Europe Fintech News

Related Fintech Industry News

• December 2022: The new real-time payment technology would launch in the UAE early the following year to speed up financial transactions. The new Instant Payment Platform (IPP) will debut in the first quarter of 2023 with a trial group of authorized financial institutions and will be implemented in stages.
•  December 2022: A start-up in Dubai claims to have developed a technology that would increase restaurant sales and enable personnel to get three to five times as much in gratuities. Spades discovered that by speeding up transactions and enabling quicker table turnover, its payment system had increased revenue by 8% to 20%. Instead of calling a server and waiting for them to bring a point of sale (POS) machine, customers utilizing the Spades system scan a code with their phones, place their orders with a staff member, and then pay by typing their information into the phone's browser.

• Mar 2022: Adyen, a global financial technology platform of choice for leading businesses, planned to expand beyond payments to build embedded financial products. These products will enable platforms and marketplaces to create tailored financial experiences for their users, such as small business owners or individual sellers. The suite of products will allow platforms to unlock new revenue streams and increase user loyalty.
• Jun 2021: Raisin and Deposit Solutions, two big German fintech startups and rivals, were planning to unite to form a pan-European group that will offer innovative, API-based B2B and B2C products in the savings and portfolio management areas. The company will keep its New York, London, Manchester, and Madrid offices open. Raisin DS will combine the best practices in B2B and B2C - 'every day' savings and investment products - to form a new enterprise.

• November 2022: The Hyderabad-based SaaS business CreditVidya was purchased by Bengaluru-based financial unicorn CRED in a deal including cash and stock. The value of the agreement has not been made public by the companies.
• October 2022: The Indian government proposed the agenda for setting up 75 digital banking units in 75 different country districts by scheduled commercial banks. The plan was presented during the country's 75th Independence Day. These DBUs will offer various services, including debit and credit cards, current accounts, mobile and internet banking, digital kits, and other products for merchants and customers.

In 2021, SeABank AI Accelerates Digitization of Banking Ops. Viewing digitization as a pillar vital to support banking progression, Southeast Asia Commercial Joint Stock Bank (SeABank - Vietnam) continuously upgrades its infrastructure includes the latest in Artificial Intelligence (AI) systems that is utilized to advance the customer experience while optimizing the Bank operations.
In 2021, Vietnamese fintech startup Infina has raised $2 million in seed funding from five global venture capitalists.The investors are Japan's Saison Capital, Indonesia's Venturra Discovery, Singapore's 1982 Ventures, the U.S.'s 500 Startups, and Korea's Nextrans.The startup has developed an investment app called Infina that enables users to make term deposits, invest in certificates of deposit and exchange traded funds. Most users are between the ages of 25 to 40 and looking for alternatives to investing in long-term asset classes like real estate.

• July 2023: Citi has launched its Trade and Working Capital eLoans solution for its U.S. CCB clients. The solution is designed to help clients meet their current and projected working capital needs through loan advances via Citi’s easy-to-use and secure eLoans platform. The eLoans platform aims to support clients by allowing qualified clients to access liquidity for running their commercial business, reducing manual touch points, allowing clients to manage outstanding loans via repayment features, and enhancing self-service reporting via automated notifications, among other features.
• May 2023: JPMorgan Chase acquired the substantial majority of assets and assumed the deposits and certain other liabilities of First Republic Bank from the Federal Deposit Insurance Corporation (FDIC). Acquisition of most of First Republic Bank’s assets, including approximately USD 173 billion of loans and about USD 30 billion of securities.

• September 2023: Akur8, described as the insurance pricing solution utilizing machine learning, has announced a strategic collaboration with SGI CANADA, a prominent property and casualty insurance division operating in five Canadian provinces, with the shared goal of enhancing the insurance pricing process. The partnership aimed to optimize SGI CANADA’s insurance pricing process by incorporating Akur8’s risk module for P&C lines, reflecting a commitment by both firms to harness cutting-edge technology for insurance pricing in Canada.
• July 2023: Bees360, the provider of drone-enabled property inspection services powered by artificial intelligence (AI), and Hosta AI, the advanced provider of AI-enabled interior property inspections, partnered to transform the insurance claims process. The main aim of the partnership was to bring operational efficiencies and advanced interior data analytics to the insurance industry.

• January 2023: Dubai National Insurance (DNI), an Insurance company in the UAE, has entered into a strategic partnership with Takalam, a UAE-based online counseling platform for mental well-being. With this partnership, individuals, as part of their DNI package, will be offered private and easy access to mental health professionals, tools, and solutions.
• December 2022: Turtlefin, the insurtech platform, announced a partnership with The Continental Group, one of the UAE’s insurance intermediaries and financial services solutions providers. The company was expected to provide its software-as-a-service platform modules, enabling The Continental Group’s distribution teams to access relevant information and customize proposals for their clients seamlessly.

• June 2023: Ninepoint Partners LP, one of Canada’s investment management firms, has announced the expansion of its partnership with Chicago-based private credit asset management firm Monroe Capital LLC, a leader in middle-market private lending with approximately USD 16 billion in assets under management.
• April 2023: CapIntel, a financial technology company, has made a new strategic partnership with SEI, a global provider of technology and investment solutions that connect the financial services industry. SEI will likely utilize CapIntel’s intuitive sales platform to further streamline sales and marketing processes and enhance communications around SEI’s investment solutions.

• In 2021, BTG Pactual hired a private banker from the Swiss private bank Credit Suisse for its Miami wealth management business. Leonardo Brayner joined the Brazilian group after having spent 11 years at Credit Suisse's offices in The Bahamas, where he most recently served as a vice president of wealth management on its client service desk.
• In 2021, Credit Suisse made a USD 400 million cash distribution, in line with its announcement that Credit Suisse would repay some of the money from the closed Greensill supply chain funds. The money will be paid to the investors in the bank's Virtuoso SICAV-SIF funds. Credit Suisse's four Virtuoso SICAV-SIF funds were invested in the supply chain funds.

• December 2022: The new real-time payment technology would launch in the UAE early the following year to speed up financial transactions. The new Instant Payment Platform (IPP) will debut in the first quarter of 2023 with a trial group of authorized financial institutions and will be implemented in stages.
•  December 2022: A start-up in Dubai claims to have developed a technology that would increase restaurant sales and enable personnel to get three to five times as much in gratuities. Spades discovered that by speeding up transactions and enabling quicker table turnover, its payment system had increased revenue by 8% to 20%. Instead of calling a server and waiting for them to bring a point of sale (POS) machine, customers utilizing the Spades system scan a code with their phones, place their orders with a staff member, and then pay by typing their information into the phone's browser.