Upstart to provide AI lending technology for minority-owned Banks with new partnership
Key Insights and Signals in Banking & Financial Services
Deal Standard Chartered adopts Planview’s Portfolio Management Solution This deal offers teams at Standard Chartered the flexibility to manage projects across waterfall, agile, hybrid governance models while offering critical visibility and consolidated reporting to all levels of management. Read More>> State Bank of India chooses Intellect Wealth Qube for its digital wealth transformation The Bank was looking for a robust modular platform powered by predictive analytics, AI/ML with strong in-built regulatory controls across customers, banks, and markets. The digital platform will enable the Bank to provide its customers with a DIY wealth platform and deliver customer delight with the ability to keep adding new products and services quickly. Read More>>Partnerships Mastercard, Boost partner to expand digital services across SEA and South Asia The partnership also envisages the launch of SME financial products to expand the services currently offered to micro-merchants through the Boost Biz and Boost Credit platforms in Malaysia and Indonesia. One of the first products in the pipeline will be a Mastercard prepaid card that will complement the current offerings by Boost Life, Boost’s e-wallet business. Read More>> Upstart, National Bankers Association partner to provide AI lending technology for minority-owned Banks The partnership will offer MDIs advanced digital lending technology and the ability to offer smaller personal loans economically to their communities. Upstart will offer NBA members special implementation pricing, tailored volume minimums, and unit pricing on small loans. Read More>> UBS and iCapital Network deepen their strategic partnership Through this partnership, UBS GWM can benefit from iCapital’s technology and solutions, which digitize and automate the entire lifecycle of private market investments. The partnership aims to improve the Information and Analytics on Clients Private Market Investments in Switzerland and Asia. Read More>>Mergers and Acquisition Hungary’s OTP ramps up acquisition drive with Alpha Bank Albania deal OTP Bank Nyrt.’s acquisition of Alpha Services and Holdings SA’s Albanian unit is the latest step in the Hungary-based bank’s aggressive expansion strategy in Central and Eastern Europe. The deal values Alpha Bank Albania SHA at USD 62 Mn, or a price-to-book ratio of 0.74x. Alpha Bank Albania is the eighth largest lender in the country with a 5% share by assets. Read More>> Sampo plc to acquire full ownership in Hastings Sampo plc has signed an agreement with Rand Merchant Investment Holdings Limited (RMI) to acquire its ownership in Hastings. Sampo will pay USD 900 Mn for RMIs 30 percent minority interest in Hastings and the option held by RMI to acquire 10 percent of Hastings’ share capital from Sampo by May 2022. Read More>> Westpac to bolster digital offerings with MoneyBrilliant acquisition MoneyBrilliant is a budgeting and cashflow tool designed to help users manage their money by displaying financial accounts and insights in one place. Westpac plans to integrate MoneyBrilliant’s technology into its digital banking app. Read More>>Executive Movement Mastercard’s APAC Executive to take broader international portfolio Ling Hai, the Co-President of the Asia Pacific region of Mastercard Inc., will lead global markets for the American company as Co-President next year. The move is part of a series of leadership changes to realign the firm’s international operations. Read More>> Standard Chartered names MD for digital channels and data analytics The company appointed Kerry Wong as MD, Co-head of Asia, digital channels, and data analytics. She took up the new position in November 2021. Before this position, she was Managing Director, payment strategy lead, wealth, and personal banking at HSBC. Read More>> Marsh names a new Head of US, Canada specialty The company appointed Michelle Sartain, head of its U.S. financial and professional lines division, to lead its specialty business in the United States and Canada. The move comes about two weeks after the previous head of U.S. and Canada specialty, Pat Donnelly, was named president of Marsh U.S. and Canada in a wider management shakeup. Read More>>
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Latest Industry Insights from Draup Braindesk
Key BFSI Companies develop and utilize various cloud solutions through partnering with technology companies.
Rabobank migrated Massive Portal to Cloud Foundry and Microservices to utilize cloud-native technologies.
Mollie migrated its application services to Google Cloud for easy scaling and application stability. The migration simplifies the complex financial landscape by offering a payment service that accepts all primary payment methods.
Infosys signed a contract with ABN AMRO to accelerate its cloud and DevOps transformation journey. ABN AMRO Bank navigated to a single public cloud to deliver agility in business operations using its cloud and data management services of Infosys.
Mobile applications, digital channels, and process modernization enhance the customer experience across the industry.
Nordea selected Sprinklr, the Customer Experience Management (CXM) platform, to deliver a digital, personalized banking experience and improve sentiment tracking Nordic languages, providing answers the specific services (business loans) for customers.
Sydbank and its subsidiary Alm collaborated with Bankdata and launched the mobile bank with insurance products and introductory services for customers.
Key Funding Alert
Indonesian fintech Flip secures USD 48 Mn in Series B to support business expansion
The funding brings Flip’s total capital raised to USD 65 Mn. The startup plans to use the fresh capital to accelerate its business expansion further, strengthen its operations in Indonesia, advance technology and expand its engineering and product teams. Read more>>
Company – EquityBee Total Funding– USD 83.3 Mn About: EquityBee helps startup employees get the money they need to exercise their stock options before they expire. The platform links employees with investors to provide option-holders the funding they need to exercise their options and unlock the value of their equity. Read more>>
Latest Reports Published in Draup
Royal Bank of Canada Account Intelligence Report :Royal Bank of Canada utilizes Artificial Intelligence and IoT for real-time trade monitoring and mobile banking apps. It also focuses on developing customer support chatbots and email marketing automation to enhance customer experience. Read More>>
PNC Financial Services Group Account Intelligence Report: PNC Financial Services Group focuses on developing digital transformation and security solutions for expanding the business. Another focus area remains on enhancing retail banking, payment platforms, digital offerings, and gifting portals. Read More>>
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