Indian Tech Innovation Empowering Businesses Around The Globe
Dec01

Indian Tech Innovation Empowering Businesses Around The Globe

India’s GDP figures for the quarter have recovered from a three year low, with July-September growth at 6.3 percent. India’s full year GDP growth is expected to pick up from 6.7 per cent in 2018 to 7.3 per cent and 7.5 per cent in 2019 and 2020.[1] India is set to emerge as the world’s third largest economy over the next decade, with many UK and US companies seeking high-tech Indian expertise to drive business growth. India is...

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MAS Launches Second Consultation on New Regulatory Framework for Payments
Nov21

MAS Launches Second Consultation on New Regulatory Framework for Payments

The Monetary Authority of Singapore (MAS) today launched a second consultation on its proposed payments regulatory framework, known as the Payment Services Bill (the “Bill”). The Bill will streamline the regulation of payment services under a single legislation, expand the scope of regulated payment activities to include virtual currency services and other innovations, and calibrate regulation according to the risks posed by these...

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Payments Council Endorses Singapore Quick Response Code Specifications For Electronic Payments
Nov20

Payments Council Endorses Singapore Quick Response Code Specifications For Electronic Payments

The Payments Council has endorsed the specification for a common Singapore Quick Response Code (SG QR) that can accept electronic payments by both domestic and international payment schemes, e-wallets, and banks. The new SG QR was developed by an industry taskforce co-led by the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority1. The first of its kind globally, the SG QR includes protocols customised for...

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QNB Indonesia Launches Mobile Banking App
Nov29

QNB Indonesia Launches Mobile Banking App

Jakarta. Bank QNB Indonesia, the local arm of Doha-based QNB Group, launched a mobile banking application called DooEt+ for its customers on Thursday (24/11), offering a simple, swift and secure digital banking experience. The app has basic features that enable customers to check their balance, pay bills, top up phone credit, and transfer funds. It also introduces a virtual account feature for QNB Indonesia customers. “DooEt+...

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The future of UK FinTech lies in international partnerships
Nov29

The future of UK FinTech lies in international partnerships

Ben Brabyn, head of Level39, looks at why the UK’s FinTech sector must work more collaboratively with China. Over the past decade, the UK has earnt the mantle as the world’s leading FinTech centre. The sector generated £6.6bn in revenues in 2015, and attracted about £524m in investment. It has truly become a vital part of the UK economy, and a future engine for growth. Last week’s Autumn Statement demonstrated the government’s...

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White Paper: Cybersecurity Vulnerability in Indian Banks + Infographic: The Rise of Cybercrime
Oct06

White Paper: Cybersecurity Vulnerability in Indian Banks + Infographic: The Rise of Cybercrime

Banks and financial institutions are seized with newer forms of threats to the safety and security of their data, a critical asset for any organization. In the age of Internet of Things, criminal activities and data theft have also gotten smarter and savvier, with criminals increasingly using technology to break technological barriers within the banking system. In light of the low entry barriers to cybersecurity attacks in banks, it...

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Fintech Coupling Between Britain and Singapore
May16

Fintech Coupling Between Britain and Singapore

New FinTech Bridge to help UK FinTech firms and investors access the Asian market and expand to Singapore, as well as attracting Singaporean FinTech companies and investors to the UK. Singaporean officials and FinTech companies gathered with UK FinTech companies in Downing Street to celebrate the launch of the UK’s first ever FinTech Bridge, which included the signing of a Regulatory Cooperation Agreement between the Financial...

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IBK Starts Fitting its ATMs With iris Scanners
Apr26

IBK Starts Fitting its ATMs With iris Scanners

After running an iris verification system on two of its ATMs since December, the Industrial Bank of Korea (IBK) is planning to expand the technology across all branches within the year. “In the initial stage, there were concerns and negative perceptions about revealing information about one’s body parts,” said Kwak Young-ki, general manger of the fintech business department at the bank in an interview with the Korea JoongAng Daily....

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Standard Chartered to Open a Fintech Innovation Lab in Singapore
Mar24

Standard Chartered to Open a Fintech Innovation Lab in Singapore

Standard Chartered is the latest bank to jump on the fintech crazy train in Singapore. Today it announced the interestingly capitalized eXellerator, a new enterprise acceleration and innovation hub located in the city state. The new lab will build on established infrastructure and know-how from Standard Chartered’s Silicon Valley-based technology hub, SC Studios. In Singapore, the lab will be located in the bank’s main offices at...

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The Economic Times Brings The 1st BFSI Tech Summit in Mumbai
Mar16

The Economic Times Brings The 1st BFSI Tech Summit in Mumbai

Understanding the importance of newer technologies in the banking industry, The Economic Times brings the 1st Annual ‘The Economic Times BFSI Tech Summit’ on March 22, 2016 at Trident BKC. It will discuss the current innovations, latest trends and service offerings which will boost the banking sector. India’s BFSI sector is laying greater emphasis on providing improved services to their clients and upgrading their...

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PayEase Now Supports Apple Pay in China
Feb29

PayEase Now Supports Apple Pay in China

China’s leading independent third-party payment platform, PayEase now supports business apps that accept payment through Apple Pay, a brand new, fast and secure mobile payment option. With the launch of Apple Pay, there will be more consumers using this platform for the payment of mobile purchases. As a partner, PayEase will provide integrated payment solutions for vendors using Apple Pay, and rapidly open up payment channels to...

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UnionPay International Works with the Top Four Banks in Thailand
Feb25

UnionPay International Works with the Top Four Banks in Thailand

UnionPay International, together with Thailand’s top four commercial banks, announced that TPN (Thai Payment Network), Thailand’s local switching network based on UnionPay technical standards, officially went live. Previously UnionPay IC card standard became Thailand’s banking industry standard. Through the incorporation of a joint venture, UnionPay now offers the technical standard for building the bankcard...

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Stefanini Expands Operations in Philippines
Feb24

Stefanini Expands Operations in Philippines

Stefanini – a $1B global provider of IT outsourcing, applications management & consulting, and strategic staffing services – is ramping up expansion in the Philippines and is expected to increase from 1,000 to 2,000 employees by the end of next year. This is part of the organization’s initiative to increase business growth in the Asia-Pacific market landscape. Since establishing itself in the Philippines, the operation has...

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Annual Card Payments in Asia-Pacific Set to Double to $19.5 Trillion by 2020
Feb23

Annual Card Payments in Asia-Pacific Set to Double to $19.5 Trillion by 2020

Asia-Pacific is the largest as well as the fastest growing region for payment card expenditure; growing card acceptance creates opportunity for international card schemes Growth in spending will be driven by a three-fold increase in merchant outlets The value of card payments in Asia-Pacific grew by 25% in 2014 to reach $9.0 trillion, accounting for just under half of the global total card expenditure. The level of cardholding in...

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Wolters Kluwer appoints Yong Zhao head of China Financial Services Business
Feb18

Wolters Kluwer appoints Yong Zhao head of China Financial Services Business

Wolters Kluwer has appointed Yong Zhao as its new general manager for the Financial Services market in China. Zhao, who will be based in Shanghai, will help spearhead further growth for the financial technology firm in the market. “We welcome Yong as the new general manager for our China business,” said Chris Puype, managing director of Asia Pacific for Wolters Kluwer’s Financial Services business. “We are excited to be utilizing his...

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FinTech Firm SMERGERS to Become a One-stop Investment Bank
Feb17

FinTech Firm SMERGERS to Become a One-stop Investment Bank

India’s leading online investment bank for Small and Medium Enterprises (SMEs), announces the expansion of its services to US, UK, Canada, Australia, and the UAE. SMEs are a resilient and vibrant sector for every nation in the world. They generate a large share of jobs for the common man; they form the backbone of a nation’s economy. Yet financial institutions, including investment banks, have been turning a blind eye...

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Mizuho Financial Group Partners with Cognizant to Develop a Blockchain Solution
Feb16

Mizuho Financial Group Partners with Cognizant to Develop a Blockchain Solution

Mizuho Financial Group, one of the largest financial institutions in the world, and Cognizant, a leading provider of information technology, consulting, and business process outsourcing services, today announced a strategic agreement to develop a blockchain solution for secure record-keeping of documents among Mizuho Financial Group companies around the world. This agreement marks the beginning of a strategic program at Mizuho to...

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Chinese Payment Cards in Circulation to Grow at a CAGR of 5% During the Forecast Period 2015-2020: P&S Market Research
Feb09

Chinese Payment Cards in Circulation to Grow at a CAGR of 5% During the Forecast Period 2015-2020: P&S Market Research

The study includes market size and forecast of the Chinese cards and payments market for the period 2012 to 2020 (in terms of number of cards, value and volume of transactions processed through these cards), along with key industry trends, major schemes, banks and card market by customer segments. The report also includes competitive landscape (card issuers in the country) for both debit cards and credit cards. In terms of number of...

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UK FinTech Firm Hello Soda Launches in South East Asia in Multi-Million Pound Deal
Feb09

UK FinTech Firm Hello Soda Launches in South East Asia in Multi-Million Pound Deal

UK FinTech firm Hello Soda, headquartered in Manchester, has launched ‘Hello Soda Asia’, its new South East Asian venture. The new FinTech venture which gives the firm a strategic foothold in South East Asia, will operate out of Bangkok, Thailand and Singapore, and will specifically target key ASEAN economies, including Indonesia, Thailand, Malaysia, the Philippines, Vietnam and Singapore. In each of these markets, Hello Soda’s...

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Government of the Philippines Accelerates PFM Reform with FreeBalance Technology
Feb04

Government of the Philippines Accelerates PFM Reform with FreeBalance Technology

FreeBalance, a leading vendor of Public Financial Management (PFM) solutions, today announced that the Government of the Philippines will be leveraging FreeBalance technology as the platform for its new Budget and Treasury Management System (BTMS). The BTMS is an integrated budget and treasury management information system. The initial deployment of the BTMS will help the Department of Budget and Management, Bureau of Treasury and...

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Yirendai Entered Into Framework Agreement with Zheshang Bank to Cooperate on Microloan and Consumer Financing Services
Feb03

Yirendai Entered Into Framework Agreement with Zheshang Bank to Cooperate on Microloan and Consumer Financing Services

Yirendai Ltd, a leading online consumer finance marketplace in China, today announced that the Company has entered into a framework agreement with China Zheshang Bank Co., Ltd, and CreditEase Pucheng Credit Assessment and Management (Beijing) Co., Ltd. (“CreditEase Pucheng”), a CreditEase group company. Under the Agreement, Yirendai will assist the cooperation between Zheshang Bank and CreditEase Pucheng on providing...

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Bank of Japan Goes Negative
Jan29

Bank of Japan Goes Negative

There was plenty of speculation in the run to last night’s BOJ meeting that they would ease further and even though only a week ago the BOJ governor Kuroda suggested in Davos that further easing was on the cards, a move to negative rates was not expected. Understandably this caused some wild swings in the yen which weakened with USDJPY moving back above 120 and the Nikkei which strengthened. Other evidence of a weak Japanese...

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Infosys is the Market Leader for Design Thinking Services Execution
Jan27

Infosys is the Market Leader for Design Thinking Services Execution

Recognized for unique employee training efforts to drive a culture shift in the organization. Infosys a global leader in consulting, technology, outsourcing and next-generation services has received the title “Leader in the Winner’s Circle – Excellent at Innovation and Execution,” from HfS’s Research Blueprint: Design Thinking in the As-A-service Economy. HfS picked Infosys for its top spot in execution,...

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ING Invests in Hong Kong Fintech WeLab
Jan20

ING Invests in Hong Kong Fintech WeLab

ING announced it has invested in Hong Kong fintech WeLab. WeLab provides consumer loans in China and Hong Kong in a fully automated process that takes minutes from application to approval. The investment is in line with ING’s strategic priority to increase the pace of innovation to serve changing customer needs by working with both dedicated internal teams and with external partners and startups. The investment announced today follows...

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Commonwealth Bank Creates Global Innovation Network
Jan19

Commonwealth Bank Creates Global Innovation Network

Commonwealth Bank of Australia (Commonwealth Bank) has launched an Innovation Lab in Hong Kong and announced plans to launch an Innovation Lab in London later this year.  This innovation network is a natural extension of the Bank’s successful Innovation Lab in Sydney and creates a global approach to innovation that connects customers, employees and start-up communities to the latest FinTech developments. Kelly Bayer Rosmarin, Group...

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NPCI Taps RS Software to Build Digital Payments Enablement Platform
Dec09

NPCI Taps RS Software to Build Digital Payments Enablement Platform

The National Payments Corporation of India has awarded a contract to RS Software to build a digital payments enablement platform, to support growth of online payment and spur financial inclusion. The NPCI is the umbrella organization for retail payments in India. It is implementing the Unified Payments Interface that will be used by banks to launch mobile payment products in the country. The platform is expected to help people...

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Five Exciting Fintech Startups in Asia
Dec01

Five Exciting Fintech Startups in Asia

When on the subject of fintech, a lot of the talk revolves around how disruptive it is. Now, I feel “disruption” is one of the most overused words within the startup ecosystem – right up there with “ecosystem,” really. But fintech has jolted the banking industry awake, that’s true enough. It’s not going to bring banks down, nor is it going to automatically make rich people out of the poor. What it has been able to do is kickstart...

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Swatch Partners With Visa to Bring NFC Payments to its Analog Smartwatch
Nov30

Swatch Partners With Visa to Bring NFC Payments to its Analog Smartwatch

Swatch has announced that it’s bringing contactless payments to its forthcoming Bellamy smartwatch in the US next year. The Swiss company, which is the largest watchmaker in the world by revenue, originally unveiled the analog Bellamy in China this October. The watch doesn’t connect to the internet, but uses a near-field communication chip (NFC) to make payments at contactless terminals. Swatch has already signed an...

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Tech Mahindra Takes Grameen Koota Live With Temenos T24
Nov24

Tech Mahindra Takes Grameen Koota Live With Temenos T24

Temenos, a market-leading provider of mission-critical solutions to the financial services industry and Tech Mahindra announced that they have implemented Temenos T24 for Microfinance and Community Banking for Grameen Koota Financial Services Private Limited (Grameen Koota). With a modern core banking structure that affords higher levels of automation and flexibility, Grameen Koota can now achieve its mission to reach a larger client...

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RSA announces completion of the sale of its minority holding in India
Jul29

RSA announces completion of the sale of its minority holding in India

Further to the announcement of 18 February 2015, RSA Insurance Group plc today announces the completion of the sale of its 26% holding in Indian insurer Royal Sundaram Alliance Insurance Company Limited to Sundaram Finance Limited, its majority stakeholder. RSA received proceeds of £46m and expects to recognise a profit on disposal of approximately...

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Nucleus Software to showcase its next-generation Lending and Transaction Banking solutions
Jun24

Nucleus Software to showcase its next-generation Lending and Transaction Banking solutions

Nucleus Software, the leading provider of lending and transaction banking solutions to the global financial services industry, will be participating in the International Banking Convention by ‘The Asian Banker’ in Bangkok, Thailand on June 24, 2015. Nucleus Software’s participation in the event is aligned with its increased focus on the South East Asia market where it has been operating for the last two decades and has more than 40...

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Bank of Ceylon selects Intellect One Treasury Solution
Jun21

Bank of Ceylon selects Intellect One Treasury Solution

Intellect Design Arena Ltd, a specialist in applying true Digital Technologies across Banking & Insurance, today announced that Bank of Ceylon (BOC), a leading foreign bank from Sri Lanka has chosen Intellect’s One Treasury Solution to drive end-to-end treasury management for their India operations. This is the first foreign bank in India to choose Intellect’s One Treasury solution, to deliver front-mid-back office functionality...

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Aegis included in the IDC Marketscape: Worldwide Finance and Accounting BPO Services 2015
Jun18

Aegis included in the IDC Marketscape: Worldwide Finance and Accounting BPO Services 2015

Aegis Limited, a global outsourcing and technology services company, today announced that it has been included in the latest IDC MarketScape: Worldwide Finance and Accounting BPO 2015 Vendor Assessment Report. IDC Marketscape measures key strategy of a service provider success across two primary categories — capabilities and strategies. The IDC research includes analysis of 18 F&A BPO services providers with global services...

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Nucleus Software launches FinnAxia 2.0
Jun17

Nucleus Software launches FinnAxia 2.0

Nucleus Software, the leading provider of lending and transaction banking solutions to the global financial services industry, today announced the launch of FinnAxia 2.0, the latest version of its next-generation transaction banking product suite. The new product suite includes extended compliance with global and regional regulations and payment standards, increased capabilities for ‘payments on behalf of’ and additional features to...

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Intellect’s “remarkable technology” wins big at Central Banking awards
May21

Intellect’s “remarkable technology” wins big at Central Banking awards

Intellect Design Arena Limited, a Specialist in applying true Digital Technologies across Banking & Insurance, won the inaugural and exclusive “Technology Provider of The Year” Award, instituted by Central Banking at a formal ceremony held in London. In a competitive category assessed by a panel with former senior central bankers from around the world, Intellect’s Quantum Central Banking Solution (QCBS), successfully deployed...

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Aegis Named a Top 10 Outsourcing Service Provider by ISG
May20

Aegis Named a Top 10 Outsourcing Service Provider by ISG

Aegis Limited, a global outsourcing and technology services company, today announced that it has been named a Top 10 Outsourcing Service Provider by Information Services Group (ISG), a leading technology insights, market intelligence and advisory services company. Aegis was among the leading providers in the Breakthrough 10 Sourcing Standouts category for the Asia Pacific region based on annual contract value (ACV) won over the last...

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FIS Reinvents Banking Access in India, One ‘e-Lobby’ at a Time
May04

FIS Reinvents Banking Access in India, One ‘e-Lobby’ at a Time

Karnataka Bank Limited, a major, privately owned bank based in southwestern India, will expand 24×7 transaction banking access to its customers with its new “e-lobby” services, supported through a multi-year ATM outsourcing agreement with FIS, a global leader in banking and payments technology as well as consulting and outsourcing solutions. While maintaining operational efficiency and cost-effectiveness, FIS’ e-lobby services...

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Aegis Again Positioned as a Leader in the IAOP Global Outsourcing 100 List 2015
Apr28

Aegis Again Positioned as a Leader in the IAOP Global Outsourcing 100 List 2015

Aegis Limited, a global outsourcing and technology services company, today announced that it has been featured in the Leaders category of the International Association of Outsourcing Professionals® (IAOP®) 2015 Global Outsourcing 100®. The Global Outsourcing 100 list serves as the essential industry reference of innovative outsourcing services companies in the world. Aegis was recognized by the IAOP for its performance in four survey...

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ICICI Bank launches ‘Tap n Pay’ in arrangement with Tech Mahindra
Apr20

ICICI Bank launches ‘Tap n Pay’ in arrangement with Tech Mahindra

ICICI Bank, India’s largest private sector bank, in arrangement with Tech Mahindra Limited, announced the launch of a contactless payment service based on the Near Field Communications (NFC) technology. Christened, ‘Tap n Pay’, this innovative payment service enables anyone (account holder of ICICI Bank or not) to make over-the-counter payments without using cash. It allows users to just tap the NFC enabled tag or mobile phone at the...

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