Fintech and Banks Collaborating
- Traxpay and Deutsche Bank: Duetsche Bank last week announced that it the bank invested in a Frankfurt based Fintech – Traxpay, a financing platform offering solutions such as dynamic discounting and supply chain financing. The investment is a strategic one as as Deutsche Bank will now avail the platform’s technology to expand its supply chain finance offering. For Traxpay, this investment could lead to future collaboration with other banks.
- Synalogik and Natwest Group: Synalogik – a company providing Saas service through automation of compliance and regulation procedures in line with FCA guidelines, recently announced that Natwest Group was their latest customer to use the SCOUT platform. The Natwest Group which consist of Natwest Bank, Royal Bank of Scotland, Ulster Bank, etc will now use Scout across all their compliance teams to ensure enhanced security checks, due diligence and better risk assessment.
- National Bank of Pakistan and Codebase Technologies: National Bank of Pakistan recently upgraded its pool management system to Codebase Technologies’ DigiBancTM PoolSmart. The new PoolSmart ensures the digital transformation through enhance profit distribution, multi-currency management and data driven insights into customer portfolios.
- Bank of the West, a BNP Paribas subsidiary has partnered with 1% for the Planet to introduce a customer checking account in aide of climate change. The bank announced that the account is a first of its kind and will have “climate action features such as a carbon tracking tool, biodegradable card, and will donate 1% of account revenues to environmental non-profit partners of 1% for the Planet at no cost to customers.”
Fintech Growth in LATAM
- Fintech investment has seen exponential growth over the last three years and Latin America has been at the forefront of this. With a large, if not a majority population which is unbanked, the demand for digital transformation has grown leading to innovation and Fintech growth. However the lack of regulations and laws have been a pain point. Nonetheless the region has seen a surge in investments, with Brazil accounting for over 60% of investments in 2019.