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 features a curated selection of the most significant developments, underscoring the dynamic nature of this sector.

Let’s look at the top six announcements made by the FinTech bigwigs this week:

• Backbase

Backbase is thrilled to announce its partnership with TD Bank. Backed by Backbase, TD Bank will transform its digital banking experience for cardholders of its retail partners, providing a more seamless, modern, and multi-channel credit card service experience for millions across North America. Known as “America’s most convenient bank,” TD Bank is committed to delivering a banking experience of ease, speed, and personalization. Now, with our Engagement Banking Platform, TD Bank will continue this mission by providing a seamless, multi-channel credit card service experience, starting with a rollout to over two million customers of a leading luxury retailer.

• Nucleus Software

Strategic digital transformation streamlines delinquency management, bolstering customer experience and operational efficiency. Bank Muscat, in collaboration with Nucleus Software, has successfully implemented FinnOne Neo® Collections, a cutting-edge digital lending solution. This partnership marks a significant step towards revolutionising the bank’s collections strategy, improving delinquency management, and proactively monitoring loan portfolios for optimal customer service and risk mitigation. Aligned with Bank Muscat’s visionary “Change the Bank” initiative, the implementation of FinnOne Neo® Collections is set to reduce overdue loans, foster deeper customer relationships, and enhance risk management through advanced analytics. The new system will streamline operations, improve the overall efficiency of collections, and further elevate the bank’s service excellence.

• Onbe 

Onbe has joined forces with TAB Bank to transform how account balance refunds are processed, replacing traditional checks with secure, digital-first payout solutions. With 92% of consumers preferring digital payments, this collaboration meets the growing demand for faster, safer, and more convenient payment options. By leveraging Onbe’s innovative payout platform, TAB Bank customers will enjoy the flexibility of selecting their preferred refund method, including instant virtual cards. At the same time, TAB Bank benefits from reduced costs, minimized fraud risk, and improved compliance. Together, we’re making refunds smarter, more secure, and tailored to modern customer expectations.

• Pennant Technologies 

Pennant enters into a strategic collaboration with MOGOPLUS to bring innovative borrower decisioning analytics, hardship management indicators and product and service innovation to lending value chains in Australia. The lending industry in Australia faces challenges in suboptimal borrower lifecycle experiences and post-settlement digital servicing, with growing complexity and evolving customer demands. Pennant’s MOGOPLUS solution will help Australian Banks, Non-Bank lenders, Mutuals and other RFCs streamline credit analytics and post-settlement servicing, manage hardship effectively, and deliver personalised borrower experiences.

• Salt Edge 

Saga Beograd, a Serbian leader in IT innovation, has joined forces with Salt Edge to help 🇷🇸 Serbian banks meet the upcoming OpenBanking requirements outlined in the Payment Services Act. Starting May 2025, Serbian banks must comply with recent amendments to the law that mirror PSD2 and introduce open banking-driven services to the Serbian financial market.

• Zopa

Zopa Bank has raised €80 million in new funding. Proud to announce a new equity funding round led by A.P. Moller Holding, owners of Maersk and investors in Danske Bank, and existing investors. The funding will be used to support Zopa’s continuous growth as it prepares to launch its flagship current account in 2025 and a pioneering GenAI proposition that reinvents how people interact with their money.