Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Latest News

ZainCash Adopts Temenos Technology to Expand Financial Inclusion in Iraq

Published

on

 

ZainCash Iraq, a payment service provider and subsidiary of March Holding, has adopted Temenos’ core banking and payments platform to foster the growth and innovation of its digital payment services.

This initiative aligns with the strategic goals of the Iraqi government and the central bank to enhance financial inclusion and accelerate the digital transformation of the national economy. ZainCash is expanding its operations, improving customer experiences, and introducing new products to provide digital payment solutions to a broader range of Iraqi customers, merchants, and SMEs.

Founded in 2015, ZainCash has seen rapid growth, with over 1.2 million app downloads and a ranking of sixth in Forbes Middle East Fintech Top 50 for 2024. The company offers local and international transfers, payments to merchants and government services, fund management with multicurrency cards, and digital vouchers, all supported by a network of 10,000 agents across Iraq.

Advertisement
Stake.com

Through its partnership with Temenos, ZainCash has integrated its core banking and payments on a flexible platform that allows seamless integration with internal systems and the Central Bank of Iraq. This platform enables ZainCash to scale quickly, with a goal of reaching three million users by the end of the year.

Temenos’ architecture, featuring open APIs, facilitates the rapid launch of new services such as instant lending and customized products, while also enhancing the user experience with a seamless onboarding process. The platform will help ZainCash extend financial services to more communities, including Iraq’s unbanked population, and support humanitarian efforts with the United Nations by delivering funds to refugees more quickly and efficiently.

Yazen Altimimi, CEO of ZainCash, stated: “Temenos’ open and agile banking platform allows us to innovate and scale rapidly, delivering a world-class payment experience that meets our customers’ growing needs and expectations. With Temenos, we can expand our product range more easily and provide personalized services as we continue to lead the way in making payments safer, simpler, and more convenient for all Iraqis.”

Lee Allcorn, managing director for the Middle East & Africa at Temenos, added: “Congratulations to ZainCash on this successful go-live. We’re delighted to support this pioneering fintech company in bringing innovative and convenient digital services to more Iraqis and continuing to widen financial inclusion in the country. We continue to invest in our single code base across core banking and payments, which is helping everyone from established banks to nimble fintechs increase efficiency and improve customer experience.”

Source: thefintechtimes.com

Advertisement
Stake.com

The post ZainCash Adopts Temenos Technology to Expand Financial Inclusion in Iraq appeared first on HIPTHER Alerts.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

InScope secures $4.3m to revolutionise financial reporting and auditing

Published

on

 

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.

Advertisement
Stake.com

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

Advertisement
Stake.com

The post InScope secures $4.3m to revolutionise financial reporting and auditing appeared first on HIPTHER Alerts.

Continue Reading

Latest News

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

Published

on

 

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.

Advertisement
Stake.com

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

Advertisement
Stake.com

The post Citi extends USD Clearing service to Middle East in partnership with Emirates NBD appeared first on HIPTHER Alerts.

Continue Reading

Latest News

New partnership between BIS and MAS targets climate risks in finance

Published

on

 

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.

Advertisement
Stake.com

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

Advertisement
Stake.com

 

The post New partnership between BIS and MAS targets climate risks in finance appeared first on HIPTHER Alerts.

Continue Reading

Trending