The Fintech Times Bi-Weekly News Roundup takes a look at the latest fintech stories from around the world. This Tuesday 22 September we shine a light on new products from Wirex and funding updates for TrueLayer. Plus, the latest job moves and industry collaborations.
Partnerships
Fintech 360F has partnered with Zurich Insurance to launch a customer engagement app in the Middle East. In addition to the 360-NeedsProfiler app, 360F says it’s ‘making headway with a string of projects that will mark as transformational milestones for the market in Dubai’.
Tata Consultancy Services is hooking up with savings and retirement business Phoenix Group to launch an enhanced client analytics tool for workplace pension clients. The companies say the tool is the first of many innovations the partnership will deliver in the future.
Digital payment platform Wirex has thrown down the gauntlet to competitors with the first phase of a ‘revolutionary product overhaul and Mastercard launch’. As well as five new currencies and free foreign exchange, Wirex has also unveiled its new multicurrency Wirex card, supported by Mastercard. And, it has lifted the lid off an upgraded rewards programme.
While other platforms creep towards mainstream adoption through iterative updates and improvements, Wirex makes the everyday use of digital currencies mainstream now.
Florida-based fintech Coro has forged an alliance with Dillon Gage, the leading precious metals trader, to support its new mobile app. The service enables customers to exchange, send and save gold (as well as US dollars). Coro is available in 10 US states on the Apple App and Google Play stores.
Finally, cryptocurrency exchange bitFlyer has integrated with PayPal. It means users can now deposit funds and purchase cryptocurrencies using their PayPal accounts.
Fintech appointments
Ahmed Khalifa Al Mehairi has taken over from Amr AlMenhali as CEO of investment firm Waha Capital PJSC. Previously at the Abu Dhabi Investment Council, Ahmed Al Mehairi will join Waha on 18 October. Meanwhile, Amr AlMenhali will assume a senior role within Abu Dhabi.
Data centre provider Equinix has appointed Kamel Al-Tawil as its new managing director for the Middle East and North Africa. The former senior leader at Oracle says he will continue the company’s regional expansion and help organisations in their digital transformation journeys.
Ajay Keni is the new chief technology officer at digital fraud specialist OneSpan. As well as guiding the development of OneSpan’s future product innovations, Keni will also expand the company’s anti-fraud solutions offering.
Announcements & Launches
The UAE Ministry of Finance has unveiled a third generation of its cashless payment platform e-Dirham. In addition to allowing customers to pay service fees using the Mubasher mobile app, updated technology includes three prepaid cards with integrated benefits.
Blockchain-based global fintech integration platform LATAMCASH is now listed on digital asset exchange Bittrex. LATAMCASH says it is also aggressively expanding its service to be a market-leading platform representing Latin America.
Smart digital wallet AlinmaPay has secured a licence with Saudi Arabian Monetary Agency (SAMA), the kingdom’s central bank. As well as AlinmaPay, the authority has also granted a licence to payment solution provider Sure Pay.
Meanwhile, Saudi restaurant management platform Foodics is expanding to Egypt. Starting its Egyptian operations in Cairo, the tech startup will firstly focus on its software-as-a-service platform and hardware for restaurants. Later it will launch its Foodics NOW products.
Fintech payment company ECOMMPAY has been recognised by the Singapore Fintech Association. The SFA has awarded ECOMMPAY the certification to be recognised as a ‘fintech’ company as a payment service provider.
Investment Updates
Investors, including Runa Capital and Amadeus Capital Partners, are backing Polish fintech Kontomatik to innovate in the open banking space. Kontomatik, the first fintech to get account information service provider licenses from the Polish Financial Supervision Authority and Bank of Lithuania, says the 100% share investment will allow it to implement its strategy independently and market its open banking-based services across Europe.
Finally, it’s ‘exciting times’ for TrueLayer after the open banking provider secures an additional $25million in funding, under its Series C. The round included participation from existing investors, including Anthemis, Connect Ventures, Northzone and Temasek, and brings the total raised to date to $72million. In addition, TrueLayer now accounts for more than half of all open banking traffic in the UK.
“This raise will help us on our journey to open up financial infrastructure, and enable access in new geographies and across new industries.”
