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Backbase and Finxact Partner to Help Financial Institutions in North America Innovate at Speed and Move Away from Vendor Lock-In

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Backbase, the omni-channel Digital Banking platform and Finxact, the Core-as-a-Service platform, have entered into a strategic partnership to help banks and credit unions unlock the full potential of their digital transformation with a next-gen front-to-back solution. The partnership combines Backbase’s portfolio of turn-key online and mobile banking applications with Finxact’s next-gen cloud native core banking platform. The combined front-to-back SaaS solution empowers clients to launch a greenfield bank in under three months. It also helps established financial institutions quickly adopt new technology stacks enabling them to introduce new banking capabilities to their clients faster. The Backbase and Finxact combination gives banks and credit unions a modern and 100 percent open architecture, the freedom to innovate, move away from vendor lock-in and significantly boost the speed and efficiency of their go-to-market strategy.

To survive and thrive in the digital era, financial institutions must embrace new approaches that can help their organizations transform faster and be more competitive. Accenture research shows that digital maturity is highly correlated with increased profitability and that the relatively small percentage of banks fully committed to digital transformation are pulling away from the pack. The combination of the Finxact core and the Backbase platform helps banks and credit unions attain a future-proof state that anticipates rapidly evolving customer expectations.

This prevents banks from resorting to a collection of different banking solutions haphazardly pulled together on top of a legacy and locked-in IT infrastructure.

The Backbase and Finxact end-to-end solution equips financial institutions with the essential components for successful digital-first banking: cloud-native core, fully integrated with an omni-channel digital banking solution, powered by a modern and open architecture. Backbase empowers financial institutions to compete in the new digital era by providing modern and unified digital customer experiences. Finxact has introduced the first cloud-native core banking platform built to handle the scale and regulatory requirements of the largest US based financial institutions. With this strategic partnership, banks and credit unions are able to offer their customers and members seamless journeys on top of a modern core that is designed for product innovation and invention. Additionally, because of the open platforms of both Finxact and Backbase clients can tap into any third-party solution to offer additional value to their clients.

“This partnership provides banks and credit unions the opportunity to break free and reclaim control of their digital destiny. The combination enables the rapid launch of digital first greenfield bank operations by established banks and credit unions, or by new entrants in the fast growing US fintech space. Both Backbase and Finxact share the same digital first DNA and we are super excited about the transformative impact we can make together.” – Jouk Pleiter, Backbase, CEO

“Already two of the top thirty financial institutions in the US have begun to explore through their respective POCs the Backbase omni-channel platform running on top of the Finxact core,” said Frank Sanchez, CEO and founder of Finxact.  “It’s proving to be a very compelling combination, especially for the regional and super-regional institutions that are eager to move towards a more open and modular technology stack.”

Benefits to the bank of SaaS based delivery model include:

  • Ability to run the end-to-end solution as a service, accelerating innovation and minimizing IT overhead
  • Receive automatic platform updates
  • Faster access to new features and functionality
  • Meet scale requirements on demand domestically and internationally

A demonstration of the integrated solution, co-created with Accenture, is available in Accenture’s Innovation Hub in San Francisco, where clients in North America can interact with and experience the customer journey.

 

SOURCE Finxact

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CCTV+: From Silk Road Gateway to Global Innovation Hub: Xi’an Advances Industrial Upgrades and International Cooperation

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XI’AN, China, Nov. 2, 2024 /PRNewswire/ — Xi’an, an ancient capital and starting point of the Silk Road, is growing rapidly into a cosmopolis of technological innovation, industrial transformation and international cooperation. The city is becoming a global hub for innovation and economic cooperation and a destination that converges historical heritage with modern creativity. By leveraging initiatives in New Quality Productivity, the Internet of Things, high-tech industries, culture, and international business services, Xi’an showcases its dynamic blend of past and future.

Industrial Development: Technology and Innovation Drive Emerging Industry Clusters

Aiming to establish itself as an international hub with rapid scientific and technological innovation, Xi’an is now building a comprehensive national science center and a center for science and technology innovation.

The Silk Road Technology City is now home to more than 4,000 companies and has fostered two major industry clusters, in optoelectronics and automobiles, each worth tens of billions. Leading industry giants like BYD and Samsung have established themselves here, taking advantage of Xi’an’s robust policy support for innovation-led growth. LONGi, a world leader in solar technology, is actively building Shaanxi’s 100-billion-grade silicon-based solar PV industry innovation cluster, driving industry-wide growth through R&D and supply chain expansion; while BYD’s comprehensive new energy vehicle industry chain has also positioned Xi’an as a key base for new energy technology and electric vehicles.

Belt and Road Hub: Connecting Development Across Borders

As a central hub along the Belt and Road, Xi’an recently hosted the Belt and Road Forum for International Think Tank Cooperation, fostering collaboration and advancing connected, networked development through the trans-Eurasian transport corridor. With growing trade opportunities, Xi’an is also expanding its reach into international markets, particularly in Central Asia, exporting specialty agricultural products like kiwi fruit.

Through conventions and conferences, Xi’an has demonstrated its significant potential for international economic cooperation, establishing stronger ties in Central Asia and Belt and Road countries.

New Quality Productivity: Smart Technologies and Advanced Manufacturing Fuel Growth

New Quality Productivity is driving Xi’an’s high-quality development leveraging smart technologies and intelligent manufacturing. Local enterprises like SUNNYIT are promoting innovative applications of IoT technologies to tackle industry bottlenecks, Xi’an Chinastar M&C Limited is supporting real-time urban management with products including smart manhole covers and parking monitoring systems to support urban safety and municipal services.

Industrial robots and intelligent manufacturing are also accelerating Xi’an’s industry transformation. Xi’an Aerospace Automation’s 4,000-kilogram robot, designed for warehouse logistics, highlights the city’s advancements in high-load, high-precision applications.

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High-Quality Development: Digital Technology Empowers Xi’an’s Smart City Ambitions

Xi’an is progressing in smart city development, enabling companies to utilize big data and AI for comprehensive traffic analysis, enhancing traffic management efficiency, and establishing a “transportation+” multi-scenario service system to improve travel experiences.

Xi’an looks to cooperate with more companies and research institutions in fields of environmental protection, water-related affairs, education, and urban management with the goal of promoting technological breakthroughs in areas such as intelligent video analysis and large-scale AI models, empowering city management and services through digital technologies and support the development and innovation of companies in the city.

Opening Up to the World: Xi’an Shares Its Story and Strengthens Business Environment

The newly established Xi’an International Communication Center shares Xi’an’s story in multiple languages, promoting Chinese culture and positioning Xi’an as a major platform for cultural exchange. Additionally, a legal service center in Xi’an Chanba International Port now offers comprehensive legal support, fostering a fair and just international business environment.

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KuCoin Shines at The Gateway Event, Advocating for Blockchain Innovation Through TON

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DUBAI, UAE, Nov. 2, 2024 /PRNewswire/ — KuCoin, a global leader in the cryptocurrency exchange arena, is thrilled to announce its active participation at this year’s premier TON community event, The Gateway. The annual conference, renowned for uniting key players in the TON ecosystem, aligns perfectly with KuCoin’s mission to democratize cryptocurrency and expand its reach across the globe.

Representing KuCoin at the event was Alicia, who took part in the insightful panel discussion on “Perspective Sectors on TON for VCs and Exchanges.” Her presence underscored the vibrant potential of the venture capital market within emerging blockchain technologies, particularly the TON ecosystem. Alicia’s discussion highlighted how TON’s seamless integration with Telegram presents unique opportunities for innovation and user engagement, resonating with KuCoin’s strategic initiatives to bridge social connectivity with financial transactions.

“TON’s integration with Telegram not only simplifies the user experience but also amplifies it, making it a gateway for millions to engage with Web3 technologies,” Alicia stated. She emphasized KuCoin’s commitment to leveraging this synergy to enhance secure, user-friendly trading experiences, thus furthering its mission of putting crypto in every pocket.

KuCoin’s participation in The Gateway event reinforces its dedication to fostering a secure, robust, and accessible trading environment, paving the way for a new era of crypto and blockchain integration.

About KuCoin

Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 800 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 36 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/

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UBS Asset Management launches its first tokenised Money Market Fund, available through DigiFT

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SINGAPORE, Nov. 2, 2024 /PRNewswire/ — UBS Asset Management, launches its first tokenized investment fund “uMINT”, made available through authorized distribution partner, DigiFT.

With DigiFT, investors can subscribe to uMINT using their preferred custody wallet solution, gaining access to real-time redemption capabilities via DigiFT’s platform. uMINT, a Money Market investment underpinned by high quality money market instruments based on a conservative, risk-managed framework, is built on Ethereum distributed ledger technology and issued under UBS Tokenize, UBS’s in-house tokenization service, a full service offering for digital asset services, that seeks to open the door to the world of decentralized finance to a broader range of market participants.

“We’re honoured to be an authorized distribution partner for UBS Asset Management in launching their first tokenized money market fund. This is a significant milestone in the world of Web3, and a testament of our ability to transform capital markets. Not only does this partnership bridge traditional finance with digital and decentralized technologies, it also demonstrates our ability to deliver next-generation investment solutions on an open network – for a new generation of global investors,” said Henry Zhang, Founder & Chief Executive Officer of DigiFT.

As part of the partnership, DigiFT will provide infrastructure for managing and monitoring on-chain distribution activities and transactions for the new tokenized money market fund. Enabled by blockchain technology, DigiFT’s best-in-class, open infrastructure ensures all transactions are stored and recorded on an immutable ledger, providing real-time operational and audit visibility. Beyond streamlining administrative processes, DigiFT is able to leverage smart contracts and facilitate automated compliance and operational efficiencies, further allowing investors to invest and explore new financial Web3 use cases.

DigiFT is the first exchange deploying smart contract methods and processes, with an automatic market-making mechanism, to be recognized as a Recognised Market Operator (RMO) and awarded the Capital Markets Services (CMS) license by the Monetary Authority of Singapore.

Disclaimer: This article is not an advertisement making an offer or calling attention to an offer or intended offer

About DigiFT

DigiFT is the first exchange for on-chain real-world assets to be licensed by the Monetary Authority of Singapore. Find out more www.digift.sg

For media enquiries, please contact [email protected]

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