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 five announcements made by the FinTech bigwigs this week:

• Backbase 

Backbase unveils new global headquarters! It has announced the opening of a new global headquarters in the heart of Amsterdam. This milestone marks 20 years of innovation and reinforces our commitment to revolutionising banking. Its new home at Oosterdoksstraat 114 isn’t just an office; it’s a space that fuels creativity and our can-do mentality. Here, every team member is empowered to contribute to Backbase’s growth and shape the future of banking. From this hub, Backbase will continue empowering financial institutions worldwide with its Engagement Banking Platform.

• FIS

FIS is launching its new Digital Trading Storefront to revolutionise cross-asset trading. The solution enhances FIS’s cross-asset Trading and Risk platform and enables hyper-personalisation and real-time trade execution. This innovative new platform allows banks, brokers, market makers, and fund managers to offer their customers a differentiated cross-asset trading digital experience.

• Magnati 

Magnati has partnered with Wio Bank to offer state-of-the-art integrated financing solutions to businesses across the UAE! This innovative platform provides business loans, bill financing, equipment financing, and more, all backed by real-time POS data. This partnership is set to revolutionise the way businesses access basic financial services, helping SMEs thrive in today’s competitive market. To a more robust financial system and a brighter future for businesses in the UAE!

• Tech Mahindra 

Tech Mahindra has partnered with Payoneer to revolutionise global crowdsourcing payments. By integrating Tech Mahindra’s Populii platform with Payoneer, gig workers can now effortlessly get paid by international businesses, track payments, and enjoy seamless access to multi-currency functionalities. Together, Tech Mahindra and Payoneer are set to transform the future of the gig economy.

• Worldline 

Worldline has announced a significant partnership with the Bank of China (Hong Kong), marking BOCHK as the first financial institution in Hong Kong to adopt our open platform card solution, Paysuite Essential Edition. This collaboration is set to enhance the customer experience and expand offerings through the new Mastercard multi-currency debit card.