JCB International Co., Ltd., the international operations subsidiary of JCB Co., Ltd., today announced its partnership with global financial technology company SumUp, to enable acceptance of JCB Cards across SumUp’s European merchant network. With the return of international travel, the collaboration will provide new opportunities of growth for merchants by welcoming JCB’s valuable cardmembers.

Together with SumUp’s extensive product suite of business tools and rapid growth rates, JCB will ensure that merchants are well-supported to welcome returning travellers. SumUp’s merchant network comprises businesses of all sizes, from nano entrepreneurs to SMEs, such as grocery stores, taxi companies and small-sized shops, and the union represents an ideal gateway to growth for merchants wishing to tap into new revenue streams. With SumUp’s compact and portable devices and paperless onboarding process, even the smallest of businesses can benefit from the simplicity and convenience of its payment solutions. The enablement of JCB Card will allow SumUp’s merchants in Europe, which are part of its over 4 million merchant network in the world, to become members of JCB’s growing merchant community and meet customer preference towards digital payments. 

In addition, the new partnership provides a seamless and faster payment experience for cardmembers who wish to use their JCB Cards when shopping abroad. Our cardmembers can rely on the security and ease of use of JCB Contactless, reinforcing JCB’s commitment to offering innovative solutions and a high level of services to its growing base. With the availability of JCB Contactless, JCB Cardmembers may simply tap their card on SumUp’s readers to enjoy payment convenience.

Ray Shinzawa, Managing Director, JCB International (Europe) Ltd., said: “We’re excited to introduce SumUp as our new partner and work closely with its merchant network starting with European countries and regions to further increase JCB Contactless acceptance. SumUp’s global presence and innovative technology make it the ideal choice for our cardmembers, who value secure and fast transactions when shopping abroad. At the same time, this collaboration will delight merchants with new customers and growth opportunities in today’s competitive market.”

Michael Schrezenmaier, CEO Europe, SumUp, said: “We are committed to empowering small businesses and helping them tap into the expanding number of Asian travellers. Our new partnership with JCB will enable them to offer a preferred payment option to these travellers. This is an exciting time, especially for small and medium-sized businesses looking for new avenues of growth, and with the deployment of JCB Card acceptance, we can better provide them with the tools they need to differentiate themselves from their competition and thrive in today’s global marketplace.”

4Trans, a fintech specialising in financial products for supply chain and logistics companies, has partnered with Allianz Trade to offer SMEs in the EU access to secure funding solutions and protection against potential revenue loss.

Through the partnership, 4Trans will be able to provide EU SMEs with the necessary funding to support their cash flow needs while also ensuring they are protected against poor debts. SMEs can now access superior credit insurance, which is often required, while also being protected against non-payment risks.

The partnership together with 4Trans’ factoring products, equips businesses in the EU with everything they need to gain access to funding for growth and protection against cash flow challenges. 4Trans’ factoring products enable SMEs to access outstanding cash flow from unpaid invoices, enabling them to use their own funds to improve their daily operations or invest in growth plans.

The partnership will also enable 4Trans to offer stronger insurance products to its clients through brokers from Allianz Trade. 

To date, 4Trans has financed 90,000 invoices with a total of over €75 million for supply chain and logistics SMEs, marking a 350% year-on-year growth.

4Trans has also appointed Martin Chvoj as Chief Risk Officer tasked with assessing and mitigating significant competitive, regulatory and technological threats for the fintech company. Martin has extensive international experience in risk management and operated in highly regulated countries in Central Europe and the USA as well as global emerging markets such as China, Philippines, India, Indonesia and Vietnam. 

He held senior management roles in the Asian branches of Home Credit Group, a leading consumer finance company and various roles at the big four consulting companies. Martin successfully completed his doctoral studies in finance and actuarial mathematics at Charles University in Prague.

Jaroslav Ton, CEO, 4Trans, said: "Our new insurance partnership with Allianz Trade, along with the arrival of Martin Chvoj, will bring new opportunities and further growth to 4Trans. 

“We are one of the few, if not only, European non-banking companies that have insurance over its portfolio. Thanks to our risk processes, which are now strengthened with our new partnerships and Martin’s arrival, our customers can be assured that their financing is protected and insured. Especially in today’s times, it is important to manage risk to help your company grow safely. 

“Martin’s rich experience and expertise will allow us to better understand our clients' needs and provide them with top-class financial solutions in the logistics sector."

Martin Chvoj, CRO, 4Trans added: "I am delighted to be able to contribute to the growth of 4Trans while ensuring that our plans will go hand-in-hand with sound management of credit, fraud and operational risks. I believe that my past experience and quantitative approach to risk-related challenges will help 4Trans to achieve all its goals". 

The Global Legal Entity Identifier Foundation (GLEIF) today announces that VerifyVASP, a Singapore-based RegTech solution provider to Virtual Asset Service Providers (VASPs), has joined the Global LEI System as a Validation Agent.

VerifyVASP is the first Validation Agent to operate exclusively in the crypto and digital asset trading space. By assuming the role, VerifyVASP can now help obtain Legal Entity Identifiers (LEIs) for its VASP clients quickly and efficiently. VerifyVASP can then incorporate its clients’ LEIs into its decentralized messaging service to provide the verified entity identification data needed for easy and early compliance with current and anticipated regulatory requirements, including the Financial Action Task Force’s (FATF) Travel Rule. The net result is a new level of trading entity transparency in crypto and virtual assets that reaches across borders and jurisdictions.

The FATF Travel Rule (Recommendation 16) is a crucial part of the FATF’s Recommendations, which set out a framework of measures that countries should implement in order to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction. It obliges VASPs to ‘obtain, hold, and submit required originator and beneficiary information associated with virtual asset transfers in order to identify and report suspicious transactions.

The Travel Rule aims to mitigate the risks associated with the transfer of virtual assets, especially in ownership identification. It achieves this by mandating financial institutions and crypto firms involved in virtual asset transfers to acquire and exchange precise and reliable details of the originator and beneficiaries of the transaction before or during the transfer. Since the recommendation was published, the private sector and several jurisdictions globally have been working on implementing FATF’s Travel Rule and establishing robust regulatory frameworks to prevent money laundering and ensure customer protection in virtual asset transfers. 

By assuming the role of Validation Agent now, VerifyVASP will also help to increase adoption of the LEI ahead of forthcoming regulatory deadlines across the APAC region and beyond. Most recently, in May 2023, the European Union adopted the Markets in Crypto Assets (MiCA) regulation, bringing together crypto assets, crypto asset issuers and crypto asset service providers under a single regulatory framework, and extended the scope of Transfer of Funds Rule (TFR) to include transfers of crypto assets. By January 2025, Crypto Asset Service Providers (CASPs) must identify with the LEI when facilitating transactions. The LEI is also recommended for virtual asset traders.  

“As a Validation Agent, we can use LEI data to greatly streamline VASP identification and facilitate counterparty identification, while supporting our clients with early compliance to upcoming regulations,” comments Shihyun Chia, CEO at VerifyVASP. “Counterparty due-diligence is one of the main challenges VASPs face due to the level of information required by the FATF’s Travel Rule. The LEI helps to address this as it delivers consistent, high-quality, and globally recognized entity identification which greatly helps both financial market supervisors and participants to assess exposure across marketplaces.”

“The crypto industry is shaping markets across borders and expanding rapidly. It is highly expected that VerifyVASP, with its industry-leading technology and solutions, newly joining as an LEI Validation Agent, will enable VASPs and other market participants to build a solid foundation of trust in the global marketplace,” adds Sirgoo Lee, CEO of Dunamu, the operator of South Korea’s largest digital asset exchange Upbit.

Stephan Wolf, GLEIF at CEO, comments: “There is currently no way to determine if the same Virtual Asset Service Provider is registered with multiple regulators. This leads to uncertainty for national authorities as well as all participants in the global financial system. If all jurisdictions identify registered service providers and other intermediaries via the LEI, and the LEI is consistently exchanged across supervisory authorities, we can create a digitally enabled financial ecosystem. The latest updates from the European Union bring us one step closer to achieving this. By adopting the Validation Agent role, VerifyVASP will support the broader adoption of the LEI within the virtual asset trading market, helping to facilitate legitimate digital asset transactions from both service providers and crypto-asset issuers.”

GLEIF’s Validation Agent Framework enables financial institutions and other supervised organizations involved in legal entity identity verification and validation to obtain and maintain LEIs for their clients in cooperation with accredited LEI Issuers. Validation Agents achieve this by leveraging their ‘business-as-usual’ client identification procedures in Know Your Customer (KYC), client onboarding, or standard client refresh update processes.

Provenir, a global leader in data and AI-powered risk decisioning software, today announced the appointment of Basil Macklai as the Director of Sales in the Middle East. In his new role, Macklai will play a pivotal role in helping to drive the company’s sales strategy for the region, leading and expanding Provenir’s footprint across the Middle East. He will be responsible for implementing go-to-market strategies that will align with Provenir’s vision of expanding its data and AI-powered risk decisioning solutions to financial services organizations in the region.

With a career spanning nearly 15 years in sales, business development and revenue operations, Mackai brings a deep understanding of the Middle Eastern market, which will be instrumental in driving Provenir’s growth and success in the region. Prior to joining Provenir, he held a number of senior leadership positions, including at IDnow GmbH and Grabba International, where he not only excelled in driving new business opportunities by identifying strategic partnerships to reach new customers, but he also demonstrated proficiency in maintaining and managing key relationships to foster revenue growth. 

The Middle East holds strategic importance to Provenir’s mission of expanding its global presence, with $1.37 billion invested in the region’s fintech sector last year, according to Fintech Global. Provenir will continue to deliver its innovative offering of helping financial services providers make smarter decisions faster with a data and AI-powered risk decisioning platform that drives improvements in the customer experience, access to financial services, business agility, and more. Based in Dubai, Mackai will play an integral role in fulfilling Provenir’s commitment to this crucial region.

“Provenir is entering a critical and exciting stage of growth, with accelerating demand for our solutions by financial institutions in the Middle East,” said Adrian Pillay, Provenir’s Vice President of Sales for Middle East and Africa. “We’re thrilled with the appointment of Basil to lead our sales operations in the region, bringing deep sector expertise and an invaluable understanding of the market. Basil’s extensive experience in driving business development will make him a fantastic asset to the team as we continue to expand our global footprint.”

More than half of the surveyed investors pay attention to ESG policies when choosing a P2P platform. Almost one in four invest in “green” platforms.

Robo.cash conducted a survey among European P2P investors about the importance of ESG in investing. The idea was to find out how their opinion on the topic has changed since last year.

The survey showed that investor attitudes towards ESG initiatives vary widely. 

The percentage of those who consider the impact of the ESG policy on investment as positive has slightly increased (+1.3% compared to 2022). On the other hand, the number of those who see more negative aspects has grown as well (from 2.8% to 6.0%).

The share of investors who pay attention to the ESG policy when choosing a P2P platform remained unchanged (52%). However, the share of those who do not take this criterion into account increased (from 40 to 44%).

In general, the awareness of the topic is growing. 56% of respondents noted that ESG initiatives of P2P platforms can become an incentive for investment (last year there were 53%). As the most important areas of influence, climate and resources continue to lead.

26% of respondents said they invest in “green” P2P platforms. It is noteworthy that during a recent analysis of the European continental P2P landscape, Robo.cash experts found that 23% of the entire business segment was focused exclusively on work in the areas of Green Energy, Ecology, ESG, Sustainability.

Fimatix, a leading provider of digital transformation solutions, announced today the acquisition of Semantic Evolution, a specialist in the provision of AI and machine learning-powered solutions to the Financial Services sector. Semantic Evolution will continue to operate under its own name as part of the Fimatix Group.

The acquisition confirms Semantic Evolution's expertise and experience in delivering cutting-edge AI and machine learning-based products that are tailored to the unique needs of the financial services industry. Semantic Evolution has built a strong reputation of extracting significant value from a range of unstructured data, utilising AI and machine learning to dramatically optimize business processes, enhance customer experience, and significantly reduce costs.

Under the move, Gary Richardson will lead Semantic Evolution. Gary is a highly respected and accomplished executive with a wealth of experience in the field of data engineering and artificial intelligence. He has worked at some of the world's leading consulting firms, including KPMG and Capgemini. In his previous role as Head of Data Engineering, Gary led a team of data scientists and data engineers in the agile development of AI and Machine Learning solutions. He is passionate about driving mainstream business adoption of AI solutions and has a proven track record of delivering AI products for clients across a range of industries.

Tim Howarth, CEO of Fimatix said:

"We are thrilled to welcome Semantic Evolution to the Fimatix family. This acquisition is an important step in our growth strategy and will allow us to expand our capabilities and offer a wider range of innovative AI and machine learning-based solutions to our clients.

I'm also delighted to be working with Gary again as we look to enhance what we offer to all our clients and staff in the combined businesses. His leadership, expertise, and strategic vision will be instrumental in driving the continued success of our businesses and accelerating growth in the market. Bringing our digital and data capabilities together will allow us to offer sustainable change for our clients and exciting career paths for our staff."

Gary Richardson, CEO of Semantic Evolution said:

"We are excited to join forces with Fimatix. Our ability to leverage previously difficult-to-harness data will complement Fimatix's existing products and services, and together we will deliver even greater value to our clients."

Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, today announced that the latest version of its Islamic banking solution - iMAL, has gone live at Rammis Bank, a newly launched financial institution in Ethiopia specializing in Sharia-compliant products and services.

iMAL, the industry-leading digital Islamic core banking platform, is also the first and only certified suite by the renowned Sharia certifying body, the Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI).

The go-live milestone was achieved on 25 March, after an ambitious 30-day timeframe that saw the smooth implementation of Phase 1 modules including Branch Automation and Retail Banking. The new system will allow Rammis Bank to open its doors for business and start operations.

Ali Ahmed, Chief Executive Officer at Rammis Bank, commented, “Thanks to the diligent efforts and absolute commitment of the Azentio team and Rammis Bank team, the iMAL implementation project was completed within just 30 days, allowing us to commence operations much earlier than we expected. Though we are a new entrant in the country, with iMAL’s globally proven capabilities and Azentio’s enviable track record in Sharia-compliant technology, we are confident of carving out a niche in the interest-free segment in a short span of time.”

The implementation of the multi-award winning iMAL will enable Rammis Bank to fulfil several critical technological prerequisites necessary for its envisioned business growth. These prerequisites include accelerating time-to-market for innovative products, streamlining processes through integration with various channels and third-party systems, and enhancing customer experience. In addition to the expected operational benefits, Rammis Bank looks forward to meeting its strategic objectives of gaining a foothold in the Islamic banking marketplace and increasing its capacity to manage the demands of its evolving business.

Krish Narayanaswami, Managing Director - Banking, Financial Services, and Insurance at Azentio Software, said, “We are very excited to be partnering with an institution like Rammis Bank, keen on innovating and providing interest-free products to its customers and efficiently managing their customers’ digital banking experiences. We look forward to meeting their strategic objectives with iMAL, which has consistently proved its merit in blending effective digitalisation with the highest standards of Islamic banking operations’ ethics.”

Phase 2 of the iMAL implementation at Rammis Bank will cover Islamic Financing, Islamic Pool Management, Treasury, Investments, Trade Finance, SWIFT Payments, ATM, Facility Management, and Digital Banking modules.

Plenitude, the Financial Crime, Risk and Compliance specialists, has expanded its leadership team by appointing Mark Humphries as its non-Executive Chairman.

Mark Humphries is one of the financial services sector’s most experienced business leaders. A Chartered Accountant by background, Mark is a specialist in fast-paced growth within private equity backed firms and an expert in strategy execution, accelerated transformation, M&A, and in leveraging technology and data to drive client solutions. Mark’s career includes handling mergers and acquisitions for FTSE 100 groups, building a highly successful corporate finance advisory firm and serving as CEO of an award-winning B2B professional services firm advising the financial services and energy sectors. He now holds several PE-backed non-executive chair roles.

Following a strategic investment by GCP (Growth Capital Partners) last year, Mark joins at a pivotal time for Plenitude. He will provide invaluable strategic insights to the board to allow Plenitude to strengthen its capabilities while also guiding the firm in executing its business strategy. 

Commenting on his appointment, Mark Humphries said: 

“The regulatory requirements on financial institutions across global markets to prevent and detect criminal activities are increasingly demanding and complex. Plenitude is a proven long-term strategic partner supporting clients internationally in the design and delivery of complex and critical Financial Crime Risk and Compliance initiatives. I’ve been extremely impressed with its market-leading proposition built on strong financial crime domain expertise and transformation capabilities,  enviable client base and track record of first-class delivery, plus great strength in depth across the senior leadership team and the firm. I’m really looking forward to joining the Plenitude board and supporting the continued success.”

Alan Paterson, Managing Director, Plenitude, added: 

“This is a pivotal moment for Plenitude and a key appointment. Mark has an impressive track record working with other high-growth PE-backed businesses and the timing could not be better given we have just completed our busiest year to date, and have our sights set on more growth this year. We’re now even more determined to achieve our ambition to be the leading consultancy in financial crime compliance advisory, transformation and innovative RegTech subscription products, and Mark is well-positioned to help us step up the pace. Asad Choudhary, myself and the leadership team are really excited to be working with Mark.”

Richard Shaw, Partner, GCP, added: 

“Plenitude is a fantastic growth business and following our investment last year, we are delighted and privileged to be working in partnership with Alan, Asad and their team and supporting them across a wide range of strategic initiatives, including international expansion in Asia and Europe, development of the digital assets practice, further growth in the RegTech subscription product suite and major investments in talent throughout the business. Mark’s appointment is a prime example of this, and we look forward to welcoming him to the board and to working with him to help further shape the strategy of the group to support its continuing exciting growth plans.”  

Barclays has today announced that it is further developing its working capital offering by investing in and implementing Trade Ledger’s next-generation working capital orchestration platform. This new platform will provide industry leading end-to-end credit management automation for Barclays Corporate clients in the UK and around the world.

Working capital finance solutions like Invoice Discounting, Asset Based Lending and Selected Debtor Finance are key credit solutions for businesses, and lenders, during periods of growth and downturn. However, there has been very little innovation in the working capital finance industry in the last few decades, which has slowed access to this type of finance.

Through implementing the Trade Ledger platform, Barclays will allow clients to unlock cash flow with convenient, quick access to working capital. By using API-driven SaaS technology, Barclays will offer a client-centric onboarding and loan management user experience, eliminating time-consuming and labour-intensive manual processes with access to real-time data - including a client’s accounting platform.

James Binns, Global Head of Trade and Working Capital at Barclays, said: “Businesses need access to reliable, flexible finance now more than ever. Investing in and implementing the Trade Ledger Platform will allow us to make lending decisions faster and more efficiently, using real-time data drawn from a rich variety of sources, and powerful workflows. This drives faster time-to-money, reducing the cost of funding in supply chains, which has huge benefits for our corporate banking clients and the communities they support.”

Martin McCann, CEO and co-founder of Trade Ledger, said: “Our common mission to create a world where every business gets the capital it needs to thrive, is key to our strong working partnership with Barclays. We are delighted that Barclays Bank has chosen Trade Ledger to support its offering to business borrowers, and that it has the confidence in our business vision to make this investment. Our history with Barclays goes back to 2018 when we won the Barclays Open Innovation Challenge and, from then on, we have worked with the bank’s leadership team to identify areas of the bank where our technology could be applied to deliver transformational value to the bank’s lending processes.”

Myles Bertrand, CEO of Tuum, commented on the strategic importance of Souto’s appointment, stating, “This is a key appointment for Tuum. Strategy is about choosing what to focus on. We are clear that our competitive advantage lies in developing a market-leading core banking platform. To scale sales and delivery and to address the end-to-end needs of our clients, we need a vibrant ecosystem of partners. Jean has joined us to help us build out this ecosystem, leveraging his network and experience, and we are delighted to have him onboard.”  

Souto also shared his thoughts on joining the Tuum team, saying, "It was an easy decision for me to join Tuum. Few core banking vendors are achieving the level of customer success that Tuum is delivering, which is translating in strong pipeline and revenue growth. The challenge is for Tuum to scale fast enough to meet the untapped demand, particularly amid mid-tier banks, for its solution. Partners will be key in this regard, and I am excited to take on the role of facilitating these global and local alliances to unlock faster growth.”