FinTech Focus: Catch the 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:

• Discai

Discover the power of seamless integration and unparalleled AML capabilities! Discai is thrilled to announce its partnership with Tech Mahindra, a leading global provider of technology consulting and digital solutions. With Discai’s AI-driven AML solution and Tech Mahindra’s expert IT integration, financial institutions can now effortlessly enhance their compliance and strengthen their fight against economic crime. Say goodbye to integration worries and hello to a future with compliant AML solutions.

• Fenergo

New partnership alert! LBBW, Germany’s largest Landesbank, has selected Fenergo to provide a new cloud-based client onboarding system to enhance its compliance processes.

• FlexiLoans 

FlexiLoans is proud to announce that we have successfully closed our Series C equity funding round, raising $35 million! This milestone reflects our commitment to transforming the MSME lending space and fueling the growth of small businesses across India. Huge thanks to our investors, partners, customers, and the incredible FlexiLoans family for their continued support and trust in this journey.

• Intellect Design Arena 

Intellect Design Arena is delighted to announce the launch of eMACH.ai, tailored specifically to the Sri Lankan financial landscape. With an impressive array of 329 microservices, 535 events, and over 1757 APIs, this First Principles Thinking-based Composable and Intelligent Open Finance Platform enables financial institutions in the Island Nation to build future-ready solutions, providing them with a global competitive edge. eMACH.ai will not only be a game changer for banks but also a catalyst for Sri Lanka’s journey towards becoming a financial powerhouse in the global arena.

• Thought Machine 

Judo Bank, Australia’s first purpose-built challenger bank for small and medium businesses—has gone live with Thought Machine’s technology. The bank migrated its lending business from a legacy platform to Vault Core in 12 months and piloted its offering to new customers in just nine months.

• Vilja 

Vilja has announced a global partnership with technology giant FPT Software! Another milestone in Vilja’s Global expansion. Vilja CEO Fredrik Ulvenholm and FPT Software Sweden CEO NGOC ANH (Anna) PHAM signed the agreement at the Vietnam-Sweden Business Forum in Stockholm last Friday. Leveraging FPT Software’s deep technical expertise and global reach, this partnership will introduce our state-of-the-art core banking platform to international markets, starting with Southeast Asia’s rapidly growing digital economy.