FinTech Focus: Catch latest developments of the week

By Gloria Mathias

FinTechs continue to play a pivotal role in transforming and reshaping the traditional contours of the financial industry. As technology becomes increasingly intertwined with financial services, FinTech innovations are not merely incremental but rather revolutionary, paving the way for enhanced efficiency, accessibility, and novel business models.

This week’s FinTech Focus brings forth a curated selection of the most significant developments that underscore the dynamic nature of this sector.

Let’s look at the top 5 announcements made by the FinTech bigwigs this week:

• Azentio Software

Azentio Software has partnered with Kurdistan International Islamic Bank for Investment and Development (KIB), Iraq, to implement iMAL, its industry-leading Islamic banking platform. iMAL will help KIB offer complete digital Islamic banking services and a wider range of Sharia-compliant, innovative products to both retail and corporate customers.

• Intellect Design Arena Ltd

Intellect Global Transaction Banking | iGTB (the transaction banking specialist of Intellect) has collaborated with Crédit Agricole CIB (the corporate and investment banking arm of Credit Agricole Group) in its cash management transformation journey. This strategic partnership is a testament to our market-leading expertise and ability to deliver high value to our clients. By leveraging our cutting-edge Corporate Treasury eXchange (CTX) powered by eMACH.ai architecture, the bank will achieve optimised operational efficiency, increased agility, and ultimately superior customer satisfaction.

• Kiya.ai

Kiya.ai has announced a strategic partnership between Kiya.ai and Arab Financial Services (AFS), marking a pivotal moment in the evolution of financial technology in the Middle East and Africa!

As the leading global fintech provider, Kiya.ai is joining forces with AFS, the region’s principal digital payment solutions provider, to enhance AFS’s diverse product portfolio with our cutting-edge technologies. This collaboration not only expands our addressable market but also opens new avenues for growth in these dynamic regions.

• Nuvei 

Nuvei’s comprehensive payment solution, including online, mobile, and ACH, is now seamlessly integrated via a single API for global reach and convenience for Adobe Commerce users.

• Worldline

Worldline is extending its partnership with Commerzbank AG, enabling customers in Austria, France, Italy, the Netherlands, Spain, and the UK to send and receive real-time transfers in euros.

In addition, instant payments in Swiss francs can now be processed in Switzerland, in compliance with a decision by the Swiss National Bank (SNB). As a key player, Commerzbank is preparing for the mandatory processing of instant payments from August 2024.