MoneyyApp, a Fintech platform empowering small businesses, digital native solopreneurs and creators in India, has raised an undisclosed amount in pre-seed round from AngelList Early Stage Quant Fund.

MoneyApp would use the funds to expand its operations, increase product development and create awareness around the app to get more creators and solopreneurs into its network.

The startup has raised an angel round in June with the support of GSF Founder Rajesh Sawhney, IndiaMart founder Dinesh Agarwal, Nazara Technologies' founder Nitesh Mittersain, BharatMatrimony founder Murugavel, along with Roshan Abbas and Guarav Kapur,Arvinder Singh Gujral ex Twitter APAC Head also participated.

“With AngelList’s Early Stage Quant Fund on our captable, we look forward use their expertise and track record in identifying gaps in the market that can be served by innovation. We will come up with innovative products and services and tools for digital natives and solopreneurs that can help them manage and grow their businesses,” said Fayyaz Hussain, Cofounder and CEO of MoneyApp.

Founded in early 2022 by serial entrepreneurs Fayyaz, Mohit Goyal and Aaditya Goyal, MoneyyApp, provides creators in India with financial and business growth tools and alternative finance help them scale faster and efficiently.

As per industry reports, there are over 100 million creators and yet another 63.4 million MSMEs in India at present. However, over 80% do not have any technical knowhow or financial tools to scale their products and services.

The Bengaluru and Singapore-based start-up, helps creators by providing tools to improve how they run their businesses. They also help remove the income disparity often present among creators who work on similar genres, categories, and verticals.

MoneyyApp’s target audience is the approximately 100 million digital native solopreneurs/creators who currently make content for various social media platforms like YouTube, Instagram and white dollar digital-gig platforms like Upwork. MoneyyApp has onboarded around 1,6000 creators to date and targets 10x growth.

“We are enthusiastic investors in MoneyyApp. We believe that great people build great companies and we know from our proprietary data that MoneyyApp is one of the most attractive start-ups in the world for talented job seekers,” says Abraham Othman, PhD of AngelList’s Early Stage Quant Fund.

DivideBuy, the leading UK Point of Sale (POS) finance pioneer, has today revealed continued sales success for Black Friday 2022 following a strong 2021, with an increase in gross sales and a 12.8% increase in gross merchant value from previous years.

Robert Flowers, CEO and founder of DivideBuy, commented “Consumers are increasingly favouring the flexibility of POS finance to spread the cost of purchases. It’s now one the world’s fastest-growing payment methods – a trend that we’ve seen consumer continue to utilise this Black Friday despite the challenging financial market.”

 

“As both the technology platform provider and lender, we can remain in control of each part of the lending process, making our interest free lending work in the interest of both the consumer and the retailer. Unique to DivideBuy, retailers can register, approve and onboard customers in a matter of seconds. DivideBuy’s Soft Search credit checks lets buyers test their eligibility for finance without harming their credit score, after which a hard search is applied with consent from the customer. Being powered by an innovative LendTech like DivideBuy gives both retailers and consumers an added security over each sale. We want to become the perfect credit partner for consumers and retailers, offering the nation’s shoppers ethical, transparent and truly flexible finance.”

Tempo France, a Paris-based money transfer company, has partnered up with Sumsub, a global all-in-one verification platform to effectively verify users, secure customer data processing and comply with the latest KYC/AML regulations.

With transactions getting faster and growing in number, as well as the growth of blockchain, the importance of KYC/AML will further increase. Thanks to Sumsub, the AML compliance tasks required by French regulator ACPR (Autorité de contrôle prudentiel et de résolution, supported by the Banque de France), have been successfully met by Tempo.

This partnership also provides Tempo with a full range of KYC services, including automatic and uninterrupted user data exchange that determines suspicious activity and client trustworthiness with the highest degree of accuracy. As a result, money transfers are kept safe from money laundering and fraud.

Both Tempo and Sumsub believe more companies should join forces in the development of a more transparent and efficient fintech market, where customers are as protected from fraud as possible. Plus, the security and KYC/AML compliance challenges of the future will require more in-depth, collaborative approaches.

"Tempo France is committed to using the latest technology to improve the efficiency, transparency and security of money transfers. At the same time, we have a license issued by the Bank of France. This imposes strict compliance obligations. And that is where KYC plays a great role and is also why the joint project with Sumsub is so important for us. It gives access to the most advanced customer data processing solutions and minimizes the risks of fraud and money laundering through the system", – says Alla Zhedik, CEO of Tempo France.

"We are glad to offer our all-in-one verification platform to global digital payments providers like Tempo, making money transfers more accessible to people worldwide. With Sumsub’s KYC, KYB, transaction monitoring and AML solutions, it’s easier for businesses to expand to international markets and increase their client base while staying fully compliant with regulations and ensuring bulletproof fraud protection", – adds Andrew Sever, Co-Founder and CEO of Sumsub.

The British Business Bank has appointed Eilish Jamieson and Matthew Elderfield as Non-executive Directors (NEDs) to the board of British Business Bank plc, effective from 21 and 22 November 2022 respectively.

Eilish Jamieson is an experienced Audit and Finance Professional with over 25 years' experience working in financial services, and more recently serving on public and private sector boards.

Until 2016, Eilish was Head of Audit at Goldman Sachs where she led strategic initiatives around internal control, risk management, change and transformation, culture and governance for over a decade. Amongst other roles, she has been a Non-Executive Director at the Financial Reporting Council, the UK regulatory body responsible for promoting high-quality corporate governance and reporting, and a Non-Executive Director at Sport England, a non-departmental public body responsibility for developing grassroots sports. She is a trustee at Plan International UK, a leading charity working with children in the UK and developing countries and is the founder of a leadership development practice working with social impact and female-founded businesses.

Eilish started her career at KPMG, undertaking a variety of roles across their financial services and consulting businesses, before moving to their Australian practice where she led an international client portfolio which included investment management, pension, and insurance companies.

Eilish holds a BSc in Accounting and Finance from the London School of Economics and Political Science, and a postgraduate degree in Organisational Psychology from the University of London. She is a qualified chartered accountant and member of the Institute of Chartered Accountants in England and Wales.

Ms Jamieson said: “I am delighted to be joining the Board of the British Business Bank, an organisation with purpose and commitment to enabling fairer access to finance. Small businesses are the heart of the UK economy, communities, and innovation, and the British Business Bank plays a vital role in this. I look forward to adding my expertise to an already accomplished Board and Leadership team to further strengthen and develop the Bank’s role in supporting the Government’s agenda at this important time.”

Matthew Elderfield has worked as a senior banker and financial regulator in the UK, EU and Bermuda. Matthew was a member of the Management Board of Nordea between 2016 and 2022, most recently serving as Chief Risk Officer. Previously he was at Lloyds Banking Group in the role of Group Director, Conduct, Compliance and Operational Risk.

Matthew was Deputy Governor and Member of the Commission (Board) of the Central Bank of Ireland between 2010 and 2013. During this period, he served as Deputy Chairman of the European Banking Authority (EBA). He was also a member of the Managing Board of the European Insurance and Occupational Pensions Authority (EIOPA) and the Board of Supervisors of the European Securities Markets Authority (ESMA).

Matthew was also Chief Executive of the Bermuda Monetary Authority and worked at the UK Financial Services Authority in a number of roles involving banking supervision, markets policy and exchange and clearing house supervision. He is a graduate of Georgetown University’s School of Foreign Service and Cambridge University.

Mr Elderfield said: “It is a privilege to join the board of the British Business Bank and support its mission of making financial markets work effectively for UK small businesses. I very much look forward to working with my fellow directors, our government shareholder, and our many stakeholders to help the leadership team continue to deliver the bank's crucial role in the UK economy.”

Lord Smith, Chair of the British Business Bank, said: “Eilish and Matthew have a wealth of experience and expertise in their respective fields and we are delighted to welcome them to the board of the British Business Bank. At this important time for the Bank and the country more widely, I look forward to drawing on their advice and counsel as we continue to build our support for the UK’s smaller business population.

Payment technology company Tribe Payments has today announced it has been selected by mobile payment platform PayNice to provide risk monitoring solutions. Tribe’s Risk Monitor tool is designed to take in every individual data point of a transaction allowing PayNice to make risk-based decisions in real-time, right down to individual transaction level.

Italian headquartered PayNice aims to connect retailers with their customers by enabling electronic payments to be accepted and managed. PayNice was seeking a risk-monitoring solution that could bring as much relevant data as possible together, to give their merchant customers improved control of their risk exposure and stay ahead of fraudsters.

Tribe’s risk monitoring solution will give PayNice the ability to access real-time transaction data including data from third-party PEPs and sanctions information providers. Also included are transaction checks across merchant codes, BIN, country, issuer, account type, transaction value, industry, and a range of other parameters. When combined, this huge wealth of data will give PayNice and its customers the ability to spot trends and respond quickly to changing risk levels.

“PayNice combines artificial intelligence with management tools and electronic payment features. Our goal is to provide those who work in the catering and trade markets with the right tools to keep up with the challenges of today and of the future." said Simone Vescovi, CEO at PayNice. "To help us deliver a best-in-class payment service, security is everything. We needed a payments technology provider that could provide us with the vital data needed to help us spot any issues sooner, so that we can address them earlier. Tribe's leading risk monitoring solution provides us with exactly that.”

“We’re seeing growing demand from businesses who want to protect their merchant customers from an ever-growing array of threats,” said Alex Reddish, Managing Director at Tribe Payments. “The reality is that if your fraud management systems don’t keep up with your payments innovation then that innovation is creating risk, not preventing it. PayNice recognised this challenge, and we’re delivering a tailor-made risk solution that is configurable with their needs, customer base and geographies to ensure they can meet this challenge head-on.” 

The 10th annual Regulatory & Risk Management Indicator survey, complied by Wolters Kluwer Compliance Solutions, has revealed regulatory change management as a key challenge for US banks.

These lenders are urged to implement suitable financial technology-enabled regulatory change programs to help alleviate the impact of such pressures, according to Wolters Kluwer.

The Indicator takes the pulse of the U.S. banking industry by measuring trend information on regulatory and risk concerns, realized and anticipated regulatory impacts on institutions, and the level of banks’ current risk management efforts. The survey’s data inputs generate a regulatory and risk management “pain index.”

“Unquestionably, this year’s survey findings point to the critical role that a robust regulatory change management program—particularly one featuring an up-to-date regulatory library—plays in helping ensure compliance and addressing  risk across a lending organization,” said Timothy R. Burniston, Senior Advisor for Regulatory Strategy with Wolters Kluwer Compliance Solutions.

Wolters Kluwer Compliance Solutions conducted the Indicator from July 27 to September 9, 2022 and generated 328 responses and a Main Score of 94, a decline from the 2021 score but a result closer to pre-pandemic scores. This year’s decline was driven largely by a significant drop in the dollar amount of regulatory penalties and fines and the number of associated enforcement actions compared to 2021. The Main Score is based on several factors, including the number of new federal regulations, number of enforcement actions, and the dollar amount of fines imposed on banks and credit unions over the past 12 months, together with survey respondents’ input.

When asked about the overall compliance and risk areas demanding their focus, respondents identified the ability to manage risk across all lines of business as their top concern (59%), closely followed by the ability to maintain compliance with changing regulations (58%), and ability to keep track of regulations (55%) and ability to demonstrate compliance to regulators (54%), all factors up by several points over last year’s survey.

Against the backdrop of technology’s increasing incorporation into banking practices and the rise of fintech, respondents also cited concerns about the continuing prevalence of manual processes and use of spreadsheets “sometimes or often” (85%) versus only nine percent rarely using manual processes.

The survey asked about lenders’ use of digital technologies to support their businesses. Nearly three-quarters of respondents indicated they have made some progress with digitizing their lending capabilities, although only 28% indicated their institutions have made significant progress or are fully digitized. Looking forward to 2023, top risk management priorities identified include cybersecurity (72%), compliance risk and credit risk (both at 51%), followed by operational risk and third-party risk (27% and 16%, respectively).

AlHuda Centre of Islamic Banking and Economics, a leading name in Islamic finance industry for institutional set-up, capacity building, and global networking is going to organize an exposure visit for Takaful industry in the hub of Islamic finance industry Malaysia. AlHuda CIBE as consultant and Advisor is one the organization which has separate departments for Banking, Microfinance, Takaful, Sukuk and other Financial Instruments, Shariah Advisory, Cryptocurrencies, Fintech, NFTs, Digital Currencies under the umbrella of Islamic Finance Industry. In the legacy of its inherited role for the development of Islamic finance industry AlHuda CIBE is organizing Exposure Visit and Executive Training on Takaful schedule on January 16 -20, 2023 in Kuala Lumpur, Malaysia. It is an open learning opportunity for the financial industry.

Takaful Consultancy Wing is a specialized department for Takaful Industry which provides services for Takaful Window Operations, Insurance Company transformation to Takaful Company, full-fledged Takaful Company, training, workshops, events, exposure visits, and insurtech product development. Since our operations AlHuda CIBE serving the financial industry across the globe as consultant and advisor. Every year AlHuda CIBE organizes six to seven exposure visits with the participation of many nationalities. In line of previous track Takaful Consultancy Wing- AlHuda CIBE-UAE is organizing Takaful Exposure Visit with Two Days Executive Training for Takaful (General, Family), Bancatakaful, and Microtakaful, digital Technologies for Takaful Industry, and regulatory assessment.

Mr. Muhammad Zubair Mughal, Chief Executive Officer AlHuda Centre of Islamic Banking and Economics United Arab Emirates on its arrangement said risk management is the base of financial industry, when all over the world Islamic Finance Industry is growing, the learning opportunities for developing markets is the path to set-up markets with rising significance for Islamic Finance Industry. He also highlighted the role of Takaful Consultancy Wing for the development of the Takaful industry across the globe particularly for research and product development. AlHuda CIBE is looking to warmly welcome on board for this practical learning opportunity, for the group registration and organizational nominations discounts are available.