HDFC Bank leans on Backbase for next-gen digital banking platform

Key Insights and Signals -Banking & Financial Services

HDFC Bank appoints Backbase to rev up its digital retail banking platform
This deal with Backbase will provide them with a more diverse digital infrastructure in line with consumer expectations and new regulatory requirements. Backbase is a fintech firm that provides digital architecture services and platform infrastructure for banks. Read More>>
BPER Bank chooses SAS to accelerate technological innovation
SAS Viya is specifically designed to provide easy access to data, statistics, and analytics tools, enabling productivity and collaboration across the organization. An ad hoc training program has been defined for all levels of the company, ensuring effective utilization of the technology by both existing and new users. Read More>>
Centre Setup and Expansion
HSBC Bangladesh launches new sub-branch in Tejgaon
The new sub-branch at 186 Bir Uttam Mir Shawkat Ali Road, Tejgaon, will cater to both retail and corporate customers. The sub-branch will operate under the Gulshan branch. Read More>>
KB and KCCI join hands to offer special loans to SMEs
KB Financial Group has teamed up Korea Chamber of Commerce and Industry to offer special loans to small and medium-sized enterprises that prioritize environmental, social, and corporate governance initiatives. The sustainability-linked loan program, valued at 500 billion won, is intended to encourage SMEs to strengthen their ESG management voluntarily. Read More>>
Standard Chartered teams up with Amundi on retail fund offering
The partnership is to develop and offer the Amundi Asia Funds – Signature CIO Funds to its retail clients. The funds have been constructed based on the views of Standard Chartered’s group chief investment officer and are aimed at offering sustainable risk-adjusted returns to investors. Read More>> utilizes the Mastercard partnership to bring real-time payments to the Asia Pacific
The company has expanded its partnership with Mastercard to offer Mastercard Send in the Asia Pacific region, beginning in Australia and Hong Kong later this year. The partnership will provide near-instant pay-out capabilities for fintech, banks, insurance companies, online marketplaces, and merchants processing instant refunds or settlements. Read More>>
Mergers and Acquisitions
Republic Bank completes acquisition of CBank
It has successfully merged with CBank and its subsidiary for USD 51 million in cash. The merger combines CBank’s commercial lending and private banking strengths with Republic’s capital and resources, benefiting their clients and associates. The merger increases Republic Bank’s banking centers to 7 in the Cincinnati area and 44 in 5 states, with combined assets of approximately USD 6.1 billion. Read More>>
Eurowag subsidiary completes USD 328.7 Mn acquisition of Inelo
The acquisition includes Inelo, a fleet management solutions and work time management provider in Poland and Slovenia. Eurowag, which processes toll and fuel payments for trucks across Europe, expects to add approximately 87,000 connected trucks through the acquisition. Read More>>
Executive Movements
TMX Group names Luc Bertrand as the new Board Chair, effective on May 2, 2023
Bertrand replaces Charles Winograd, who is retiring after serving as chair for more than a decade. Bertrand served in several senior positions, including president of the Montreal Stock Exchange, which is primarily a derivatives exchange. Read More>>
ICICI Prudential Life approves Anup Bagchi’s appointment as new MD & CEO
Bagchi, presently Executive Director of ICICI Bank and non-executive director of the life insurance company, will take over from incumbent MD & CEO NS Kannan in June. He has been appointed for a period of five consecutive years. Read More>>
Financial and Marker Activity
Swissquote reports a net profit fall of 19% in 2022
The company has reported its 2022 financial results with net revenue of USD 440 Mn and pre-tax profit of USD 201 Mn, consistent with preliminary figures. Despite a decrease in revenue, pre-tax profit only marginally decreased to 45.7%, and net profits declined by 18.6% to USD 169.8 Mn. Read More>>
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Latest Industry Insights from Draup Braindesk

Key Funding Alert

SoftBank-backed Lenskart raises USD 500 Mn from ADIA Report
SoftBank-backed Lenskart signs an agreement to raise USD 500 million from the Abu Dhabi Investment Authority. The fundraising was done at a USD 4.2 billion valuation and will result in ADIA becoming one of the largest shareholders in Lenskart with a 10 percent stake. ADIAs investment includes some secondary purchases of shares from some early backers of Lenskart. It has raised USD 1.5 billion to date in primary and secondary raises. Read More>>

Start-up Spotlight 

Company – SaveIN
Total Funding – USD 7.64 Mn
SaveIN is a healthcare fintech platform that helps Indians access quality healthcare across its network of clinics and wellness centers offering flexible payment plans. Read More>>

Latest Reports Published in Draup

First Republic Bank Account Intelligent Report
First Republic Bank focuses on expanding business initiatives and payment services to enhance wealth management. Read More>>
Mastercard Incorporated Account Intelligence Report
Mastercard focuses on implementing crypto trading capabilities and services to customers to extend safe, secure, and trusted services. Read More>>
State Employees’ Credit Union Account Intelligence Report
The company focuses on enhancing loan advances, personalized payment transactions, and strengthening online security to prevent vulnerabilities. Read More>>
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