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 up six announcements made by FinTech bigwigs this week:

Infosys Finacle launches Data and AI Suite to enable banks accelerate their AI journey. The suite includes a comprehensive set of platforms designed to help banks build no-code, predictive and generative AI solutions from scratch, with high transparency and explainability. Through this, banks can improve their data readiness, industrialize AI model development, leverage generative AI technologies, and deliver actionable insights across multiple industries and customer journeys.

Hot off the press: Asia’s leading digital wallets, including DANA Indonesia, Touch ‘n Go Group in Malaysia, Bakong in Cambodia and LankaPay in SriLanka now use Mastercard Pay Local to seamlessly process credit and debit card payments for residents and tourists. No prepaid top-up required! With Pay Local, we extend our global network to partner wallets by creating a low-cost, simple, stable and secure connection between more than 35 million APAC merchants and two billion Mastercard cardholders, making international travel infinitely easier.

“It’s a big day for us TO MODIFY; were excited to announce the successful closing of our Series C funding! Traditional trade finance has been slow to evolve, but we’re on a mission to change that. This funding is not just about growth: it is about equipping SMEs with the tools and technology they need to thrive in the international market. With SMBC Ascendant Fund in AsiaWe are launching new initiatives to help SME exporters across Asia, particularly in high-growth regions like China and India, grow their businesses faster and more efficiently. Our goal is simple: to make cross-border trade fluid, secure and accessible to everyone.

Veefin The group marks its first acquisition abroad with the startup GenAI based in Singapore, Walnut.ai This is Veefin’s fourth acquisition in five months. The acquisition will enable Veefin Group to use Walnut.ai’s GenAI capabilities to help its enterprise and banking clients convert large volumes of complex, unstructured data into accurate insights. This will also support Veefin’s development of technology solutions for working capital management, which will significantly benefit its credit decision-making processes. This acquisition will overall help amplify Veefin’s presence in Southeast Asia and leverage Walnut’s client list, which includes DBS, Bank of Singapore, RCBC, etc.

BCA Syariah, a subsidiary of Indonesia’s largest bank, PT Bank Central Asia Tbk (BCA)has successfully gone live on Vault Core! Leveraging our comprehensive global product library, BCA Syariah quickly developed and launched several Shariah-compliant products, including Wadiah Savings, an e-wallet top-up service and online deposit for Hajj fees, establishing new standards for speed in technology adoption and product deployment.

Latest news ! Tencent partners with Visa to bring palm recognition payments to Singapore. Announced today at SFF2024, this partnership will allow pilot users to make safe and secure digital payments by simply placing their palms on a sensor, without the need for a card or phone. The service will initially launch in Lion City and cardholders from participating banks, including DBS Bank, OCBC and UOB, will participate in the pilot program. This collaboration also marks the launch of Tencent Palm an initiative to introduce advanced palm recognition technology to new markets.

Also read: Risk Management Systems and Vendors Report Q2 2024