3 notable FinTech deals that took place in June

By Leandra Monteiro

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. 

The following are 3 FinTech deals in June to have a look at:

• Samba Bank Pakistan goes live with BPC

Samba Bank Pakistan, a fully owned subsidiary of one of the largest banks in the Middle East (Saudi National Bank), has officially gone live with SmartVista Card Management & Middleware system after partnering with BPC to complete the first stage of its cross-vertical digital banking transformation. Last year, BPC’s SmartVista platform was selected to help Samba Bank modernise its digital banking and payment processing technology infrastructure to provide seamless experiences for customers.

• Triterras selects Unqork

Triterras Inc, a FinTech company focused on trade finance, and Unqork, a no-code enterprise application platform, announced they have entered a partnership to further digitise global trade finance.

Unqork will be used to enhance the end-to-end trading lifecycle of Triterras’ Kratos platform, one of the largest trading and trade finance platforms in the world. By incorporating Unqork’s simple ‘drag and drop’ interface, the FinTech company will be able to offer better efficiency and improve outcomes for both lenders and traders.

• APS Islamic Microfinance goes live with Azentio

Azentio Software announced that it has gone live with its iMAL™ platform at APS Islamic Microfinance Co. Ltd, a subsidiary of APS International, an international money transfer service provider in The Gambia. The Islamic core banking platform – iMAL™, will enable the Gambian institution to automate financial processes to align with the digital transformation that is taking place across West Africa, and to be more competitive.

iMAL™ platform was implemented at APS Islamic Microfinance on Oracle Cloud without any significant obstacles demonstrating its compatibility with the latest technological trends. Azentio has delivered a high-quality solution despite the challenges related to the distribution of the implementation team across geographies.

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