FinTech Focus: Catch latest developments of the week

By Delisha Fernandes

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 6 announcements made by the FinTech bigwigs this week:

• Nium

Emirates NBD, a banking group in the MENAT region and Nium, a real-time in cross-border payments, has announced a strategic alliance to empower customers with a remittance solution in the Middle East. The partnership, subject to regulatory approvals, seeks to elevate the remittance experience with seamless, instantaneous cross-border transfers between the UAE and countries worldwide.

• YES Bank

YES Bank, a private sector bank in India, and EBANX, a global FinTech company specializing in payment solutions, have announced a strategic partnership to process payments in India for the global digital economy.

• TerraPay

TerraPay has joined forces with Multipass, a challenger bank in the FinTech sector, to redefine cross-border payment solutions for corporate customers. This strategic collaboration aims to offer reliability, efficiency, and cost optimisation to businesses operating in the UK, Europe, and beyond.

• ICICI Bank

ICICI Bank has announced that it has enabled NRI customers to use their international mobile number to make UPI payments instantly in India, thereby enhancing their convenience in making everyday payments. With this facility, the bank’s NRI customers can make payments for their utility bills and merchant and eCommerce transactions with their international mobile number registered with their NRE / NRO bank account held by ICICI Bank in India.

• Temenos

Temenos has extended its partnership with Citi Securities Services to consolidate its current regional fund accounting operation into a global operating model on Temenos Multifonds delivered as SaaS. Citi Securities Services provides end-to-end services for asset managers globally, using Multifonds as part of its existing investment accounting platform.

• Paymentology

Paymentology, the global issuer-processor, has announced its strategic partnership with Diamond Trust Bank (DTB), an East African commercial banking franchise. The partnership is aimed at driving financial inclusion in Kenya through the embedding of financial services and deployment of Cards-as-a-Service (CaaS) for both licensed and unlicensed entities.