MoneyHero, Hong Kong's largest and most visited digital personal finance platform, has launched its game-changing MoneyHero App, a mobile application that provides Hong Kong consumers free and ready access to individual credit score reports powered by Hong Kong's leading consumer credit reference agency, TransUnion, to make better and informed financial decisions.

Armalytix, a cutting-edge fintech company that streamlines financial insights for financial crime and risk checks to the professional, financial services and gambling sectors, announced today the launch of Income and Risk Insights. The new set of tools will allow firms to break down and understand their clients’ income and streamline their risk management processes. These tools will be invaluable to firms facing increasing pressure from government and regulators to get AML, financial risk and affordability checks right. 

The launch comes on the back of a government plan for a new offence called the “failure to prevent fraud” (FTPF), included in a recent amendment to the Economic Crime and Corporate Transparency Bill. These tools will allow firms to navigate the increased risk of not identifying problem customers, ultimately enabling them to protect their reputation and avoid fines.

The product launch comes in two parts. Income Insights allows firms to pinpoint transactional data that reflects their client’s salary and other income streams. This income is then presented to the firms in simple-to-understand visuals, underpinned by the relevant data. 

Risk Insights allows firms to set their own risk parameters that will automatically flag any risky matters early. These parameters can be set according to each firm’s risk appetite. These risks will be flagged to the firm in a single checklist, saving them valuable time and resource and provide them with a clear, digital audit trail, available for review internally or by regulators.

Richard McCall, CEO and Co-Founder of Armalytix, said, “It’s great to be able to offer these new tools as attention ramps up on fraud and financial crime in the UK and abroad. We’re committed to making it easy for firms to spot the customers they shouldn’t be dealing with, and we believe this is the perfect solution for firms hoping to avoid risk from regulators”.

Armalytix’s solutions make the necessary checks fast, effective and low friction and ensure the costs of compliance are lower than the financial and reputational risks. As well as the new insights above, firms are provided with up-to-date and accurate financial data on their clients, market-leading analysis on that data and questionnaires to get the additional evidence and answers they need.

Clients to have signed up to use include Chadwick Lawrence, Woodford Stauffer and Sail Legal. Edwina Homfray Davies, a Director at Sail Leal said, “We are really enjoying the additional information that is being provided with the new reports.
Having the increased data, is helping us to identify early on, at a glance, the additional information that we require from our clients in order to satisfy the proof of funds. It helps us to better direct the request for information with better transparency, for the client.”

LIBF‘s Centre for Digital Banking and Finance has today launched a comprehensive fintech glossary. Created by a team of industry experts, this innovative resource is designed to provide an indispensable reference for finance professionals, students, and anyone with an interest in fintech, and help them navigate what are often complex terms and jargon.

Fintech, short for financial technology, describes a broad spectrum of new technologies aimed at improving financial services and products for consumers and business. The industry is growing rapidly and covers numerous areas of banking and finance – which means it can be difficult for those working in the sector to keep their knowledge up to date.

The London Institute of Banking & Finance (LIBF)’s new glossary offers a convenient reference for the key terms, technologies, and concepts associated with fintech. It features an extensive collection of definitions, covering things like blockchain, cryptocurrency, bitcoin, micropayment, and more. It is designed to be user-friendly and accessible, making it easy for anyone to navigate and find the information they need.

Helene Panzarino, Associate Director at LIBF’s Centre for Digital Banking & Finance, says:

"We are excited to launch this extensive fintech glossary. As the fintech industry continues to evolve, it can be challenging to keep up with all the new terms and concepts that emerge. Therefore, it is essential to have a resource that can help professionals stay up to date on the latest terminology and concepts. Our glossary aims to provide a reliable, accessible source of information for anyone looking to deepen their understanding of fintech."

Wolters Kluwer Enablon has released V9 2023 of the Enablon Vision Platform, its integrated risk management platform. “This major release brings valuable changes, additional functionality, and usability enhancements to the Enablon Vision Platform. AI-powered regulatory compliance capabilities and advanced mobile features help businesses navigate ever-evolving risk and compliance requirements,” the company says.

The V9 2023 release features upgrades across all Enablon domains, as well as the Vision Platform and mobile solutions. Notably, it includes expanded internal and external integration capabilities, empowering users and businesses to unlock new cross-domain use cases, which include bringing incident data into Control of Work, incorporating H&S data in ESG reporting, and more.

“Today organizations are challenged to conduct business in a more responsible, productive, and safe manner,” says Laurent Dechaux, Senior Vice President and General Manager, Wolters Kluwer Enablon. “Our Enablon Vision Platform enables a more comprehensive view of risk by breaking down silos between EHS, risk, sustainability, and compliance. And V9 2023 better equips customers to predict and prevent incidents, attain greater operational excellence, and achieve their goals.”

Additions of V9 2023 include Compliance AI, which streamlines and simplifies the processing of regulatory documents. The upgraded software also includes an unified and streamlined user interface, allowing clients to perform work more quickly, safely and effectively with an improved centralized dashboard that can be tailored based on types of users.

“V9 2023 of the Enablon Vision Platform provides important additions that will enable organizations to use a consistent approach to risk management that promotes data transparency, which will ultimately help them make better, more informed decisions," says Rob Davis, Vice President of Product Management, Wolters Kluwer Enablon. "We continue to innovate and push the boundaries with this single, cohesive, user-friendly platform by helping some of the world's leading brands keep pace with everchanging requirements for risk, compliance, and ESG performance."

Enablon is the world’s leading provider of integrated software solutions for Environment, Health, Safety (EHS); Environmental, Social and Governance (ESG), Operational Excellence, and Governance, Risk, Compliance (GRC). The business helps create a better world by making organizations responsible, productive and safe through innovative technology. Hundreds of industry-leading enterprises and millions of users worldwide rely on Enablon’s solutions to minimize risks, increase worker safety, prevent incidents from happening, achieve regulatory compliance and reduce environmental impact.

It is part of Wolters Kluwer’s Corporate Performance and ESG division which, as previously reported, was created last month to bring together the company’s global software businesses that focus on corporate performance management, environmental health and safety (EHS), and risk: (CCH Tagetik, Enablon, FRR, and TeamMate). “By leveraging the natural synergy that exists across these businesses, the company will be able to better serve its customers and drive accelerated growth by extending and integrating its current product portfolio,” a company spokesman said.

Flutterwave, Africa's leading payments technology company, today announced its partnership with SHiiP, Nigeria’s leading courier service. The collaboration aims to improve deliveries for Flutterwave store SMEs and large-scale merchants across the African continent.

With over 40,000 small-business entrepreneurs using the Flutterwave Store, the partnership with SHiiP will provide a seamless end-to-end e-commerce experience, whereby Flutterwave merchants will be able to select from a range of over 80 domestic and international couriers including the likes of DHL, FedEx, UPS, Flocargo, Shippo, and Flo Express for the transportation of goods, resulting in cheaper delivery rates. The integration will provide SMEs and online shoppers with a smooth transaction checkout, and also enable merchants to successfully ship internationally. They will no longer be restricted by the headaches that occur with cross-border logistical services as the options for international shipping will be handled exclusively by SHiiP and their international couriers.

Consequently, the empowerment this logistics integration will bring to SME owners and online shoppers will be endless. By providing a one-stop shop e-commerce solution, the SHiiP integration to the Flutterwave store will provide SME owners within Nigeria the control to organise and track delivery couriers directly from their Flutterwave dashboard all without the hassles they were faced with before.

Onyedikachim, Nwankwo, Flutterwave’s Head of Product Marketing, commented: “We are delighted to be partnering with SHiiP as we share the same goal to make the ecosystem of commerce simpler and more empowering for SMEs and large scale merchants in Africa. We believe the benefits of this integration to our customers will be immensely valuable to their customer satisfaction and bottomline, and we pride ourselves in continuing to provide merchants with innovative technological tools that are designed to help grow their business.”

Ridwan Rasheed, Co-Founder, COO & Head of Products, SHiiP, added: “We are thrilled about our partnership with Flutterwave. It is a significant milestone for both companies and represents our commitment to driving innovation and enabling the growth of African businesses through seamless shipping options. Flutterwave merchants can now offer dependable and cost-effective shipping services to their customers without having to worry about the logistical issues of delivering items across the continent.”

Waave, an Australian open banking startup for account-to-account payments, has closed a $4.7 million seed round backed by Menulog managing director Morten Belling and e-commerce investor Paul Greenberg

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, and XacBank, a leading universal bank in Mongolia, today announced the successful transformation of the bank’s technology landscape with Finacle Digital Banking Solution Suite. The Finacle suite now powers both the retail and corporate banking operations at XacBank, enabling a robust digital foundation for the bank to achieve its growth strategy.

Highlights:

• XacBank has implemented a diverse range of modular solutions from Infosys Finacle, spanning key areas such as deposits, loans, CRM, payments, trade finance, limits and collaterals. These componentised solutions offer comprehensive functionality and flexible product factories that allow for the swift deployment of global innovations through simple configurations. As a result, XacBank is now fully equipped to launch new and innovative products at an accelerated pace.
• The extensive collection of open APIs (application programming interfaces) offered by the Finacle suite has provided XacBank with a solid foundation for seamless integration and collaborative innovation within the larger ecosystem. This enables the bank to effortlessly scale its operations and partner with other organisations to co-create innovative solutions that drive growth and improve customer experiences.
• Finacle has enabled straight-through processing to automate workflows across applications seamlessly, leading to significant time and cost savings while improving operational efficiency.
• XacBank has also implemented the Finacle Treasury Solution, a unified platform with comprehensive capabilities in trading, risk management, and security operations. This solution enables the bank to effectively execute its trading and asset liability management strategies, thereby enhancing its overall financial performance.

Tsevegjav Gumenjav, Chief Executive Officer, XacBank, said, “We are happy at the successful completion of this much-awaited digital transformation, drawing us closer to our vision to be the preferred universal bank in Mongolia. In this digital-first era, the Finacle platform provides us with the right platform to offer custom offerings for our customers in Mongolia across segments, serving their financial needs in a secure manner. We look forward to scaling new heights with world-class banking and contribute to the larger economic development of Mongolia.”

Sajit Vijaykumar, Chief Operating Officer, Infosys Finacle, said, "We are excited to collaborate with XacBank in its digital transformation journey. By deploying Finacle's comprehensive suite of solutions, we are confident that the bank will be able to significantly improve its operational efficiency, enhance customer engagement, and drive innovation. Our collaboration will enable the bank to offer contextual and tailored solutions to its retail and business customers, accelerating the bank’s growth and economic development of the country."

“BIAN is a member-led association that relies on successful industry collaboration to thrive; therefore, I am extremely proud and excited that we’re being joined by these organizations”, said Hans Tesselaar, Executive Director, BIAN. “The expertise of our new members will help to further our cause and reduce the common obstacles that the industry faces around interoperability. I can’t wait to see what we achieve over the next year.” 

Feedzai, the world’s first RiskOps platform for financial risk management, has released its latest report - The Human Impact of Fraud and Financial Crime on Customer Trust in Banks. The report, based on research of 4,000 consumers in the UK and US, reveals how fraudsters are taking advantage of the widening fraud knowledge gap, outlining the urgent need for banks to educate and protect their customers with technology. 

The report reveals that while over half (56%) of respondents have been a victim of a financial scam, many still lack the knowledge to detect and distinguish between the various types of financial crime.  

Consequently, many consumers believe the responsibility for reimbursement lies with their bank, with over half (53%) believing they should be reimbursed if they fall victim to a scam or third-party fraud. If they weren’t refunded, three-quarters (77%) of respondents across the UK and US indicated they would leave their bank. 

Romance tops the list but fraudsters are adapting 

Romance scams top the list as the most reported type of scam, with a third (36%) of respondents having either been personally scammed or knowing someone who has been a victim. Arguably one of the cruelest forms of consumer-facing fraud, fraudsters have targeted emotionally vulnerable people, with 13% of those scammed by fraudsters losing more than $8,400, causing significant distress. 

However, Feedzai’s research found that romance scams are just one component of financial crime. Money mules, individuals whose bank accounts are used by fraudsters to transfer money, are becoming an increasingly prominent aspect of cybercriminals' economic business models too.

In the US particularly, fraudsters are targeting unwitting consumers to become money mules. Nearly half of US consumers have been approached to receive funds, yet a quarter (24%) are unaware of the risks of being a money mule. In the UK, only a third (35%) of respondents had been approached to receive funds and seem more risk-aware, with only 17% unaware of the risks associated with being a money mule. Social media is the preferred platform for fraudsters with 42% of respondents approached on social media to become money mules.

AI drives reassurance but banks need to get it right 

As criminals get more aggressive and innovative, emerging technologies such as ChatGPT create a new set of challenges for banks and financial institutions in tackling financial crime. 

In response, banks must act and also embrace innovative technology to protect their customers from fraudsters. AI holds huge potential to keep customers safe whilst also solidifying customer loyalty, with over half (53%) of respondents feeling safer knowing their bank uses AI to protect them. 

However, the need for accuracy when using AI is vital with 46% of respondents considering leaving their bank if it stopped a legitimate transaction, even if the issue was resolved quickly. The report highlights the critical need for banks to prioritize transparency, effective safeguards, and tailored communication strategies to ensure customer loyalty and satisfaction.

Pedro Barata, Chief Product Officer, Feedzai commented: “Our latest report highlights a major issue in terms of public awareness and education surrounding the distinctions between various types of financial crimes.  

“With a surge in digital banking services, a willingness among customers to switch banks, and an ongoing cost of living crisis, it is more important than ever for banks to foster strong relationships with their customers and establish trust. The potential of AI and other advanced technologies to enhance security measures and better protect customers from these threats has never been more clear.”

Plum, the smart money app, is today launching two new smart features for stock investors. These features are aimed at improving customer understanding of their portfolio and providing them with timely information to make decisions about their investments. 

Plum customers can now monitor financial instruments that interest them via ‘Watchlists’, before deciding whether to purchase them. This will enable customers to track stocks in one place, empowering them to improve their understanding of both their portfolio and the wider investment world. 

In addition, Plum is introducing ‘Price Alerts’, which will allow customers to set target prices on stocks. The app then automatically notifies the customer when the share price rises or falls to the level set by them. Customers can set up as many of these smart notifications as they would like, and manage them at any time on the app. This customised feature means investors can easily monitor all the stocks on their radar for purchasing, with Plum updating them automatically on price movements important to them.  

Plum launched stock investing in May 2022, and now offers up to 3,000 single US stocks for customers to invest in. One-fifth of the investors on its platform are choosing this method to grow their money over the long-term. 

Elise Nunn, Plum’s wealth product manager comments: “Thanks in part to increased awareness of and access to the stock markets over the past few years, we’ve seen lots of customers join our platform to try stock investing for themselves. But what we’ve noticed is that these customers need a balance between automation and control to ensure they are able to invest wisely.” 

“Both of these new features have automation at their heart, breaking down barriers that might have once made investing inaccessible. In the same way that you’d favour an item of clothing while online shopping, you can now track stocks through watchlists and receive alerts from Plum when a set price is hit. This will help put customers in the best possible position to make informed investment decisions and build their wealth.”

Recent research from Plum into young people aged 18-44 showed that knowledge and interest in investing is growing. Two-thirds (67%) of young people think that new technologies make saving and investing easier to understand, while close to one in four (23%) are considering investing in stocks to make their money work harder. 

However, the cost of living crisis has impacted appetite for risk, with nearly three-quarters (72%) of young people agreeing that the state of the economy has made them less likely to take risks with their cash. The stock market has been increasingly volatile over the past 12 months, with the VIX index at a 4-year high in March, making savvy investment strategies even more critical. 

Nunn adds, "Investment platforms need to ensure they are equipping customers with the right tools to help them invest confidently in this challenging environment. Both first-timers and more experienced investors need to be ready with the right knowledge at the right time about their portfolio. These improvements to our platform will ensure that our customers feel empowered at every stage of their wealth-building journey.”