5 FinTech deals that took place in Asia in July 2022
By Leandra Monteiro
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 increased. The last month saw some significant deals being undertaken by FinTech companies.
The following are 5 FinTech deals that took place in July 2022:
Al Sanam Islamic bank, a newly established Islamic bank in Iraq, has selected ICS BANKS Islamic Banking software solution from ICS Financial Systems (ICSFS), the global software and services provider for banks and financial institutions.
Al Sanam Islamic Bank will provide comprehensive, Shari’a-compliant financing products and services to the Iraqi market, with a robust focus on digital banking. The bank will be implementing ICS BANKS Islamic Core, Financing Facilities & Risk Groups, Remittances, Murabaha, Mudaraba, Musharaka, Ijara, Istisnaa, Profit Distribution, Al Qard Al Hassan, Time Deposit, Trade Finance, ICS BANKS Digital, and ERP solutions.
Purpl, a remittance and cash-out aggregator combined with a digital wallet for Lebanon, announced it has selected Mambu to scale operations in the region. Purpl recognised the need for an ecosystem designed to leverage new technologies. Mambu’s cloud platform will underpin the FinTech’s offering as it evolves products and services based on customer needs.
Purpl is the technology hub between remittance and cash-out partners, promising low fees on the sender side and no cash-out fees on the beneficiary side. Through the app and Purpl’s remittance partners, users can send and receive money in Lebanon, triggering an SMS alerting beneficiaries of incoming funds. Users then follow a simple sign-up flow, which includes a one-time e-KYC process, before cashing out at a number of locations throughout the country.
TradeSmart has partnered with service provider Modern Algos, a SEBI registered research analyst firm that develops various models of Trading and Investment Advisory Services, powered by technology. TradeSmart users will now have access to Modern Algos’ suite of new-age trading services and can avail specialised guidance and trading strategies from the company’s extensive network of experienced and qualified professionals.
TradeSmart will also be providing a seamless trading experience to Modern Algos customers after availing recommendations and trading strategies from the platform. Modern Algos services are backed by quantitative and technical analytics. The platform also uses in-depth insights based on algorithms and AI to provide an efficient order management system for users, ensuring they have the right customised advisory as per their age, investment and future goals.
United Arab Bank (UAB) announced the launch of a cross-border multi-currency settlement service through BUNA payment platform. This strategic collaboration is in line with UAB’s mission to play a pivotal role in supporting the growth of trade and investments in the Arab region as it opens up opportunities for its clients to cooperate more dynamically with their partners at the regional and international level, by providing real-time payment solutions. Furthermore, it facilitates the process of cross-border transactions and develops trade and financial exchanges in the Arab region.
Fubon Financial Holdings, the second-largest financial company in Taiwan, selects ViewTrade as its chosen technology provider to grant Fubon’s clients access to U.S. markets for accounts of all sizes as well as the ability to buy fractional shares. Through its technology solutions, ViewTrade is now enabling Fubon’s retail customers to easily and regularly invest in the U.S. markets.
Contributing to a regular savings plan through the U.S. Equities Market is becoming a popular way to invest in Taiwan. Fractional trading, with its ability to facilitate dollar-cost averaging, is an important component provided by ViewTrade in the Asia market.
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