The Monday Roundup: what we are watching this week | February 26th

By Puja Sharma

The Monday Roundup sets the scene for the week’s biggest news stories, industry deals, and upcoming events. For Prime subscribers only.

A New era of digital banking

Raqami Islamic Digital Bank has chosen Codebase Technologies to launch a new, Shariah-compliant digital bank. Raqami Islamic Digital Bank will leverage Codebase Technologies’ Digibanc platform as part of its comprehensive technology stack, including core banking.

This collaboration marks a pivotal step into a new era of digital banking, with Raqami Islamic Digital Bank being one of only five recipients of in-principle approval for establishing a digital retail bank from the State Bank of Pakistan.

“We are thrilled about our strategic partnership with Raqami Islamic Digital Bank in pioneering the future of digital banking. Together, Codebase Technologies and Raqami Islamic Digital Bank aim to revolutionise the financial landscape, leveraging cutting-edge technologies to deliver innovative, secure, and seamless banking experiences for customers,” stated Raheel Iqbal, Managing Partner, Codebase Technologies.

UAE-based Dunes Financial has signed a memorandum of understanding (MOU) for the acquisition of a significant portion of Canada-based Be Mobile Africa.

The deal, set to be finalized by the end of Q2 2024 for an undisclosed amount, marks Dunes Financial’s first public move since emerging from stealth mode. The company is preparing to introduce its new platform, which combines cryptocurrency and traditional banking services.

Upon completion of the acquisition, Dunes Financial will gain access to Be Mobile Africa’s banking and cryptocurrency technologies, including its solutions for crypto and fiat transaction settlements.

Affordable cross-border payments

Ebury, a FinTech company specializing in transactions for SMEs, has expanded its partnership with Nium, a real-time global payments provider, to offer global remittance service in Brazil.

Together, Nium and Ebury will enable businesses to send or receive fast, reliable, and affordable cross-border payments to and from Brazil. This builds on the duo’s existing partnership in Europe, in which London-based FinTech Ebury leverages Nium’s global payments infrastructure to send international supplier and payroll payments around the world.

“Our mission is to connect Brazilian consumers to the world and the world to Brazil’s consumer ecosystem. And the best way to do this is to use high-technology solutions and global coverage, such as those offered by Nium, which bring security and effectiveness to transactions. This is a game changer for us. The product demos gave our team a lot of confidence and the technological integration process was seamless and conclusive, reflecting a great start for the partnership,” said Luiz Henrique Didier Jr., Executive Director at Ebury Bank in Brazil.

WealthOS, a UK-based wealthtech company, has recently inked a significant deal with Quai Digital, a provider of customized digital savings solutions. Under this agreement, WealthOS will serve as Quai Digital’s strategic technology partner.

Established in 2019 and supported by Barclays, WealthOS offers a Software-as-a-Service (SaaS) platform designed to accelerate wealth managers’ digital transformation efforts. By granting access to its integrated ecosystem of third-party vendors through APIs, WealthOS claims to facilitate digital transformation three times faster and at a 40% reduced cost.

In this collaboration, Quai Digital will combine WealthOS’s modular solution with its own proprietary software to better support its current clientele. With a portfolio that spans over 200,000 accounts, including ISAs, GIAs, and SIPPs, Quai Digital aims to enhance its service offerings.

What is the buzz

Visa has announced the opening of its transformed Singapore Innovation Centre, a dedicated space for partners, clients, and businesses in Asia Pacific.

As the payments landscape evolves rapidly, the centre enables stakeholders to engage with Visa technologists to co-create payment solutions ahead of demand, deliver scalable innovation, and address the biggest challenges and opportunities in digital payments in the region.

The Visa Singapore Innovation Centre represents Visa’s vision for shaping tomorrow’s payment possibilities. Showcasing the transformative power of technologies like artificial intelligence (AI) in retail and payments, and reimagining modern credentials for enhanced security and convenience, it also serves as a springboard for thought leadership in decentralised and embedded finance, offering tailored solutions for businesses and fostering innovative collaborations with startups. The transformed centre exemplifies Visa’s commitment and investment in pioneering the future of smarter, more efficient, and more inclusive payment systems.