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FinTech Focus: Catch latest developments of the week

By Gloria Mathias

July 26, 2024

  • Credable
  • Diamond Trust Bank
  • Ebanx
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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:

CredAble is proud to announce its partnership with Finastra to provide a comprehensive supply chain finance (SCF) offering to banks globally! By integrating CredAble’s advanced working capital technology platform with Finastra’s Trade Innovation solution, it empowers banks to boost revenue growth, drive business expansion, and enhance customer experience with a broader range of financial services within a single platform.

EBANX and XTransfer are now partners to ease financial services offerings for businesses in five key Latin American markets: Brazil, Chile, Colombia, Peru, and Mexico. Through this collaboration, XTransfer, China’s top B2B cross-border trade payment platform, will be able to offer a range of local payment methods—such as cash-based vouchers, electronic transfers, and Pix, the instant payments in Brazil to its global clients working with imports and exports, empowering them to navigate Latam’s digital economy with greater efficiency.

Mashreq has partnered with Profinch for its global expansion journey! At a signing ceremony in Dubai, attended by Mohamed Abdel Razek of Mashreq and Kiran Kumar of Profinch, we embarked on a transformative journey. Together, we will drive technology innovations across Oman, Pakistan, the US, UK, and Hong Kong, enhancing digital banking experiences with Oracle’s cutting-edge solutions.

NPCI is thrilled to roll out UPI One World to all international travellers visiting India. With this development, foreign visitors will have the opportunity to immerse themselves in India’s rich culture, cuisine, and diverse experiences with the ease of UPI payments.

Diamond Trust Bank (DTB), a renowned financial institution with a 78-year legacy in East Africa, has entrusted us to provide an advanced platform for empowering its digital innovation and expansion. This partnership will enable DTB to benefit from a variety of payment products and services, including debit, credit and prepaid card hosting and processing, as well as eCommerce. It will also have access to our value-added services, such as card fraud prevention, 3D Secure authentication, and card control solutions. Network International is excited to support DTB in meeting the growing demand for digital payments across East Africa.

Revolut is now authorised with restrictions as a UK Bank. Revolut serves 45 million customers worldwide, with 9+ million of its customers in the UK. As it strives to deliver faster, better, smarter products and services it is pleased to announce that its  been authorised with restrictions as a UK Bank. This is an important step towards launching the bank to customers in the UK.

Also read: Cybersecurity in Financial Services Report Q4 2024

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