consumer data access and protection.

FIS’ Open Access platform provides consumers with the ability to access and share their financial data in a secure, streamlined, and controlled manner. This solution gives consumers the flexibility of working with third-party financial services app providers, controlling what information is shared and who it is shared with while providing them with the ability to revoke access at any time. The solution also provides banks with visibility and reporting on where their customers are sharing financial data, which fintechs they are interacting with, and how frequently.

The solution allows for secure and reliable data sharing through Financial Data Exchange Standardized (FDX) APIs. By collaborating with leading industry providers, the enhanced solution has the broadest depth of coverage across the market, meaning FIs using FIS’ Open Access platform can support their customers to access a broad range of capabilities and experiences using an unmatched number of apps and services.

Hashim Toussaint, GM, Digital Solutions at FIS said: “Consumers of all ages are increasingly using third-party apps to manage their finances when they want, and creating a seamless experience for them to do this is crucial for traditional banks and credit unions as they look to retain and grow their customer base. Enabling the world’s adoption of Open Banking is foundational to our mission to advance how the world pays, banks, and invests.”