Future of Fintech | Edition #61 – March 2023
Summary of news from 14th to 20th March
Hello fintech squad! 👋
It's time to tune in to this week's edition of our Future of Fintech newsletter, where we serve you the freshest updates on the ever-evolving world of financial technology. From the latest advancements in payment solutions to the green financial realm, we've got all the juice on the most important news and trends shaping the future of finance. So, sit back and relax with a hot brewing cuppa, as we take you on a journey to explore the latest innovations in fintech!💡
If you're hungry for some fintech knowledge, then our newsletter is just the dish for you!
Last week, the fintech scene was totally lit with an inferno of innovation and ingenuity that ignited the fintech industry. Europe was blazing hot with their fintech game making seismic waves. And let's not overlook the digital finance domain, as it dominated the discussion with sensational activities, stirring up a storm of excitement.
The financial industry started 2023 with some lit vibes, bringing in the game-changing approach of open finance. Banks, financial institutions, and non-banking players alike are all hyped to jump on board and explore new revenue models that promise a more inclusive and transparent financial system. So, grab your learning hats and listen up, we've got the inside scoop you don't wanna miss! Our full-length The State of Open Finance - Jan-Feb 2023 Roundup is loaded with exciting activities that spell out a world of possibilities for the growth of open finance.
Get ready for a steamy cup of fintech goodness because #Edition 61 is serving up a fiery brew of the latest and greatest in the industry!
Here's the TL;DR
The fintech yacht sets sail in Asia as Brankas secured payments licences in Indonesia and the Philippines. Meanwhile, MariBank, a Sea Group-owned digital bank, launched in Singapore.
Staying strong in the acquisition game - Nigerian fintech FairMoney acquired PayForce to broaden its financial services proposition to merchants. Cover Genius also acquired Clyde Technologies to enhance its mission of protecting clients of global digital firms.
United under one umbrella - Uni Systems and Finastra teamed up to assist financial institutions in complying with Basel Committee's FRTB reporting requirements. At the same time, Coinbase added DeFi apps Uniswap and Aave to its base blockchain.
Embarking on an endeavour of exploring newness, Treasury Prime unveiled OneKey Banking to unlock the full potential of the company's multi-bank network. Kraken launched Kraken Bank, aimed at providing banking services for digital currencies and digital asset holders.
Skillfully strategising to solve pain points - Mangopay and PayPal expanded cooperation to provide advanced solutions for marketplaces’ complex payment needs. Iwoca rolled out instant decisions for SME loans up to £25,000 with the help of CRIF.
For the longer read, let's get going –
Open Finance delivered a dazzling dose of game-changing goodness to kick off the week and turn finance on its head!
PERX partnered with Neonomics to enable open banking payments on their platform through Neonomics’ open banking Checkout solution, to increase efficiency and security in its payments.
Tarabut Gateway teamed up with Rain - the first regulated crypto assets trading platform in the MENA region, to bring faster, cost-effective fiat-to-crypto transactions, and much more.
Get ready to witness a major shake-up in the Digital Finance arena as players drop a plethora of fresh products onto the scene!
Neobank bunq revealed that user deposits had risen to $2.1B, a figure up 91% year-over-year.
Chqbook, a neobank for small business owners, introduced ‘shop insurance cover’ for its digital current account customers, designed and launched in association with ICICI Lombard.
Embedded Finance unleashed some sweeping changes in the industry:
Expensya partnered with the banking-as-a-service platform Swan to integrate new payment functionality into its software-based solution. By integrating finance with Swan, Expensya successfully added payment cards to its product to provide optimal, end-to-end traceability of all business expenses.
InsurTech Qover announced that it will provide its embedded insurance orchestration platform to major automotive players enabling original equipment manufacturers (OEMs) and new mobility platforms to move away from fragmented multi-local insurance programs to offer a single digital customer experience.
The Fintech Infrastructure landscape got a major boost of oomph as industry influencers brought in the trendiest tech tools to transform the customer journey with a touch of technology.
BankiFi partnered with Financielle to launch a new playbook for SMEs, aimed to improve their business management.
Apto Payments teamed up with Sardine to allow customers to quickly launch card programs with support from comprehensive transaction monitoring tools to identify and prevent fraudulent behaviour.
The realm of Green Finance just got a lot more exciting as industry innovators geared up to guide the globe towards a greener tomorrow.
Klarna launched conscious badges in the Klarna app in collaboration with Clarity AI. Klarna users worldwide can now get information on brands’ greenhouse gas emissions, energy derived from renewable resources, and more.
TD Bank announced new interim financed emissions targets and 'TD Pathways to Economic Inclusion' as part of its ongoing sustainability initiatives.
The DeFi revolution is in full swing as companies converge to craft captivating customer experiences and keep the Web3 hype humming!
Metaverse payment platform Tilia received a strategic investment from J.P. Morgan in its latest funding round. With the latest round, Tilia has raised a total of $22M.
Circle announced a new commercial banking partner for producing and redeeming USD Coin - Cross River. In addition, Circle also expanded cooperation with other banking partners to assist with USDC redemption, including BNY Mellon.
Some other happenings in the fintech universe 🪐
Some more fintech additives to sweeten up your fintech brew:
Insurtech Sure launched Retrace, allowing online merchants to offer customers embedded one-click insurance and protection.
tell.money selected KYP as its global data orchestration solution to manage its merchant and third-party relationships.
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.
Our latest publications include –
J.P. Morgan's Fintech Frontier: Collaboration, Diversification, and Innovation
Virtual Assets, Real Opportunities: Financial Institutions’ Metaverse Exploration
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.
FinTech research is in the WhiteSight DNA, so if you'd like to get in touch for features, sponsorships, and content marketing services, reach out to us at hello@whitesight.net.
And lastly, to stay updated on everything FinTech and Web3, follow us on LinkedIn and Twitter, and don't be shy to show some ❤️