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 Tesco’s retail banking business. This will allow us to create new distribution channels for our growing UK consumer lending and savings businesses.

• Helicap

Exciting News! We are thrilled to announce our strategic partnership with Bank Danamon, poised to reshape the FinTech and alternative lending landscape in Southeast Asia. Together, we’re unlocking new avenues for growth and innovation!

• Intellect Design Arena

We are glad to announce that Intellect Global Transaction Banking | iGTB’s Corporate Treasury eXchange (CTX) Platform was Successfully Deployed by Société Générale, one of the leading European financial services groups. This successful deployment strengthens iGTB’s position as the leading provider of Liquidity Management, and Cash Pooling, and Transaction Banking solutions globally.

• NPCI

NPCI International Payments Limited (NIPL) and Eurobank S.A., a leading Greek bank, have signed a Memorandum of Understanding (MoU) to enhance cross-border person-to-person payments using UPI rails. This agreement is aimed at enabling the Indian diaspora residing in Greece to make money transfers to India through UPI seamlessly.

• TerraPay

We are excited to announce our strategic partnership with Banco G&T Continental. This collaboration signifies our unwavering commitment to fostering financial inclusion for the people of Guatemala, enabling secure and instantaneous money transfers. At TerraPay, our mission is to simplify global money movements and enhance accessibility for all. This strategic alliance underscores our relentless pursuit of innovation and excellence.

• Silent Eight

The team at Silent Eight is very proud to announce the expansion of its strategic partnership with HSBC. Four years ago, we rolled out Automated Alert Closure for Names across the Sanctions use case. In the years since, we have expanded its use to PEPs and Adverse Media. Today, we are delighted to share the addition of Automated Alert Closure for Transactions to further enable HSBC’s leadership in fighting financial crime.