The Monday Roundup: what we are watching this week | May 19th

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.

Data enrichment and transaction categorisation

Banque Saudi Fransi (BSF) has launched a next-generation digital banking platform in partnership with AI-powered banking technology expert Backbase, marking a significant milestone in the bank’s digital transformation journey. The new platform enhances BSF’s mobile and online banking services, bringing advanced omnichannel capabilities to retail customers in line with Saudi Arabia’s Vision 2030 digital-first ambitions.

Built on Backbase’s Engagement Banking Platform and integrated by Hexaware, the system provides a seamless, secure, and intuitive user experience across web and mobile. It enables self-service for everyday transactions while reserving human engagement for complex needs, transforming how BSF interacts with its customers.

Lloyds Banking Group (LBG) has selected Moneyhub as its data enrichment and transaction categorisation partner following an in-depth market review. Moneyhub’s AI-driven technology will categorise and enrich all retail and non-retail transactions across the Group’s major brands, including Lloyds Bank, Halifax, Bank of Scotland, and Scottish Widows.

The collaboration is designed to enhance digital banking experiences by helping customers gain deeper insight into their spending patterns and financial behaviour. Moneyhub’s platform will process a wide range of transactions—including card payments, direct debits, standing orders, transfers, and faster payments—for both income and expenditure.

Cloud-native, Sharia-compliant modules

Core banking innovator Tuum has launched its expanded Islamic Banking suite at Seamless Middle East, introducing a comprehensive set of cloud-native, Sharia-compliant modules designed to help financial institutions modernise and scale their operations with speed and compliance.

The launch marks a significant leap following Tuum’s foundational Islamic banking capabilities and comes at a time when the global Islamic finance sector is projected to exceed $5.9 trillion by 2026. The company aims to address long-standing tech bottlenecks in the industry by combining agility, automation, and Sharia compliance into a unified digital platform.

Malaysia’s Co-op bank Pertama (CBP) has adopted BPC’s SmartVista Fraud Management platform to strengthen security across its digital banking services. The AI-powered solution enables real-time transaction monitoring and behavioral analysis, helping the bank detect and prevent fraud more effectively. Implemented in under four months, the system supports CBP’s compliance with stricter regulations from Bank Negara Malaysia and addresses rising online fraud threats. Key figures behind the initiative include Susan Tee of BPC and CBP’s CTO, Zairil Anuar Ahmad. The move reflects a wider push among Malaysian banks to enhance cybersecurity and customer trust in an increasingly digital financial landscape.

What is the buzz

Swedish FinTech Klarna has replaced 700 customer service employees with AI to reduce costs, but CEO Sebastian Siemiatkowski has acknowledged that the decision negatively impacted service quality. After a $40 billion drop in valuation, Klarna is now bringing back human agents through a flexible, remote work model. While AI still plays a key role—especially in areas like financial assistance tools and through its partnership with OpenAI—the company is shifting its approach to place greater emphasis on human support. Although its valuation has seen some recovery, Klarna has put its IPO plans on hold due to ongoing market uncertainty.