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:

• Avaloq

Avaloq welcomes Kuwait-based InvestGB to the Avaloq Community. The Avaloq platform will support InvestGB in digitally elevating its wealth and investment management operations across the front, middle, and back offices, delivering a streamlined client experience. The platform, hosted on the cloud, will consolidate InvestGB’s systems and data into a unified infrastructure, enabling better service for its clients. We will also ensure integrated regulatory checks to reinforce InvestGB’s risk management framework while offering enhanced client management capabilities to support InvestGB’s relationship managers.

• LSEG 

LSEG (London Stock Exchange Group) and the National Bank of Serbia (NBS) announced the launch of the LSEG Market Tracker, designed to enhance market transparency and automate regulatory compliance. This collaboration aims to provide real-time monitoring and reporting of financial trades, marking a significant milestone in Serbia’s financial market modernisation.

• Nasdaq

Nasdaq has announced the expansion of its technology partnership with Nubank, a digital bank with over 100 million customers across Brazil, Mexico, and Colombia, providing our AxiomSL technology to support the bank’s regulatory reporting obligations in Colombia. Nubank is one of more than 50 banking and payment services clients in Latin America, comprising a broad range of digital and traditional banks, local and regional players, as well as tier-one global banks.

• Nexi 

Nexi is honoured to announce that it signed an agreement with the European Investment Bank (EIB) for €220 million in funding to support innovation in digital payments. This operation represents a significant milestone, confirming that a major player like the EIB recognises its ongoing commitment to the development of innovative products and services promoting DigitalPayment reliability and security, two critical requirements for rolling out these services in the European countries where we operate.

• Temenos

Temenos is delighted to announce that it has signed a Multi-Country Model Bank development agreement with Bahwan CyberTek (BCT), a global digital transformation company. The agreement will see BCT develop further and market Temenos Country Model Banks, using the latest cloud-native technology and extensibility framework, for financial institutions in India, Sri Lanka, Nepal, Bangladesh, Cambodia, the Philippines, and Taiwan.

• Zaggle 

Zaggle has acquired a 98.32% stake in TaxSpanner and a 26.0% stake in 86400 (previously Mobileware Technologies). By integrating Mobileware and TaxSpanner, Zaggle solidifies its position in the SaaS FinTech sector, allowing it to deliver greater value and foster growth for its diverse customer base. This strategic move reflects Zaggle’s dedication to innovation and leadership within the industry.