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PremFina Processes £300 Million Worth of Insurance Premiums Since FCA Approval

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Premfina has processed more than £300 million worth of insurance premiums since Q4 2016.

 

PremFina Ltd (“PremFina”), the UK’s sole provider of a proprietary premium insurance white label SaaS (Software-as-a-Service) to insurance brokers and underwriters, announces it has processed a record £300 million worth of insurance premiums since Q4 2016, when the UK’s Financial Conduct Authority (FCA) approved PremFina as a fully authorised premium finance company in the UK.

As a fast growing FinTech firm, significant growth is the mandate at PremFina with nearly half of the £300 million insurance premiums processed in 2019 alone, across more than 75 brokers who utilise its financing and SaaS solutions. PremFina supplies insurance brokers with funding lines and also enables broker-funded and branded credit agreements via its Software-as-a-Service (SaaS) affiliate IXL PremFina Ltd.

PremFina’s pioneering technology and flexible financing proves instructive, with FinTech Global a London-based research company naming PremFina as one of the Top 100 InsurTech companies worldwide last week referring to it as “most likely to succeed and have a lasting impact in the industry” due to its differentiated business model. Clients such as Saga, One Call, Avantia, Reactive and Assura Protect have harnessed PremFina’s market-leading technology.

Accelerated growth at PremFina can be attributed to all-encompassing benefits reaching both the broker and the end-user. Whereas legacy enterprise systems can cause insurance premiums to rise and along with it, disgruntled customers switching to more competitive brokers, PremFina filled a gap in the market in allowing brokers increased control over their own business.

CEO of PremFina, Bundeep Singh Rangar commented on the basis of their success as: “In today’s ever evolving markets, brokers have two options. They either replace the systems they already have or be replaced by better solutions.”

Rangar continued to reference alignment between PremFina’s core business ethos of financial inclusion as along with making insurance more accessible to greater individuals, “We do not restrict brokers in how they operate. They are not forced out of the market as they can remain competitive with our solutions.”

The Financial Conduct Authority is the conduct regulator for 59,000 financial services firms and financial markets in the UK and the prudential regulator for over 18,000 of those firms. With the financial markets needing to be honest, fair and effective for consumers, the FCA’s aim is to make markets work well for individuals, large and small businesses, and for the economy as a whole. PremFina received its FCA permissions in Oct. 2016.

PremFina’s headquarters are in Mayfair, London, a central location in a city that is referred to as the Global Financial centre by EY and Deloitte.

 

SOURCE PremFina

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Fintech

Central banks and the FinTech sector unite to change global payments space

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The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.

Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.

Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).

At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.

The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.

As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.

Source: fintech.globa

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TD Bank inks multi-year strategic partnership with Google Cloud

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TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.

The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.

This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.

TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.

Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.

TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.

Source: fintechfutures.com

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MAS launches transformative platform to combat money laundering

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The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.

According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).

Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.

Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.

Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.

Source: fintech.global

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