3 FinTech deals in April in the European region

By Joy Dumasia

Financial technology (FinTech) describes new tech that seeks to improve and automate the delivery and use of financial services. At its core, FinTech is utilised to help companies, business owners, and consumers better manage their financial operations, processes, and lives by utilising specialised software and algorithms that are used on computers and, increasingly, smartphones. FinTech, the word, is a combination of “financial technology”.

The COVID-19 pandemic has accelerated the process of digitalisation for the financial services industry. Amidst the unprecedented market volatility, the industry’s appetite for digital technology has been on the rise. The new year saw some significant deals being undertaken by FinTech companies. This information was extracted from the May edition of the Monthly IBSi FinTech Journal to be published this week.

The following are 3 FinTech deals in April in the European region:

• Murex and Bank Pekao

Bank Pekao, Poland’s second-largest bank and one of the largest financial institutions in Central and Eastern Europe, has selected Murex’s solution and plans to implement its MX.3 platform to optimise costs of the bank’s ongoing, comprehensive technological transformation.

Murex, the global leader in trading, risk management and processing solutions for capital markets, has accompanied Pekao on the transition to the unified integrating platform, slated to be delivered in 2022. Pekao underwent an intensive vetting process with potential technology vendors before selecting MX.3.

• Temenos and ABN AMRO Bank

ABN AMRO Bank has signed a multi-year subscription extension with Temenos to support customer growth and business expansion on the Temenos Banking Cloud. The extended agreement includes access to Temenos Continuous Deployment as-a-service for the bank’s 22 DevOps teams.

ABN AMRO Bank is a long-standing customer of Temenos, running its international corporate banking, private banking, and global international payment on Temenos open platform. This latest commitment to the Temenos Banking Cloud demonstrates ABN AMRO Bank’s confidence in the platform’s maturity and composable banking services to increase agility and pace of innovation.

• Backbase and DSK Bank

DSK Bank, Bulgaria’s largest financial institution, has announced its partnership with Backbase, the leading engagement banking platform provider. The industry-recognised software company will work closely with DSK Bank to accelerate its digital transformation and future-proof its operating model by re-architecting the digital solutions around the customer.

The Bank will adopt the Backbase Engagement Banking Platform, deployed on Microsoft Azure and Backbase’s Digital Banking and Digital Sales solutions, to enable frictionless self-service and digital onboarding capabilities for the bank’s retail customers.

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