BEIRUT, Nov. 5, 2024 /PRNewswire/ — In a significant step towards enhancing financial accessibility in Lebanon, TerraPay, a global money movement company, has partnered with Suyool, a licensed financial ecosystem regulated by Banque du Liban. This collaboration is set to transform how Lebanese residents send and receive money, addressing the pressing demand for fast, secure, and convenient remittance services.

Lebanon has long been reliant on remittances, with over $6.5 billion transferred to the country in 2023. This inflow, primarily driven by the Lebanese diaspora, underscores the critical need for efficient financial services that can cater to both banked and unbanked populations. As a response to this necessity, Suyool is dedicated to providing an advanced digital wallet solution that facilitates not only local and international payments but also supports financial inclusion for unbanked individuals.

Suyool gains access to TerraPay’s extensive network covering over 144+ receiving countries, 210 sending countries, 3.7 billion mobile wallets, 7.5 billion bank accounts, and more than 12 billion cards, enhancing the efficiency and reliability of remittances. Suyool can now expand its remittance services for both inbound and outbound transactions, ensuring financial services are accessible to all.

Mr. Arz El Murr, Founder & CEO of Suyool, added, “By partnering with TerraPay, we are able to enhance our service offerings and meet the growing needs of our users. This collaboration will allow us to facilitate faster, more secure transactions, helping to bridge the financial gap for many in Lebanon.”

The remittance corridors into Lebanon remain robust, particularly from the USA, Gulf region, and Europe, which are vital for Lebanese families reliant on financial support from abroad. With around 20% of Lebanon’s population unbanked, Suyool is positioned to serve this demographic effectively, making financial services accessible through its intuitive mobile app.

Ambar Sur, Founder & CEO at TerraPay, expressed enthusiasm about the partnership: “This collaboration deepens TerraPay’s footprint in Lebanon, where there is a strong demand for efficient remittance solutions. Together with Suyool, we are committed to driving financial inclusion and providing reliable payment options to all users. This partnership comes at an exciting time for wallet providers, as we have recently launched the Wallet Interoperability Council to enhance interconnectivity and interoperability for multiple cross-border transaction types, including remittances and merchant payments using wallets.”

This partnership between TerraPay and Suyool represents a pivotal development in the financial landscape, enabling simplified global money movement in the region.

About TerraPay

TerraPay simplifies global money movement, providing a single connection to one of the most expansive cross-border payment networks regulated in over 30 global markets. The platform enables payments to 144+ receiving countries, 210+ sending countries, over 3.7 billion mobile wallets, 7.5 billion bank accounts, and more than 12 billion cards. TerraPay is on a mission to create a borderless financial world, making money transfers instant, reliable, transparent, and fully compliant. Founded in 2014, TerraPay operates in over 12 countries and has built the global digital wallet interoperable network, driving financial inclusion even in the most remote markets. TerraPay is headquartered in London, with offices in cities like Bangalore, Dubai, Bogota, Dar es Salaam, Kampala, and Singapore. Backed by leading investors including the IFC (World Bank), Prime Ventures, Partech Africa, and Visa, TerraPay continues its rapid global expansion.

About Suyool

Advertisement

Suyool is a licensed financial ecosystem regulated by Banque du Liban (BDL) and originated in Europe. It is built to deliver convenience and security for all financial needs, allowing users to send money to anyone in Lebanon, make local and international payments with the Platinum Debit Card, and perform local payments at merchants using QR codes. Users can also access their money in cash, complete local or international transfers, cash out at over 850+ cash points, or request cash delivery to their door. As an advanced digital wallet, Suyool offers a variety of services, including mobile payments, remittance handling, international transfers, and utility & bill payments. With a strong focus on financial inclusion, Suyool is making banking accessible and easy for everyone, particularly the unbanked, through its intuitive mobile app.

Contact:
Juveria Samrin,
[email protected] 

Logo: https://mma.prnewswire.com/media/1222771/TerraPay_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/terrapay-and-suyool-join-forces-to-enable-instant-and-secure-money-transfers-to-anyone-in-lebanon-302296385.html

Continued momentum shows banks see behavioral biometric intelligence as a mandatory solution for combatting next-generation fraud, scams, and financial crime

NEW YORK, Nov. 5, 2024 /PRNewswire/ — BioCatch, the global leader in digital fraud detection and financial crime prevention powered by behavioral biometric intelligence, grew its Q3 annual recurring revenue (ARR) by 40% year-over-year. BioCatch welcomed 31 new customers in the quarter and continues to strengthen relationships with the world’s largest retail banks, achieving a world-class 124% net dollar retention over the last 12 months.

BioCatch’s flagship product portfolio, BioCatch Connect™, continues to fuel the company’s growth. Total ARR from new products grew 165% year over year, driven in part by significant adoption of its mules solution in the APAC region, where BioCatch helped APAC banks shut down more than 150,000 money mule accounts in 2023.

“We remain laser focused on our customers,” BioCatch CEO Gadi Mazor said. “Bad actors never stop innovating, and so we – as an industry – must not either. We believe cooperation among banks, regulators, law enforcement, and vendors is a vital part of this progress and must be foundational to an industry-wide, proactive fraud and financial crime detection and prevention strategy. We’re excited to introduce new initiatives and deliver forward-thinking solutions in the next few months and beyond that we believe will change forever change the fraud and financial crime fighting landscape.”

Other milestones achieved in Q3 include: 

• The official closing of global investment firm Permira’s acquisition of a majority stake in the company.
• The signing of a global deal with a multi-national bank headquartered in Europe.
• Adding 31 new customers to a global roster of 237, including onboarding one of the world’s largest 100 retail banks. BioCatch now serves 34 of the global top-100 banks.
• Onboarding 23 new employees, bringing the total team headcount to more than 340 in 21 different nations.
• Continued and consistent EBITDA growth and zero debt.
• Releasing two highly publicized research reports covering fraud trends in Brazil and Latin America.
• Partnering with the Global Anti-Scam Alliance (GASA) on its The State of Scams in France – 2024 report and Javelin Strategy & Research on a consumer survey covering The Emotional Undercurrent of Financial Scams.
• Co-publishing Financial Crime and 314(b): A Practical Guide to Navigating Information Sharing Obstacles with The Knoble.
• Earning the silver medal in the Best Financial Crime Investigation and Reporting category of Datos Insights’ 2024 Fraud & AML Impact Awards.

About BioCatch:

BioCatch stands at the forefront of digital fraud detection, pioneering behavioral biometric intelligence grounded in advanced cognitive science and machine learning. BioCatch analyzes thousands of user interactions to support a digital banking environment where identity, trust, and ease coexist. Today, 34 of the world’s largest 100 banks and 237 total financial institutions rely on BioCatch Connect™ to combat fraud, facilitate digital transformation, and grow customer relationships. BioCatch’s Client Innovation Board – an industry-led initiative featuring American Express, Barclays, Citi Ventures, HSBC, and National Australia Bank – collaborates to pioneer creative and innovative ways to leverage customer relationships for fraud prevention. With more than a decade of data analysis, 93 registered patents, and unmatched expertise, BioCatch continues to lead innovation to address future challenges. For more information, please visit www.biocatch.com.

PR contact:

Mac King
BioCatch senior comms manager
[email protected]

Logo – https://mma.prnewswire.com/media/1843699/biocatch_logo_rgb_2x_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/biocatch-continues-rapid-expansion-through-q3-grows-arr-by-40-year-over-year-302295752.html

Advertisement

SIEM REAP, Cambodia, Nov. 5, 2024 /PRNewswire/ — The Cambodia Microfinance Association (CMA) successfully hosted its Annual Microfinance Conference in Siem Reap, gathering over three hundred leaders, policymakers, and international partners under the theme “Sustainable and Inclusive Microfinance: Current Situation and Future Trends.” This conference underscored CMA’s dedication to expanding financial inclusion and promoting responsible growth, aligning with global development goals and positioning Cambodia as a model for sustainable finance.

In her opening remarks, Mrs. Dith Nita, Chairwoman of CMA, emphasized CMA’s mission to strengthen Cambodia’s microfinance sector, stating, “Sustainable and inclusive microfinance is not only a goal, but it is a necessity. Together, we’re working toward a stronger economy, a fairer society, and a financial system that serves all Cambodians.” Her remarks highlighted CMA’s core commitment to client protection and empowerment across Cambodia’s rural and underserved communities, which include 74.4% of the population.

CMA’s 132 member institutions play a vital role in this mission, managing a combined loan portfolio of $5.11 billion USD, serving 1.55 million active borrowers, and holding $2.21 billion in deposits across nearly two million accounts, 67% of which are held by women. This commitment not only supports financial accessibility but also contributes significantly to local employment, with over 21,000 staff members across nine hundred branches.

A highlight of the conference was the recognition of the Bakong payment system, developed by the National Bank of Cambodia (NBC). Launched in 2020, Bakong now has ten million active wallets, bridging traditional financial services and the unbanked population through seamless, low-cost digital finance. This pioneering initiative has earned international acclaim for advancing financial inclusion, and CMA expressed deep gratitude to NBC for its leadership in supporting this transformative step toward economic resilience and client empowerment.

While client protection and empowerment remain central to CMA’s mission, the association is also paving the way in green finance, aligning with the global shift toward environmental sustainability. CMA collaborates with Oxfam to advance green finance initiatives and works alongside Water.org to provide technical assistance in developing water, sanitation, and hygiene (WASH) products. Mrs. Dith Nita remarked, “We encourage our members to view green finance as essential, paving a path toward sustainability that benefits clients and the environment.” This initiative supports global sustainability goals, including clean water access and climate action.

Throughout the day, CMA reinforced the importance of financial literacy, capacity building, and adherence to a strong code of conduct in creating a transparent, resilient financial sector. Concluding the conference, a call to action was made to continue collaborative efforts in promoting sustainable and inclusive finance that aligns with both Cambodia’s needs and global priorities.

The Annual Microfinance Conference 2024 concluded with a collective commitment to build a resilient and inclusive financial future. CMA invites international partners, investors, and stakeholders to contribute to a financial landscape that empowers local communities and aligns with the United Nations Sustainable Development Goals. Through this annual event and ongoing initiatives, CMA remains dedicated to empowering communities, supporting sustainable growth, and actively participating in global efforts toward inclusive economic development.

Contact Information: Cambodia Microfinance Association (CMA), Name: Tongngy Kaing, Email: [email protected], Phone Number: +855 95 262 111

View original content:https://www.prnewswire.co.uk/news-releases/cambodia-microfinance-association-catalyzes-global-efforts-in-sustainable-inclusive-finance-302292870.html

Advertisement