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:

• Axis Bank

Axis Bank has announced the launch of NFC Soundbox in collaboration with Mastercard. The new soundbox will act as an all-in-one solution for accepting Bharat QR, UPI, Tap & Pay and Tap + Pin payments.

• Temenos

Meethaq Islamic Bank, from Bank Muscat, has implemented Temenos Core for Retail and Corporate banking. This strategic move empowers Meethaq to provide Shariah-compliant banking products and services while enhancing operational efficiency and business agility.

• XTransfer

XTransfer, a B2B cross-border trade payment platform, has announced a strategic partnership with TerraPay, a global money movement company. This new alliance aims to revolutionise payment solutions for small and medium-sized enterprises engaged in international trade, providing them with secure, compliant, fast, and cost-effective cross-border payments and fund collection solutions.

• Tagit

Emirates Development Bank (“EDB” or “the Bank”), has launched a Cash Management online portal for its business clients, developed in collaboration with Tagit, an omnichannel digital banking solutions provider. The solution aims to simplify and streamline cash flow processes and empower the bank’s respective clients with greater control and efficiency in managing their financial needs.

• Orion Innovation

Orion Innovation (“Orion”), a digital transformation and product development services firm, has signed a deal with Stanbic Bank Kenya to facilitate a core banking upgrade and modernisation effort. As part of the agreement, Orion will implement Temenos’ cloud-based digital banking platform within Stanbic Bank Kenya’s operations, enabling enhanced customer experiences and delivering innovative digital solutions.

• HPS

Morroco based HPS, a global payment software solutions provider, has agreed to acquire CR2 which is a digital banking and payments software company in Ireland.