NEWS
Featured News
Trending News
Finastra and NTT DATA Join Forces to Accelerate Digital Lending Transformation
Finastra, a prominent global provider of financial services software, has revealed an expansion of its longstanding alliance with NTT DATA, a leading global IT infrastructure and services provider. This strengthened partnership will enhance Finastra’s Lending Cloud Service, improving the delivery of managed services for financial institutions across the MAAP (Middle East, Africa, Asia Pacific) and LATAM (Latin America) regions. The initiative is set to offer financial institutions in these regions faster deployments, enhanced automation, and a more adaptable lending experience.
Under the expanded collaboration, NTT DATA will take the lead in application lifecycle management for Finastra’s Lending Cloud Service, enabling greater scalability, standardization, and operational efficiency. Finastra’s EVP for loan, Andrew Bateman, says this move is a logical next step in their partnership with a partner who shares their aim for providing top-notch, cloud-based loan services and fully comprehends Finastra’s technological ecosystem. By working with a company familiar with its architecture and operating models, Finastra aims to speed up client onboarding while ensuring a resilient and high-performing service.
David Gold, Vice President for Cloud Services and IT Modernization at NTT DATA, emphasized pride in deepening the partnership as part of a broader strategic vision. Leveraging its expertise in large-scale financial environments, NTT DATA will help Finastra deliver highly automated and reliable cloud services to banks across key regions, merging innovation with operational excellence to transform banking experiences.
The jointly developed offering integrates tools to measure, report, and meet service-level commitments. For NTT DATA, the collaboration also presents a strategic avenue to broaden its portfolio, with a joint go-to-market strategy already in motion to scale adoption across the financial sector.
In the APAC region, where cloud revolution in financial services is developing quickly, this development is especially pertinent. Finastra’s Financial Services State of the Nation survey indicates that over a quarter of institutions globally have adopted or enhanced cloud solutions in the past year, with Vietnam, Hong Kong, and Singapore leading adoption. Together, Finastra and NTT DATA aim to modernize lending infrastructure across APAC and LATAM, delivering compliant, scalable, and innovative solutions to meet the demands of today’s fast-evolving markets.
Philippines’ Malayan Insurance Sets New Benchmark in IFRS 17 Compliance
Through the use of SAS Managed Cloud Services and the SAS Solution for IFRS 17, Malayan Insurance, one of the biggest non-life insurers in the Philippines, has fully prepared for IFRS 17 two years ahead of the nation’s extended compliance date. This early adoption positions the company as a leader in regulatory transformation within the region, turning compliance into a strategic advantage.
The insurer’s proactive approach reflects its commitment to innovation, operational agility, and industry leadership. According to Febrianto Siboro, Managing Director for Malaysia, Indonesia, and the Philippines at SAS, Malayan’s accomplishment demonstrates how advanced analytics can help organizations navigate complex regulatory requirements. He emphasized that the company’s early adoption sets a benchmark for the Philippine insurance sector while highlighting technology as a catalyst for trust and long-term success.
Founded in 1930, Malayan Insurance operates over 30 branches and service offices nationwide. The company embraced IFRS 17 — the international standard replacing IFRS 4 — well before its original January 1, 2025 implementation date, which was later extended to 2027. The new standard significantly changes how insurers measure liabilities and recognize revenue, enhancing transparency, comparability, and consistency in financial reporting.
To meet the complex requirements, Malayan upgraded legacy systems and restructured data models, enabling automated cash flow calculations, Contractual Service Margin (CSM) modeling, and audit-ready reporting. The initiative required close collaboration across finance, actuarial, underwriting, and IT teams, with SAS technology providing a unified data source for faster, more reliable reporting. Retrieving and preparing historical data from as far back as 2018 was one of the most challenging aspects, demanding cross-functional coordination and precision.
Despite the local deadline extension, Malayan chose to proceed without delay, viewing the project as a commitment to best practices and long-term strategy. After evaluating multiple platforms, the company selected SAS for its flexibility, transparency, performance, and strong support, with implementation partner Financial Risk Group guiding calibration, testing, and deployment.
The result is a streamlined reporting process that generates IFRS 17 outputs in under 30 minutes, offering full traceability and deeper insights to inform decision-making. Malayan’s achievement marks not just a compliance milestone but a transformative step toward sustained leadership and innovation in the insurance industry.
Vector AIS Unveils Valence Vero to Redefine Investor Onboarding and Compliance
Vector AIS, a leading fund administrator specializing in closed-end alternative investment funds, has introduced Valence Vero. This advanced solution is designed to transform investor onboarding and compliance. Built specifically to meet the unique operational needs of private capital, Valence Vero offers fund managers a unified platform that combines modern workflows, integrated KYC/AML capabilities, and a frictionless LP onboarding experience.
Central to Valence Vero’s capabilities is its integration with Passthrough, widely regarded as the industry’s leading provider of KYC/AML automation and investor onboarding management. This collaboration enables ongoing daily sanctions checks, streamlined collection of essential documents, and highly customizable workflows suited even for complex fund structures.
Reflecting on the partnership, Ben Doran, Co-Founder of Passthrough, emphasized its long-standing focus on delivering value to both general partners and investors through innovative technology and refined processes. “From a few early adopters to dozens of shared clients over the past five years, our relationship with Vector has been rooted in driving real results. We’re excited to elevate this further by combining Vector’s top-tier service with Passthrough’s onboarding expertise,” he said.
Vector CEO Molly Yakubian described the company’s objective of simplifying the onboarding process for investors. “Valence Vero is built on the belief that the onboarding process should accelerate, not hinder, a fund’s launch. By integrating Passthrough’s dependable infrastructure with our in-house Valence platform, we are immediately removing unnecessary friction. This strategy gives fund managers and LPs the smooth experience they are entitled to.
Valence Vero provides a centralized hub for investor records, enabling faster closings, improved oversight, and effortless integration with Vector’s back-office operations for smooth fund administration and reporting. Its design reflects a deep understanding of industry challenges, ensuring that fund managers can onboard investors efficiently while maintaining compliance at the highest standards.
This launch marks another significant step in Vector’s mission to modernize the operational backbone of private capital. Created by professionals who understand the intricacies of the field, Valence Vero is now available to all Vector clients, setting a new benchmark for investor onboarding in the industry.
Manulife Deepens Private Markets Push with Majority Acquisition of Comvest Credit
Manulife Financial Corporation has announced its agreement to acquire a 75% stake in Comvest Credit Partners for US $937.5 million in upfront cash consideration. This strategic acquisition is set to significantly scale Manulife’s private credit capabilities, bringing together Comvest’s US $14.7 billion in assets and Manulife’s US $3.7 billion Senior Credit business to form an integrated platform managing US $18.4 billion in private credit assets. The combined business will operate under the co-branded name Manulife | Comvest. Comvest, a fast-growing private credit manager, has established itself in the middle market with a diversified investment strategy spanning non-sponsor lending, specialty finance, and sponsor-backed loans. Its strong fundraising track record and history of generating consistent risk-adjusted returns have made it a respected player in the private credit space.
By combining Comvest’s non-sponsor and specialized finance knowledge with Manulife’s sponsor-focused Senior Credit platform, two complimentary methods are brought together, expanding the scope and depth of the combined entity’s lending strategies. Manulife’s decade-long presence in sponsor-backed private credit is expected to synergize effectively with Comvest’s focus on non-sponsored borrowers, creating new growth and client engagement opportunities. As part of the deal, Comvest will also be entitled for further performance-based incentive of up to US $337.5 million. A provision in the agreement allows Manulife to eventually purchase the remaining 25% of the business.
This acquisition will be funded entirely with cash on hand and is projected to enhance Manulife’s core EPS, ROE, and Global Wealth and Asset Management (Global WAM) EBITDA margins, while having only a minimal impact on the company’s LICAT ratio. Leadership transitions following the acquisition include Michael Falk, Comvest’s Founder, assuming a role as Senior Advisor and Board Member, and CEO Robert O’Sullivan stepping in as Head of the new business unit. He will answer to Manulife’s Global Head of Private Markets, Anne Valentine Andrews. Assuming customary regulatory approvals and conditions are met, the transaction is anticipated to close in Q4 2025.
Vola Finance Launches CreditMap to Simplify Debt Management and Boost Credit Scores
Vola Finance, a personal financial management platform, has officially launched Vola CreditMap—a comprehensive loan management dashboard aimed at empowering consumers to take control of their personal debt and improve their credit scores. Designed with simplicity and impact in mind, CreditMap offers users a centralized experience to manage all forms of debt, including credit cards, student loans, rent, and utilities, within one intuitive interface.
As U.S. consumer debt levels rise above $104,000 on average, borrowers—particularly Millennials and Gen Z—are navigating increasingly complex financial obligations. From the resurgence of student loan payments to the growing impact of Buy Now, Pay Later services on credit profiles, effective debt management has become more essential than ever. Vola Finance addresses these challenges by providing a unified solution that merges budgeting, credit-building, and cash advance capabilities into a single platform focused on helping users reduce debt and build stronger credit.
Through Vola’s integration with Method Financial, CreditMap establishes direct connections with credit bureaus and financial institutions, enabling it to gather validated loan information and proactively provide payback plans that are optimal. This goes beyond merely displaying outstanding balances by enabling users to lower the total cost of their debt. Through real-time, personalized insights, the dashboard empowers users to monitor payment timelines, assess credit score factors, and manage their cash flow more efficiently. Vola’s collaboration with Esusu further enhances the platform by allowing users to report rent payments and receive alerts—both of which can positively influence credit scores.
Tushar Bagamane, CEO of Vola Finance, emphasized that the goal of CreditMap is to demystify credit building and debt management. Rather than simply presenting credit scores, the platform explains what drives them and offers individualized recommendations tailored to each user’s financial situation. With educational resources built directly into the platform, users are guided toward smarter, more informed financial decisions. Currently, over 30,000 users are using CreditMap, managing an average of five active loans. Vola supports integration with over 6,000 financial institutions and partners with industry leaders like Mastercard and FIS, further solidifying its commitment to financial empowerment through technology.
Future-Ready Payments Arrive in Francophone Africa as OpenWay Launches Regional Push
OpenWay, the global powerhouse behind the acclaimed Way4 digital payment platform, has announced its official expansion into Francophone Africa, bringing its cutting-edge payment solutions and robust local service infrastructure to banks and fintech companies in the region. This strategic move underscores OpenWay’s commitment to advancing digital finance across the African continent by enabling financial institutions to modernize and innovate their services with world-class technology.
A significant milestone in this expansion includes a long-term technology partnership with a top-tier bank in Morocco, aimed at accelerating its digital transformation initiatives. This collaboration paves the way for financial institutions in Morocco and Tunisia to adopt the Way4 platform—an industry-leading payment system lauded by global research firms such as Gartner and Datos. Through this program, OpenWay offers its assistance to forward-thinking participants constructing Africa’s payment ecosystem of the future. Major African banks, such as Equity Bank in Kenya and SanuPay, an up-and-coming fintech pioneer in Ethiopia, already trust Way4.
Way4’s comprehensive capabilities empower banks and fintechs to deliver always-on, real-time digital payment services across issuing, acquiring, and processing domains. Its flexible and configurable architecture shortens time-to-market while unifying various payment products—including cards, digital wallets, account-to-account transfers, crypto assets, and central bank digital currencies—on a single, secure platform. Designed for enterprise-scale operations, Way4 ensures reliable, compliant, and seamless scalability across borders.
In a move to enhance regional engagement, OpenWay is also building a specialized local team in Francophone North Africa. With experts based in Morocco and Tunisia, clients now have access to customized support enriched by OpenWay’s global delivery capabilities and industry expertise. Collaborations with professionals from Sub-Saharan Africa further ensure culturally relevant, locally resonant service.
Jean-Philippe Wolyniec, OpenWay’s Regional Sales Director, emphasized that real progress in Africa is achieved collectively. He highlighted the company’s pride in co-creating value with clients to foster inclusive, secure, and future-ready payment experiences across the continent.
XData Group Unveils Comcora to Revolutionize Digital Banking for Banks and Fintechs
XData Group, a European software development company specializing in banking technologies, has launched Comcora, a white-label Banking-as-a-Service (BaaS) platform created to empower both traditional banks and fintech startups with a streamlined pathway to offering modern digital financial services. Designed to minimize complexity and accelerate deployment, Comcora provides an adaptable and scalable solution tailored to the unique needs of each client.
Comcora is specifically crafted for two key audiences — established banks aiming to update their digital infrastructure and fintech ventures seeking a reliable backend to bring new financial products to market. For banks, the platform offers seamless integration with existing core systems while delivering a fully customizable, digital-first experience. For fintechs, it serves as a comprehensive yet flexible infrastructure, covering everything from basic payments to advanced financial tools that evolve alongside their growth.
The product’s name, derived from “common core,” reflects its foundational principle: to provide a robust, scalable architecture that can easily be tailored to suit a wide variety of business models and customer segments. Comcora emphasizes simplicity in both integration and operations, offering clients a complete platform that requires no in-house technical team to maintain.
Unlike many BaaS solutions that cater only to tech-heavy organizations, Comcora stands out by removing common barriers such as high development costs and complex technical requirements. The solution is supported by a seasoned team at XData Group, with deep expertise in banking and fintech, ensuring clients receive strategic guidance and product support throughout their journey.
Behind the platform is a powerful, modular microservices architecture that includes everything from accounts and cards to lending and compliance tools. It is already integrated with trusted global providers such as Visa, Mastercard, Sumsub, ComplyControl, and Google Cloud. With its first European bank client preparing for a Q1 2026 launch, XData Group is focused on expanding Comcora into new regions and deepening collaborations with forward-thinking financial institutions.
ImageSource Unveils AI-Powered IDC Proposal Solution for Tribal Nations
ImageSource, Inc., the company behind the ILINX® intelligent automation platform, has introduced a new Indirect Cost Rate (IDC) Proposal Solution tailored specifically for the financial and regulatory requirements of Tribal Nations. Created in close partnership with tribal finance and grants management experts, this purpose-built solution is designed to remove the inefficiencies that have long challenged Tribal Nations in managing indirect cost proposals. By simplifying the preparation and submission process, the solution empowers tribal governments to effectively claim and recover the overhead expenses tied to federally funded and grant-supported initiatives. This in turn strengthens financial transparency, long-term program sustainability, and reinforces fiscal sovereignty.
Rob Latham, Chief Solution Officer at ImageSource, emphasized that many Tribal Nations still rely on cumbersome, disjointed processes for compiling IDC proposals, which can drain resources and create compliance risks. The new solution addresses these issues by introducing automation into the proposal development cycle and enabling financial teams to accurately compare indirect and cost bases. This allows for greater consistency and preparation in future fiscal years. Instead of being burdened by time-consuming manual procedures, tribal leadership can shift their focus toward making more impactful funding decisions.
The solution aligns with federal agency standards, particularly those of the U.S. Department of the Interior, ensuring regulatory compliance from the outset. Built with ILINX’s adaptable architecture, the IDC Proposal Solution offers a secure environment to manage, track, and generate essential documentation while providing audit-ready records. It is in line with ImageSource’s overarching goal of creating safe and culturally sensitive automation solutions for Tribal Nations. By integrating artificial intelligence with customizable workflows, this new offering not only enhances operational efficiency but also respects the distinct governance structures and traditions of the communities it serves. The release of this IDC Proposal Solution represents a meaningful step toward enabling Tribal Nations to exert greater control over their financial planning and grant management efforts.
Adobe and Antom Forge Strategic Partnership to Empower Digital Creativity with Seamless Payment Access Across Asia
Adobe and Antom, a leading provider of unified merchant payments and digitisation solutions under Ant International, today announced a strategic partnership to launch an optimized payment experience and tailored digital marketing offerings for Adobe’s customers across Asia.
“At Adobe, we’re always looking to deliver elevated and localized experiences for our customers. As our base of customers in Asia fast expands, we’re excited to announce our partnership with Antom to integrate localized payment options for our customers and unlock new growth opportunities in the various markets we’re expanding with Antom into,” said Matt Wegner, Vice President, Global Payments, at Adobe.
Adobe will integrate localized payment solutions to strengthen its global footprint with its user-centric approach. Leveraging Antom’s comprehensive acquiring network, advanced payment technology and broad local payment method coverage across Asia, this partnership will help Adobe optimize transaction flows, increasing conversion rates, and ensuring fast, secure and cost-effective payment settlement.
In the first phase of the collaboration, 8 new alternative payment options will be rolled out across 8 key Asian markets, including AlipayHK (Hong Kong SAR, China), DANA (Indonesia), GCash (the Philippines), Kakao Pay (South Korea), Momo (Vietnam), PayPay (Japan), Touch ‘n Go (Malaysia) and True Money (Thailand). Moving forward, both companies may explore opportunities to introduce additional payment methods to include credit cards, bank transfers, digital wallets, and more.
“We are excited to collaborate with Adobe, a pioneer in leveraging AI to enhance creativity and productivity for its users. Through this partnership, we aim to make Adobe’s advanced tools more accessible to a broader customer base in high-growth markets. Adobe’s AI strategy aligns closely with our commitment to supporting merchants with unified payment solutions powered by AI, and we look forward to driving greater synergy together,” said Gary Liu, General Manager of Antom, Ant International.
Beyond payments, the two parties will explore opportunities to introduce Adobe into Antom’s A+ Rewards, an in-App digital marketing platform powered by privacy-preserving computing and AI technologies. It connects brands with hundreds of millions of e-wallet users by embedding with leading e-wallets in Asia. This collaboration is expected to help Adobe improve customer acquisition and engagement through targeted campaigns integrated into users’ everyday digital payment experiences.
“We work with global industry leaders to enhance their presence and advance digital innovations in Asia and beyond, and the partnership with Adobe is part of that effort. We look forward to enabling professionals and enterprises, especially small businesses, to adopt cutting-edge technology and fully unlock their potential,” Liu added.
Overall, the Antom-Adobe partnership will enhance accessibility to creative professionals, businesses and educational institutions, helping them leverage Adobe’s products with greater flexibility. Region-specific payment options built on Antom’s robust payment infrastructure will allow Adobe to respond to the evolving needs of customers in the Asia market via an omnichannel marketing approach that will deploy curated offers and content that is supported by their most preferred payment methods.
Orion180 launches FLEX Home Insurance to empower Florida homeowners with customisable coverage
Orion180, a leading provider of flexible, customer-focused homeowners and flood insurance solutions, has launched its new FLEX Home Insurance product across 14 coastal counties in Florida.
The launch comes in response to Florida’s escalating insurance crisis, driven by frequent hurricanes, flooding, and other natural disasters.
Homeowners in the state face some of the highest insurance premiums in the US, with an annual average of $5,340, according to data from Bankrate.
Despite this, 18.1% of homes in Florida remain uninsured, placing it among the top ten states with the highest rates of uninsured properties. Miami-Dade, in particular, stands out as the most at-risk county nationwide.
Orion180 provides innovative, customer-centric insurance solutions that are designed to address gaps in traditional home and flood coverage. Its mission is to offer flexible and transparent insurance products that adapt to homeowners’ individual needs and financial circumstances.
The new FLEX Home Insurance product empowers Florida homeowners to tailor their insurance policies according to their specific risk tolerance and budgets.
FLEX allows users to customise coverages and select from a variety of deductibles and co-payments, giving them greater control over how they manage both upfront and long-term costs.
Beyond basic coverage, FLEX includes several features aimed at rewarding and protecting policyholders. Homeowners with a claims-free history may qualify for a bonus of up to 100% of their first-year premium.
Additionally, the product includes a rate-locking feature, enabling customers to extend their policy terms and protect themselves from rising insurance rates.
FLEX is now available through a network of select insurance agents across 14 coastal counties in Florida, including Miami-Dade, Broward, Palm Beach, Hillsborough, Pinellas, Lee, Sarasota, Manatee, Brevard, St. Lucie, Collier, Martin, Charlotte, and Indian River.
Orion180 CEO Ken Gregg said, “Standard home insurance policies are outdated for today’s consumer, and a lot of time do not align with the individual’s budget and interest. FLEX gives homeowners the power of choice. The policy is flexible and allows consumers to choose coverages that fit their individual needs and budget.”
FinTech Wales welcomes Aviva as new partner to strengthen InsurTech collaboration
Aviva, one of the UK’s leading insurance and financial services firms, has partnered with FinTech Wales to foster innovation, support collaboration, and strengthen the FinTech and InsurTech sectors across the nation.
Aviva joins an impressive roster of partner members including Barclays, The Royal Mint, Go.Compare, Confused.com, Admiral, Starling, Hodge, Principality and Monmouthshire Building Societies, Veeqo and Future Finance, according to FF News.
By becoming a partner of FinTech Wales, Aviva is deepening its involvement in the Welsh FinTech community, fostering innovation, and supporting the development of disruptive financial technologies.
Aviva has long been recognised as a stalwart in the insurance and financial services industry, providing a broad range of products to millions of customers in the UK.
Its operations increasingly focus on innovation through partnerships with emerging technology companies, with a view to accelerating digital transformation and future-proofing services.
FinTech Wales, founded in 2019, supports over 160 businesses both in and outside of Wales.
The organisation is committed to promoting innovation, growth, and cross-sector collaboration across the financial services and technology spectrum. Its core mission is to position Wales as a global leader in FinTech by facilitating connections between startups, established firms, academic institutions, and public sector entities.
Aviva’s collaboration with FinTech Wales predates the formal partnership. In November 2024, the insurer was headline sponsor of the FinTech Wales Investment Conference, underlining its early commitment to supporting local innovation and investment.
This sponsorship served as a catalyst for deeper engagement and has now evolved into an official strategic partnership.
As part of the partnership, Aviva aims to contribute its industry expertise to the FinTech Wales community, while also gaining insights from the Welsh FinTech and InsurTech scene. The relationship is poised to open new doors for startups and entrepreneurs seeking to collaborate with an established market leader.
Sarah Kocianski, CEO of FinTech Wales, said, “Aviva joining FinTech Wales as a partner highlights the strength and potential of our ecosystem. Its presence will not only add to the wealth of expertise within our community but also create new opportunities for collaboration for innovative fintechs. Partnerships like this are key to the continuing growth and evolution of the Welsh fintech industry, and we’re excited to see the impact Aviva will have as we continue to champion Wales as a hub for fintech excellence.”
Arslan Hannani, group innovation director at Aviva, said, “We’re delighted to work with Fintech Wales and strengthen our relationships with businesses in this growing sector. The partnership will allow Aviva to explore innovative ideas and solutions with the Welsh FinTech community and help businesses get ready for the future.”
Temenos reveals GenAI’s transformative impact on the banking sector
In a comprehensive survey conducted by Hanover Research for Temenos, a leading provider of banking technology, it was revealed that a significant majority of banks are actively exploring the deployment of GenAI to enhance their operational efficiencies.
The survey, which polled 420 business and technology leaders within the financial services sector, underscores the growing interest in GenAI’s potential to revolutionise various facets of banking operations.
The findings indicate that 75% of banks are exploring GenAI deployment strategies, with 36% already in the deployment phase or in the process of deploying the technology, and an additional 39% evaluating potential deployment opportunities. The driving force behind this surge in interest is the desire to enhance operational efficiency, improve customer experience, and fuel business growth. Notably, nearly half (43%) of the banks already involved with GenAI plan to increase their investment in the technology over the coming year.
Despite the enthusiasm, there are significant concerns regarding GenAI among the banking community, particularly related to data protection, with 86% of respondents highlighting it as a major issue. Other concerns include compliance with legal requirements, cited by 60% of respondents, and the risk of GenAI generating inaccurate results, known as ‘hallucinations’, which worries 59%.
Isabelle Guis, Chief Marketing Officer at Temenos, commented on the survey’s outcomes: “This survey highlights both the enthusiasm and challenges banks are facing as they explore GenAI. There’s huge potential for GenAI to enhance efficiency, address operational challenges, and elevate the customer experience. However, concerns around data privacy, legal requirements and accuracy remain top of mind. GenAI is not a silver bullet banks also need to balance a human touch in the process to ensure that interactions remain differentiated and build trust with their customers.”
Looking to the future, a substantial 73% of survey participants believe that Agentic AI AI systems capable of making decisions and taking actions independently will be transformative for the banking industry. As part of its commitment to fostering this technological evolution, Temenos has embraced flexible deployment options, enabling banks to implement its GenAI solutions across cloud, SaaS, or on-premises infrastructure. Temenos also announced a significant collaboration with NVIDIA to enhance the performance of on-premises GenAI, ensuring superior speed, precision, and data privacy.
Foliume raises $1m seed round to enhance AI-driven insurance distribution
Foliume, which specialises in automating insurance processes, has secured a $1m seed funding round led by Belgium-based venture fund Pitchdrive and Wayra, the investment arm of Telefónica.
The round also saw participation from key figures in insurance distribution and technology, according to InsurTech Insights.
The fresh capital will be used to enhance product development and support the European expansion of Foliume’s AI assistants.
These tools are designed to improve efficiency for brokers, agents, and bancassurance teams by streamlining processes such as quotes, policy renewals, and customer service.
Foliume is focused on tackling long-standing inefficiencies in the insurance sector. Traditional intermediaries often struggle with cumbersome workflows, from manually comparing quotes to handling slow policy renewals.
The company’s AI-powered automation aims to eliminate these bottlenecks, reducing quoting and renewal times from hours to minutes. By handling repetitive tasks such as form-filling and policy comparisons, the platform allows brokers to concentrate on high-value activities like client advisory and closing deals.
The funding will accelerate Foliume’s European expansion and improve its AI capabilities. The company plans to enhance its AI engine, introduce client-requested features, and establish strategic partnerships in key markets.
The goal is to further optimise insurance distribution by making quoting and policy renewal processes faster and more accurate.
Foliume’s platform is designed to integrate seamlessly into existing brokerage operations. It automates the quote-gathering process by aggregating and comparing offers from multiple insurers, accessible via WhatsApp, email, or API.
Additionally, its AI reduces human errors by auto-filling forms and validating data across documents. The system also streamlines policy renewals by automatically re-rating policies and identifying the best available alternatives.
Unlike general-purpose AI models, Foliume’s technology is tailored specifically for insurance, ensuring precise interpretation of industry terminology, coverage details, and underwriting rules.
This level of specialisation allows the AI to deliver more accurate outputs, such as risk evaluations and quote suggestions, improving efficiency and reliability for brokers.
Foliume CEO Martín Fagioli highlighted the company’s mission, stating, “Insurance intermediaries have been stuck with time-consuming processes for too long. Our AI assistants handle the repetitive work – from filling out forms to comparing policies – so brokers can focus on what really matters: advising clients and delivering a great customer experience.”
Pitchdrive Founder and Managing Partner Koen Christiaens expressed confidence in Foliume’s potential, saying, “We backed Foliume because they’re solving a real and urgent problem in the insurance industry. The team has built an innovative SaaS platform that helps brokers modernise their operations, drive efficiency, and unlock new revenue streams. Their rapid growth, strong customer engagement, and clear expansion roadmap showed us a business with both momentum and long-term potential. It’s exactly the kind of B2B SaaS company we love to support at Pitchdrive.”
Augusto Pérez Arbizu, corporate director of risk and insurance at Telefónica, highlighted the strategic importance of the investment, stating, “The investment in Foliume is part of our commitment to driving digitalisation and innovation in the insurance sector. Through this partnership, we not only support the industry’s digital transformation, but also provide insurance professionals with tools that enhance their productivity and effectiveness.”
With this latest backing, Foliume is poised to revolutionise insurance distribution by making it faster, more accurate, and more seamless.
Tietoevry and Version 1 join forces to transform European banking digitalisation
Tietoevry Banking and Version 1 have announced a strategic partnership aimed at accelerating the digitalisation of European financial institutions.
By combining Tietoevry Banking’s robust SaaS offerings with Version 1’s expertise in modernising banking systems and their specialism in AI compliance, ethics, and risk management, this alliance is poised to transform the digital landscape of banking across Europe.
The collaboration is driven by the need to equip banks with the necessary tools to thrive in a rapidly evolving digital environment. European banks are currently facing a crucial period of transformation, where adapting to changing market demands and customer expectations is vital for survival and growth. This partnership promises to deliver secure, resilient, and agile financial services by leveraging a flexible software ecosystem that can quickly respond to these changes.
Tietoevry Banking brings to the table decades of experience in delivering financial software that has been crucial in the digitalisation of tier-1 banks, especially in the Nordics. The company’s modular SaaS solutions have been instrumental in helping financial institutions enhance customer personalisation, optimise digital channels, and maintain rigorous regulatory compliance.
On the other hand, Version 1 offers a wealth of experience in digital transformation, having engaged in significant projects with banks in key markets like the UK, Ireland, and Spain. Their expertise is expected to complement Tietoevry’s offerings by introducing enhanced AI capabilities and innovative solutions for fraud prevention and financial crime monitoring.
The partnership strategically targets growth in the UK, Ireland, and Spain, aiming to provide European banks with access to top-tier fraud prevention and financial crime solutions. Additionally, it will bolster capabilities in the card value chain, focusing on modular and industrialised card issuing and production solutions.
A key aspect of the partnership is its commitment to fostering a culture of innovation and collaboration. This environment enables banks to not only keep pace with technological advances but to lead in delivering modern, customer-centric experiences. By combining Tietoevry’s leading-edge SaaS solutions with Version 1’s industry-leading expertise, the partnership equips financial institutions to navigate the digital landscape effectively.
Tietoevry Banking managing director Endre Rangnes said, “Our 50 years of experience in financial software has taught us how to help banks thrive in a time of accelerated change. Our modular SaaS solutions empower financial institutions to drive domain transformation while continuing to run their core business effectively. Partnering with Version 1 allows us to extend these capabilities to more European banks, helping them build resilience, amplify efficiency, and deliver superior customer experiences.”
Version 1 head of private sector sales Martin McDonagh added, “We evaluated several partners to find the right strategic fit and identified Tietoevry Banking as an ideal match for our ambitions. We have already engaged in promising discussions with banks in the UK, Ireland and Spain, and we’re excited to see this partnership gain further momentum in these key markets.”
Flagright secures $4.3m to enhance AI-native AML solutions in FinTech
Flagright, an AI-native AML compliance platform, has announced the successful closure of a $4.3m seed funding round.
This financial boost aims to propel the development of Flagright’s solutions and support its international expansion. The funding round was spearheaded by Frontline Ventures and included investments from a group of distinguished angel investors.
The company specializes in utilizing AI to tackle financial crimes, a critical need in today’s tech-driven financial landscape. Historically, financial institutions have faced challenges such as the notorious $25m fraud incident in Hong Kong, involving deepfake technology. Such incidents underscore the growing sophistication of financial fraud, which increasingly involves AI technologies. Reports indicate that in 2023, deepfake usage in FinTech surged by 700%.
Flagright was founded in 2022 by Baran Ozkan and Madhu Nadig after they identified a gap in the market for effective, efficient, and high-quality financial compliance services. The founders aimed to create a solution robust enough to meet their own high standards as consumers. The platform initially focused on real-time transaction monitoring but has since evolved into a comprehensive suite of AML compliance tools, thanks to advancements in AI and machine learning language models (LLMs).
Today, Flagright offers an innovative ecosystem that includes dynamic risk scoring, automated case management, real-time transaction monitoring, and AML screening. It boasts integration with top-tier data providers like LSEG and Dow Jones, ensuring its compliance capabilities are second to none. The platform is renowned for its banking-grade reliability, delivering 99.99% uptime and real-time data processing in under 700ms. According to user feedback, Flagright has significantly reduced false positives by 93% and decreased manual monitoring efforts by 87%.
With the new funds, Flagright is set to further accelerate its product innovation and global expansion. The company is also introducing a new product family, AI Forensics, which aims to revolutionize compliance workflows in screening, monitoring, governance, and quality assurance. The AI Forensics for Screening tool has already shown promising results, reducing false positives by 93% and cutting down alert investigation times by 80%.
Flagright CEO Baran Ozkan expressed enthusiasm about the funding, stating, “This investment not only validates our vision but also equips us to scale new heights in AI-powered compliance solutions.”
Previously, Flagright had garnered support from influential investors like Y Combinator, Pioneer Fund, and Moonfire Ventures, who have reaffirmed their confidence in the company’s direction by contributing to the latest funding round.
Vanquis Banking Group teams up with FinScan to boost AML capabilities
Vanquis and FinScan, a leading provider of AML compliance solutions from Innovative Systems, have entered into a partnership.
Vanquis Banking Group is known for its dedicated approach to responsible lending within the financial industry, whereas FinScan specializes in advanced AML compliance technologies that aid in enhancing operational efficiencies and customer transparency.
The driving force behind this collaboration is to further strengthen Vanquis’s AML procedures and overall financial crime risk management strategies. By integrating FinScan’s cutting-edge technology, Vanquis aims to enhance its capabilities in monitoring and managing financial crime risks effectively.
FinScan stands out in the market for its unified platform that supports both real-time and retrospective name screening. This technology allows banks to centralize their AML processes, which is crucial for improving operational efficiency and extending customer visibility. FinScan’s advanced, customizable matching technology not only delivers higher accuracy and scalability but also incorporates diverse data sources to facilitate more comprehensive risk assessments.
The partnership is poised to significantly advance Vanquis’s resilience against financial crimes, reinforcing its commitment to customer-centric innovation. FinScan’s solutions are tailored to meet specific banking needs, such as simplifying simulation matching for KYC onboarding and ongoing monitoring, which are essential for maintaining high standards of compliance and operational efficiency at Vanquis.
Paul Blackmore, head of financial crime at Vanquis Banking Group, emphasised the importance of the partnership, stating: “At Vanquis, compliance and operational efficiency are core to our commitment to responsible lending. Partnering with FinScan allows us to harness advanced technology that aligns with our business goals. Its scalability, configurability, and centralized capabilities make it the ideal solution to optimize our AML processes and support our growth.”
Steve Maul, chief revenue officer at Innovative Systems, Inc., also commented on the collaboration: “Unlike off-the-shelf solutions, FinScan offers tailored AML compliance capabilities designed to meet the bank’s specific needs, including simplifying simulation matching for KYC onboarding and monitoring. This partnership marks a significant step forward in further strengthening the bank’s resilience against financial crime while maintaining its unwavering commitment to customer-centric innovation.”