With the goal of improving financial inclusion across Africa and Asia, SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, has partnered with NEXT176, the venture-building and investment arm of Old Mutual, a Pan-African financial services group.

By merging SC Ventures backed Autumn, a financial goals and wealth planning app that was incubated in Singapore; and NEXT176 backed 22seven, a budget aggregation and tracking app based in South Africa, the two firms have formed a new inclusive wealth management platform. Said platform will bring simple, affordable, AI-led and also Shariah-compliant wealth management solutions to users in the Middle East, Africa and beyond.

Additionally, the platform will be headquartered in the United Arab Emirates (UAE), the Middle East’s financial hub. From there, it is expected to provide access to advanced budgeting, savings, and investment solutions. This will impact users in the Middle East, Africa, and Southeast Asia regions. In turn, a long-lasting positive impact for future generations will also be created.

“The UAE and the Middle East are emerging as one of the leading destinations for wealth management globally — whether it’s high net worth income population, Millennials, or Gen Z — there is demand for technologically advanced and highly-customised wealth management tools supported by ongoing financial education,” said Benito Mable, venture and strategic partnerships lead based in the UAE, SC Ventures.

“The assets under management (AUM) in the Middle East rose 16 per cent to $1.2trillion in 2022, according to BCG. The region is expected to grow further and remain the fourth-largest wealth hub in the world making UAE a perfect market for our base.”

Democratising wealth management 

The merger, subject to required approvals, is expected to close in Q2 2024. It will create a holistic financial wellness platform aimed at democratising wealth management. An estimated $2.4 trillion of investable wealth is held on the African continent; according to the Africa Wealth report 2023 published by Henley & Partners.

Wealth management remains generally exclusive to High-Net-Worth Individuals with at least $1million in liquid assets, who can access private banks and advisor networks. The average individual lacks access to tools and products to plan, grow and protect their wealth.

“At SC Ventures, we believe strongly in improving access to financial services through a combination of literacy and digital-first platforms. This partnership is a strong example and will contribute to rewiring the DNA in Banking and financial services in our communities,” said Alex Manson, who leads SC Ventures. “In NEXT176, we found a strategic partner with a shared vision to democratise wealth management. Additionally, we are looking forward to an impactful venture that will help its clients take ownership of their financial future.”

“This is a significant milestone for 22seven. It also aligns with NEXT176’s aspiration of positively impacting a billion lives with a product that gives impactful insights into their financial lives across our key geographies on the African continent, and extending to Southeast Asia and the Middle East,” said Vuyo Mpako, managing director, NEXT176. “We believe that this merger will further enhance collaboration opportunities between SCV and NEXT176.”

African Export-Import Bank (Afreximbank) has partnered with Nigeria-based financial institution Sterling Bank to launch its supply chain finance product ‘Payables Finance’ across Nigeria.

Under this arrangement, Afreximbank will provide financing to corporates and banks in US Dollars and Euros, while Sterling Bank will manage financing in Nigeria.

Payables Finance enables suppliers to access financing from the banking system by obtaining early payment for invoices which have been approved for payment by their corporate buyers.

Buyers continue to receive trade credit from the suppliers, and the suppliers finance their working capital through the early payment received, enabling them to grow their business. The financing cost is linked to the credit rating of the corporate buyers, thereby making this product particularly valuable for SME suppliers who may face challenges in accessing bank finance at competitive pricing.

The supply chain finance product, branded ‘Afreximbank Tradelink’, is one of the bank’s digital offerings under the umbrella of the Africa Trade Gateway (ATG). ATG provides African corporates and commercial banks with relevant digital tools to access market information, connect with buyers and sellers across the continent for efficient marketing and procurement, facilitate Know Your Customer (KYC) processes, and promote trade payments between African countries in local currencies.

Chukwuka Onuaguluchi, ecosystem banking head at Sterling Bank, said: “Sterling Bank is committed to meeting the trade finance needs of Nigerian corporates and their suppliers and we are proud to introduce this much-needed product in partnership with Afreximbank for the benefit of Nigerian businesses.”

‘Improving access to trade finance in Africa’

Haytham ElMaayergi, executive vice president of Afreximbank Global Trade Bank, welcomes the launch as another milestone in realising the Bank’s vision of transforming Africa’s trade: “Afreximbank identified supply chain finance as a solution for improving access to trade finance in Africa and embarked on a journey to increase penetration through financial intervention and capacity building.

“The Bank’s Factoring Working Group has done extremely well to provide lines of credit to support factoring and has actively promoted factoring across the continent in collaboration with other institutions.

“African businesses now have the opportunity to harness the potential of this product, which has been widely adopted globally, at an accelerated pace by learning from the experiences of other regions and using the latest technologies which have been developed.”

Afreximbank also plans to engage in similar partnerships in other parts of Africa to expand local currency financing capability across the continent in a phased manner. Adoption of the product will be supported by capacity-building events to increase awareness of supply chain finance and its benefits.

Gwen Mwaba, director and global head of trade finance at Afreximbank, also added: “The launch in Nigeria is a first step in Afreximbank’s plans to introduce Payables Finance across Africa in partnership with leading African financial institutions. The product will contribute towards the achievement of the Bank’s strategic objective of reducing the trade finance gap in Africa, particularly for the SMEs segment.”

Paymentology, a global issuer-processor, has partnered with Rain, a corporate spend management platform, to accelerate the digital asset business market in the Caribbean and Latin America.

Together, Paymentology and Rain have launched a new payment solution that allows companies to instantly spend their digital assets. This is made possible by Rain’s settlement technology and on-chain infrastructure, in conjunction with the support of Paymentology’s proven next-generation solutions.

Founded in 2021, Rain has emerged as a go-to platform for Web3 entities. It’s designed to accommodate the unique governance and operation models of Web3 teams. All the while, it allows them to take advantage of fiat interoperability and payment acceptance at merchants across the globe.

Paymentology is Rain’s issuer processing partner, and its cloud-first card issuing and analytics platform is powering Rain’s physical and virtual Visa credit cards. These cards play a pivotal role in enabling the integration of digital assets within the fiat ecosystem.

Initially focusing on the Latin America and Caribbean (LAC) region, Rain intends to expand further afield into other regions. This will be made possible thanks to Paymentology’s API-first approach which enables global expansion. Rain’s vision is to become the go-to spend management platform for Web3 teams worldwide.

Capitalising at the right time

This announcement comes as the crypto market continues to surge. Especially within Latin America, as it is experiencing an unprecedented boom in digital currency adoption. In 2022, Latin America accounted for 9.1 per cent of the global crypto value received. This amounted to $562billion between July 2021 and June 2022, marking an impressive 40 per cent growth during this period.

Farooq Malik, co-founder of Rain, commented on the announcement: “At Rain, we take immense pride in being the pioneers of a solution that combines on-chain infrastructure and interoperability with fiat rails for the digital asset ecosystem. Our collaboration with Paymentology has enabled us to service some of the largest teams within the Web3 ecosystem. With the support of Paymentology’s reliable solutions, we’re excited to offer our solutions to our valued customers.”

Alejandro Del Rio, regional director for LatAm at Paymentology, added: “With around 70 per cent of the population in Latin America considered unbanked or underbanked, it comes as no surprise that crypto adoption has surged in this region. We are delighted to achieve this industry-first milestone with Rain. We look forward to achieving many more milestones for the Latam fintech industry, and beyond.”

As it gears up for another year, Fintech Week London, the premier event celebrating innovation in the fintech industry, is joining forces with SafeSpace Plus, to create a safer and more inclusive environment for its attendees.

By partnering with SafeSpace Plus, Fintech Week London hopes to enable comfortable participation for all individuals through a conference-wide Code of Conduct. This Code requires all participants, partners and speakers to consciously commit to psychological and physical safety for all attendees, ensuring that each individual can participate fully in an environment where differences are embraced.

Developed by The Inclusion Plus Institute, SafeSpace Plus provides a comprehensive framework for building effortless, safe, and inclusive environments. It explained that its Code of Conduct incident reporting tools and participant support enable organisations to instil a culture which embraces diversity, nurtures trust, and fosters psychological safety, proving to increase engagement across events by up to 76 per cent.

Fintech Week London is set to return for a fourth consecutive year of highlighting and celebrating the innovative fintech scene in the capital, including its flagship conference on Thursday 13 June.

Around four in 10 female keynote speakers at tech conferences reported instances of sexual harassment; according to recent research from Esono via SafeSpace Plus. While Fintech Week London has not experienced any of these reports at its previous events, the statistic spotlights the inequalities that continue to plague the events industry and reveals the growing need for a focus on fostering safe and inclusive environments at events as we advance.

All attendees at the upcoming Fintech Week London event will be required to sign the Code of Conduct. Backed by a clear policy of repercussions should anyone breach the agreement, the event will utilise the reporting tool designed by SafeSpace Plus to enable attendees to formally and anonymously report these incidents.

Backing diversity, equity and inclusion

Joanne Dewar, founder of Project Nemo, a campaign connecting disability inclusion experts with business decision-makers within fintech, commented: “This partnership not only marks a significant step towards a more inclusive industry, but also underlines the critical role that diverse perspectives play in driving forward the financial technology sector.

“Diversity and inclusion goes further than just discussing race, gender, sexuality and some of the other more heavily discussed inequalities. Through this partnership, Fintech Week London is fostering an environment where every voice is heard and valued, especially the ‘1 in 5’ individuals living with a disability in the UK.

“We’re not just shaping a more inclusive fintech community, but also ensuring that our sector remains at the cutting edge of innovation, redirecting the course of diversity, inclusion, and accessibility.”

Raf De Kimpe, CEO of Fintech Week London, also explained the importance of the move: “We pride ourselves on curating the very best fintech content every year, provided and consumed by a diverse network of exhibitors, speakers, and attendees.

“Without these strong and innovative minds, who hail from a variety of backgrounds, Fintech Week London simply would not be able to deliver on the broader topics within our industry, which so many attendees come to the show to learn about.

“We’ve been vocal about the inequality in gender and pay gap that still exists in the finance industry and made sure we did our part on and off stage. With this partnership, we are taking action and not only creating a diverse event, but also making sure we’re creating a space where everyone feels safe and included. We hope we inspire other corporate events to follow suit.”

Payop, an international payment processor and a payment aggregator, has partnered with Tink, a market-leading payment services and data enrichment platform, enabling it to add ‘Pay by Bank’ to its checkout options.

Payop is now live with the Tink Pay by Bank solution for merchant checkouts, which has already enjoyed noteworthy growth. The amount of executed payments more than doubled between January and December 2023.

Anastasiia Semenkova, CEO at Payop, explained the decision to implement the open banking solution: “When we decided to test open banking technology for e-commerce payments, our choice fell on Tink. We considered many providers but were impressed by Tink’s product offering and consumer-centric approach.

“Going into this, we were already positive about the future partnership, but in practice, it turned out to be much more than we expected. Tink showed us the potential of an open banking technology, providing secure payments that can be done in three clicks.”

Payop works with a variety of merchants from small e-commerce stores to large enterprises, offering a unique checkout solution with numerous payment solutions.

Payop and Tink hope to promote and grow the adoption of this payment method across Europe through this collaboration. Pay by Bank is available for Payop merchants across Europe including France, Germany, Netherlands, Spain and the UK.

Semenkova added: “The European market is very competitive. There are many payment options available in each country. But once consumers try Pay by Bank, we find that they don’t go back to other methods. The increase in adoption of Pay by Bank that we are seeing at Payop would be impossible without a stable and reliable partner. For us, it’s Tink. Tink maintains a high-quality API and keeps adding new banks and countries to its coverage.”

Pay by Bank

Pay by Bank is an online payment method that lets consumers purchase goods and services by initiating payments directly from their bank account to the seller’s account.

This account-to-account payment method provides a secure and streamlined experience, at a low cost, enabling merchants to differentiate themselves from the competition.

Ian Morrin, head of payments and platforms at Tink, also added: “We’ve already seen impressive volume growth in our collaboration with Payop, and we are proud to support them in their Pay by Bank solution. Pay by Bank complements the current payments ecosystem.

“It’s not just about creating another choice of payment at checkout, but offering consumers a payment method that has everything they may want and have come to expect – familiarity, speed, reliability and convenience.”

Access to finance has historically been a challenge for those with disabilities. Looking to break down these barriers, Nationwide has rolled out a new digital service for deaf customers by partnering with Signly, the British sign language (BSL) tech company. Together, Nationwide’s website will now be accessible in BSL.

BSL content is in the form of pre-recorded signed videos, with the most popular web pages available first. Content will grow over time and users can select any new pages to be translated. Innovative technology continually monitors website content to ensure that translations stay true to the text. For the first use, customers need to opt-in via Nationwide’s accessibility webpage.

Nationwide is launching its new site offering as Sign Language Week begins in the UK. Furthermore, it comes as the national charity British Deaf Association (BDA) ramps up calls for greater acknowledgement of the needs of deaf people. It estimates that BSL is the first language of over 87,000 deaf people in the UK, meaning that written English is inaccessible for many.

With money impacting all aspects of life, providing accessible banking solutions is crucial for ensuring that people maintain financial independence wherever possible. A recent report by self-regulatory banking body, the Lending Standards Board (LSB), found that whilst 65 per cent of their registered banking firms offered BSL services in-branch, 59 per cent offered remote BSL access via video. Furthermore, only six per cent provided on-demand access to website content.

Building better financial inclusivity 

The launch of the service also builds on the existing range of accessibility services offered by Nationwide, including SignVideo BSL into contact centres and in-branch BSL interpretation. Nationwide recently announced its participation in the Experian Support Hub scheme, which lets customers record their support needs digitally and share them with multiple companies more easily.

As part of this service, there are a range of options for people who are deaf or have hearing loss, which aim to improve the experience when contacting Nationwide.

Kathryn Townsend, head of customer accessibility at Nationwide said: “British Sign Language is a rich, visual language. The recent BSL Act introduction which legally recognises it as language of England, Scotland and Wales, and the upcoming launch of the BSL GCSE show progress, but there remain barriers.

“We recognise that for BSL users, accessible communication formats are not always available, so we are proud to launch this new service as part of our commitment to the deaf community, to improve access to vital financial information. Crucially, we work with deaf charities and people with lived experiences to help inform what we do.”

Creating equal access

Reg Cobb, CEO of charity deafPLUS, said: “At deafPLUS, deaf people, including those who use BSL as their first language is at the heart of what we do and we are proud that 97 per cent of our staff are deaf, including myself. Our mission is to provide information, advice, and guidance so that deaf people can make informed decisions, including with financial matters.

“In the UK, we’re seen as world class in how we provide access to deaf people and yet, we’re still so far behind in terms of equitable access to all facilities, goods and services. Unfortunately, we still hear too many stories of how deaf people are left feeling frustrated, failing to access their own finances.”

Cobb continued: “We’re pleased to work with Nationwide, as one of the leading financial services providers, to pave the way for better access to information for deaf people and are thrilled to see them launch on-demand access to website content in BSL. It’s vital that corporate organisations, such as Nationwide, are working together towards a world with equal access for deaf people, so they don’t have to rely on support from deaf organisations.”

Visa, the digital payments leader, has partnered with UAE-based Merex Investment, and PayMate, a B2B payments solution, to digitise rental collections through Visa’s Business Payments Solution Provider (BPSP) solution provided by PayMate.

Launched in 2020, the Visa BPSP solution enables non-card-accepting suppliers to receive payments made on card rails into their bank account, by integrating with PayMate’s platform.

By adopting this solution, Merex Investment can now collect rental receivables into its bank account through commercial card payments made by its tenants in the UAE. This move drives efficiency in collection processes for its retail destinations and also eliminates the need for manual reconciliation through traditional collection methods.

Shahram Shamsaee, CEO of Merex Investment, commented: “By leveraging Visa’s BPSP solution, we digitise payments, enhance efficiency, and drive transparency.

“This strategic alliance reflects our commitment to tenant experience and growth, empowering us with valuable insights for informed decision-making and improved business planning. With industry-leading solutions from Visa and PayMate, we look forward to delivering exceptional services to our valued tenants.”

This partnership demonstrates Merex Investment’s commitment to enhancing their tenants’ experience by streamlining collection processes, reducing manual intervention and enabling services from a specialist in the field, that are cost-effective, reliable, as well as highly secure.

Modernising ‘real estate and rental collections’

Salima Gutieva, VP and UAE country manager at Visa, also said: “At Visa, our goal is to digitise and simplify B2B payments acceptance to ensure more seamless, quick and secure money movement. We firmly believe that this collaboration will make a significant contribution to the ongoing digitisation efforts within the emirate’s real estate sector, as part of Dubai Land Department’s efforts to modernise real estate and rental collections.”

Rakesh Khanna, chief commercial officer at PayMate, also commented: “This will empower Merex Investment and its retail destinations to digitise their rent payments, eliminate friction by removing manual processes and provide end-to-end reconciliation. This will set a benchmark and potentially pave the ‘new way’ to collect rent payments in the region resonating with Smart Dubai’s vision of digitisation.”

With the current challenges in card acceptance for B2B Payments, Visa’s BPSP solution along with PayMate, aims to drive working capital benefits and transparent reconciliation through secure channels, providing key insights for strategic decision-making, cash flow forecasting and business planning.

Kigali International Financial Centre, a financial centre aiming to transform Rwanda into a leading financial destination for investors seeking opportunities across the African continent, is partnering with Abu Dhabi Global Market, the international financial centre supporting economic diversification in the UAE.

Both Kigali International Financial Centre (KIFC) and Abu Dhabi Global Market (ADGM) have signed a Memorandum of Understanding (MoU) establishing a comprehensive framework for collaboration, aiming to develop skills, as well as support sustainable and Islamic finance in both Rwanda and the UAE.

Sustainability is also set to become a major focus, as both financial centres eye future collaborations in green and sustainable finance, ESG, green bonds, Corporate Social Responsibility, and Sustainable and Responsible Investments.

Salem Mohammed Al Darei, CEO of ADGM Authority, also said: “ADGM and KIFC coming together through this memorandum of understanding mark a pivotal moment in ADGM’s ongoing efforts to develop robust partnerships with international financial centres worldwide and particularly in the African continent.

“It is a significant step towards our endeavour to strengthen our cooperation in advancing the interests of both financial centres, facilitating collaborative efforts in various areas and knowledge exchange. This partnership not only strengthens our commitment to innovation and inclusivity but also paves the way for unprecedented opportunities for substantial economic advancement, prosperity, and new avenues for business expansion, within our respective financial ecosystems in both markets.”

Cultivating ‘new opportunities for business growth in both markets’

Furthermore, the regulatory authorities of each of the financial centres will explore mutual recognition agreements for regulated entities based in either country with a view to opening opportunities in both markets.

These agreements will also extend to sharing best practices and experiences in the development of financial centres and fostering a culture of continuous improvement within the financial landscape through knowledge exchange and customised training programs.

Nick Barigye, CEO of Rwanda Finance Limited, the agency mandated to develop the Kigali International Financial Centre, commented: “Today’s signing represents a significant milestone in KIFC’s journey toward forging strategic partnerships with globally renowned international financial centres such as ADGM.

“This MoU marks a positive step forward as we strive to deepen our collaboration in promoting both KIFC and ADGM, which will foster joint capacity-building initiatives and the exchange of expertise across key domains, including sustainable finance.

“Through this partnership, we anticipate substantial economic benefits within our respective financial ecosystems through job creation and increased investments, to cultivate new opportunities for business growth in both markets.”

Nexi, the European paytech firm, has partnered with Mastercard to enhance its open banking account-based payments. Through the partnership, Mastercard Open Banking will facilitate e-commerce payments across Nexi’s gateways serving merchants across Europe.

Mastercard and Nexi are joining forces to build an integrated digital payment ecosystem by advancing Mastercard Open Banking-powered solutions that offer secure, seamless payment experiences with more choices for consumers when shopping online.

Bart Willaert, EVP of international open banking at Mastercard, explained how the partnership could improve payment experiences across Europe: “We are excited to lead the development of an account-based payment method that will make online purchases more seamless and secure as well as expand payment choice in partnership with Nexi.

“We have been powering and protecting our global payments network and the broader digital ecosystem for more than five decades, and now Mastercard’s innovative open banking technology will offer consumers and businesses across Europe access to more innovative payment experiences.”

Unlike more traditional payment options, open banking enables consumers with a bank account to initiate swift digital payments to a merchant’s account. Payments are initiated directly through existing authentication protocols with a consumer’s bank, including biometrics, to retrieve the necessary information to execute a payment, making the experience easy and efficient.

Enhancing number of payment options

Omar Haque, head of e-commerce at Nexi, also added: “We are thrilled to announce our strategic collaboration with Mastercard, through which we will harness the power of its open banking solutions in Europe to scale and enhance our capabilities, and boost customer convenience in payments.

“By partnering with Mastercard and capitalising on its leadership and expertise in open banking, as well as its trusted payments infrastructure, we further enhance our ability to facilitate the transition to a digital-first payments landscape in Europe.”

Benefits for merchants include real-time payment authorisation and settlement, enabling quick access to funds and improved management of cash flow and revenue streams. By leveraging innovative technologies and payment methods, merchants can better align with heightened customer expectations for fast and frictionless payment experiences in the digital landscape.

The news follows shortly after Nexi partnered with the open e-commerce platform Woo to enable Woo merchants to offer customers a wider range of payment options.

Payments giant Visa has entered a seven-year agreement with Western Union, the money transfer firm, to help Western Union customers send money to their family and friends’ eligible Visa cards and bank accounts in 40 countries across five regions.

Thanks to the collaboration, Western Union customers will also be able to receive Visa prepaid cards in select markets offering an innovative solution that bridges the physical and digital world.

Countries covered by the partnership include the US, Canada, UK, Turkey, Romania, Poland, Philippines, Indonesia, Hong Kong, India, Pakistan, Mexico, Colombia, Brazil, Peru, Egypt, Kenya and Uganda.

The agreement encompasses card issuance, Western Union’s integration with Visa Direct, and value-added services delivery including risk products.

Western Union and Visa are also developing disbursement programs for humanitarian organisations and governments to support the delivery of critical funds during a disaster. The programmes intend to support emergency and humanitarian payouts, cross-border pension payouts, and domestic benefits and disbursement payouts.

Chris Newkirk, global head of commercial and money movement solutions at Visa, commented on the need for the partnership: “People rely on remittances to send lifeline payments to their loved ones overseas. When we consider the urgency and need for accessibility, secure payment options with added convenience can make all the difference.

“Visa’s global scale and Western Union’s digital capabilities are revolutionizing how customers send funds around the world. We are proud to offer more people fast and efficient solutions for cross-border payments.”

Sam Jawad, head of ecosystem at Western Union, also discussed the partnership: “Aspiring populations around the world rely on Western Union to provide them with innovative and accessible financial services that offer flexibility, value and trust. By strengthening our strategic collaboration with Visa, together we will deliver impactful products and services that can help empower our customers to build a life of opportunity for themselves and their loved ones.”

The agreement builds on Western Union’s existing integrations with Visa Direct, which enabled US and European customers to send and receive funds directly to eligible Visa cardholders overseas.