FinTech Focus: Catch latest developments of the week

By Gloria Methri

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 six announcements made by the FinTech bigwigs this week:

• Barclays

Today we announced that Barclays will acquire the retail banking business of Tesco, which allows us to create new distribution channels for our growing UK consumer lending and savings businesses.

We are expanding our longstanding expertise in the US partner card market – working with some of the biggest brands – to the UK.

• Finastra

“This partnership between SYSTEX and Finastra will showcase leading technologies, providing innovative and comprehensive financial information technology services and solutions. Fintech upgrades and transformation require vertical integration capabilities. Through this partnership, we are making a strategic breakthrough in the financial services sector.” – Reese Chang, Vice President of SYSTEX Co., Ltd.

• FIS

FIS has teamed up with Banked to redefine payment ease with innovative pay-by-bank solutions. Embrace the power of open banking, using APIs and real-time payments to deliver seamless and secure transactions.

Lower costs, heightened security, and an experience designed with customers in mind—our partnership is set to revolutionize payment methods for industries that touch our every day, from education to utilities.

• JUSPAY

We are thrilled to announce that we have acquired LotusPay, a leading innovator in NACH Debit solutions, offering cloud-based software for merchants and banks.

This acquisition allows us to supercharge our offerings to banks, merchants, and tech companies with a focus on enhancing recurring payment capabilities to empower seamless transactions.

• Mahindra Finance

We are pleased to share that Mahindra Finance & IBM have partnered to build a Super App that would serve as a single digital interface for consumers to access financial products from multiple businesses within Mahindra Finance. The Super App would not only provide superior and immersive experiences but also empower us to create hyper-personalised solutions for emerging India.

• Mashreq

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