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Pecunpay launches FINTANK, its “Fintech Builder” for innovation in digital payment methods

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Pecunpay launches FINTANK, its

FINTANK is a laboratory for innovation in payment methods and neobanks.

 Elbio Nielsen and Ignacio Santos (Fazil Pay) are in charge of leading the digital payment innovation hub.

The project already has three major projects that will come into existence in the upcoming months, the first being Fazil Pay, which is in the beginning of its commercialization phase.

 

The Spanish fintech Pecunpay, trademark of the E-money institution Pecunia Cards EDE, which is specialized in innovative payment solutions and E-money processing, has just launched FINTANK, the innovation center for digital payment methods.

FINTANK is the fintech builder of Pecunpay, a laboratory for innovation in payment methods and neobanks. It was created with the aim of finding business models in the new financial industry, focused on making viable and efficient business models that come out of the “tank”.

The project is led by Elbio Nielsen and Ignacio Santos, co-founders of Fazil Pay, and will have its own structure. Their experience starts with their journey in disruptive projects based on data intelligence, service design and agile methodologies. They both come from different industries where their learning was based on finding solutions to future problems. Their careers have been linked to companies in constant growth and important innovation in hybrid fields. In addition to this, they both share a passion for biohacking and disruptive technology.

The fintech innovation tank is located in Pecunpay’s offices in the centre of Madrid. Two floors dedicated to finding hacks to improve the user’s experience and new hardware and software developments. The open source mindset encourages entrepreneurs from all over Spain to share ideas and ideation processes for future projects, promoting daily stimulation while eating some fruit and playing pin pong.

 Fazil Pay, the first neobank to emerge from FINTANK

The first neobank to emerge from these dynamics is Fazil pay, focused on the new generations. A 100% digital wallet on the mobile phone through which, for every euro spent by the user, a tree will be planted or a kilo of plastic will be collected from the beaches.

Fazil Pay has a store with more than a dozen financial products in just one click, aiming towards the world of decentralised finance. They are currently working on a project in the hardware environment that will give rise to a debate in the upcoming months.

Elbio Nielsen explains how the idea of creating FINTANK emerged: “Since the beginning of our neobank Fazil, we have been focused on disruptive innovation, we started analysing technologies that seemed like science fiction and today they are already a reality. From day one, Antonio García Cruz, CEO of Pecunpay, encouraged us to strive to break the limits, and soon after we were integrating 100% with Pecunpay, which defines our strong business relationship. The natural objective is very clear: that the mother of the Spanish neobanks has its own innovation hub, -for us the tank– where we evaluate and debate hypotheses to immediately validate solutions. We want to create advanced products that are able to understand users in their constant evolution, something that traditional banks have already lost. Our innovation ratio is very high and we are going to implement it with our focus on Fazil Pay to make the business model viable as soon as possible.”

This is a further step for Pecunpay in its strategy to position itself as a leading issuer in the fintech ecosystem, enriching its innovation and service offering for its issuing customers.

Since Pecunpay and VISA announced their direct connection alliance last year, they have been very active in the creation of new products such as POROS (Virtual Card Issuing Platform), the launch of Xpays for Apple Pay and Google Pay, the launch of Mastercard-branded issuance programmes, etc.

For Ángel Alonso, CMO of Pecunpay, “having Elbio and Ignacio leading FINTANK is a very important qualitative leap for us. They are very close to the end user, they know very well what users need and how they want it, and they certainly know how to get it to them. Therefore, that knowledge and experience is going to improve our service offer for the rest of our customers through new products and better functionalities.”

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Source: https://www.fintechnews.org/pecunpay-launches-fintank-its-fintech-builder-for-innovation-in-digital-payment-methods/

Fintech

BGL releases investment portfolio solution Simple Invest 360

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BGL Corporate Solutions, Australia’s leading supplier of SMSF administration and ASIC company compliance solutions, announces the release of its new investment portfolio solution, Simple Invest 360.

This newest addition to BGL Product Suite provides a portfolio management solution for trusts, companies and individuals. The kind of efficiency we’ve seen clients achieve in their SMSF processing with Simple Fund 360, can now be achieved for trusts, companies and individuals. Simple Invest 360 uses the same award-winning proven technology that powers Simple Fund 360, Australia’s #1 SMSF administration solution.

“I am incredibly proud to be in a position where we can now offer 3 incredible cloud based solutions to our clients,” writes BGL’s Managing Director, Ron Lesh. “We’ve built a reputation for offering market leading solutions for SMSF Administration and ASIC Corporate Compliance, so to have a third product, complementary product is a really great achievement by the team.”

“We have been testing Simple Fund 360 and getting client feedback for over 6 months,” added Lesh. “And as we speak, there are over 30,000 portfolios loaded on the Simple Invest 360 – 5 free portfolios for each of our  6.000+ Simple Fund 360 clients. Our BETA finished with over 3,000 portfolios loaded onto Simple Invest 360.”

Simple Invest 360 provides a comprehensive portfolio solution with smart CGT based to handle all different investment asset types in one unified solution. Be it listed or unlisted securities, ETFs, property trusts, wrap accounts, crypto currencies or direct property, Simple Invest 360 can handle it all. The software automates all tedious CGT record-keeping as well as providing simple and financial and tax reporting saving time and money no matter what the tax structure – trusts, companies or partnerships or individuals.

Simple Invest 360 is fully integrated with CAS 360 and Simple Fund 360 as well as providing integrated accounting workpapers, digital signing, over 350 data feeds, registry integration and BGL SmartDocs – our industry leading paper to data solution. “The power of our three fully integrated BGL solutions together is a game changer!” said Lesh.

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Source: https://australianfintech.com.au/bgl-releases-investment-portfolio-solution-simple-invest-360/

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True Cost of Financial Crime Compliance Global Report Reveals that Costs Reached $213.9 Billion in 2021

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LexisNexis Risk Solutions, a global data and analytics firm, has published its annual True Cost of Financial Crime Compliance Global Report.

The results shared in the new report have been prepared after conducting an extensive survey of 1,015 financial crime compliance decision-makers at established financial institutions such as banks, investment companies, funds managers, and insurers.

The expected total cost of financial crime compliance across various financial institutions reached $213.9 billion this year, exceeding the $180.9 billion reported during 2020. Most of the considerable YoY increase is due to financial activities taking place in Western Europe and the US.

The key decision-makers who participated in the research study are responsible for managing financial crime compliance procedures like sanctions monitoring, know your customer (KYC) remediation, anti-money laundering (AML) and transaction monitoring.

The main findings from the LexisNexis report are shared below:

Western Countries Continue to Spend Highest on Compliance – Western European countries and the United States (together) accounted for 82.7% of global total estimated costs.

Germany and the US reportedly cover or account for the majority of cost increases at $9.6 billion and $8.8 billion respectively. Germany notably outsized all other nations by a significant amount.

Mid to large financial institutions / service providers have been leading this growth where all regions, with the exception of the Middle East and South Africa, reported double-digit percentage growth in costs related to ensuring compliance.

Less Consensus on Operational Challenges – During the past several years, there has been general consensus on the top-ranked compliance issues within financial institutions. But there was considerably less uniformity in 2021’s survey.

Customer risk profiling, sanctions screening, regulatory reporting, identifying politically exposed persons (PEPs), KYC for account onboarding and efficient alerts resolution have been similarly ranked as significant challenges.

Different regions reported varying degrees to which particular challenges are more serious, however, less consensus was seen on the top or main challenges to compliance.

Pandemic Impact – The COVID-19 crisis has reportedly left a major imprint on compliance officials and their departments, which has made existing issues even worse and has also contributed to a rise in time and funds required to ensure due diligence.

Mid and large companies based in Canada and the United States and certain areas in Latin America (LatAm) reported considerable COVID-related expense increases.

The main operational challenges became even more prominent or significant in these particular markets since awareness about the pandemic became more widespread. The report from LexisNexis reveals that there’s been increased alert volumes and suspicious transactions, inefficiencies with alert resolution and due diligence, significantly more manual work required and limitations with proper risk profiling/sanctions screening/PEP identification.

Technology Investment Leads to Better Outcomes – Financial institutions adopting and implementing tech solutions to ensure financial crime compliance have generally been more prepared and less affected overall by rising regulatory requirements and the pandemiic.

When compared to companies that channeled considerably more of their yearly compliance costs to labor, those that set aside costs more toward tech are now reporting smaller YoY financial crime compliance operations cost increases, reduced overall costs per full-time worker and fewer COVID-related issues.

Leslie Bailey, VP, Financial Crime Compliance for LexisNexis Risk Solutions, stated:

“Criminals will never cease to become more sophisticated, but a multi-layered solution approach to financial crime compliance can facilitate a more cost-effective, efficient compliance approach, as well as one that benefits the larger organization. Financial institutions should investigate both the physical and digital identity attributes of their customers, leveraging data analytics to assess risks and behaviors in real time.”

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Source: https://www.crowdfundinsider.com/2021/06/176559-true-cost-of-financial-crime-compliance-global-report-reveals-that-costs-reached-213-9-billion-in-2021/

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Wealthtech Firm Endowus Hires Veteran Banker as Its Chief Advisory Officer

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Singapore-based digital wealth advisor Endowus has announced the appointment of Wei Mei Tan as Chief Advisory Officer.

In her new role, Wei Mei will drive strategic initiatives to accelerate Endowus’ growth trajectory and provide leadership in curating the advisory and investment solutions delivered to clients across all segments.

As a member of Endowus’ Investment Committee, Wei Mei will also be responsible for building portfolio strategies and fund selection.

Endowus_Wei Mei Tan

Wei Mei Tan

With over 20 years of financial markets experience, Wei Mei brings to Endowus an extensive background in building digital advisory platforms and investment strategies, having held senior leadership roles at top-tier private banks.

She was most recently a Managing Director at Deutsche Bank as the Global Co-Head of Advisory & Investment Solutions, where she was responsible for building the bank’s dbXpert wealth advisory platform.

At Credit Suisse, Wei Mei was the APAC Head of Portfolio Solutions and successfully launched CS Invest. Wei Mei also spent 6 years at UBS Wealth Management where she was the APAC Head of Mandate Specialists, advising ultra-high net worth clients on asset allocation and portfolio construction.

Wei Mei is a graduate of Harvard Business School and Nanyang Technological University. She is a Temasek scholar and holds Chartered Financial Analyst (CFA), Chartered Accountant (CA), and Chartered Alternative Investment Analyst (CAIA) designations.

She is also an adjunct lecturer at Nanyang Technological University.

This news comes on the heels of their recent S$23 million fundraise by Lightspeed Venture Partners and Softbank Ventures Asia.

Samuel Rhee

Samuel Rhee, Chairman and Chief Investment Officer at Endowus said,

“As an industry veteran, I believe her wealth of experience in client advisory and investment solutions will be essential in our next stage of growth and in meeting the needs of our clients.

Endowus is expanding its range of client solutions and bringing onboard new best-in-class fund products across various asset classes, and Wei Mei’s expertise will contribute to our clients finding more solutions suitable to their investment needs.”

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Source: https://fintechnews.sg/51780/wealthtech/wealthtech-firm-endowus-hires-veteran-banker-as-its-chief-advisory-officer/

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London’s DNA Payments Group Enters £100M Deal with Alchemy Partners

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London-based DNA Payments Group, the fast-growing “vertically integrated” payments firm, has entered a £100 million deal with Alchemy Partners (Alchemy).

With an operations based hub in Kent, DNA presently serves more than 45,000 merchants including established online and offline retailers to SMEs, offering them with  70,000+ terminals which make “over 20 million transactions worth over £600m a month.”

As mentioned in a release, DNA is one of just a few players in the United Kingdom and Europe with fully Cloud enabled omni-channel payment processing capabilities, and also “provides a variety of SaaS and PaaS solutions to major global acquirers and payment schemes.”

The investment by Alchemy “sees DNA well positioned to benefit from the strong market opportunity, with the UK beginning to see signs of a recovery from the Covid-19 pandemic,” the announcement noted.

Arif Babayev and Nurlan Zhagiparov, the founders of DNA, stated:

“Alchemy’s investment marks a historic day for DNA and is a huge endorsement of our company and our technology. We have been looking for the right partner with the right ethos, vision and experience and we are lucky to have found this partnership with Alchemy.”

The past year has been quite challenging for businesses, and at DNA they have been “fully dedicated to helping [their] customers manage through the pandemic,” the firm’s management noted while adding that during the last few months DNA has expanded its digital commerce solutions and payment methods, “providing merchants with Pay by Link, Checkout v3, ApplePay, Pay by Bank, PayPal, Open Banking and many other new capabilities.”

As noted in the update:

“This transaction will allow us to accelerate our growth, helping more merchants accept payments quickly and easily, both in-store and online. Our technology and vertical integration give us an unparalleled advantage in servicing our partners and customers, but also provide a great foundation for bolt-on acquisitions.”

This investment will allow us to further improve our product offering and continue with our business strategy of making key acquisitions to grow our presence “not only in the UK but also internationally,” the firm’s management added while pointing out that they have “more than doubled [their] estate size and turnover in the past 18 months.”

Toby Westcott, Partner at Alchemy Partners, remarked:

“We are delighted to be partnering with DNA. Alchemy is always looking for opportunities to partner with talented business founders and uncover attractive investments that others may not be able to access.”

Wescott also mentioned:

“We are focused on helping companies grow and develop, and having worked closely with both Arif and Nurlan during this extraordinary period caused by the Covid 19 pandemic, it was clear that DNA and Alchemy’s goals, missions and values were closely aligned. Merchants’ increasing need for omni-channel payments solutions combined with the strength of DNA’s product proposition creates a compelling investment opportunity and we are excited to join DNA on its journey to build a leading payments business in the UK and expand into Europe.”

DNA Payments was advised by Proskauer, Houlihan Lokey and EY and Alchemy was advised by Macfarlanes and PwC on this transaction.

Launched in 1997, Alchemy aims to target key opportunities across Europe to team up with and work with management teams, assisting them with creating value by addressing problems, helping “take difficult decisions and driving through change.”

Since introducing its services, Alchemy has finalized more than 190 transactions, investing  £4 billion+ into firms and organizations based in 14 different countries.

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Source: https://www.crowdfundinsider.com/2021/06/176583-londons-dna-payments-group-enters-100m-deal-with-alchemy-partners/

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