Banking tech problems hit TSB and Absa
UK and South Africa united in fintech grief.
South Africa
South Africa’s FNB turns to township trade
First National Bank partners with Selpal for new customers.
Discovery debuts digital bank
Financial services company launches new digital offering.
South African Reserve Bank fines HSBC $1m for AML fails
There were “certain weaknesses” in its detection of money laundering.
Top fintech stories this week – 2 November 2018
Catch up on FinTech Futures’ top five fintech stories of the week – all in one place!
Bank Zero launches trial in South Africa
Bank Zero is mobile-driven, 45% black-owned an 20% women-owned.
Coronation first in South Africa live with SmartStream’s corporate actions tech
Coronation Fund Managers live with SmartStream’s TLM Corporate Actions OnDemand.
Absa launches mobile account opening
Absa CIO: “Your bank account is live immediately – no need to go to a branch.”
Daon inks deal with South Africa’s Capitec Bank
Bank will use Daon’s IdentityX platform to develop new authentication solutions.
South African paytech Yoco raises $16m funding
Round led by Partech with participation from Orange Digital Ventures.
Standard Bank’s online escrow service Shepherd meets its end
No explanation as to how or why from the South African bank.
Absa’s ChatBanking service now includes WhatsApp
Says it’s first in the world to offer full banking services via the chat app.
Standard Bank SA faces IT crash, again
ATMs and online platforms were affected, according to reports.
South African Ethereum test proves efficiency of blockchain-based payments for banks
A blockchain-based payments system tested last week outdid traditional payment networks.
SMEs and selfies stick for FNB account opening
South African bank unveils selfie authentication… and “businessism”.
FNB to launch m-wallet for South Africa’s underbanked
FNB estimates the size of the market for its m-wallet service at over 11 million people.
DFS Lab and Gates Foundation invest in four African fintech start-ups
Four start-ups received $200,000 funding from DFS Lab, supported by Bill and Melinda Gates Foundation.
Absa takes payments shot with Sling Pay
South African bank unveils new app that allows users to send money, data and airtime.
Standard Bank sells mobile paytech Oltio to Mastercard
Mastercard has acquired Oltio, a mobile paytech firm in South Africa.
Banking systems go down at South Africa’s Standard Bank
Bank reported problems with its self-service channels.
South African Reserve Bank mulls cryptocurrency regulations
Will also experiment with distributed ledger technologies – and ConsenSys helps out.
Banking tech round-up: 22 January 2018
Our southern stars are Bank Zero, Westpac and Commonwealth Bank of Australia.
OfferZen and Standard Bank to launch bank account for developers, Root
2018 will see the launch of Root in South Africa, a bank account for developers.
Prime Tyme for South Africa’s newest bank
TymeDigital, a South African online money transfer business bought by Commonwealth Bank of Australia (CBA) two years ago, has been granted a banking licence. The first licence issued to a new bank by the South African Reserve Bank (SARB) since 1999. TymeDigital will enter a retail banking market dominated by South Africa’s five biggest banks: […]
South Africa Bettr get ready for new mobile banking service
South African start-up Bettr Finance is preparing to launch its mobile banking service – with the offer of no monthly account fees and no bricks and mortar branches. It’s early days at the moment, so timelines and specific details are not available. But on its website its alpha phase is limited to 10,000 users. The […]
Atlas Finance signs for Nucleus Software’s lendtech
Atlas Finance, a microfinance lender in South Africa, has signed for Nucleus Lending Analytics from India-based lendtech vendor Nucleus Software.
InvestCloud wins deal with South African wealth manager
US-based InvestCloud has a spring(bok) in its step as it has been appointed by South Africa’s Anchor Private Clients to provide digital client communication and client reporting solutions. Johannesburg-headquartered Anchor Private Clients, the private client division of Anchor Group, specialises in investment management and advice for private clients across South Africa and internationally. Its parent […]
South Africa’s Mercantile Bank goes omnichannel with TCS Bancs Digital
South Africa-based Mercantile Bank has implemented a new digital channels platform, TCS Bancs Digital, supplied by TCS Financial Solutions.
2017: South Africa – blockchain fizzle or sizzle?
While the maturity of blockchain discussions and advances are at different stages of development around the world, blockchain is said to be at the height of the Gartner hype cycle. This implies that 2017 will be the year where disillusionment with the technology begins. However, 2017 may also see some real breakthroughs with its application and the emergence of pockets of the first concrete results.
Nedbank overhauls commercial lending with Misys tech
Nedbank, one of South Africa’s largest banks, is implementing a new syndicated lending system, Fusionbanking Loan IQ, supplied by Misys.
Fintech funding round-up: 13 December 2016
Who is investing in what? Our latest fintech funding round-up, mercifully brief as usual. Featuring ApplePie Capital and Firepay.
Discovery step closer to obtaining banking licence
South Africa’s insurance group Discovery has received the green light from the regulators to set up a bank – the anticipation is that a banking licence will be granted within a year.
First National Bank launches smartphones for mobile banking boost
Welcome to the bundle. South Africa’s First National Bank has launched its own-branded smartphones as it looks to mobile banking growth. The ConeXis X1 and A1 phones will be available from 380 branches around the country and come bundled with FNB’s smartphone banking app. Jan Kleynhans, CEO of the FNB Consumer Segment, says the initiative […]
Discovery in core banking system selection mode for new bank
One of South Africa’s largest health insurers, Discovery, is a step closer to selecting a core banking system for its new bank, Banking Technology understands. Discovery went public on its plans to launch a brand new full-service retail bank in South Africa last year. As part of this ambition, it acquired the majority stake in […]
Nedbank South Africa revamps payments ahead of September 2016 deadline
South Africa’s Nedbank has chosen Volante Technologies to help it revamp its payments message service using VolPay Foundation, which focuses on validating and processing payments. The move comes ahead of regulatory change next year, which will force all South African institutions to change the way they handle payments.
South Africa’s JSE aims to ‘spearhead’ African cross-listings with ETFs
Stock markets in Nigeria, Kenya and South Africa are planning to launch cross-listed exchange traded funds later this year, as part of an initiative that aims to boost liquidity across Africa’s three largest markets.
JSE overhauls derivatives and fixed income systems
South Africa’s Johannesburg Stock Exchange is moving its derivatives and fixed income markets onto Millennium Exchange, the trading platform it bought from the London Stock Exchange when it moved its equities market earlier this year.
Johannesburg Exchange revamps clearing and derivatives trading
South Africa’s Johannesburg Stock Exchange has begun a massive overhaul of its clearing and trading systems, which will see its siloed clearing platforms replaced by a single engine from vendor Cinnober and its derivatives market shifted onto the London Stock Exchange’s MilleniumExchange platform.
Standard Bank launches West Africa expansion drive via Côte d’Ivoire
Standard Bank of South Africa has launched a major expansion drive in West Africa, starting with the opening of a new representative office in the Côte d’Ivoire. The bank plans to use the Abidjan office to become familiar with the region and identify further opportunities within it.
Nedbank South Africa launches Africa’s first ‘green’ bank branch
South Africa’s Nedbank has opened a bank branch powered entirely by renewable energy, a move that it claims is the first of its kind in Africa.
