Future of FinTech | Edition #47 – Dec 2022
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Let us tune in to our favourite headlines of the week in Edition #47 of the Future of FinTech newsletter!
Here's the TL;DR
We opened the Fintech doors this week to the world of casinos as Railsr joined hands with Everi to develop embedded credit and loyalty offerings for the casino industry. At the same time, SBM Bank India teamed up with Open to launch Zwitch, an end-to-end embedded finance platform.
The Central Bank of the Republic of Turkey further geared up to launch open banking infrastructure, with participating banks able to provide services through the open banking gateway starting this month.
Taking a spin on the partnership train, Yapily partnered with Certua to simplify the application and management of life insurance covers in the UK, while things in the cloud took a different approach as Singapore’s Trust Bank tapped Thought Machine for its core banking capabilities.
Dropping like a bomb 💣 Atomic collaborated with Jack Henry to integrate its deposit setup and switching solution named, you guessed it, Deposit into Jack Henry’s digital banking platform, while Kyriba integrated JP Morgan’s open banking API to deliver real-time cash visibility and bank reporting for its enterprise clients.
Lean Technologies flexed big time as it got regulatory approval to offer its third-party API connectivity services in UAE. Goldman Sachs rolled out GS DAP, a digital assets platform built on private blockchain technology augmented by a smart contract application layer.
For the longer read, let's get going
The Open Finance space witnessed some big activities last week –
On the partnership bandwagon, Yapily partnered with Certua to simplify the need to apply for and manage life insurance covers using Open Banking in the UK.
Jumping onto regulations, Lean Technologies received permission from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to carry out third-party services as a data and payments API provider while at the same time, Turkey’s Central Bank made the bulletin for its plans to roll out the Open Banking Infrastructure, allowing participating banks to start providing services through an open banking gateway.
Partnerships dominated the theme of Digital Finance last week –
SBM Bank India and Open Financial Technologies announced a strategic partnership to launch an end-to-end embedded finance platform, “Zwitch.”
Singapore’s Trust Bank teamed up with Thought Machine to support its new digital banking offering through its Vault Core solution.
On the acquisitions front, Tonik grabbed the headlines as it acquired B2B FinTech firm TendoPay, and Tide made the bulletin waves as it acquired Funding Options to access its lending partners.
In other news, Tweeq joined in the celebrations by receiving an e-money licence from the Saudi Central Bank to launch its super-app offering aimed at millennials and genZ.
The Embedded Finance space sang the tune of partnerships yet again as players formed synergies –
Entering the world of casinos, Railsr partnered with Everi to develop embedded credit and loyalty offerings for the casino industry.
Kyriba integrated with J.P. Morgan to provide real-time payments and client reporting using J.P. Morgan's open banking API connectivity.
Moneybird integrated with Adyen's card issuing and business accounts services to enable Moneybird users to enjoy the synergies between accounting and banking.
The DeFi world was active last week with plenty of launches. Diving right into it –
Goldman Sachs rolled out GS DAP, a new digital asset platform built on a private blockchain to facilitate registration, settlement and custody of digital assets.
Komodo launched AtomicDEX, a three-in-one product which includes a wallet, cross-chain bridge and DEX. It offers direct access through internet browsers to provide an integrated experience for users.
On the partnerships front, Orca joined hands with Stripe to power its fiat-to-crypto transactions making it easier to make fiat purchases for tokens such as USDC and SOL.
The world of Platform Finance roared with a plethora of activities.
Starting with partnerships –
Atomic teamed up with Jack Henry to integrate its deposit setup and switching solution named Deposit into Jack Henry's digital banking platform. 2C2P partnered with Pine Labs to expand BNPL across Asia, especially the six key markets of Singapore, Malaysia, Hong Kong, Indonesia, the Philippines and Thailand.
Last but not least, in the servings, Klarna launched its creator platform globally to help retailers meet with the right influencers and improve their audience engagement.
The Green Finance last week was all about making the grass a little greener.
Starting with partnerships –
Natwest Group partnered with The Disruption House (TDH) to launch the ‘ESG Starter Quiz’ that enables SME owners to assess ESG performance for free.
McKinsey integrated with Moody’s to launch a set of solutions aimed at helping banks to identify and measure climate change-related risks and opportunities.
Reaching new geographies, Societe Generale Factoring expanded its ESG-focused financing solutions to SMEs in France.
Some other happenings in the FinTech universe 🪐
What’s better than ending the newsletter with additional FinTech toppings to make your day –
KreditBee raised $80M to diversify its product offerings.
Teampay secured $47M in Series B funding to grow its offerings for business spend management.
Figbytes bagged $14.5M to support its growth and to expand in North America, Europe, and India.
Revio raised $1.1M to tackle the problem of payment failures in emerging markets.
And that's a wrap 👋
We hope you enjoyed this edition of the Weekly FinTech Brew!
If you're hungry for more FinTech insights, check out some of our other work at WhiteSight.
If you're someone who likes to read think pieces, you will likely love our monthly blog, Fintersections, where our team members analyse the convergence of FinTech with the world.
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