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 six announcements made by the FinTech bigwigs this week:

• Burgan Bank

Burgan Bank has announced signing an agreement with Tata Consultancy Services to upgrade its core banking system by implementing the TCS BaNCS™ suite of products. This agreement marks a significant leap in Burgan Bank’s expansive technology and digital transformation strategy, which aims to facilitate a smooth transition from traditional to digital banking.

• Capchase

Capchase, the revenue acceleration platform for Software-as-a-Service (SaaS) companies, has secured a €105 million credit facility warehouse led by Deutsche Bank. This new financing contributes to the $1 billion in debt and equity financing that the company has received since its founding in 2020.

• Temenos

ZainCash, a subsidiary of March Holding and a payment service provider in Iraq, has gone live with Temenos core banking and payments to power the rapid growth and innovation of its digital payment services.

• Backbase

Bank Muamalat has announced a long-term partnership with Backbase, the global engagement banking provider and Mambu for its core banking transformation. This partnership will support Bank Muamalat’s journey to revolutionize its digital Islamic banking offerings.

• CashFlo

CashFlo, India’s comprehensive finance automation and compliance platform, has announced its acquisition of Logitax, an all-in-one GST & eInvoicing compliance platform, for an undisclosed amount.

• Intellect Design Arena

Intellect Design Arena has announced the launch of the Intellect Digital Core (IDC) for Cooperative Banks in the Indian market. This core banking technology gives you the freedom to create unparalleled customer experiences without changing your legacy systems. It is the most technologically advanced Core Banking System with world-class security and safety features. Your vision of becoming a licensed bank is now a reality.