Apple has finally launched its buy now, pay let service in the US, enabling users to split purchases into four equal payments.

Paymentology, the leading global issuer-processor, has joined forces with Wio Bank PJSC, the region’s first platform bank, to power its innovative banking model with customer-centric card payment services. 

Wio Bank PJSC is leveraging Paymentology’s industry-leading in-cloud card issuing platform and data analytics capabilities to launch financial products quickly and at scale, as it empowers businesses and consumers with modern digital banking solutions.

Paymentology is instrumental in enhancing the offerings of Wio Business, Wio Bank PJSC’s first digital banking application tailored to small and medium-sized enterprises (SMEs). The bank provides simplified and fully digital financial services such as issuing physical and virtual cards for SMEs, a segment that has historically relied on brick-and-mortar branches to open accounts and carry out business transactions. Together, the companies are removing friction for long-underserved SMEs, entrepreneurs and freelancers, enabling them to open a business account immediately, avoiding lengthy wait time, and empowering them to utilise the service almost instantly with both physical and virtual cards.

Through its platform, Paymentology facilitates a wide range of card services for Wio Business including Visa debit cards, Apple Pay, Google Pay, and card personalisation services. In addition, Paymentology delivers a real-time data feed that provides granular customer spend insights to help Wio continually improve its proposition. 

Jayesh Patel, CEO of Wio Bank PJSC, comments: “At Wio Bank PJSC, our mission is to reboot banking in the region, and that requires partnering with like-minded companies that have the capabilities to support integrated platform banking. We are thrilled to collaborate with Paymentology, as they share our vision to support small and medium-sized businesses - a vital economic segment in the UAE. This partnership will enable us to offer a comprehensive range of payment card services to Wio Business customers and gain valuable insights to better serve their needs.”

Rowan Brewer, CEO at Paymentology, comments: “The UAE is at the forefront of innovation in digital financial services, and it is making huge strides toward becoming a cashless society in the not-too-distant future. At Paymentology, we’re incredibly proud of the role we are playing in supporting fintechs achieve their ambitions in the region with increasingly localised, customer-centric, and data-driven propositions. Looking ahead, we relish the opportunity to continue expanding in the Middle East with our esteemed clients, like Wio Bank PJSC, that are spearheading digital transformation and ultimately changing the way we bank and pay.”

The announcement comes as the financial services sector in the UAE continues to undergo rapid transformation driven by increasing consumer demand for digital products and services. Research by Visa shows that 52% of consumers in the Emirates plan to go cashless by 2024, compared to 41% globally. Meanwhile, 96% of small and micro businesses (SMBs) surveyed by Visa said that accepting new forms of payments is fundamental to their growth. Paymentology’s partnership with Wio will help the bank to support this demand and provide consumers and businesses alike with a variety of innovative payment options.  

Wio Bank PJSC was launched in September 2022 with a focus on digital banking applications, embedded banking, and Banking as a Service (BAAS). Wio Bank PJSC’s first digital banking application, Wio Business, is designed to provide start-ups, freelancers, and SMEs with seamless access to banking services, while also giving them the opportunity to move forward with innovative beyond-banking services. Wio Business provides simplified and fully digital business account opening, personalised options for banking services, and supplementary services and easy-to-use banking tools to support SMEs with better business management.

To meet ongoing regulatory and market demand for increased governance and transparency, global Fintech leader Broadridge Financial Solutions, Inc. today announced that it has signed an agreement with SDC, a leading provider of banking systems in Scandinavia, to deliver its end-to-end digital voting solutions to SDC’s customers. Broadridge’s solutions will enable banks to make it easier for retail and institutional clients to vote.

Broadridge’s multi-award-winning digital voting and shareholder disclosure solutions use the latest API- and blockchain-based technologies to help SDC, and its customers in Scandinavia, by enabling easier corporate governance and investor engagement.

“SDC is the main supplier of banking systems to more than 100 banks in the Nordic region and therefore, it is of great importance that we can provide the system support that enables our banks to meet compliance requirements,” said Hilde Seljom, Department Director at SDC. “We see Broadridge as a professional supplier who can help us achieve this goal. We are very pleased with the collaboration with Broadridge, who shows great flexibility and insight into our business and the needs of our banks.”

SDC will leverage the solution to support the regulatory needs across its network of more than 100 Nordic banks, who will benefit from high levels of straight-through processing efficiency throughout the voting lifecycle for both retail and institutional customers.

“Choosing the right partner is so important in these times. Professional integrity, a proven track record, flexibility, along with best-in-class client service and data security, are all pivotal and key consideration points for our clients,” said Demi Derem, General Manager, International Investor Communications Solutions at Broadridge. “We are delighted to be chosen as SDC’s trusted partner. At Broadridge, we’re committed to accelerating global corporate governance standards for the benefit of all participants throughout the investment communications lifecycle. Through our collaboration with SDC, we’re looking forward to bringing greater transparency and higher levels of investor stewardship to the Nordic markets.”

Zenus Bank, the digital bank that makes U.S. bank accounts available internationally, is proud to announce the acquisition of Financial Urban Exchange LLC (FUEX Payments), a fintech specializing in real-time payments for the Caribbean and Latin American (LAC) markets.

This acquisition represents Zenus Bank's ongoing strategy to innovate and expand its service offering in the fintech industry and demonstrates its focus on delivering cutting-edge financial solutions to its customers through an effective M&A strategy.

FUEX Payments has developed innovative API solutions that enable real-time payments through major global payment card brands for businesses, governments and financial institutions.

Zenus Bank's acquisition of FUEX Payments will enable the bank to expand its offerings in the Caribbean and LAC markets. FUEX Payments' cutting-edge real-time payments technology and Zenus Bank's expertise in financial services will create a powerful platform that will enable businesses, and individuals in the region to transact more efficiently and securely anywhere in the world leveraging the power of the major card payment platforms.

"FUEX Payments has been at the forefront of the fintech revolution in the Caribbean and LAC markets, and we are thrilled to have them join the Zenus Bank family," said Mushegh Tovmasyan, Founder and Chairman of Zenus Bank.  

"This acquisition will enhance our capabilities and enable us to deliver even more innovative solutions to our customers, further strengthening our position as a leader in the fintech industry."

Candido Alfonso, co-founder and CEO of FUEX Payments, said: "We are excited to join forces with Zenus Bank, a company that shares our vision for providing cutting-edge financial solutions to customers.

This acquisition will allow us to leverage Zenus Bank's expertise and resources to accelerate the growth of our real-time payments solutions in the Caribbean and LAC markets in the real time transactions and Payments-as-a-Service markets."

Temenos today announced that Saudi Export-Import Bank (Saudi EXIM Bank) has implemented Temenos core banking platform, going live in just six months. Temenos enables Saudi EXIM Bank to drive operational and financial efficiency, making it faster and easier for businesses to access trade finance, promoting job creation and economic growth in the Kingdom of Saudi Arabia (KSA).

Temenos’ modern and cloud-native, core banking platform was rapidly deployed. Saudi EXIM Bank worked closely with Temenos and its consultancy and implementation partners, which brought deep local market expertise. Furthermore, Temenos KSA Model Bank approach offered pre-packaged functionality and best practices, which helped the bank meet its business and regulatory requirements in a timely and effective way. Temenos Project Consulting Services with their knowledge and best practices also helped accelerate the project delivery.

Saudi EXIM Bank provides holistic financial services, catering specifically to the needs of businesses in KSA engaged in international trade. By implementing Temenos core banking platform, the bank can streamline its operations and automate processes increasing the bank’s operational efficiency. Temenos’ open platform for composable banking offers flexible and comprehensive coverage for a variety of facility types.

Saudi EXIM Bank was established in 2020 to promote the export of Saudi non-oil products and boost their competency across economic sectors in the global markets. The bank provides financing services, guarantees, and credit insurance with competitive advantages, to enhance confidence in Saudi products.

H.E. Eng. Saad Bin Abdulaziz AlKhalb, CEO of Saudi EXIM Bank, commented: “Our core banking system implementation with Temenos is a step forward for Saudi EXIM Bank to better equipped for achieving the development goals of the Kingdom’s Vision 2030. It will enable faster transaction processing times, improved customer experience, and a more efficient use of resources. It will also help us to better manage risks, with improved data analytics and real-time monitoring capabilities. We are pleased that we have been able to go live in such a short time aided by Temenos’ understanding of banking in Saudi Arabia and its pre-built banking processes.”

William Moroney, Managing Director – Middle East and Africa, Temenos, said: “I would like to extend my congratulations to the team at Saudi EXIM Bank on their go-live with the Temenos cloud-native core banking platform. To implement a new core banking system in under six months is a fantastic achievement. Temenos has a strong presence in the Middle East region with the experience of taking many of the region’s leading banks live on our platform. Banks of the future need a modern, agile core and with deployable components which cover all areas of banking. We look forward to seeing Saudi EXIM Bank and trade finance flourish in KSA on their new Temenos platform.”

Prema Varadhan, President Product and Chief Operating Officer, Temenos, said: “With clients such as Allied Irish Bank (AIB) in Ireland, Commerce Bank in the USA, and Al Rajhi in Saudi Arabia, corporate banking is a key focus for Temenos. We have a robust product roadmap and we continue to invest heavily to deliver rich corporate banking functionality to help banks reduce the number of legacy systems on a cloud-native platform and improve automation and efficiency.”

In 2022, Temenos was named a leader in The Forrester Wave™: Digital Banking Processing Platforms for Corporate Banking, Q3 2022, with Forrester stating that “Temenos sets the pace in AI-powered banking capabilities and application architecture”.

CIS Islamic Banking and Finance Forum was successfully concluded at Hyatt Regency, Tashkent, Uzbekistan. The aim of the forum was to discuss the potential of Islamic finance in CIS countries, financial inclusion through FinTech, Sukuk, Takaful and Islamic capital markets by gathering stakeholders under one roof. Distinguished Speakers and industry experts from well-serving organizations related to Islamic banking and finance, Islamic insurance (Takaful), and banking industry participated in the event. The forum was organized by AlHuda Centre of Islamic Banking and Economics in association with Uzbekistan Banking Association and Leasing Association of Uzbekistan and in support of Fintech association Uzbekistan, National Association of Microfinance Institutions, and The Banking and Finance Academy. The event sponsors were Alif Moliya, Avati Consulting Solutions (P) LTD and InvoiceMate and event media partners were Mufeed Moliya, Azon.uz, Islom Moliyasi, Islamic Finance Weekly, Global Halal, MicroCapital. AlHuda arranged an impressive lineup of speakers from different countries with revealing sessions on the subject matter to explore more options for Islamic finance industry.

H.E. Dr. Tilo Klinner Ambassador, Embassy of Germany, Uzbekistan the guest of honour inaugurated the forum by saying that Islamic finance is the need of the time and Central Asia needs to keep an eye on the potential of Islamic Banking & Finance and what value it can bring to the current system of International Banking & Finance. Investing in Islamic banking and finance will definitely lead to greater foreign Investments promising enhanced global connectivity, improved job creation, socio-economic development and poverty alleviation. This transcending Islamic financial sector will create genuine global opportunities and as Uzbekistan has its own unique position in Central Asia. He further said that I energetically endorse Pakistan’s ambassadorial role in promoting meaningful contributions to the advancement of Islamic finance at all levels to pave the way towards a better community with the potential to make a difference in this world.

Guest of honors including H.E. Mr. Md Zahangir Alam Ambassador, Embassy of Bangladesh, Uzbekistan, Mr. Zafar B. Mustafaev Chairman, Leasing Association of Uzbekistan, Uzbekistan, Mr. Bakhtiyar Khamidov Chairman, Uzbekistan Banking Association, Uzbekistan, Mr. Nuriddin Lafizov Chief Executive Officer, Alif Moliya, Uzbekistan, and H.E. Mr. Omar Mustafa Ansari, Secretary General, Accounting and Auditing Organization for Islamic Financial Institutions, Bahrain also expressed about the Islamic finance potentials and opportunities in CIS countries and possible ways to achieve the milestone by enhancing the financial inclusion in the region.

Addressing the audience, the organizer of CIS Islamic Banking and Finance Forum, Mr. Muhammad Zubair Mughal, Chief Executive Officer, AlHuda CIBE said that Islamic banking and finance total volume has crossed $3 trillion globally. He said the total Muslim population of CIS countries is estimated at 75 million which is good news for the growing Islamic banking and finance industry. CIS countries’ list consists of 10 countries which includes Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan, Turkmenistan, Azerbaijan, Russia, Armenia etc. The most important factor of the growth of Islamic banking and finance industry in CIS countries is the Islamic Development Bank’s projects whereas, ICD also has huge investment for Islamic banking and Islamic leasing avenues in CIS countries which includes Azerbaijan, Kazakhstan, Uzbekistan, and Kyrgyzstan etc. He further added that AlHuda CIBE has started putting its research, advisory, consultancy and capacity-building services in CIS countries for Islamic banking and finance industry from 2006.

In the forum, delegates from Sarakhsi International Research Academy for Islamic Finance, International Business Association NAHDA ISLAMIC FINANCE, Shari’ah Adviser M Bulak, Member AAOIFI, Member Central Bank of KR, CJSC MDO "HUMO" – Tajikistan IMAN – Uzbekistan, Avati Consulting Solutions (P) Ltd, India, Alif Moliya LLC, Uzbekistan Islamic Finance, Centil Law Firm – Uzbekistan, Bankwaqf International Malaysia,  IFAAS (Islamic Finance Advisory & Assurance Services), United Kingdom INCEIF University, Malaysia, M Bulak Microcredit Company LLC, Kyrgyzstan, Hamkorbank, Sug’urta JsC Insurance Company, Uzbekistan JSC Apex Life Insurance, APEX OILA Takaful – Uzbekistan, AAOIFI Financial, Accounting Council Centil Law Firm – Uzbekistan Ansar Financial and Development Corporation (“AFDC”), Canada Aman for Microfinances, Egypt, and many other delegates from 15+ countries participated in it. In the forum Financial Inclusion, Financial Technologies, Sukuk, Shariah Structuring for the development of Islamic finance, Takaful, Sustainability, and Islamic Capital Markets were discussed in the broader perspective. At the end, an Award Distribution ceremony was held to encourage and recognize the industry participants for further promotion.

Today, Citi Securities Services announced Nordnet AB (Nordnet), the leading pan-Nordic digital platform for savings and investments, as the first Swedish client to start lending through its innovative Citi Securities Lending Access platform. The solution will enable Nordnet to expand its already successful securities lending programme to new markets and new client segments.
 
Citi Securities Lending Access is a unique end-to-end solution that digitises and automates the entire securities lending lifecycle. Co-sponsored by Citi Ventures' D10X programme, the solution combines Citi’s lending platform and fintech technology from Sharegain to offer clients lending programmes that are tailored to the needs of underlying individual investors as well as traditional lenders. The solution looks to democratise the securities lending industry by enabling access to a broader spectrum of investors through their existing banks, brokers or investment advisers. It also brings new pools of untapped and diversified securities to borrowers for the first time.

“Nordnet was one of the first online brokers in Sweden and has since expanded into a pan-Nordic leading digital platform for savings and investments,” commented Quincy Curry, Director of Securities Brokerage at Nordnet. “We are proud to add this collaborative initiative to our ever-growing list of market innovations for our customers.”

“Citi continues to embrace innovative ideas to deliver new services to our clients, “said Okan Pekin, Global Head of Securities Services at Citi. “By leveling the playing field, we anticipate this solution will help pave the way for future democratisation of securities lending.”

“We are excited to provide Nordnet with this innovative solution, which enables increased profitability and additional revenue stream for their end clients,” said Ola Mjorud, Nordic Head of Securities Services, at Citi. 

With trading desks in five countries covering 75 lending markets and local expertise from over 60 proprietary custody branches, Citi Agency Securities Lending provides a differentiated service offering which combines markets-based experience with traditional banking oversight and structure.

GoLogiq, Inc., a U.S.-based global provider of fintech and consumer data analytics, has entered into a non-binding letter of intent to acquire a controlling interest in Australia-based Bateau Asset Management, a boutique global investment manager.

The acquisition would further expand GoLogiq’s presence into Southeast Asia, complementing its planned acquisition of Sydney-based CPG Research & Advisory and its existing North American fintech platform.

Since 2016, Bateau has offered an absolute-return investment philosophy delivered by a multi-manager approach to investing. Services include investment research and education with the objective of providing clients rigorously constructed, absolute return portfolios that they can understand.

The company serves a range of clients, from high-net-worth individuals and family offices to non-profit organizations and other institutions. It maintains an experienced advisory team based in Perth and Singapore which is supported by a robust compliance and corporate governance team with a strong client service ethos.

“Bateau provides GoLogiq with a transformational opportunity to significantly expand our position in one of the world’s most dynamic investment markets and strengthen our focus on meeting the increasingly complex capital needs of clients around the world,” stated GoLogiq interim CEO, Brent Suen. “Bateau’s professionals share with GoLogiq deep experience and skills, flexibility and innovative thinking, along with the culture of investment excellence focused on delivering long-term value for its stakeholders.”

Stuart Haley, managing director at Bateau, commented: “GoLogiq offers Bateau an optimal partnership for growing our business and investing in complementary adjacent strategies that would leverage GoLogiq’s considerable expertise and distribution capabilities within the U.S. We look forward to working closely with our new partners, drawing on our new collective strengths, as we expand together into new strategies and complementary products across geographies.”

Under the terms of the transaction, GoLogiq will acquire 100% of Bateau in an all-stock transaction. GoLogiq would issue common shares to Bateau shareholders valued at US$24 million. The parties anticipate the acquisition to close in the second quarter of 2023.  

Bateau follows GoLogiq’s recent acquisition of GammaRey, which brought to GoLogiq a profitable business driven by an estimated $20 million annualized revenue run rate and nearly $800 million in customer financial assets. It also introduced a pipeline of accretive and/or tech-enabling acquisition targets, including CPG Research & Advisory.

GoLogiq also reported that it has begun the process of applying to list on a senior U.S. stock exchange. The listing would be subject to approval based on several factors, including satisfaction of minimum listing requirements. The company believes it meets the reporting, governance and quantitative requirements, including net shareholder equity and market capitalization.

While GoLogiq expects the Bateau transaction to be completed as anticipated, a definitive agreement has yet to be signed and no assurances can be given it will be executed or the transaction will be completed as described.

When such a definitive agreement would be mutually signed, the details would be made available in a Form 8-K to be filed with U.S. Securities and Exchange Commission on www.sec.gov as well as on the investor section of GoLogiq’s website.

Jack Henry™ announced today that it is expanding its existing partnership with longtime client Farmers & Merchants Bank (F&M Bank), a $1.25-billion asset community bank based in Virginia. While larger financial institutions have left the area, F&M Bank is leveraging Jack Henry's modern technology architecture to serve the market in need with scale and efficiency.

The bank is committed to providing the communities it serves with innovative, convenient and reliable retail and commercial services. Jack Henry's Banno Business will help the bank expand its business and agricultural accounts to larger markets. In addition, the bank will be deploying treasury management services to meet the most advanced business needs.

Founded in 1908, F&M Bank has been providing personalized banking services and financial solutions to individuals and businesses across Virginia for more than a century. The bank has built a reputation for its commitment to customer service, community involvement, and agricultural lending in the Shenandoah Valley area. F&M Bank has invested in the fintech ecosystem by joining BankTech Ventures, and furthering its dedication with Jack Henry's open infrastructure will support the evolving needs of its community by providing access to a wider range of financial services.

"F&M Bank has met the banking needs of our communities for 115 years with exceptional customer service and innovative products and solutions," said Mark Hanna, Chief Executive Officer & President of F&M Bank. "Jack Henry understands that it is community banks like F&M Bank that power Main Street America. We share a vision for the future where technology and people will equip us to grow and scale. We have partnered with them to drive the continual improvement of features, functionalities, and security that will help ensure that our accountholders have faster and better modern services. Together, we are positioned to continue forward while maintaining a focus on our customers who make it all possible."

Stacey Zengel, senior vice president of Jack Henry and president of Bank Solutions, said, "Jack Henry is committed to ensuring that financial institutions like F&M Bank will continue to be pillars of innovation and financial opportunity for the communities they serve. The bank has been a part of financial lives in the Shenandoah Valley for generations, and with modern, user-friendly, scalable services, they will be able to reach many more generations to come."

ACA Group (ACA), the leading governance, risk, and compliance (GRC) advisor in financial services, today announced the launch of ACA Signature, a scalable solution that combines compliance advisory services, innovative regulatory technology and managed services, to meet financial firms’ unique compliance needs. Designed by former regulators and compliance professionals, ACA Signature provides clients with the technical expertise necessary to protect their business in today’s evolving risk and regulatory environment.

Weak compliance programs are a liability for firms, leaving them vulnerable and exposed to regulatory scrutiny, which can lead to significant fines and reputational risk. According to ACA’s most recent Investment Management Compliance Testing Survey, nearly 8 in 10 (79%) compliance professionals said their compliance program was the top area of focus during their most recent SEC exam, reinforcing the importance of a strong compliance program.

“As regulatory pressure remains high and investor pressure is increasing, financial firms need a compliance partner they can trust to protect their firm from risk,” said Carlo di Florio, global advisory leader, ACA Group. “ACA Signature combines the best of ACA’s institutional knowledge and unmatched compliance expertise with ComplianceAlpha^®, our advanced regulatory technology platform, and managed services to provide our clients with integrated solutions to achieve that goal effectively and efficiently.”

With ACA Signature, financial services firms, including hedge fund managers, private equity firms, wealth managers, and broker-dealers, have access to year-round support with three scalable options:

• Partner: Execution of the entirety of a firm’s compliance program, wherein ACA partners with firms, integrating itself into the firm’s program to perform compliance functions accurately and within regulatory deadlines to reduce a firm’s compliance burden. 
• Core: Services designed to strengthen a firm’s overall compliance program, supplementing the firm’s compliance staff, reducing regulatory risk, and freeing up resources while conducting and reporting on a firm’s annual compliance review.
• Essential: Ongoing compliance support to help develop and maintain the essential
  functions of a firm’s compliance program, including regulatory filing requirements, compliance program development and maintenance, general consulting, and annual compliance review support.

In addition to ACA’s compliance advisory services, ACA Signature clients can add on:

• Managed services to ease the burden of repetitive tasks, including electronic communication reviews, personal trade reviews, advertising and social media reviews, and AML-KYC/CIP support.
• Regulatory technology to automate your compliance program. ACA’s ComplianceAlpha^® integrates risk and compliance activities, surveillance and monitoring, testing, and analytics in one platform to provide a unified view of risks and behavior across a firm.

“With ACA Signature, we are taking the next step to meet and adapt to the unique regulatory needs of each client with a scalable solution set, enabling clients to leverage ACA’s compliance expertise in the way most effective for them,” said Annie Morris, chief product officer, ACA Group. “Our new offering enables clients to choose the combination of compliance services and regulatory technology that best meets challenges unique to their firm, with the power of ACA’s experts behind it.”