Discover the latest developments of the week

By Gloria Mathias

FinTech continues to play a central role in transforming and reshaping the traditional contours of the financial sector. As technology becomes more intertwined with financial services, FinTech innovations are not just incremental but rather revolutionary, paving the way for improved efficiency, accessibility and innovative business models.

This week’s FinTech Focus presents a selection of the most significant developments that highlight the dynamic nature of this sector.

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

CredAble is proud to announce its partnership with Finastra to provide a comprehensive supply chain finance (SCF) offering to banks around the world! By integrating CredibleBy combining Finastra’s advanced working capital technology platform with Finastra’s Trade Innovation solution, it enables banks to drive revenue growth, drive business expansion and improve customer experience with a wider range of financial services within a single platform.

EBANX and XTransfer are now partners to facilitate the delivery of financial services to businesses in five key Latin American markets: Brazil, Chile, Colombia, Peru and Mexico. Through this collaboration, XTransfer, China’s leading B2B cross-border commercial payment platform, will be able to offer a range of local payment methods, such as cash vouchers, e-transfers and Pix, payments instantaneous in Brazil to its international customers. work with imports and exports, allowing them to navigate Latam’s digital economy with greater efficiency.

Mashreq has partnered with Profinch for its global expansion journey! At a signing ceremony in Dubai, attended by Mohamed Abdel Razek of Mashreq and Kiran Kumar of Profinch, we embarked on a transformative journey. Together, we will drive technology innovations in Oman, Pakistan, US, UK and Hong Kong, enhancing digital banking experiences with industry-leading solutions from Oracle.

NPCI is excited to roll out UPI One World to all international travelers visiting India. With this development, foreign visitors will have an opportunity to immerse themselves in the rich culture, cuisine and diverse experiences of India through the ease of UPI payments.

Diamond Trust Bank (DTB), a renowned financial institution with a 78-year legacy in East Africa, has entrusted us to provide an advanced platform to strengthen its digital innovation and expansion. This partnership will enable DTB to benefit from a variety of payment products and services, including hosting and processing of debit, credit and prepaid cards, as well as e-commerce. They will also have access to our value-added services, such as card fraud prevention, 3D Secure authentication and card control solutions. Network International is excited to help DTB meet the growing demand for digital payments in East Africa.

Revolut is now licensed with restrictions as a UK bank. Revolut serves 45 million customers worldwide, including over 9 million in the UK. As it strives to provide faster, better and smarter products and services, it is pleased to announce that it has been authorized with restrictions as a UK bank. This is an important step towards launching the bank to customers in the UK.

Also read: Financial Services Cybersecurity Report Q2 2024