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Payments Fintech Finserv to Allow Consumers to Share Data on their Digital Asset Holdings with Financial Insitutions

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Fiserv, Inc. (NASDAQ: FISV), a multinational provider of payments and financial services tech solutions, will allow customers to share data on their digital asset holdings with their Fintech app providers. Consumers will be able to share their data with various financial institutions, wealth management firms, and lenders. This will help with improving users’ money management and control as crypto-asset investing has almost achieved mainstream adoption.

This new capability will be enabled via the integration of AllData® Aggregation from Fiserv with Verady, a provider of crypto tax, accounting, and audit tech solutions. AllData Aggregation allows financial institutions, Fintech firms and other service providers to access data and carry out transactions across multiple apps. With these services, consumers are able to connect to their bank accounts, billing, card, mortgage and other data via the third parties they prefer to work with.

The integration is quite timely as around 46 million Americans reportedly own crypto-assets.

James Wester, Research Director at IDC’s Worldwide Blockchain Strategies, says that the gradual adoption of Bitcoin (BTC) and other cryptocurrencies by large corporations and financial institutions indicates that there’s a wider acceptance rate within financial services that will need support via an updated set of products.

Wester added:

“The inclusion of crypto-assets into standard account aggregation views is an early example of what is likely to be a proliferation of such crypto-driven services.”

Byron Vielehr, chief digital and data officer at Fiserv, remarked:

“Crypto-assets continue to grow in importance as they make their way into the portfolios of mainstream investors, who need and want to share asset information with their wealth managers, lenders, tax preparers and fintech apps. Now, in addition to the wide array of financial information we already aggregate, including bank account, bill payment and loan information, AllData Aggregation will provide ongoing visibility into cryptoasset investments, all through the aggregation platform these providers rely upon today.”

Kell Canty, CEO at Verady, stated:

“The integration of our Ledgible platform’s cryptoasset data capabilities into AllData Aggregation brings a singular solution to the industry. As this emerging asset class continues to rapidly expand in adoption and value, the number of people holding cryptoassets is exploding as well. It is critical to deliver the data consumers, financial advisors, and businesses need to actively manage these investments and report on their performance and tax.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176367-payments-fintech-finserv-to-allow-consumers-to-share-data-on-their-digital-asset-holdings-with-financial-insitutions/

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Singapore based Digital Wealth and Savings App Hugo Secures $2M via Seed Round from 1982 Ventures, Others

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Singapore-based Hugo, a digital wealth and savings app, recently revealed that they’ve acquired $2 million in capital via a seed round from 1982 Ventures, established family offices and angel investors.

With the proceeds from its investment round, Hugo stated that it will be introducing additional features to help clients with improving their budgeting, savings and achieving their investing goals so that the company can support the financial wellbeing of its customers.

David Fergusson, Chief Executive Officer and Co-Founder at Hugo, stated:

“Money is the biggest cause of stress and Covid-19 has only reinforced how financially unprepared most of us are. We are excited to introduce Hugo at a time when financial wellbeing has become so relevant.”

David has also mentioned that money fears are “most people’s principal cause of stress, and we talk about Wealthcare® as being the antidote to money fears.” So Hugo plans to create a simple user interface, and an intuitive engagement method for “getting people to, basically, look after their money as they spend it, look after their money as they budget with it, and look after their money as they save with it.”

Hugo has developed a unique feature, known as the Gold Vault, which makes investing in gold more convenient and accessible for everyone. Hugo clients are able to purchase or sell gold for as low as SGD 0.01.

Gold has traditionally been a core investment for the ultra-rich and provides safety and wealth preservation during times of high inflation and socioeconomic uncertainty.

Hugo’s Gold Vault is reportedly backed by physical gold that resides in an accredited LBMA (London Bullion Market Association) vault. The gold is insured by Lloyds of London, allowing investors to benefit from the same level of protections as more established hedge funds and private banking institutions.

Herston Powers, Managing Partner, of 1982 Ventures, remarked:

“Hugo is democratizing access to gold with a low fee product that is extremely thoughtful and approachable. Singapore is a perfect market to launch the next generation of digital banking and wealth solutions.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176928-singapore-based-digital-wealth-and-savings-app-hugo-secures-2m-via-seed-round-from-1982-ventures-others/

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Saudi Arabia based Fintech Tweeq, Provider of Spending Accounts for SMEs, Secures Investment from STV, Raed Ventures

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Saudi Arabia-based Tweeq, a provider of spending accounts for individuals and small businesses operating across the country, revealed that it has finalized an undisclosed seven-figure funding round, which has been co-led by STV and Raed Ventures.

As noted by the company’s management:

“Our mission is to help individuals and SMEs in MENA to manage their money better and meet their financial needs by building the best mobile-first spending account.”

Tweeq’s investment round has been finalized after the Fintech firm’s exclusive partnership with Mastercard and Paymentology. The company will use the proceeds to further enhance its product development efforts and prepare for its launch in Saudi Arabia, followed by the wider MENA region.

Established last year by a team of experienced banking and technology professionals, Tweeq will let its customers open a feature-rich spending account within seconds via their intuitive mobile app – where they may quickly start receiving and making payments. Users may also set monthly budgets and long-term financial and investing goals. Additionally, they can monitor and manage personal spending automatically across various categories.

Clients may join the waiting list right now simply by downloading Tweeq via the Apple and Google Play stores.

Saeed Albuhairi, Co-Founder and CEO at Tweeq, stated:

“Tweeq is aiming to provide an unparalleled customer experience and a better modern alternative to the traditional banking account. We are working hard to obtain the necessary licenses and approvals to conduct our business under the Saudi Central Bank (SAMA)’s supervision to achieve the Kingdom’s ambition of developing a diversified and effective financial sector.”

The financial services sector in Saudi Arabia is undergoing rapid digital transformation, a trend that has accelerated following the COVID-19 outbreak.

As covered last month, the Arab Monetary Fund, which aims to establish policies of Arab monetary cooperation and promote the development of Arab financial markets, launched “Finxar,” which is a regional Fintech index for tracking the development of the financial technology industry in Arab nations.

The update had revealed:

“The Kingdom of Saudi Arabia came in second place (after the UAE) with a rate of 65%, … for the development of the demand side and the availability of financing, due to the various initiatives sponsored by the authorities in assisting technology centers in supporting digital financial products and solutions in the Kingdom, and to enhance financial education. In addition to the various awareness programs, enabling the access to finance for small and medium enterprises. It also ranked third at the level of the leading indices of policies & regulations, financial market infrastructure, and talents.”

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Source: https://www.crowdfundinsider.com/2021/06/176938-saudi-arabia-based-fintech-tweeq-provider-of-spending-accounts-for-smes-secures-investment-from-stv-raed-ventures/

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Accenture Ventures Invests in Imburse, a Cloud enabled Payments as a Service Platform for Simplifying Global Digital Transactions

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Accenture (NYSE: ACN) has reportedly made an investment, via Accenture Ventures, into Imburse, a Cloud-powered, payments-as-a-service enterprise platform that aims to simplify the way businesses gain access to the international payments ecosystem.

Established in Zurich, Switzerland in 2018, Imburse works cooperatively with various insurers, banking institutions and other large firms to connect outdated legacy systems to the international payments ecosystem via a single connection using different APIs. Imburse works closely with several different multinational clients, which includes the Generali Group.

As firms continue to work through the complexity of digital disruption and the changing requirements of clients, payments interoperability is increasingly becoming a key part of firms’ overall digital transformation strategy.

Sulabh Agarwal, who’s responsible for leading Accenture’s Payments group internationally, stated:

“Payments systems at many companies are being stressed by changing consumer preferences – challenging them to offer the latest digital payment options while maintaining efficient operations. Imburse’s payments platform removes integration challenges and acts as the payments glue for organizations, fusing together all payments types including bank transfers, credit cards and digital wallets, to offer the customer seamless, quick and secure experiences.”

Imburse’s management noted that they’ll be joining Accenture Ventures’ Project Spotlight – an immersive engagement and investment program focused on linking emerging tech startups with the Global 2000 to fill innovation gaps.

Through the initiative, Imburse will also gain access to Accenture’s innovation network, and the chance to co-innovate with Accenture software developers, system architects and payments specialists.

Oliver Werneyer, CEO at Imburse, stated:

“We’re excited for Accenture to join our mission to make access to the global payments ecosystem easier for businesses, bringing deep industry expertise and thought leadership. Businesses around the world are under immense pressure to digitalize their payments systems and to exceed customer expectations – however the investment, time and resources required is, for many businesses, unjustifiable. Imburse and Accenture will work together to help businesses to fully optimize and future-proof their payment capabilities and leverage payments as a key strategic value driver.”

Tom Lounibos, MD at Accenture Ventures, remarked:

“Against a rapidly shifting global payments landscape, we see a huge opportunity for Imburse to add value for our clients and we’re excited to work with them to expand to new markets and scale to new industry verticals. Accenture Ventures’ investment in Imburse aligns with our commitment to solve some of the most critical business needs of our clients, which will only become more complex in the future.”

Pietro Carnevale, CEO of House of Insurtech Switzerland (HITS) AG of Generali Switzerland, added:

“The collaboration between HITS, Generali and Imburse helped us transform and digitize our payments processes in a cost effective manner, creating a better experience for our current and future customers. This is a great example of how startups and corporations can work together to solve the most pressing needs of the business. While Imburse is already working with insurers to help them update their payments processes, the startup will greatly benefit from the connections, network and industry expertise that Accenture will provide.”

Terms of the investment deal have not been shared publicly.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176941-accenture-ventures-invests-in-imburse-a-cloud-enabled-payments-as-a-service-platform-for-simplifying-global-digital-transactions/

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Digital Transformation Enabler Mobiquity to Expand Operations into APAC Region, Appoints New VP of Business Development Financial Services

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Mobiquity, a full-service digital transformation service provider, revealed that it has expanded its operations into the Asia-Pacific. The company’s APAC expansion will be supported by the appointment of ex- Microsoft and IBM Director, Gustavo Quiroga, who will be serving as Vice President of Business Development Financial Services, APAC.

The expansion of Mobiquity’s business into the Asia-Pacific area is also being supported by its existing customer base in Banking and Financial Services. Recently, Mobiquity received a Global Banking and Finance Award for its ongoing work with Bank of the Philippine Islands (BPI) – (focused on creating a virtual banking experience for the institution’s online and mobile services).

Working out of the company offices in Sydney, Australia, Quiroga will be tasked with expanding  Mobiquity’s global presence. He’ll be working closely with clients across Australia, Singapore, Vietnam and the Philippines.

With industry experience at Microsoft and IBM, Quiroga has been responsible for managing and developing technology, business and customer experience initiatives. His recent appointment is testament to the firm’s consistent growth strategy and goal of offering all-digital products and services that serve a purpose.

Gustavo Quiroga, Vice President of Business Development Financial Services, APAC, Mobiquity stated:

“I’m delighted to join Mobiquity and support the company’s rapid expansion across the Asia-Pacific region. I joined Mobiquity to develop, design and implement digital products and services that create meaningful experiences with customers. Giving customers a ‘Wow’ moment is what drives me, and I look forward to using my expertise to develop partnerships where we can achieve this every day.”

Matthew Williamson, Vice President of Global Financial Services, Mobiquity, remarked:

“Our appointment of Gustavo demonstrates Mobiquity’s commitment to hiring an a-list team of talent that have far reaching industry expertise. Over the last 6 months we’ve hired over 100 people, including the recent high profile appointments of Howard Moore, Senior Director of Digital Banking and Ruby Walia, Senior Advisor for Digital Banking, North America. The latest addition to the Mobiquity team supports our vision of global growth in Asia-Pacific, as a recognized partner within the banking and finance ecosystem.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176939-digital-transformation-enabler-mobiquity-to-expand-operations-into-apac-region-appoints-new-vp-of-business-development-financial-services/

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