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The Monday Roundup: what we are watching this week | November 7th

By Puja Sharma

November 07, 2022

  • Account Payables
  • AI
  • Automation
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MondayThe Monday Roundup sets the scene for the week’s biggest news stories, industry deals, and upcoming events. For Prime subscribers only.

Managing workflow and asset

  ‍ US-based workspace management, workflow automation, and marketing management start-up OpenFin raised $10 million through ING Ventures and In-Q-Tel (IQT).

 The New York-based OpenFin claims to have deployed more than 3,500 desktop applications to more than 2,400 buy-side and sell-side firms since its founding in 2010. It also claims it is used by 90% of global financial institutions. According to Brinda Jadeja, senior partner at IQT, the platform consolidates workflows across disparate web and Windows applications to improve the user experience for government workers.

  With the launch of the $35 million Trovio DeFi Fund, Trovio Group, an Asia Pacific hybrid asset manager and technology solutions architect, announced a partnership with Yield App, a global FinTech group and digital wealth platform. The Trovio DeFi Fund offers wholesale investors the opportunity to allocate capital into a yield-generating strategy within the DeFi ecosystem.

Through this partnership with Trovio, Yield App is making it’s internally tested and proven DeFi strategy available to a wider audience of wholesale investors. He continued, “The expertise of Yield App in the DeFi space combined with Trovio’s long and successful track record within the digital asset industry, makes this the best-placed team in the market to take advantage of the opportunities available in DeFi, while maintaining a strict focus on capital preservation throughout.”

Funding, auditing, and beyond

As part of its expansion plan, Egyptian FinTech firm Money Fellows has secured $31 million in a series B funding round led by CommerzVentures.

Mobile apps enable money circles or rotating savings and credit associations, which are widely known to Egyptians. Money Fellows founder and CEO Ahmed Wadi said, “The support we received from leading local and global venture capital firms during times of instability and scarcity of growth capital rounds is a testament to their faith and confidence in our business model, our team, and the overall opportunity in the Egyptian market.”

Xelix, a provider of accounts payable and auditing solutions, has signed an agreement with Profectus Group to bring its world-class accounting and auditing solutions to Australia. The exclusive agreement means Profectus will resell Xelix’s offerings in the region.

In addition to existing financial systems, Xelix software automates processes, detects payment risks, and provides meaningful insights. Using Artificial Intelligence (AI) and pattern-based detection, it detects hidden threats and errors in transactional and master data while minimising false positives. Profectus Group CEO Chris Hutchins said that the Xelix offering will not only help clients identify discrepancies faster, but also help them automate processes to do more high-value work. “This level of real-time analysis augments our deep expertise on compliance, and we anticipate that the Xelix solution will enable Profectus to identify more issues for businesses across the region than ever before.”

What is the buzz

RBI has launched the pilot of its digital rupee wholesale segment: The purpose of this pilot, launched on November 1st, is to settle secondary market transactions in government securities. The RBI claims that e-W will strengthen a confident settlement-related market and reduce transaction costs by eliminating the necessity for settlement guarantee infrastructure and collateral to mitigate risk.

Further wholesale transactions and cross-border payments will be the focus of future pilots based on learns from this pilot. A total of nine Indian banks participated in the pilot: Union Bank of India, State Bank of India, Baroda Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC.

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