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FINVOLUTION GROUP’S ADAKAMI APPLICATION ANNOUNCES STRATEGIC COOPERATION WITH PT BANK JAGO
FinVolution Group (“FinVolution,” or the “Company”) (NYSE: FINV), a leading fintech platform in China, today announced that its Indonesian financial application, AdaKami, signed a strategic cooperation agreement with PT Bank Jago. Bank Jago is a tech-based bank providing life-centric finance application which makes money management simple, collaborative and innovative.
The partnership aims to strengthen collaboration within the digital financial ecosystem, facilitate credit access to support the economy, and accelerate the process of financial inclusion. The alliance also broadens AdaKami’s presence across different market segments in Indonesia, including retail, mass market and others.
ALLOCATIONS ACQUIRES LUMEN ADVISORY & FINANCE IN $2.5M DEAL
Allocations, the world’s fastest and most powerful private equity and venture capital platform, announced today the acquisition of Salt Lake City-based Lumen Advisory and Finance. The deal, valued at $2.5m in cash and stock, brings Lumen’s accounting automation acumen into Allocations’ expanding suite of accessible private equity capabilities.
Allocations is building private equity 2.0 – shifting the reins of control from big VC to angel investors. The company has built an end-to-end platform for private equity products (SPVs, funds and soon M&A, SPACs and family offices), disrupting the $2.9 trillion US private equity market, and has processed over $280m in deal volume since 2019.
5W PUBLIC RELATIONS EXPERIENCES UNPRECEDENTED GROWTH IN FINANCIAL COMMUNICATIONS PRACTICE AREAS
5W Public Relations, one of the largest independently-owned PR firms in the U.S., announces today the rapid growth of its dedicated financial communications practice area, which has grown 35% since 2020. The specialist division has supported multiple IPO programs, billions of dollars in acquisitions, and launched high-profile special purpose acquisition companies (SPACs) this year.
Ronn Torossian, CEO of 5WPR said, “Our financial communications practice possess a deep knowledge of the industry, and has thrived in 2021’s record-setting funding and IPO environment. Companies in the space recognize 5W’s ability to act quickly, keeping ahead of industry trends, and effectively elevating client offerings in an extremely competitive space.”
UPSTART LAUNCHES FIRST AUTO RETAIL SOFTWARE WITH AI-ENABLED FINANCING
Upstart , a leading artificial intelligence (AI) lending platform, today announced Upstart Auto Retail software, including AI-enabled financing. The cloud-based solution enables a superior car buying experience for both consumers and dealerships. For the first time, this new software will provide access to Upstart-powered auto loans as well.
Upstart Auto Retail is the evolution of Prodigy Software, acquired by Upstart in April 2021. Since the beginning of 2021, the number of dealerships—also known as rooftops—signed up for the software has nearly tripled. With the addition of Upstart-powered loans, dealerships will be able to instantly offer affordable financing to more of their customers.
UNIDOSUS AND EXPERIAN LAUNCH PARTNERSHIP TO SUPPORT FINANCIAL EMPOWERMENT
UnidosUS, the nation’s largest Hispanic civil rights and advocacy organization, and Experian today announced a new partnership to further the mission of financial empowerment. UnidosUS also kicked off its LatinX IncluXion Summit today, of which Experian is a plenary session sponsor.
“Experian has been a welcome and creative partner to UnidosUS through its support of our Financial Empowerment Network (FEN),” said Lot Diaz, Vice President, Housing and Financial Empowerment at UnidosUS. “Our program is expanding its reach to provide financial education and coaching to Latino families who are working to rebuild their financial lives after major setbacks during the pandemic. We are honored to have Experian’s support in reaching more families at this critical moment in time through the FEN. 2021 is an even more important year for this service, and Experian’s partnership is helping us be present and available in more ways than ever before.”
ORACLE PROMOTES RESPONSIBLE USE OF AI IN FINANCIAL INSTITUTIONS
A recent World Economic Forum survey1 found that 85% of financial institutions have implemented AI, but some still have concerns about its use. To help financial institutions apply AI responsibly, Oracle has added new AI governance capabilities to its Oracle Financial Services Compliance Studio application. With a new visualization canvas that fosters more inclusive machine learning model creation, alerts for potentially sensitive issues, and new in-memory sandboxes to more easily create and refine models, banks can help weed out bias and uncertainty in applying the power of AI to fight money laundering and other financial crimes. These new model management and governance capabilities will also soon be implemented with PwC’s Model Edge solution.
ROBOTIC ASSISTANCE DEVICES RECEIVES ORDER FROM REGIONAL FINANCIAL INSTITUTION
Artificial Intelligence Technology Solutions, Inc., (OTCPK:AITX), today announced that its wholly-owned subsidiary Robotic Assistance Devices Inc. (RAD) has received an order from a leading regional financial institution. Although not disclosed due to confidentiality agreements, the end-user for this 1 ROSA180 unit will be RAD’s first deployment into the financial services industry.
“It’s thrilling to open new markets, especially since we see so much potential for a significant number of deployments in this industry,” said Steve Reinharz, CEO of AITX and RAD. “This ROSA180 deployment opens up a new vertical market that is desperately in need of the solutions RAD provides. We’ll build on this win, and I’m excited to see this industry’s response when ROSA3.0 is revealed on October 13,” Reinharz added.
FINTECH STARTUP PAYORO LAUNCHES PAYORO CONNECT
European fintech startups are growing fast. With solid regulatory frameworks, advanced technology and a dynamic, tight-knit European market, many consider these upstart fintechs well-poised to take on the global financial world.
Established in COVID-19-stricken 2020, Payoro is a new European fintech startup. Based out of Gibraltar and Estonia, Payoro aims to develop open banking technology products, offering both B2C and B2B bank-tech solutions. Now, Payoro launches Payoro Connect, a platform that may change how banking relationships are established.