The Weekly Wrap: all you need to know by Friday COB | Nov 25th

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

Following this year’s decline of 44%, Fidelity National Information Services Inc. announced it plans to lay off thousands of workers as part of its strategy to win back investor confidence under incoming CEO Stephanie Ferris., according to the Bloomberg report.

Several thousand employees and contractors may be affected by the cuts, according to people familiar with the matter. It’s part of Ferris’s plan to save at least $500 million over the next three quarters. Currently serving as president, Ferris will take over from longtime CEO Gary Norcross on Jan. 1. There were more than 65,000 employees at the end of 2015.

According to Ferris, the company is committed to permanently reshaping its cost structure through both cost reduction and cost containment initiatives. This includes reducing vendor spending, outsourcing non-value-added activities, and reviewing and rightsizing the current workforce.”

Deals of the week

• Novo announces $35m in funding
• Atoa Payments raises $2.2m to challenge Visa and Mastercard
• Emirates NBD Egypt joins the Mastercard Pay with rewards system for cardholders
• Qashio, a UAE-based FinTech raised $10m
• Finxact and KPMG announce alliance to drive banking Visa and Tigo Money collaborate to boost financial inclusion across Latin America
• Neonomics and Worldline sign long-term open banking partnership
• Al Maryah Community Bank partners with MidChains
• Moss partners with Klarna Kosma to boost European expansion
• CloudWalk launches InfiniteBank to offer banking and payment solutions for SMBs in Brazil

Be on the lookout for

World FinTech Show which is held between the 5th to 6th of December at Intercoontiental Riyadh is a thought-leadership-driven, business-focused event that deep dives into the latest challenges and technology trends in Saudi Arabia’s financial services sector.

World FinTech Show sets the standard for financial innovation in the Kingdom by connecting global fintech experts, technology innovators and startups with pre-qualified CFOs, CEOs, CTOs, Heads of Business Transformation, Chief Digital Officers, Heads of Innovation, government authorities, and fintech investors from Saudi Arabia.

The event features exciting keynotes, enterprise use-case presentations, product showcases, panel discussions, and tech talks. Witness next-gen FinTech solutions from global tech leaders and explore their relevance and impact on organisations.