Catch latest developments of the week

By Gloria Mathias

FinTechs continue to play a pivotal role in transforming and reshaping the traditional contours of the financial industry. As technology becomes increasingly intertwined with financial services, FinTech innovations are not merely incremental but rather revolutionary, paving the way for enhanced efficiency, accessibility, and novel business models.

This week’s FinTech Focus brings forth a curated selection of the most significant developments that underscore the dynamic nature of this sector.

Let’s look at the top six announcements made by the FinTech bigwigs this week: 

BNY is excited to announce a first-of-its-kind international trade alliance with Japan-based global banking leader Mizuho. The strategic alliance between our companies will help enable expanded correspondent bank network connectivity for international trade, easing the compliance requirements and associated costs for our clients. This marks a significant step forward in driving trade digitalisation and encouraging frictionless processes.

DailyPay has secured an additional $100 million credit commitment from Citi, bringing our total secured credit facility to $760 million. “This addition to our credit facility speaks to our unwavering dedication and commitment to our clients and their millions of daily workers,” said Stacy Greiner, Chief Executive Officer of DailyPay.

Emirates NBD is pleased to announce that it has entered into a strategic agreement with Partior to explore participation in their blockchain-based platform to transform clearing and settlements across the financial ecosystem. The bank is also exploring an equity investment in Partior as part of our strategic vision to drive the future of global value exchange.

Mastercard is thrilled to be expanding the reach of the Product Express platform to more partners, regions, and solutions. With Product Express, customers can launch payment solutions in record time, for example, card programs, in as fast as 15 days; choose plan-certified partners who are ready to support a quick implementation and track progress with complete transparency every step of the way by creating a better experience for all parties, we foster innovation and reduce time to market.

Neowise by Decentro is introducing 𝑵𝒆𝒐𝑩𝒐𝒕 𝒂𝒏𝒅 𝑵𝒆𝒐𝑺𝒊𝒈𝒉𝒕—𝑰𝑵𝑫𝑰𝑨’𝒔 𝒇𝒊𝒓𝒔𝒕 𝑨𝑰-𝒑𝒐𝒘𝒆𝒓𝒆𝒅 𝒅𝒆𝒃𝒕 𝒄𝒐𝒍𝒍𝒆𝒄𝒕𝒊𝒐𝒏 𝒕𝒐𝒐𝒍𝒔, in collaboration with Sarvam! NeoBot, a voice-driven debt assistant, and NeoSight, a cutting-edge call analytics tool, are transforming the debt recovery landscape. With retail loans contributing 40% of NPAs, 𝒍𝒆𝒏𝒅𝒆𝒓𝒔 𝒄𝒂𝒏 𝒏𝒐𝒘 𝒓𝒆𝒄𝒐𝒗𝒆𝒓 𝒇𝒂𝒔𝒕𝒆𝒓—𝒖𝒑 𝒕𝒐 20𝒙 𝒎𝒐𝒓𝒆 𝒆𝒇𝒇𝒊𝒄𝒊𝒆𝒏𝒕—𝒂𝒏𝒅 𝒄𝒖𝒕 𝒄𝒐𝒔𝒕𝒔 𝒃𝒚 33%.

Santander has launched Openbank in the United States, allowing it to serve retail banking customers nationwide for the first time. Openbank will offer a simple and fast experience with competitive rates and more products coming soon. Openbank is now Europe’s largest fully digital bank by deposits, operating in Spain, Germany, Portugal, and the Netherlands. This US launch represents a key step in our transformation, leveraging Santander’s proprietary technology platform.

Also read: NextGen Core Banking: The Future of Banking Q3 2024