This week in BFS: NCB, Samba complete largest banking merger in Saudi Arabia
Latest Industry Insights from Draup Braindesk
BFS companies use AI to develop digital platforms and software to automate all banking processes and secure data.
Wells Fargo partnered with Bill.com to introduce Bill Manager to automate and simplify the accounts payable and receivable process for small to midsize businesses.
Rabobank partnered with Brilliance Financial technology to optimize and digitize its dynamic pricing strategy. This partnership aims to digitize Rabobank’s pricing and pricing approval workflow and integrate it into its ecosystem.
BFS Companies focus on designing mobile applications to enhance customer UX and customer support for financial contact management.
PayPal partners with U.S. banks to make it easier for customers to link their credit cards to the PayPal wallet. This partnership will give joint customers a seamless and secure way to pay for purchases.
Goldman Sachs partnered with GTreasury to Streamline Global Payments with a new solution to offer simple and more transparent B2B payments both at home and internationally.
Latest Reports Published in Draup
Prudential plc Account Intelligence Report: Prudential PLC is committed to developing new financial solutions that are centered around expanding digital infrastructure to customer UX. Read More>>
Morgan Stanley Account Intelligence Report: Morgan Stanley is keen on enhancing its banking operations using AI, cloud, computer vision for account safeguarding and financial planning. Read More>>
Key Funding Alert
Crypto investment platform Unchained Capital bags $5.5m funding
The new investment round will be used to institutionalize Unchained’s platform and further expand its reach among crypto enthusiasts, it said. Read more>>
Company – Truebill HQ Location – San Francisco Bay Area, USA Total Funding – USD 38.9 Mn About: Truebill enables users to manage their personal finances and improve their financial health. It is a platform that allows users to find, track, and manage their subscription services and recurring bills. Read more>>
Key Insights and Signals in Banking & Financial Services
Mergers and Acquisitions NCB, Samba complete largest banking merger in Saudi Arabia With the finalization of the merger, the Public Investment Fund, the kingdom’s sovereign investment arm, has become the biggest shareholder in the new lender with a 37.2 per cent stake. Read More>> Genstar Capital completes sale of worldwide facilities to Amwins Group The Worldwide team, led by Davis Moore, will join the Amwins’ leadership team, while Ryan Clark of Genstar will join Amwins’ Board of Directors. Read More>> Marsh & McLennan agency acquires PayneWest Insurance PayneWest will further enhance MMA’s geographic footprint and ability to serve midsize businesses and individuals across the US. Read More>> Partners Group’s US$250 million acquisition of equity stake in Ecom Express Ecom Express is one of the largest providers of technology-enabled end-to-end logistics solutions to the Indian e-commerce industry. Read More>>Partnerships Mobisafar partners with YES Bank, NPCI to launch Virtual RuPay Prepaid Card The ‘Mobisafar Virtual RuPay Prepaid Card’ provides convenient access to wallet through a mobile app and desktop with a reloadable limit. Read More>> MasterCard partners with Doordash, Hello Fresh to offer new deals for select card members A DashPass membership makes it easy and affordable for MasterCard users to enjoy the best of their neighborhoods, from restaurant meals to essential household, convenience, and grocery items, to specialty shops and healthcare necessities. Read More>> Marqeta joins Mastercard’s “Fintech Express” program Marqeta and Mastercard announced the expansion of their strategic global partnership to reach out to new regions, provide access to new products, and jointly launch additional payment card programs. Read More>> Emburse and Mastercard Partner to Help Financial Institutions Deliver Robust Corporate Expense Management Capabilities Mastercard-issuing FIs can now offer a custom-branded version of Emburse and deliver an integrated solution that empowers corporate clients to easily capture, verify and reconcile card spend. Read More>>Executive Movement Bank of Ireland appoints Tony Morley as group treasurer Mr Morley has held several senior roles since rejoining the bank in 2013 from BDO Ireland, and most recently served as head of group balance sheet management. He previously worked for the bank between 1993 and 2005, before working in the private clients division of Davy. Read More>> Saudi National Bank names Khudairy as chairman following NCB-SAMBA merger Khudairy will replace Saeed Mohammed Alghamdi, who was earlier named as managing director and CEO of Saudi Arabia’s biggest lender. Read More>> UMB Names 1st Chief Diversity, Equity, and Inclusion Officer Diane Forbes Berthoud will assume the position as Chief Diversity, Equity, and Inclusion Officer from July 1, reporting directly to the president. Read More>>
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