The Monday Roundup: what we are watching this week | October 30th

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.

Know your business

Magnati, a payment solution provider in the MENA region, has partnered with Alipay+, a provider of global cross-border digital payment and marketing solutions, to elevate the payments landscape in the region.

This collaborative effort aims to deliver an integrated, seamless, secure payment processing experience that will benefit merchants and the vast number of consumers behind Alipay+ partner wallets.

Ramana Kumar, Chief Executive Officer of Magnati said, “As a leading payments company in the MENA region, Magnati is thrilled to collaborate with Alipay+ to enable a unified and seamless payment ecosystem for merchants and individuals. Magnati’s core mission is to deliver convenient and secure payment solutions for all our customers and partners. We are committed to working with Alipay+ to unlock further value for businesses and grow their customer base.”

RegTech provider Know Your Customer has announced a strategic partnership with Joint Electronic Teller Services Limited (JETCO) to facilitate real-time access to official company registries for Hong Kong’s financial institutions.

With the collaboration between Know Your Customer and JETCO, financial institutions will be able to easily leverage Know Your Customer’s real-time connectivity to the Hong Kong Companies Registry and Inland Revenue Department through JETCO’s platform to request and access useful commercial data.

Know Your Customer specialises in corporate onboarding and ongoing compliance solutions. The modular know-your-business (KYB) platform with a related API set provides live access to the official company registries in 130+ countries globally.

Credit access for underserved borrowers

Federal Bank, an Indian Bank and Avanti Finance, a digital financial inclusion platform, have entered into a co-lending partnership to enable hassle-free, affordable credit access to rural, un/underserved borrowers.

Avanti’s lending platform and expertise in leveraging a diverse on-ground partner network, combined with Federal Bank’s strong balance sheet and mission alignment, will enable this partnership to serve this segment of borrowers in more than 20 states across the country.

The partnership will enable the development of loan products that cater to the specific needs of underserved communities, promoting financial inclusion and supporting livelihood sustainability.

Harsh Dugar, Executive Director, Federal Bank said, “The Avanti partnership blends well with our inclusive banking initiatives as well as our digital focus. Avanti’s unique business model, combining a flexible lending platform with a curated nationwide partner network, provides a great opportunity for us to serve customers across the country with small-ticket loans that will help them enhance their incomes.”

Invest Bank, a commercial bank in the UAE, has selected Mastercard as its strategic partner for retail and corporate card issuance and remittances. Invest Bank’s partnership with Mastercard will contribute to expanding its retail banking offerings and develop a comprehensive digital proposition for its client base.

Through this collaboration, the Bank further enhances the high-quality experience its customers enjoy, giving them access to a wide range of Mastercard lifestyle and travel benefits that will bring added convenience to their everyday lives.

“At Invest Bank, we are always seeking additional avenues of enhancing the high-quality proposition enjoyed by our customers. This partnership allows them to leverage Mastercard’s innovative suite of products and solutions,” said Ahmad Abu Eideh, CEO, Invest Bank. 

What is the buzz

Moody’s Analytics recently outlined how Germany’s new financial crime office will face big challenges when it opens next year.

Germany’s new Federal Office to Combat Financial Crime (BBF – Bundesamt zur Bekämpfung von Finanzkriminalität) is set to tackle a heap of challenges as it commences operations in January 2024. Established amidst growing concerns over money laundering and terrorist financing (MLTF), the BBF represents a determined shift in Germany’s approach to these serious threats.

The inception of the BBF coincides with a Financial Action Task Force (FATF) report that underlined a critical need for enhanced anti-MLTF measures within Germany. Despite being the EU’s leading economy, Germany trails behind neighbours like Spain, France, and Italy in anti-money laundering initiatives, an issue that has amplified the urgency for this new office.