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MAP FinTech launches AI-powered solution to boost anti-money laundering compliance

RegTech venture MAP FinTech has unveiled its latest solution to help financial services firms monitor and screen transactions in order to prevent money laundering.

Why cloud technology is key for digital platform speed and scalability

One of the key factors for companies in the digital age is ensuring that consumers can access their information quickly and efficiently. When these processes become too slow, this can have a damaging effect on the user experience.

What is the value of outsourcing regulatory reporting?

When it comes to key areas of the business, the regulatory reporting side may be one of if not the most key for long term operational sustainability.
FinTech revenues predicted to reach $1.5trn by 2030

FinTech revenues predicted to reach $1.5trn by 2030

FinTech revenues are set to grow sixfold from $245bn to $1.5trn by 2030, according to a report from Boston Consulting Group (BCG) and QED Investors. The report suggests that the FinTech sector, which currently holds a 2% share of the $12.5trn in global financial services revenue, is estimated to grow up to 7%. 
Capella Space Corp., an American space tech company, has announced a strategic partnership with Floodbase to enhance parametric flood insurance.

Capella Space and Floodbase partner to enhance parametric flood insurance

Capella Space Corp., an American space tech company, has announced a strategic partnership with Floodbase to enhance parametric flood insurance.

UK government launches review to ensure its finance sector stays strong after Brexit

With the official Brexit date just months away, the British government has just launched a review to see how the country’s financial services can remain resilient after the UK leaves the EU.

Israel-based OurCrowd scores $60m in capital injection from ORIX

Israel-based Online investment platform OurCrowd has scored $60m through an investment from Japanese financial services group ORIX Corporation.

Key trends in the insurance market for 2022

FinTech Global recently conducted an interview with data and analytics software firm, Quantexa to discuss key insurance market themes from this year and what the industry should look out for in 2022.
renminbi

What is the difference between onshore and offshore renminbi?

With China now being the world’s second largest economy, the renminbi has become a currency of great interest and value. What are the differences between onshore and offshore renminbi?
Payroc and Ingenico partner to revolutionise self-service payments with Self/3000

Payroc and Ingenico partner to revolutionise self-service payments with Self/3000

Payroc, a leading payments platform with over $80bn in annual volume for more than 151,000 merchants, has joined forces with Ingenico, a global leader in point-of-sale payment devices. Together, they're setting the stage for an evolution in unattended payment solutions.

News Stories

National Bank of Iraq empowers digital transformation with Temenos’ core banking system

National Bank of Iraq empowers digital transformation with Temenos’ core banking system

National Bank of Iraq (NBI), a significant component of the Capital Bank Group, has partnered with Temenos, a Swiss-based software company that specializes in banking and finance software, serving a global clientele with innovative FinTech solutions.
Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”

Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK

Flutterwave, Africa’s leading payments technology company, and Acquired.com, a specialist in payment processing, have entered into a strategic partnership.
Sublime Security secures $20m in Series A funding to enhance AI-powered email security

Sublime Security secures $20m in Series A funding to enhance AI-powered email security

Sublime Security, an AI-powered, programmable email security platform, has successfully raised $20m in a Series A funding round.
Canadian FinTech firm Qohash secures $17.4m for AI data security expansion

Canadian FinTech firm Qohash secures $17.4m for AI data security expansion

Qohash, a leader in data security software, today announced it has secured $17.4m in Series B funding.
Northern Arc secures $80m boost from IFC, enhancing financial inclusion in India

Northern Arc secures $80m boost from IFC, enhancing financial inclusion in India

Northern Arc, a diversified non-banking financial company (NBFC), proudly announces securing an investment of $80m from the International Finance Corporation (IFC), a member of the World Bank Group.

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