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:

• Fenergo

“We are thrilled to share that First Abu Dhabi Bank has selected to integrate Fenergo’s SaaS CLM solution to speed up client onboarding and enhance its AML compliance processes. We will support them in delivering end-to-end digital client onboarding and risk assessment for sanctions, AML and KYC.”

• GBST

“GBST and Wipro are bringing our industry-leading Composer wealth management administration SaaS platform and Wipro’s extensive expertise in outsourced administration and contact centre services to deliver end-to-end administration services for superannuation, wealth, and pensions companies transitioning from legacy IT environments.”

• Mambu

“Big news from Amsterdam! BridgeFund, the Dutch challenger SME lender, has chosen Mambu to fulfil its mission of bridging entrepreneurs’ financial needs. Together, we’re transforming the landscape of SME lending.”

• Mbanq

“Mbanq will be attending the Cedar-IBSi NextGen Core and Digital Banking Summit at the #Shard in London this Friday. We’re eager to hear Tony Coleman, Temenos’s CTO, speak on “Re-imagining Banking for Long-Term Success.” It’s also always a pleasure to gain insights from Robin Amlôt, Managing Editor of IBS Intelligence.”

• Natwest Group

“We’ve agreed to acquire Sainsbury’s Bank’s retail banking assets and liabilities, including its outstanding credit card, unsecured personal loan, and savings accounts.”

Sainsbury’s CEO Simon Roberts said, “NatWest’s values and customer focus are a close fit with ours. As one of the UK’s leading banks, NatWest’s scale and financial services expertise will ensure our existing financial services customers continue to be well looked after.”

• Terrapay

“TerraPay and Thredd join forces for seamless global transactions. TerraPay, a global leader in money movement has partnered with Thredd, a next-generation global payments platform to revolutionise virtual card payments for global suppliers. This strategic collaboration aims to deliver seamless, secure, and compliant virtual card services within the travel industry.”