Stocks - U.S. Futures Surge Higher; More Stimulus Eyed

Wall Street | April 07, 2020

U.S. stocks are set to push higher at the open Tuesday, continuing Monday’s strong gains, on tentative signs the spread of coronavirus is slowing as well as talk of more funds to support the battered economy. At 7:00 AM ET (1100 GMT), futures for the S&P 500 traded 89 points, or 3.4%, higher, futures for the Nasdaq up 251 points, or 3.1%. The Dow futures contract rose 817 points, or 3.6%. Wall Street closed firmly higher Monday, with all three major cash indices up over 7%, the best session out of the last nine. The number of Covid-19 cases in the U.S. have continued to rise, with Johns Hopkins University Tuesday registering over 368,000 cases, and nearly 11,000 deaths. However, there has been some positive news out of New York, the epicentre of the U.S. outbreak, as Governor Andrew Cuomo said late Monday the virus-related fatality rate was effectively flat for two days.

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The career path for new dentists is a wide one. Some newly minted docs join an existing dental practice. Others choose employment with a hospital or corporate dental chain. Still others opt to practice in a federal agency or public health setting.


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FINTECH

Tonik recognized as one of the top fintechs in the world

Tonik | October 14, 2022

Tonik, the first neobank in the Philippines, claimed the honorable distinction as one of CB Insights' Top 250 most promising fintech companies worldwide. CB Insights, a business analytics platform and global database, releases annually their selection of the top 250 private fintech companies in the world. Selected from over 12,500 organizations, they are chosen based on factors such as funding, marketing potential, tech novelty, and CB Insights' proprietary mosaic scores, among others. Tonik was recognized as one of the most innovative and pioneering fintechs in digital banking, along with other game-changers such as Revolut, N26 and Monzo. Most remarkably, Tonik is one of only two Philippine companies in the list and is the only Southeast Asian fintech listed in the Digital Banking category. Carrying on its momentum from its commercial launch in 2021 as the Philippines' first purely digital bank, Tonik's industry-leading interest rates and unique and bespoke products provide Filipino customers an innovative, secure, and uncomplicated way to take charge of their money through Tonik's revolutionary proprietary app. This enabled the neobank to secure over PHP 8B (USD 133M) in deposits in its first year of operation, a historic feat for a new bank in the country and onboard more than half a million customers. The bank is now focused on rolling out a broad range of revolutionary digital consumer lending products, including cash loans, in-store loans, and most recently – home equity loans. "We are grateful to CB Insights for recognizing Tonik in this prestigious list. It is truly an honor to be listed among the most promising fintech companies in the world. This recognizes the importance of technology as the key in driving more productive, efficient, and inclusive banking services for retail customers in the emerging markets," - Tonik Founder and CEO Greg Krasnov About Tonik Tonik is the first digital-only neobank in the Philippines, providing loan, deposit, and payment products to consumers on a highly secure digital banking platform. The neobank operates on the basis of the first digital bank license issued by the Bangko Sentral ng Pilipinas (BSP). Tonik is led by a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across global emerging markets. It is backed by top international investors, including Sequoia India, Point72 Ventures, and Mizuho Bank. Tonik's tech stack is integrated in partnership with world-class banktech vendors including Mastercard, Finastra, Amazon Web Services, Google, Genesys and Daon. Tonik operates out of hubs in Singapore (HQ), Manila, and Chennai.

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FINANCIAL MANAGEMENT, FINTECH

Finastra and Modefin partner to provide best-in-class fintech solutions for banks in Africa and selected Indian subcontinent markets

Finastra | November 14, 2022

Finastra, a global provider of financial software applications and marketplaces, and Modefin, a global fintech solution provider helping banks to thrive in the digital age, today announced their partnership to offer Finastra's Fusion Trade Innovation and Fusion Essence solutions to banks in Africa and several Indian subcontinent markets. With Finastra's solutions, Modefin will help its customers embrace open finance today and future-proof their banking and global trade operations. "We are excited to partner with Finastra and bring its proven solutions to our current and future customers, We have a longstanding relationship, having partnered previously to bring our own solution to market via its FusionFabric.cloud platform. It's a pleasure to continue strengthening our relationship, and I look forward to bringing together Finastra's solutions and expertise with our knowledge of the regional market and strong customer base." -Amit Darda, Co-Founder and Director at Modefin Finastra supports banks as they continue to adapt to changing market requirements and customer expectations – while futureproofing for tomorrow. Fusion Essence, the cloud-enabled next-generation core banking solution, combines sophisticated functionality and advanced technology to increase enterprise agility and operational efficiency, while using AI to unlock data for smarter business decisions. The SaaS offering covers every stage of the user journey, enabling financial institutions to deliver end-to-end experiences for differentiation. Fusion Trade Innovation is Finastra's end-to-end solution with industry-leading capabilities for frictionless trade and supply chain finance. It uses straight-through processing, digitalization, and data analytics to enable intelligent trade for growth, with the ability to evolve with evolving compliance, customer and competitive demands. At Finastra, we believe that finance is already open, Our open ecosystem and best-of-breed solutions enable banks to leverage advanced technology and value-added services for ongoing innovation and growth. Our partners play an integral role in helping us to deliver this. With its strong team, track record, on-the-ground presence and shared passion for open finance, we are pleased to partner with Modefin to help propel banks forward in the region,said Wissam Khoury, EVP, Partner Ecosystem and Treasury & Capital Markets at Finastra. About Finastra Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning solutions and services across Lending, Payments, Treasury & Capital Markets, and Retail & Digital Banking for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world's top 100 banks. About Modefin Modefin is a global fintech solution provider that empowers banks and financial institutions with state-of-the-art digital banking solutions that help them to thrive in the digital age. Founded in 2011 and headquartered in Bangalore, India, we currently serve 60+ banks in more than 20 countries worldwide. With our technical expertise and domain knowledge, Modefin provides infinite banking possibilities for banks of any size to accelerate their digital transformation & stay ahead of the competition. We aim to deliver quality products and services that are reliable, built on long-standing values and relationships, winning confidence of customers, and enhancing their lives.

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CORE BANKING

Brankas develops world's first Banking-as-a-Service open source license

Brankas | November 24, 2022

Open Finance technology leader Brankas has developed "Brankas Open", a first-of-its-kind open source license for the next generation of Banking-as-a-Service and Open Finance software. The "Brankas Open" license is meant to encourage digital banking and fintech innovation and lower the cost barriers for startups, neobanks, and even traditional institutions to quickly prototype and launch new solutions, while retaining their own source code. Customers will benefit from more choice and better user experience, as companies have open access to use, modify, redistribute, and collaborate on the publicly available Brankas Open code. The inspiration for Brankas Open came when Brankas received a grant from the Monetary Authority of Singapore in November 2021 to develop Brankas APIX Open Core, a proof of concept open source core banking system. Recognizing the need for a modernized Open Source framework to address new Open Finance technology, Brankas looked to existing open-source licensing frameworks in order to develop Brankas Open. Brankas felt that this framework was necessary to protect community contributions, ensure open access, and comply with financial institutions' data protection and security requirements. "Brankas' Open license allows our team to build and contribute in a way that is fair, equitable, and open to independent developers, FIs, and to our partners. With this license, Brankas is able to continue to invest in the greater open source community, and to share our code freely with the world," - Brankas co-founder and CTO, Kenneth Shaw Brankas has been advised by Ren Jun Lim, Alex Toh and Darren Leong from Baker McKenzie's Singapore-based Intellectual Property and Technology (IPTech) practice group. About Brankas Brankas is the leading Open Finance technology provider in Southeast Asia. We provide API-based solutions, data and payments solutions for financial service providers (like banks, lenders and e-wallets) and online businesses. Brankas partners with banks to build and manage their Open Finance infrastructure, producing APIs for real-time payments, identity and data, new account opening, remittances, and more. With Brankas' secure Open Banking technology, online businesses, fintech companies and digital banks can use Brankas APIs to create new digital experiences for their users. About Baker McKenzie Baker McKenzie provides integrated client solutions that are underpinned by deep practice and sector expertise, as well as keen local market knowledge. These connected solutions provide insight and foresight, empowering business leaders to make the right decisions across siloes. Gain access to seamless legal advice across all your IP and technology needs including protecting and commercialising your intangible assets, advice on licensing and regulatory matters, legal issues in the area of internet of things (IoT), data protection, sector-specific dispute resolution, tax-related issues, labour law, competition and antitrust, commercial contracts and restructuring. Benefit from a team with a unique culture which enables our 13,000 people to work with clients as trusted colleagues and friends to drive innovative growth that is both sustainable — and inclusive.

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FINANCIAL MANAGEMENT

DataSeers and Fintainium Announce New Partnership

FINTAINIUM and DataSeers | November 22, 2022

Atlanta-based fintech DataSeers and Jacksonville-based FINTAINIUM announce a new partnership to further expand FINTAINIUM's unified cash flow management platform. FINTAINIUM will be using DataSeers' industry leading SaaS solutions like IdentitySeer and ReconSeer to help financial institutions attract, retain, and grow business relationships. DataSeers will be providing essential back-office services and payments capabilities through their platform specifically designed for banking and payments to help manage critical operations such as reconciliation, compliance, fraud detection, onboarding, and analytics. Knowing your customer is the first line of defense for fraud, risk, and compliance, but it's still one of the biggest challenges for banks and credit unions. Implementation of a top-tier product like IdentitySeer proves an institution's commitment to providing financial services while keeping out bad actors. We are pleased to develop this new partnership with Fintainium and together leverage this flexible and scalable platform to provide elevated services in onboarding, reconciliation, and others to their customers in the financial space," says Adwait Joshi, Founder and Chief Seer at DataSeers. "We have the leading solution in the cash management space and are honored to connect with DataSeers to provide the essential function of embedded reconciliation to the market," -Richard Jackman, Chief Executive Officer of FINTAINIUM About FINTAINIUM FINTAINIUM delivers back-office innovation for financial institutions and streamlines end-users' payments and cash flow management processes. With headquarters in Jacksonville, Florida, and operations in Toronto, Canada, FINTAINIUM facilitates enhanced services between financial institutions, businesses, and other technology companies. Fintainium is a modular platform with the newest technology to work seamlessly with financial institutions and ERP systems. Fintainium's technology enables features such as embedded payments and lending, an integrated CFO toolkit with business intelligence, cash flow management tools, and back-office automation. Fintainium is the only unified platform that combines all these features into a simple, easy-to-navigate user interface. Fintainium was named a Best Startup in Jacksonville by The Tech Tribune. About DataSeers DataSeers is an Atlanta-based FinTech that has engineered a unique solution for effectively harnessing complex data. Its FinanSeer® software is AI-powered and specifically designed to help banks and payments companies improve their onboarding, reconciliation, compliance, fraud detection, and analytics in one user-friendly platform. DataSeers was established in 2017. Since the creation of DataSeers five and a half years ago, the company has changed office spaces five times to accommodate its steady client and staff growth. The company has won multiple awards. With three-year revenue growth of 427 Percent, DataSeers received ranking No. 1503 among America's Fastest-Growing Private Companies in the annual Inc. 5000 list. The company was named one of the Best Places to Work in FinTech by American Banker. DataSeers was recently selected in the AIFinTech100 for 2022. DataSeers received a 2021 Atlanta Business Chronicle Pacesetter Award as one of the 100 Fastest Growing Private Companies in Atlanta. The Technology Association of Georgia recognized DataSeers as one of its "Top 40 Technology Companies" three years in a row. The company has also received the LexisNexis® Risk Solutions HPCC Systems® Community Recognition Award for creating a "Truly Unique Solution" leveraging the HPCC Systems open-source data lake platform. DataSeers was among Atlanta Inno's 2019 "50 on Fire" companies in Georgia. The company was also a winner in the New to Export category at the 2019 GLOBE Awards presented by the Georgia Department of Economic Development and among the 2020 award recipients.

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Spotlight

The career path for new dentists is a wide one. Some newly minted docs join an existing dental practice. Others choose employment with a hospital or corporate dental chain. Still others opt to practice in a federal agency or public health setting.

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