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Infobip Enables Banking Services Over the World’s Most Used Chat Apps and Channels Enhancing Customer Experience of Kenyan Banks and Fintechs

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Infobip, a global cloud communications company for businesses and leader in omnichannel engagement is enhancing its presence in Kenya.

By using Infobip’s omnichannel solution, Kenyan businesses can choose the optimal communication channels for specific types of messages, all available on a single communication platform. Businesses can design targeted promotional campaigns and provide transactional traffic by including, for example, notification codes, account balance changes, bonus calculations on member cards, and payment reminders. The channels include SMS, and a number of chat app channels such as WhatsApp, Telegram and Facebook Messenger, RCS, Push and more.

“Banks have to meet the customer needs of its competition. Maintaining customers long-term will require impactful engagement through omnichannel communications over the channels they use and prefer.  Infobip is a provider that can truly address these pain points, helping banks throughout Africa improve their financial service offerings and ultimately enable every Kenyan with a bank account to be powered by mobile technology,” said Ali Hussein Kassim, co-founder, and CEO of FinteXX.

Infobip’s enablement of WhatsApp Business API allows enterprises in over 180 countries to communicate branded and rich content, such as high-res images, video, and files to its customers over WhatsApp, the chat app trusted and used by 1.6 billion people worldwide. A financial institution can for example offer banking services such as personal account verification information, account statements, banking transaction alerts or help customers find the closest branch.

H.F. Group, an integrated property and financial solutions provider in Kenya believes tailored dialogue is key in building long term relationships with their customers.

”It is imperative to listen to your customers and interact with them on digital channels. Our recently launched mobile app, for example, increased our customer base by 150 percent in only seven weeks, but USSD service is still very much in demand in Kenya. With the support of Infobip, we implemented our USSD solution in less than two months, and we can already attest to great results customer-wise,” said George Njuguna, Chief Information Officer, H.F. Group. 

Infobip has partnered with several financial and telecommunications companies across the region, bringing financial solutions to the unbanked and helping banks and fintech enterprises meet the growing competition from the expanding FAANG (Facebook, Amazon, Apple, Netflix, and Google) communications sector.

A major shift in mobile money and financial services trends are evolving across Africa. Other companies using Infobip’s A2P communication technology in Africa include the Commercial Bank of Africa (CBA), the largest privately-owned bank in East Africa.

“We are constantly trying to find new, innovative ways to optimize our processes and interactions with our customers to increase satisfaction with our bank. CBA is utilizing Infobip’s platform for A2P SMS communication, but our goal is also to expand our cooperation with additional channels such as email, chat apps and push notifications for example,” Dennis Volemi, Head of IT at CBA.

Kenya tops the list of African countries with ease of access to financial services thanks in part to its high uptake of mobile money, placing the country ahead of economic giants such as South AfricaNigeria, and Ghana. Other key drivers of this development include mobile adoption and internet connectivity. 84 percent of Kenya’s population has access to the Internet.  91 percent of Kenya’s total population has a mobile phone, compared to the average of 80 percent mobile penetration in all of Africa.[1]

”Infobip is expanding its operations in Africa. It is a region that is changing and improving rapidly when it comes to mobile money and financial services. Kenya, being one of the more progressive and developed nations in Africa, presents great potential and sets an example in truly diminishing the unbanked. With Infobip’s messaging solutions, banks can effectively build customer engagement, trust, and loyalty that is so important in Africa’s evolving banking industry,” said Rachel Njiru, Infobip’s MD Kenya & Director OP Africa

 

SOURCE Infobip

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Fintech Startup, Paramount Financial Technologies, Announces Company Launch, Community Banks Sign-on as First Investors

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Paramount Financial Technologies (PFT), a newly formed fintech startup, publicly announced today its company launch in New England with community banks as its first investors.

PFT helps community banks solve critical challenges like growing core deposits, improving branch network performance, increasing business relationships, and managing performance. One of PFT’s most popular tools, under the umbrella of its flagship product, MarketOpp 360, is their Branch Opportunity Grid, which helps clients understand which branches have the greatest opportunities for deposit and loan growth and provides a detailed guide for actions to take.

“Community banks are investing in us because our solutions have been market-tested for twenty years,” said Michael Purchia, President and Founder of Paramount Financial Technologies. “Since the early days of banking analytics, we’ve been building and refining our tools to provide time-sensitive solutions. We integrate client data with AI-based market intelligence and analytics so our clients can make the best business decisions.”

Timothy Felter, Chief Financial Officer of Newburyport Bank, said, “Our executive team is partnering with PFT for our New Hampshire expansion. Their commercial and consumer market intelligence, and on-the-ground insights, are invaluable.”

To learn more about PFT and sign-up for our weekly newsletter with the latest banking news and insights, visit www.pfintech.net. You can also follow us on www.pfintech.net and Twitter.

 

SOURCE Paramount Financial Technologies

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Velotrade completes first cross border trade financing transaction into Mainland China with QEX

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Velotrade, the account receivables financing platform, announces that it is actively executing cross border trade receivables transactions involving mainland Chinese companies.

The first deal involved trade financing for a transaction between a Chinese SOE and a medical equipment manufacturer, made accessible to Velotrade through the collaboration with Qianhai Financial Assets Exchange (QEX) owned by Ping An Group. It is also the first transaction which gives institutional investors on the Velotrade platform exposure to accounts receivable in the PRC. Velotrade is the first company of its type to obtain a Type 1 Regulated Activity licence from the Hong Kong Securities and Futures Commission.

Vittorio De Angelis, Executive Chairman & Co-Founder of Velotrade commented, “This is a transformational deal for Velotrade. We are the first company offering cross-border access to Chinese invoice financing. The deal was completed very soon after we announced our SFC licensing and underscores the pace at which the company is developing. We are building out our team in Greater China, and our relationship with QEX, also thanks to the synergies given by us being part of the Ping An fintech accelerator program, means that we are now able to offer a stream of similar transactions to institutional investors on our platform. We are delighted that Velotrade has been able to open the door for foreign institutional investors to Chinese trade receivables.”

Velotrade is a trusted source of non-domestic money with a streamlined onboarding process as it offers international investors on its platform an alternative channel of investment. At the same time, it also means mainland Chinese companies can now access this channel as well through QEX, which is beneficial for all parties.

The Vice General Manager of QEX, Zhan Yu Hong, commented, “Through launching cross-border trade transactions of debt-based assets such as accounts receivables factoring, QEX supports One Belt One Road and the development of Guangdong-Hong Kong-Macao Greater Bay Area, to provide better services for the real economy. The collaboration with Velotrade is an excellent example.

Prior to this cross border offering by Velotrade and QEX, foreign investors have been unable to participate in onshore Chinese trade financing due to capital controls. However, the partnership between Velotrade and QEX means foreign investors can access Velotrade’s regulated platform. Through QEX, investors are participating as regulated Hong Kongentities, recognised by the People’s Bank of China, gaining direct access to the domestic PRC market.

Gianluca Pizzituti, CEO and Co-founder at Velotrade, added, “Since commencing operations in 2017, Velotrade has handled cross-border financing deals in Hong KongMainland ChinaSingaporeTaiwan and Vietnam across a range of sectors, including the automotive, electronics, healthcare, retail and clothing industries. This transaction is an exciting example of our continued growth and a signal of things to come as we break into one of the largest and fastest growing markets in the world.”

Velotrade’s internet-based platform incorporates modern technologies to create efficiencies in the approval process that expedite financing. Additional identity verification and due diligence is conducted via the same technology platforms used by banks, meeting today’s strictest compliance standards.

 

SOURCE Velotrade

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Turkish Merchants Can Now Connect With Chinese Visitors via Alipay and ininal Partnership

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Leading fintech company ininal becomes Alipay’s first partner in Turkey. ininal, Turkey’s leading new-generation payment platform and a subsidiary of Multinet Up, today announced its collaboration with Alipay, the world’s leading payment and lifestyle platform operated by Ant Financial Services Group, a related company of Alibaba, that Alipay will be available for Chinese mainland visitors at bricks-and-mortar stores in Turkey.

This service will be first available in the facilities of Dorak Holding, the tourism company who plans all activities for tourists and manages numbers of merchants throughout Turkey, serving more than 85% of Chinese tourists visiting Turkey. Merchants accepting Alipay include Turkish specialty retailers, hot-air balloons in Cappadocia, shops, hotels, and Turkish restaurants. Merchants can connect with Chinese customers with digital marketing via the Alipay app while Chinese tourists visit Istanbul and Cappadocia, and those customers can make payments by using the same Alipay app to scan an Alipay QR code displayed on card terminals at the checkout.

Through the collaboration between ininal and Alipay, while Alipay users pay in Chinese Yuan during their visits to Turkey, Turkish merchants will be able to receive payments from Chinese visitors in US Dollars at Dorak Tour locations. Later this summer, Turkish merchants will be able to receive payments in Turkish Lira at existing and new Multinet Up merchants including global chain restaurants and retailers. Multinet Up, ininal’s parent company and the leading financial services company in Turkey maintaining over 40,000 merchants, will utilize its experience in building a network and infrastructure to expand Alipay acceptability. ininal and Multinet Up will work in collaboration with Alipay to further expand the network across Turkey. Jewelers, luxury clothing stores, museums and duty free shops are expected to join in the near future.

“The collaboration with Alipay proves the success of our brand has attained in the last six years. Alipay is the most preferred payment method in China and is widely used by Chinese tourists overseas. The fact that Alipay is used more than cash, credit cards and debit cards is an important data demonstrating the satisfaction it creates. ininal will continue to work with powerful partners globally to bring advanced technology and services to Turkey,” says ininal CEO Ömer Suner.

Stating that the Chinese provided the highest increase in terms of not only the figures but also the tourist spending in Turkey, Ömer Suner continued: “We believe the payment convenience provided through this collaboration will increase the foreign currency that will enter our country and provide contributions to the reanimation of the economy.” In January 2019, a Nielsen report titled 2018 Trends for Mobile Payment in Chinese Outbound Tourism finds that Chinese tourists paid for 32% of transactions using mobile payment, overtaking cash for the first time, and that nearly 60% of merchants surveyed experienced growth in both foot traffic and sales after adopting Alipay.

“Alipay is finally coming to Turkey! We are excited to work with ininal to connect Turkish merchants with Chinese visitors before, during, and after their visit to this beautiful country, overcoming barriers of language and currency. We know our customers are attracted to the ancient and modern sights of Turkey, and the many different experiences it offers, from balloons, to bazars and beaches. As Chinese users’ preferred payment and lifestyle platform, we are always happy to introduce the best offers and must-visit locations of Turkey to our users through our platforms,” said Roland Palmer, Alipay’s Head of EuropeMiddle East and Africa.

 

SOURCE Alipay; ininal

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