Intellect Global Consumer Banking (iGCB), ranked #1 in the world for  Retail Banking by IBS Intelligence, announced that the OTP Bank, one of the leading commercial banking groups of Central and Eastern Europe (CEE) has chosen iGCB’s acclaimed, Intellect Digital Core (IDC) for  final exclusive contracting period with expectation to fulfil their vision of providing a complete range of highest quality financial services to their customers in CEE. 

Established in 1949, OTP Bank Group is one of the largest independent financial service providers in the CEE region with banking services for private individuals and corporate clients. The bank has more than  36,000 employees, 16 million clients and is present in 11 countries, namely Albania, Bulgaria, Croatia,  Hungary, Moldova, Montenegro, Romania, Russia, Serbia, Slovenia and Ukraine, and OTP Bank soon enters the Uzbekistan market. 

The bank selected iGCB’s core banking platform as preferred solution with the confidence to enable  launching curated solutions rapidly in the market ensuring a superlative customer experience. Recently  named as a leader in Digital Banking Processing Platforms for Retail Banking by Forrester, Intellect is  committed to enable OTP Bank to strengthen its leadership position in the CEE banking industry by  leveraging the following:  

1. Intellect’s comprehensive digital portfolio of packaged business components for core operations of the bank including Current and Savings Accounts, Lending for Retail, SME and Corporate customers. 2. Composable API-first Microservices architecture with 100+ Packaged business components (PBCs)  ensuring lowered TCO, increased personalisation, and faster time-to-market 

3. Real-time contextual end-customer experiences by bringing together AI, data analytics, agile  architecture and core-agnostic integration  

4. Europe-ready Marketplace enabling the bank to drive value creation 

5. Cloud native platform enabling scalability on demand.

Commenting on the partnership, Peter Csányi, member of the Board of Directors,  Deputy CEO, Chief Digital Officer of OTP Bank said, “At OTP Bank, we pride ourselves in building meaningful relationships with our clients by helping them achieve their goals and supporting those who are at the forefront of creating and building sustainable financial growth. In order to achieve that, we were looking for a technology partner who  

could support us to launch personalised services and tailored products for our various client segments.  Intellect’s market-leading range of solutions, combined with a MACH-enabled technology architecture and a  customer-centric user experience made them a promising partner for our digital transformation journey. We  are looking forward to start building this new partnership.” 

Commenting about the important step to win prestigious deal, Rajesh Saxena, Chief  Executive Officer, Intellect Global Consumer Banking said “We believe in technology enabling the fabric of life for our customers and the experience they, in turn, offer to their clients. Intellect’s state-of-the-art core banking platform will provide OTP Bank the twin advantage of world-class technology & rich functionality. The solution’s composable architecture could allow the bank to create highly tailored solutions and be proactive in gauging their customers’ needs as a part of their lifestyle. We look forward to seeing OTP  Bank continue to grow and position themselves at the forefront of the European banking industry.”

ACA Group (ACA), the leading governance, risk, and compliance (GRC) advisor in financial services, today announced the appointment of Patrick Olson as Chief Executive Officer and member of the Board of Directors. Olson succeeds former CEO Shvetank Shah, who had led the company since January 2020, and will serve as a Senior Advisor.

Olson brings 30 years of experience in financial services, investment banking, and asset management. He joins ACA having previously held significant leadership roles over a 17-year career with BlackRock, the world’s largest asset manager. Before BlackRock, he was a Managing Director with Merrill Lynch.

Patrick Olson, Chief Executive Officer, ACA, said: “I am truly excited and honoured to be joining ACA at this time of exceptional opportunity. The global trends in outsourcing and GRC have allowed ACA to establish itself as the leading provider of GRC solutions to the financial services industry. GRC at this level is not only about compliance but also about driving operational excellence for clients. I look forward to working with the talented team at ACA and our dedicated partners at Genstar helping to drive our vision forward, deliver exceptional value, and shape the future of GRC.”

Genstar Capital’s Sid Ramakrishnan and Tony Salewski commented: “ACA has grown significantly over the last 20 years to become the trusted provider of GRC solutions to more than 6,300 financial services firms. We are grateful for Shvetank’s contributions over the last three years to create a solid foundation that sets ACA up for future success. Patrick’s leadership experience – underpinned by a deep understanding of client focus, product execution, and operating at global scale – will drive growth and innovation at ACA.”

Featuring 70+ speakers to share their knowledge and expertise on the changing face of the banking sector though innovation and technology developments, the 14th Edition of the Middle East Banking Innovation Summit (MEBIS 2023) once again reinforced itself as being the leading banking technology event in the Middle East region bringing together the shining minds of the industry! The summit took place on the 17th & 18th May at the Jumeirah Emirates Tower, Dubai, UAE.  

The focused agenda began with a Welcome Address by Jamal Saleh, Director General of the UAE Banks Federation, the official supporting partners of MEBIS 2023, following which, Saad Toma from Title Sponsor IBM also delivered opening remarks.  An interactive fireside chat took place between Srinivasan Sampath from First Abu Dhabi Bank and Liaquat Parkar from IBM, which highlighted First Abu Dhabi’s digital evolution and cloud strategy, after which, Ahmad Abu Eideh of Invest Bank, UAE gave a talk on exploration of new revenue engines and capabilities from a MENA banking leadership perspective. 

During the second fireside chat of the day, Nidal Khalifeh from Jordan Ahli Bank, Sean Langton of Abu Dhabi Commercial Bank and Liam Leahy from Thought Machine came together to discuss innovating for greater revenue and enhanced capabilities.  The attendees then listened to keynote presentation by Andrés Bernad, IBM Consulting, who shared the 2023 global outlook for banking and financial markets, and Bharani Subramaniam of Thoughtworks presented his talk on moving beyond digital transformation to build digital banking multichannel solution platforms.

Next up on the programme, we welcomed the CxO panel discussion where Tim Jennings of Synechron led the discussion on exploiting capital in the new economy with next gen technology.  The panellists included Ayman Alqudsi of United Arab Bank, Bart Pietruszka from HSBC, Noman Rasheed from Dubai Islamic Bank amongst others.  Ashwani Arora from Nucleus Software was up next to the stage to give his keynote presentation on alternative yield opportunities in private markets, and Sid Bhatia, from Dataiku took us up to the morning break with his talk on the power of everyday AI.

On returning to the conference room, delegates were treated to a lively discussion on data in the digital era & powering the future:  advance analytics, RPA and artificial intelligence, moderated by Rajat Prakash from Dataiku and featuring insights from Atul Chandorkar of Qatar Islamic Bank, Bruno Ascencio Bautista from WIO Bank, Gyan Prakash Srivastava of Mashreq Bank and Mehreen Zakaria from Citi Bank.  Following the panel, Puneet Chhahira from Infosys Finacle, spoke about banking-as-a-service and embedded finance, and Alexey Sidorov from Denodo spoke on moving into data 3.0 with logical data management.

To explore Innovation for MENA Cards and Payments, we welcomed Abhishek Saha of Abu Dhabi Commercial Bank, Anand Sampath from First Abu Dhabi Bank, Eli Taranto from EQI Bank and Haroon Durrani from the Commercial Bank of Dubai.  Yasir Siddiqui from Snowflake took us through the Rise of the Data Cloud, where he spoke on how financial services can transform to meet tomorrow’s opportunities, and James Harvey from Cisco AppDynamics briefed the audience on digitally transforming your banking enterprise using agile development, hybrid cloud environments & innovative integrated platform strategies.

Before closing for the day, expert speakers, Adnan Fasih of Habib Bank, Aleksandra Anna Krejewska of Rakbank, Imran Kannuti from a reputed bank in the UAE, Soumaya Hissoussi of Bank Lombard Odier & Co Ltd, plus Wan Norhaziki Wan Abdul Halim of Crédit Agricole CIB, UAE joined Dr Zakiya Abdul Samad, from the Heriot Watt University for the Islamic Banking panel discussion.

Our final speaker for the day was Deepak Arora, of Panamaxil (MobiFin), who shared his insights on lifestyle banking - the secret of building profitable customers.

Day 2 opened with two featured Fireside chats.  Mohamad Nazih Rashad of Abu Dhabi Islamic Bank and Dr Ullas Rao, from Heriot-Watt University considered the Digital Imperative for Global Trade Finance and we welcomed back Noman Rasheed, from Dubai Islamic Bank to discuss DIB’s transformation journey to develop their data strategy with Bishu Panigrahi of IBM Consulting.

The first keynote presentation of the day was given by Motaz Ghazi, and Soren Benfeldt from Kyndryl who spoke about building the bank of the future:  unleash collaboration for core banking modernization.  This was followed by the Private Banking and Wealth Management panel, with input from Anand Krishnan of Emirates Investment Bank, Kaushik Kadayam of Standard Chartered Bank, Tomasz Bortnik of Citi Bank and Vickram Lal from Mashreq Bank where they discussed technology transformation redefining the value proposition of modern relationship management with Abhra Roy of Infosys Finacle.

Next up, Gaurav Mathur from Safegold shared his thoughts on the New Gold Standard – unlocking innovative revenue streams and engaging your digital customer.

IBM hosted a discussion on Hybrid Cloud Choices in the Financial Services Industry, where Ghazanfar Ali of IBM was joined by Sylvia Scheerová, IBM Power Services EMEA and Osama El Samadoni, of Guld Business Machines.  Before moving to the networking break, we invited Zsombor Brommer, of United Arab Bank, Abbas Bou Diab from BLOM Bank Qatar, Noman Chaudhary from Habib Bank and Abhishek Pratap Singh from the National Bank of Oman to share their views and expertise on powering intelligent risk, compliance, governance, fraud & audit with digital modernization & transformation with Andrea Gay from Boston Consulting Group.

After the morning coffee break, delegates reconvened for the Retail & Commercial Loans, Mortgages and Lending panel, featuring Mahmoud Ibrahim, Ajman Bank, Abdelrahman Ahmed, Arab National Bank, Rajeev Chalisgaonkar of Mashreq and Shaker Zainal from Emirates Development Bank who spoke about next-gen technology platforms empowering digital transformation and access to capital with Bhavya Kumar from Boston Consulting Group.

Dmitrii Ilonov from Data.AI shared his views on how traditional Banks are evolving to become mobile first, followed by a presentation on the practical outlook on blockchain technology for banking transformation given by Sunath Kolazhi from Settlement.

This led into the From CX trends to Metaverse & multichannel marketing hubs panel session, with Marcello Baricordi, from Strands leading the discussion, and panellist included Alex Bak from Commercial Bank International, Dongjun Choi from Rakbank, Mai Momani, Invest Bank, UAE, and Ernesto Giralt of Strands providing input.

We closed off MEBIS 2023 with a CISO fireside Chat, between Frida Kleimert, IBM, Abhishek Pratap Sing, National Bank Oman and Somnath Sarkar from Mashreq Bank.

The intensive 2-day programme was well received by over 400 senior bankers and fintech leaders from across the MENA region and the networking sessions provided the ideal opportunity for people to connect with industry leaders and share new ideas and developments.  

The event emphasized the fact that the banking industry is adapting and evolving to meet client expectations and how GCC-based banks are proving to be leaders in embracing new technologies and transformation for enhanced sustainability across the banking sector.

Forensic Risk Alliance (FRA), a leading global consulting firm specializing in forensic accounting, compliance, data analytics, and investigations, is pleased to announce its partnership with TRM Labs, the leader in blockchain intelligence solutions. This partnership marks a significant milestone for FRA as it further expands its capabilities in the ever-increasing regulatory scrutiny of cryptocurrency investigations.

Under this collaboration, FRA will leverage TRM Labs’ cutting-edge blockchain data platform and industry-leading forensics tools to navigate the intricate world of cryptocurrency transactions and provide invaluable insights to clients involved in investigations related to digital assets. By harnessing TRM Labs' enriched blockchain data, FRA will enhance its ability to uncover hidden patterns, detect suspicious activities, and provide comprehensive analysis in the context of regulatory compliance and legal matters. Additionally, FRA will have access to TRM Professional Services for investigative support from the TRM Global Investigations team.

As regulators and law enforcement agencies worldwide grapple with the challenges posed by digital currencies, FRA recognizes the importance of staying at the forefront of innovation and equipping its professionals with TRM Labs as a necessary tool to fight financial crime.

"We are thrilled to announce our partnership with TRM Labs," said Roy Pollitt, Partner at FRA. "With their advanced blockchain analytics capabilities and forward-leaning team of experts we are confident that this collaboration will significantly enhance our ability to investigate and provide our clients with the insights they need to navigate complex cryptocurrency-related challenges. By combining FRA's deep and trusted expertise in forensic accounting and investigations with TRM Labs' cutting-edge technology, we are well-positioned to deliver unparalleled value in this rapidly evolving field."

Both FRA and TRM Labs share a commitment to excellence, integrity, and providing the highest quality of service to their clients. This partnership leverages the unique strengths of each organization to deliver comprehensive and innovative solutions for clients facing challenges in cryptocurrency investigations and compliance.

Skaleet joins forces with Ondato, a specialist in KYC (Know Your Customer) and fight against money laundering tools, in order to allow its customers to accelerate the deployment of innovative banking services. A new integration that allows its core banking platform to remain the most complete in the market. 

A new generation core banking platform 

Skaleet offers financial institutions a tool allowing them to quickly develop innovative banking services. Already used to create solutions deployed in more than 30 countries, its new generation core banking system notably allows banks and financial institutions quick compliance with the requirements of the different regional and local regulations in terms of KYC and fight against money laundering. 

A decisive partnership to accelerate the compliance of banking services 

To facilitate this compliance, Skaleet’s customers will now be able to benefit from Ondato’s services. Specialist in the rationalization of KYC compliance processes, Ondato offers integrated SaaS tools facilitating the verification of customers’ identity and optimizing the onboarding management as well as the whole customers’ life cycle. 

This partnership will therefore allow Skaleet’s customers to quickly and easily have access to compliance tools by using a unique core banking platform solution, exempting them from multiplying suppliers and integrations. 

“Our customers are seeking above all to simplify and accelerate the deployment of their banking applications. By integrating Ondato’s services, we make it easier for them and offer them the best compliance tool in terms of KYC.” - Hervé Manceron, CEO, Skaleet

A valuable collaboration for Ondato 

For Ondato, this partnership is a decisive way to expand its customer base by integrating one of the leading platforms of banking services creation. 

“Skaleet’s platform allows to get the best from our tools while making them available to the largest number. This partnership is therefore a decisive step on both technological and commercial levels”. - Liudas Kanapienis, CEO & Co-founder, Ondato 

Global identity verification provider ID-Pal has been selected by GRENKE Invoice Finance (UK)  to deliver simple, secure and convenient identity verification for their customers. 

GRENKE is the leading name in financial services that include leasing, factoring and asset management. GRENKE Invoice Finance (UK) is trusted by a wide range of small to medium-sized enterprises and offers bespoke invoice financing solutions relating to invoices and cash flow management.  

GRENKE Invoice Finance (UK) understands how cash flow is critical for customers to scale, invest and react to changing market conditions in uncertain times. The organisation caters to the varying needs of business owners by facilitating access to liquidity and reducing any fluctuations in cash flows that they may be experienced due to payment defaults.   

By partnering with ID-Pal, GRENKE Invoice Finance (UK) can seamlessly verify customer’s identities in real-time and onboard them remotely or in person. The financial services leader operates in over 50 countries and as part of their Anti-Money Laundering (AML) and Customer Due Diligence (CDD) processes, their business units must conduct identity verification checks.    

ID-Pal offers global identity verification coverage of more than 7 000 identity documents and 200 verified address data sources. The solution leverages automated decisioning and smart workflows to deliver industry-leading accuracy in identity verification outcomes, all with data protection compliance built in so any business can quickly and securely verify an identity.  

This partnership is another step in the program of digital transformation being rolled out across GRENKE business units to make the onboarding experience friction-free and provide a robust audit trail.   

"What made the difference is how easy it was to deploy ID-Pal,” Armand Armand Roux, Sales Director in GRENKE Invoice Finance (UK) comments. “Given the range of financial products we offer and our many customers worldwide, we needed something that can seamlessly integrate with existing systems, transform our onboarding experience & easily evidence how GRENKE has a robust process in place to ensure we meet both regional & global AML regulatory requirements "   

On the partnership Paul Agnew, Enterprise Sales Executive in ID-Pal says:  

“It was important for GRENKE Invoice Finance (UK) to have a solution that would be easy to integrate. ID-Pal is available off-the-shelf or can be integrated via API or SDK, while being fully customisable, fast to deploy and cost-effective. We are delighted to be working with Armand and the team, as their strength lies in always finding the best solutions to meet their customers’ unique business needs.    

On the partnership Colum Lyons, CEO and Founder of ID-Pal says: 

"Key to GRENKE Invoice Finance (UK) ’s success is the flexibility they offer to small and medium-sized businesses. We’re very excited to be working with them to deploy a seamless, real-time identity verification process that enables faster decisions and a robust audit trail.”  

From May 23rd, it is possible to order Conotoxia Starter with "Spider-Man: Across the Spider-Verse" themed card in the fintech eStore. Once registered, it becomes a multi-currency payment card.

The fintech's marketplace allows users to order limited-edition Conotoxia Starter with a card to celebrate Sony Pictures Animations’ highly anticipated release of "Spider-Man: Across the Spider-Verse" in cinemas on June 2. These are cards in Spider-Punk and Miles Morales versions. Once registered on the web portal, they become multi-currency payment cards.

"We truly believe that the promotional cooperation with Sony Pictures Entertainment and the huge popularity of Spider-Man worldwide will translate into even more interest in our card. It's a product not only for cross-border travellers and online shoppers buying from international shops. Our card also works for ordinary, everyday things. On the other hand, the limited edition we are presenting is something extraordinary for fans of Spider-Man," says Piotr Kicinski, Vice-President of Conotoxia.

Fintech also unveils a special promotional video spot, which presents the advantages of using a multi-currency card not only when travelling but also for everyday activities. The "Spider-Man: Across the Spider-Verse" themed video is made entirely in-house. The spot will be shown in Cinema City and Helios cinemas.

Conotoxia provides multi-currency cards in virtual and physical form with the possibility of delivery not only by post but also by courier and - what the Polish fintech offered as the first on the market - to parcel lockers. Cardholders gain access to free accounts in US dollars and 19 other currencies and can pay in more than 160 currencies. Conotoxia Starter with a card is a product available from the global fintech's eStore. After receiving it, those ordering it decide whether they want to use the card themselves or, for example, give it to a family member or friend, or perhaps a colleague or customer. The person wishing to use the 'plastic' card has to open an account on Conotoxia.com or log in to the web portal and register the card in their profile.

IDEX Biometrics expands its presence in Asia by partnering with DoelPay, an innovative payments solution provider, to tap into the burgeoning market for biometric cards in Bangladesh. Working closely with three of the largest banks in Bangladesh, Doelpay expects these banks to offer biometric payment cards to their consumers by the fourth quarter of this year.

With a population of over 170 million, Bangladesh represents a significant market opportunity. Digital payments are growing at CAGR of 19%, with 33 million payment cards currently in circulation. The rapid growth is driven by contactless payments taking off and the movement from cash towards digital payments and cards.

“This strategic partnership will bring advanced biometric payment cards to the country, addressing the interest and demand for cutting-edge payment solutions,” said Khawaja Ashraful Hawak, Managing Director of DoelPay. “Bangladesh boasts a notable number of consumers in particular amongst the affluent and tech-savvy, who are showing an accelerated appetite for innovative financial technologies.”

“By expanding our geographical coverage and partner network in South Asia, we are not only entering a fast-growing market but also fulfilling a market need for security, convenience, and industry-leading technology,” said Catharina Eklof, CCO of IDEX Biometrics. “Through this partnership, we will efficiently implement our solution in Bangladesh, empowering DoelPay’s bank partners to enter the market effectively.”

Source:  Statista and the Business Standard, May 2023

Tyme, one of the fastest-growing digital banking groups in the world, has successfully raised $77.8m from Norrsken22 and Blue Earth Capital. The two new investors have come on board as part of its pre-Series C capital raise. This comes as the group’s South African flagship, TymeBank, celebrates its 7 million customer milestone this month (12 May 2023). 

Along with the two new shareholders - Norrsken22, an African-focused tech growth fund, and Blue Earth Capital ("BlueEarth"), an independent global impact investment firm – Tyme’s shareholders have invested a total of US$77.8m, with Tencent increasing its shareholding to become Tyme’s third largest shareholder. The funds being raised are intended to further operations in South Africa and the Philippines as well as for future expansion in Southeast Asia. 

Tyme has continually pushed forward the evolution of banking. Tyme was the first bank in South Africa to be operated fully off a cloud-based infrastructure network and now makes it possible to open a fully regulated bank account in less than five minutes, which can be done online or from a TymeBank kiosk. It also takes nine seconds to send money to any cellphone in South Africa using TymeBank’s SendMoney app. 

Coen Jonker, Co-founder of Tyme and TymeBank CEO, commented: “We are delighted to welcome  Norrsken22 and Blue Earth Capital to the group of high-calibre investors who have bought into Tyme’s  growth story and its mission to democratise financial services by lowering cost and other barriers to  access.”  

Natalie Kolbe, Managing Partner at Norrsken22, said: "We are delighted to invest in Tyme. The company offers a unique product with huge customer appeal, which has led to fast and sustained growth. We have analysed a lot of fintechs from across the continent,  and Tyme set itself apart with its impressive growth, its differentiated product, and its unique ability to reach and serve new customer groups. The exceptional management team have already built one  of the largest challenger banks in the world, and we are looking forward to being part of the next phase  of their journey." 

David Moore, Principal of Funds and Co-Investments at BlueEarth, stated: “We invested in Tyme Group thanks to our long-standing partnership with Apis Partners who look to build on their mission to generate attractive commercial returns alongside key priorities of reduced inequalities and greater financial inclusion. BlueEarth is excited about backing Tyme’s innovative, retail partnership model which enables affordable access to first-class banking products to all consumers, including those most vulnerable or living in remote locations.”

Work continues with interested investors, with Series C expected to close later in the year. Tyme completed its Series B in December 2021. Led by existing shareholders, the capital raise brought in a total of $180 million. African Rainbow Capital (ARC) remains Tyme’s majority shareholder. 

African Rainbow Capital (ARC) remains Tyme’s majority shareholder. Dr Patrice Motsepe, Founder and  Chairman of ARC, said: “We remain excited and committed to further creating value in building a global  digital banking portfolio with our fellow shareholders and partners and we welcome the new investors  who have participated in this raise.” 

An attractive investment proposition 

Tyme has a revenue run rate of over $100m per annum. The business [across the two markets] is growing at a pace of 300,000 new customers a month as it works to provide consumers with exceptional customer experience, and affordable, high-quality financial services.  

TymeBank now serves over 7 million customers since its launch in February 2019 – with a current acquisition rate of 200,000 customers per month and a 70% 30-day account activity rate. TymeBank’s exponential growth in customer numbers is evidence of how the bank is truly serving consumers’  needs. Having entered as a disruptor in the industry, it is now entrenched as the credible alternative to legacy banks in the country.

TymeBank’s hybrid model of digital banking and physical service has made banking accessible to South  Africans across the economic spectrum. The bank has well-established partnerships with national retailers Pick n Pay and Boxer, leading fashion retailer TFG (The Foschini Group), as well as the largest church in South Africa, the Zion Christian Church. In 2022 TymeBank acquired award-winning fintech,  Retail Capital, which has already provided more than 43 000 business owners in South Africa with over  R5.5 billion in working capital, making it the largest SME funder of its kind in the sector. TymeBank continues to make a real difference in the lives of consumers with its low-cost banking offering, high levels of customer satisfaction, and the successful introduction of several products and services. 

GoTyme in the Philippines launched in October 2022 in partnership with the Gokongwei Group. The digital bank was modelled on South Africa’s TymeBank, and this imported concept has progressed financial access as it offers Filipino consumers quality, affordable and accessible financial service solutions.  

The group’s global footprint includes a product development and engineering hub in Ho Chi Minh City, Vietnam, which employs a team of skilled people, including over three hundred engineers. Tyme’s global headquarters in Singapore house leads its strategy, business development, data, analytics and Artificial Intelligence (AI) functions.