This week in Fintech: TFT Bi-Weekly News Roundup 29/12

welcome to Fintech Times Bi-Weekly News Roundup Thursday, December 29, 2022!

Financing and investment

Blockchain payment company Centbee has closed its pre-Serie A round with entrepreneurs Calvin Ayre, founder of Ayre Ventures. Ayre Ventures also invested in Centbee in 2019. The investment will be used for scaling and growth as well as strengthening technical and operational capacity.

Manafa, a Saudi fintech, has closed its Series A funding of SAR 106 million to launch new products and expand its offering across various sectors. Manafa plans to turbocharge growth in the Kingdom, as well as expand the offer with the launch of more products and financing solutions. In addition, it plans to double the number of investors investing in previously inaccessible alternative asset classes.

TradeDog Groupthe parent company of TD VC, launches a $100 million Web3 ‘Special Situation’ Fund with $10 million in GP commitments. The fund focused on the development of Web3. It will also restructure and invest in projects with good products and businesses, but struggling token markets.

Jakarta-based fintech Akulaku has raised $200 million from a Japanese bank Mitsubishi UFJ Financial Group (MUFG). Akulaku, backed by China’s Alibaba Group, offers digital banking and buy-now-pay-later services. According to reports, MUFG is also planning to buy Japanese BNPL company Kanmu.

Company updates

Dubai Chamber of Commerce has launched a new Fintech & Payments Business Group which aims to bring together companies of all sizes in the fintech and payments sector to encourage collegial dialogue, advocate for policy change and promote the emirate as a highly competitive global commercial centre. The launch is part of the Chamber’s plans to increase the number of business groups representing economic sectors and activities in Dubai.

Meanwhile, the chamber has also launched a Cloud Computing Business Group. It also connects companies within the sector to encourage productive dialogue on ways to advance and embed cloud services across Dubai.

Emirates Global Aluminiuman industrial company in the UAE, has opened sustainable corporate bank accounts with Citi and Standard Chartered Bank. EGA is among the first in the region to choose the accounts, which ensure that cash holdings are used to finance or refinance sustainability progress elsewhere in the economy.

Singlife with Aviva is now known only as Singlife. The company was formed by a merger between insurtech startup Singlife and Aviva Singapore on 1 January 2022. The change will help cement the company as a Singapore-grown company.

Mergers and acquisitions

SALAMA is to snap up the insurance portfolio of Dubai Islamic Insurance and Reinsurance Company. SALAMA stands as the UAE’s largest Sharia’h compliant Takaful operator. The acquisition will strengthen SALAMA’s range of solutions and general competitiveness in terms of market share.

Cornerstone FSa cloud-based provider of international payments, sells its non-core subsidiary Avila house. The licensed small electronic money institution and software license agreement will generate £600,000 for Cornerstone in 2023. Cornerstone sells Avila House to Aspire Commerce.

Partnership

Nova banka has entered into cooperation with UnionPay to launch UnionPay’s virtual card solution in Bosnia and Herzegovina via TIZI wallet, a universal e-wallet that will make mobile contactless payment available on its Android app through host card emulation (HCE).

Fintech Global financial technology have signed an agreement with Visa. Following the agreement, GFT can issue Visa-branded physical and virtual cards. Called OM Pay, it is a PCI DSS certified product.

Cashless payments has entered into cooperation with Sony Entertainment Television and Sony LIV as payment partner for Shark Tank India season 2. It’s the second year in a row of partnering with the reality show, for aspiring entrepreneurs from India.

iDenfy, the start of the identity verification, has merged with Beera station, a self-pouring beer machine service provider. The new partnership helps Beera Station check shoppers’ age and verify their identity while ensuring fast service.

Meanwhile RuPay has entered into cooperation with JCB International and the National Payments Corporation of India (NPCI). JCB partners with NPCI to offer 40 percent cashback for RuPay JCB cardholders on in-store purchases in Thailand, Singapore and Bahrain.

DCM Swiss has merged with data platform Plato Data Intelligence. Through the partnership, the decentralized blockchain-powered platform’s partner brands will benefit from increased global reach. Both companies also plan to supply a wide range of embedded computing products.

Launcher

SimpliFi, a card-as-a-service (CaaS) platform in MENAP, has introduced multi-currency cards across the region. SimpliFi Multi-Currency allows businesses to issue cards in multiple currencies to match their spend with insight into how their cash flow movement is managed across currencies, while reducing currency losses and administrative costs.