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This is our seventy-first edition of the industry update in 2018. This edition captures the most recent press cuttings, funding and industry news.

  • Heavyweight Grab, a ride-hailing and mobile payments platform in Southeast Asia partnered with Maybank, Malaysia’s largest bank (total assets of $164.1B and market capitalization of $20.7b). Through this partnership Grab intends to expand their cashless payments platform to better serve developing markets….
  • Australian-based challenger bank, Volt, selected Temenos’s T24 core banking and analytics. Steve Weston, CEO of Volt bank, commented “as the first digital bank in Australia, we are using technology to challenge the way banking is done. Temenos’ Cloud will allow us to launch quickly and at the same time meet Australian regulations.” Banks are embracing cloud-centric core banking systems which can easily meet regulatory requirements.
  • Pakistan-based Finca Microfinance bank selected Autosoft Dynamics for their core banking system. Mudassar Aqil, CEO of Finca Microfinance bank, claimed “this system upgrade will allow Finca’s operations to become extremely nimble, and will serve as the backbone for complete automation of our branch banking services.” Banks are choosing flexible core banking solutions to reduce operational processes.
  • According to a recent report by Signicat, one of the leading providers of electronic identity and electronic signature solutions in Europe, states “retail banks now lose 52% of potential customers at the onboarding stage, an increase of 35% in the last two years.” Retail banks are lacking the capability of implementing innovative IT solutions that meet the ever-evolving needs of customers.
  • Lending Express, an AI-powered platform for business loans, received $2.7m in Seed Round funding. The round was led by Entrée Capital.

Recent Headlines – General Industry Landscape

Headline Date Source Link
Over half of potential retail bank customers drop during the onboarding process 24MAY’2018 IBSIntelligence Link
Payments community calls on Open Banking to do more to enable access for FinTechs 23MAY’2018 Global Banking&Finance Review Link
Why China’s Payment Apps Give U.S. Bankers Nightmares 23MAY’2018 Bloomberg Link
Reality check: Will crypto firms score a banking charter? 23MAY’2018 American Banker Link
Fintechs and Digital-Only Alternatives Face a Consumer Backlash 22MAY’2018 The Financial Brand Link
Banking industry insists the branch isn’t dead, AI is no big deal, Open Banking not a problem 21MAY’2018 IBSIntelligence Link
The Economist: Banks Must Become More Agile, Adapt to the Digital Banking Age 21MAY’2018 CrowdfundInsider Link
Cloud scalability seduces the financial sector – but there are challenges 21MAY’2018 Payments Cards&Mobile Link
Digital banking transformation creating new systemic risks 21MAY’2018 Finextra Link
First wave of neobanks resets for new offensive 21MAY’2018 American Banker Link
The many ways banks are using blockchain 21MAY’2018 American Banker Link
The Architect’s Guide to Digital Banking 21MAY’2018 Finextra Link
Banks Adopt Military-Style Tactics to Fight Cybercrime 20MAY’2018 Tearsheet Link
Digital transactions in Europe bombarded with a 30% increase in cyberattacks 18MAY’2018 Payments Cards&Mobile Link

Recent Headlines – Company News and Announcements

Headline Company Date Source Link
Merchant Bank of Sri Lanka Drives Growth with Deployment of Core Banking Platform from Fiserv Fiserv 24MAY’2018 Company Press Release Link
Touché, OCBC to launch ‘highly secure’ fingerprint-based credit card payments Touché 23MAY’2018 The Straits Times Link
Finca picks Autosoft’s core banking system for Pakistan Autosoft Dynamics 23MAY’2018 Banking Technology Link
Grab brings its digital wallet to Malaysia through tie-up with the country’s largest bank Grab 22MAY’2018 Tech in Asia Link
AI Powered Online Lending Marketplace Lending Express Receives $2.7 Million Seed Round Lending Marketplace 22MAY’2018 CrowdfundInsider Link
Temenos tapped up by Australian challenger volt bank Volt Bank 22MAY’2018 IBSIntelligence Link
The surprising company beating Apple and Google in mobile payments Starbucks 22MAY’2018 QUARTZ Link
Castlight Financial assists HSBC UK to deliver bank’s first open banking loan Castlight Financial 21MAY’2018 SBNN Link
Visa UK’s former chief executive Marc O’Brien joins world’s first crypto bank Crypterium 20MAY’2018 City A.M. Link
PayPal acquires iZettle for $2.2 billion PayPal/iZettle 18MAY’2018 Payments Cards&Mobile Link
Opening a new bank account as easy as taking a selfie First National Bank 18MAY’2018 iAfrikan Link
Sageworks, one of the country’s first Fintech companies, is acquired by Accel-KKR Sageworks 18MAY’2018 PR Newswire Link
Major German bank completes blockchain pilot with SAP and R3 SAP/R3 17MAY’2018 IBSIntelligence Link
Neo-Banking Startup Open Raises Pre-Series A Funding from Unicorn India Ventures, Others Open 17MAY’2018 IndianWeb Link