Tonik Financial Pte. Ltd. (Tonik), the parent company of Tonik Digital Bank, Inc. in the Philippines, has entered into a landmark agreement with Tendo Payment Solutions Pte. Ltd. (Tendo) to acquire its Philippine business, operating under the brand name “TendoPay”.

This deal, which is subject to approval of relevant government authorities, is set to further cement Tonik’s leading position in digital credit inclusion in the Philippines.

Through the strategic acquisition of TendoPay, Tonik has now augmented its core lending portfolio while integrating payroll-enabled financial services into its operations.

“Tonik’s acquisition of TendoPay is a testament of our passion for accelerating financial and credit inclusion in the Philippines. By delivering mass-market digital credit products that are accessible, affordable, and easy-to-use, Tonik will expand the ways in which it helps Filipinos manage their financial future,” said Tonik Founder and CEO Greg Krasnov.

Launched in 2019, TendoPay has established itself as the leading one-stop shop for employees’ financial wellness needs. It has partnered with over 200 companies and has developed a channel network covering over 500 brands and e-commerce sites.

Payroll-enabled financial services are a rapidly growing credit mechanism globally, though still relatively new in the Philippines. Payroll connectivity enables accessible and multi-use credit to salaried workers through partner companies, which helps in increasing employee engagement and retention.

TendoPay offers a broad digital suite of financial services such as its 0% interest purchasing loan, emergency cash loan, personal finance management tool, virtual card, prepaid health insurance cards, and a rewards program.

“We at Tendo share Tonik’s commitment in driving financial inclusion since its trailblazing start in 2020. We are confident that this partnership will not only be mutually beneficial for both companies, but also in creating further value for Filipinos and their perspective towards financial services,” said Tendo CEO Kacper Marcinkowski.

Teampay, a New York-based provider of a purchasing platform, raised $47M in Series B funding.

The round, which brought total funding to $65M, was led by Fin Venture Capital, with participation from Mastercard, Proof Ventures, Trestle, and Espresso Capital.

Led by CEO Andrew Hoag, Teampay helps companies streamline the purchasing process across virtual cards, physical cards, invoices and reimbursements. The automated workflows empower employees to quickly buy what they need while staying in policy. The platform issues secure payment methods with built-in controls and reconciles transactions into the customer’s accounting system in real-time.

The company intends to use the funds to to further propel its enterprise offering, by deepening its accounts payable solution, expanding cross-border payments functionality, and satisfying international payment requirements, invest in sales and marketing, and continue to grow its workforce to support its larger account needs.

As part of this latest round of funding, Teampay will also expand its partnership with Mastercard to accelerate its go-to-market strategy. In 2021, the company announced Catalyst by Teampay, a digital corporate card powered by the Mastercard network. The card combines the technology of Teampay’s platform with Mastercard’s capabilities, providing a premium commercial card experience for executives. With this new collaboration, the two companies will mutually explore opportunities to enhance product capabilities at scale.

TS Imagine, a global leader in trading, portfolio and risk management solutions for capital markets, has announced the appointment of David Haynes to head up the Quality Assurance Team in New York.

As the head of Quality Assurance, David will be responsible for all aspects of the QA process for both Trading and Risk.

Before joining TS Imagine, David served as a director at TD Ameritrade, where he was responsible for leading the testing function, automation development, automation frameworks and tools, and test environment management for multiple delivery channels across the enterprise. David built the mobile application testing practice from the ground up and transformed the testing team into an enterprise-quality engineering organization. Before TD Ameritrade, David held leadership roles at Citigroup, where he was a vice president responsible for supporting order management systems globally, Credit Suisse Securities supporting risk management systems, and UBS Global Asset Management. David started his career with PaineWebber as a business systems analyst.

Examine how firms can adapt to regulatory change, monitor and control their supply chains, manage concentration risk, enable greater resiliency, and respond to emerging cyber threats.

Third-Party and Vendor Risk Management (TPRM) is a growing field with an increasing number of challenges to overcome. These challenges are backdropped by the Basel III regulations as well as the EBA Outsourcing guidelines and PRA Outsourcing regulations, due to be implemented in 2019 and 2022. However, the majority of financial institutions are yet to implement these guidelines into their practices, with the new dates of implementation being moved back to March 2023 and Basel III implementation, in some cases being moved back to January 2023 following several major setbacks. Other regulations such as DORA (Digital Operational Resilience Act) seek to regulate the ways in which financial institutions store and use their client’s data. DORA directly relates to one of the primary concerns of TPRM in that it seeks to regulate who financial institutions give their customers data to. Moreover, ESG issues and the challenges/opportunities they present to firms in terms of building a sustainable supply chain need to be accounted for when building an effective TPRM framework.

The marcus evans Third Party And Vendor Risk Management for Financial Institutions conference taking place on 1-3 February, 2023 in London, UK, will compile the expertise and experience of senior stakeholders within the field of TPRM to allow delegates to gain an understanding of a wide range of solutions to current concerns within TPRM. The meeting features sessions on how to maintain local compliancy across Europe, sustain a continuous assessment programme for vendors, identify unknown concentration risk sources within the supply chain, understand and implement AI and digital software and understand the effects of vendor’s business resiliency on TPRM for financial institutions. These in-depth interactive sessions will be carried out by experts in the field each with a unique perspective on TPRM, backed by years of experience. Firms can expect to take-home both a wider and more in-depth understanding of how to mitigate the most pressing issues in TPRM.

Attending This Premier marcus evans Conference Will Enable You to:

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• Boost understanding of cyber security risks to better assess outsourced cyber programme vendors.

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Best Practices and Case Studies from:

• Orlando Fernández Ruiz, Senior Technical Specialist, Operational Resiliency/Third Party Risk Management, Prudential Policy, Bank of England

• Funke Uwaifo, Head of Outsourcing and Vendor Management, EFG Private Bank

• Will Watkinson, Regional Head of Business Resilience, Europe and Americas, Standard Chartered Bank

• Rosalyn Aryee, Head of Outsourcing and TPRM and Operational Resilience, Santander Corporate and Investment Banking

• Coen ter Wal, Strategy Advisor Tech Policy, De Nederlandsche Bank

• Rabia Tayob, Head of Third Party Governance, Risk and Compliance, Standard Bank Group

For more information and registration discounts please contact: Ms Ria Kiayia, Digital Media and PR Marketing Executive at riak@global-fmi.com or visit: https://bit.ly/3ulehfa

Enhance your open finance strategies to respond to growing customer demands and stay ahead of your competition

Open finance strategies have advanced massively over recent months and they are being more widely implemented across financial institutions. There is a huge demand from consumers for financial institutions to take their strategies to the next level and become more advanced in their digital offerings and financial institutions need to ensure that they can meet these demands to retain their customers. Additionally, the true value of implementing open finance is being realised by key stakeholders as new customers can be driven to the institution who were previously inaccessible which is furthering the focus on open finance and partnerships. Moreover, there is more implementation of these technologies on the corporate side of the banks which furthers the investment level and need to grow teams who are skilled in this technology as well as finding new partners with FinTechs and other technology companies.

The GFMI 2nd Edition Open Finance, APIs & Partnerships conference taking place on February 21-23, 2024 in Boston, MA, will provide attendees from leading financial institutions a platform to evaluate current industry progress in open finance, API technology, and FinTech partnerships. Thought leaders will address international progress in open finance implementation to extract lessons for North America, as well as addressing nascent areas such as within payments. The conference will also look closely at regulatory updates and analyze how to extract value from open finance strategies.

Key Topics include:

• Open Banking: Paving the path forward for your organization.

• Case study: Analyze Brazilian open finance progress and how North America can benefit from the lessons learned.

• Unlock new revenue streams from open finance.

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Best Practices and Case Studies from:

• Matheus Rauber, Senior Advisor, Open Finance, Central Bank of Brazil

• Karen Wall, VP, EMEA Open Banking and Value Added Services Product, JP Morgan Chase

• Dr John Rares Almasan, Senior Managing Director, Head of ClienTech and AI, TIAA

• Stéphane Bousquet, Head of the Open Banking Center of Expertise, National Bank of Canada

• Nikhil Batheja, Global Head of Open Banking, BNY Mellon

• Tishya Poteet, Head of Enterprise API Lifecycle Management and Engineering Acceleration, Wells Fargo

Financial IT subscribers are entitled to $200 discount! For more information and registration discounts please contact: Ria Kiayia, Digital Media and PR Marketing Executive at riak@global-fmi.com or visit: https://bit.ly/3RWfE1b

KreditBee, one of India’s leading fintech platforms, has secured USD 80 Million as a part of its ongoing Series-D investment round. The current investment saw active participation from existing investors Azim Premji’s Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures. The round also saw participation from MUFG Bank, one of the largest financial institutions in the world.

The funds will be used to diversify KreditBee’s product portfolio and strengthen its tech stack to seamlessly serve the 400 million+ middle India population on its platform. The company offers credit and other personal finance requirements through its in-house RBI-registered NBFC - Krazybee Services Private Limited (Systemically important NBFC) along with partnerships with 10+ renowned financial institutions. The platform is well positioned to cross an AUM of USD 1 Billion+ over the next 6 to 9 months.

Talking about the development, Madhusudan E, Co-Founder & CEO, KreditBee, said, “The investment adds more weight to our vision of encouraging financial independence through a smart digital experience, which is what India stands for today. With the current round, we look forward to expanding our set of solutions to serve our growing consumer base.”

Shashank Joshi, Deputy CEO and Head Global Corporate Banking, MUFG India, said, “KreditBee is run on the ethos of enabling underserved customers easy access to financial products through tech-enabled underwriting. We are very excited to partner with KreditBee in their growth journey of providing financial services to millions of customers.”

“The KreditBee growth journey since inception has been remarkable, and it has spearheaded many innovations in the consumer lending space. We’re confident of KreditBee further consolidating its market leadership position in the coming times,” mentioned Atul Gupta, Partner at Premji Invest.

Further, Vinit Mehta, Director and Head of BFSI at MO Alternate Investment Advisors said, “We are delighted to double down on our investment in KreditBee, which we believe is India’s largest and most profitable lending fintech. The company is solving the credit needs of the growing and aspirational, yet underserved middle-income consumer of ‘Bharat’ through an innovative platform.”

KreditBee currently offers multiple types of personal loans, online/offline checkout finance, and digital gold. The company further plans to diversify its product offering by venturing into digitally-enabled secured loans, home loans, and credit lines. This involves expanding its lending portfolio by introducing financial services like insurance, credit score report, and merchant-side offers, among others.