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Revio, the young fintech winning over Old Mutual and MTN

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Revio, a burgeoning fintech startup, has been making waves in the financial technology sector with its innovative solutions and rapid growth. This dynamic company, founded just a few years ago, has successfully garnered the attention and backing of industry giants like Old Mutual and MTN. Their journey from inception to becoming a key player in the fintech space highlights the potential of young startups to disrupt traditional industries and capture significant market share.

Innovative Solutions

Revio’s success can largely be attributed to its cutting-edge financial solutions that address pressing needs within the market. The startup offers a range of services designed to streamline financial processes, enhance security, and improve accessibility for both individuals and businesses. By leveraging advanced technologies such as artificial intelligence and blockchain, Revio has created products that not only solve existing problems but also anticipate future financial trends.

Strategic Partnerships

The partnerships with Old Mutual and MTN are pivotal milestones in Revio’s growth trajectory. Old Mutual, a renowned financial services group, brings a wealth of experience and a broad customer base, providing Revio with an invaluable platform for scaling its operations. On the other hand, MTN, a leading telecom company, offers extensive reach across various markets, particularly in Africa, where fintech solutions are in high demand.

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These alliances are more than just financial endorsements; they signify a strong vote of confidence in Revio’s vision and capabilities. By collaborating with established entities, Revio can tap into new customer segments, enhance its technological infrastructure, and accelerate its market penetration.

Market Impact

Revio’s impact on the market is already evident. The company’s solutions are being adopted by a growing number of users, ranging from individual consumers to large corporations. This widespread acceptance is a testament to the practical value and reliability of Revio’s offerings. Moreover, the startup’s commitment to continuous innovation ensures that it stays ahead of the curve, adapting to the evolving needs of the financial sector.

Future Prospects

Looking ahead, Revio’s prospects appear promising. The financial support and strategic guidance from Old Mutual and MTN position the startup for sustained growth and expansion. As Revio continues to innovate and refine its products, it is likely to attract even more interest from investors and partners. The fintech landscape is highly competitive, but Revio’s unique approach and strong backing give it a distinct edge.

In conclusion, Revio’s journey from a fledgling startup to a fintech powerhouse exemplifies the potential for innovation and strategic partnerships to drive success. With the support of industry leaders like Old Mutual and MTN, Revio is well on its way to becoming a dominant force in the financial technology sector, transforming how financial services are delivered and experienced.

Source: theafricareport.com

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InScope secures $4.3m to revolutionise financial reporting and auditing

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InScope, a newly launched FinTech company, has successfully raised $4.3 million to expand its innovative financial reporting and auditing platform.

According to PYMNTS, the funding round included significant contributions from prominent investors such as Lightspeed and Better Tomorrow Ventures.

InScope is focused on transforming the traditional processes of financial reporting and auditing for private companies. The company leverages advanced technologies, including generative AI and large language models, to automate and streamline the compilation of financial statements—tasks that have historically been prone to errors and required extensive manual effort.

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The new capital will be used to enhance InScope’s platform capabilities. The company aims to shift accountants’ focus from laborious manual tasks to more strategic initiatives, thereby empowering finance professionals with tools to complete reporting and auditing tasks quickly and efficiently.

InScope’s system compiles data from a company’s core systems, such as ERP, along with publicly available information, and transforms these inputs into GAAP-compliant financial and audit documents.

InScope CEO and co-founder Mary Antony stated, “Our technology dramatically reduces the time and effort required for financial reporting and auditing, eliminating the need for outdated manual processes.” Her co-founder and COO, Kelsey Gootnick, also emphasized the transformative potential of InScope, which they conceived out of their own frustrations with existing financial processes.

The company has already begun collaborating with a select group of companies to refine and enhance their financial reporting capabilities. JC Bahr-de Stefano, a venture capital investor at Better Tomorrow Ventures, commented on this partnership: “InScope is already working with a handful of companies to help streamline their financial reporting needs and enable accountants to complete their reporting tasks in minutes instead of months.”

Source: fintech.global

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Citi extends USD Clearing service to Middle East in partnership with Emirates NBD

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Citi has partnered with Dubai-based banking group Emirates NBD to launch its USD Clearing service in the Middle East.

Through this collaboration, Emirates NBD will offer the USD Clearing service, along with its commercial and treasury payment execution capabilities, to corporate and retail clients via its branch networks in the UAE and Saudi Arabia. This service will enable clients to make cross-border USD payments with continuous availability, addressing current payment flow challenges posed by varying transaction cut-off times in the UAE.

“The introduction of 24/7 USD Clearing will support the growth ambitions of our clients by giving them the ability to seamlessly transfer funds in a timely manner without having to worry about cutoffs and holidays,” said Ahmed Al Qassim, group head of wholesale banking at Emirates NBD.

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Following the initial launch, the service will be extended to all Emirates NBD branches in the Middle East and globally, including partnerships with third-party institutions.

According to its website, Emirates NBD currently operates 853 branches in the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain.

Shahmir Khaliq, Citi’s head of services, described the collaboration as “an important step in our journey to creating a multibank solution that is designed to deliver an end-to-end, ‘always on’ experience for participant banks and their customers.”

“Our 24/7 USD Clearing service is a clear differentiator in the market,” Khaliq continued. “It demonstrates the full value of our globally leading cross-border payments and clearing capabilities, which enable our clients to make payments faster and in a more efficient and transparent manner.”

Source: fintechfutures.com

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New partnership between BIS and MAS targets climate risks in finance

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The Bank for International Settlements (BIS) and the Monetary Authority of Singapore (MAS) have recently collaborated on an innovative initiative.

The BIS, an institution dedicated to fostering international monetary and financial cooperation, and the MAS, Singapore’s central bank responsible for monetary policy, financial regulation, and supervision, have teamed up to tackle a pressing global challenge.

Their partnership aims to develop a blueprint for a climate risk platform designed to integrate regulatory and climate data. This platform will enable financial authorities worldwide to better identify, monitor, and manage climate-related risks within the financial system.

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The BIS, through its Innovation Hub Centre in Singapore, is addressing financial stability concerns posed by climate change. The MAS adds its regulatory expertise and focus on sustainable finance to the effort. Both institutions recognize the complex challenges posed by climate change, including significant data gaps and the difficulty of assessing associated risks.

Project Viridis, led by the BIS Innovation Hub, outlines the essential features and metrics of the proposed climate risk platform. This platform is designed to provide comprehensive data on financed emissions, exposure to physical risks, and forward-looking assessments under various climate scenarios. As the impact of climate change on global financial markets escalates, adaptive and innovative responses are necessary.

The partnership also leverages advanced technologies such as natural language processing to extract and analyze climate-related data from corporate disclosures. This enables a deeper understanding of financial institutions’ climate-related risks and identifies potential areas requiring more intensive risk assessment.

Maha El Dimachki, head of the BIS Innovation Hub Singapore Centre, stated, “Project Viridis demonstrates how regulatory data can be integrated with climate data, extracted from corporate disclosure documents using natural language processing techniques. This provides authorities with insights into climate-related financial risks, helping them form an initial view of financial institutions’ risk exposures and identify areas that may require deeper risk assessment.”

Source: fintech.global

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