FinTech Focus: Catch latest developments of the week

By Gloria Mathias

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: 

• Infosys Finacle

Infosys Finacle Launches Data and AI Suite to Empower Banks to Accelerate Their AI Journey. The suite features a comprehensive set of platforms designed to help banks build no-code, predictive, as well as generative AI solutions from the ground up with high transparency and explainability. With this, banks can scale their data readiness, industrialise AI model development, harness generative AI technologies, and deliver actionable insights across several lines of businesses and customer journeys.

• Mastercard

Hot off the press: Asia’s leading digital wallets, including DANA Indonesia, Touch ‘n Go Group in Malaysia, Bakong in Cambodia, and LankaPay in SriLanka are now using Mastercard Pay Local to process seamless credit and debit card payments for residents and tourists. No prepaid top-ups ups required! With Pay Local, we’re extending our global network to partner wallets by creating a low-cost, simple, stable, and secure connection between over 35 million merchants in APAC and two billion Mastercard cardholders, making international travel infinitely easier.

• MODIFI

“It’s a big day for us at MODIFI; we’re thrilled to announce the successful close of our series C funding! Traditional trade finance has been slow to evolve, but we’re on a mission to change that. This funding isn’t just about growth—it’s about empowering SMEs with the tools and technology they need to thrive in the international market. With SMBC Asia Rising Fund, we’re launching new initiatives to help SME exporters across Asia, especially in high-growth regions like China and India, expand their businesses faster and more effectively. Our goal is simple: to make cross-border trade seamless, secure, and accessible for all.”

•  Veefin 

Veefin Group marks first overseas acquisition with Singapore-based GenAI startup, The Walnut.ai This marks Veefin’s fourth acquisition in five months. The acquisition will allow Veefin Group to utilise Walnut.ai’s GenAI capabilities to help its corporate and banking clients convert large volumes of complex, unstructured data into accurate insights. It will also support Veefin’s development of tech solutions for working capital management, significantly benefiting its credit decision-making processes. This acquisition will overall help amplify Veefin’s presence in Southeast Asia and help leverage Walnut’s client roster, which includes DBS, Bank of Singapore, RCBC, etc.

• Thought Machine 

BCA Syariah, a subsidiary of Indonesia’s largest bank, PT Bank Central Asia Tbk (BCA), has successfully gone live on Vault Core! Leveraging our comprehensive global Product Library, BCA Syariah has rapidly developed and launched multiple Shariah-compliant products, including Wadiah savings, an e-wallet top-up service, and an online Hajj Fee deposit, setting new standards for speed in both technology adoption and product rollout.

• Tencent 

Breaking news! Tencent partners with Visa to bring palm recognition payments to Singapore. Announced today at SFF2024, this partnership will enable pilot users to make safe and secure digital payments by simply hovering their palms over a sensor—no card or phone needed. The service will initially launch in Lion City, and cardholders from participating banks, including DBS Bank, OCBC, and UOB, will participate in the pilot program. This collaboration also marks the launch of Tencent Palm an initiative to introduce advanced palm recognition technology to new markets.