FINANCIAL MANAGEMENT, FINTECH

SUNRATE announces strategic partnership with Agoda

SUNRATE | November 28, 2022 | Read time : 03:00 min

SUNRATE announces strategic partnership with Agoda
FinTech company SUNRATE, the global payment and treasury management platform announced that it has entered into a partnership with Agoda. SUNRATE will be integrating its online travel solution with the global digital travel platform.

Beyond virtual cards issuance
The partnership is announced one month after ITB Asia 2022, where SUNRATE shared with travel stakeholders on how its holistic online travel solution, comprising of virtual cards issuance is revolutionising travel payments. For example, any online travel agency can easily set spend limits, define usage, and choose the vendor using a virtual card. This gives its travel partners entire control over how spending are allocated and tracked. One major feature of virtual cards is security. Technology, such as application programming interfaces (APIs) has eliminated the possibility of card information being abused when given, by providing a limited window of use for a single card. SUNRATE is certified to the international financial data security standard: Payment Card Industry Data Security Standard (PCI DSS) Level 1.

"At SUNRATE, we are committed to constantly innovate our offerings, so that ultimately, we can be the one-stop B2B partner for the travel industry, by solving different business needs for our travel partners and customers. We look forward to working with even more partners from the travel industry and beyond,"

- Shawn Qin, Head of Card Business, SUNRATE

About SUNRATE
SUNRATE is the intelligent global payment and treasury management platform for businesses worldwide. Since its inception in 2016, we are recognised as the leading provider of cutting-edge payment and treasury management solutions. We have enabled companies in 130+ countries with our proprietary platform, extensive network, comprehensive product suits, and robust APIs to scale local and global growth. With offices in Shanghai, Hong Kong, Tokyo, Singapore, Jakarta, and London, SUNRATE partners with the top global financial institutions, such as Citibank, Standard Chartered Bank, Visa, and Mastercard. We are licensed and regulated by the Financial Conduct Authority of the UK, the Bank Indonesia, the Hong Kong Customs as a Money Service Operator, and the Monetary Authority of Singapore as a Major Payment Institution.

Spotlight

There’s more pressure than ever on finance teams to do more with less. While technology can be the fix, where should finance departments focus their digital transformation efforts to make the most impact? Find out in the IDC finance study which covers: Seven primary segments in finance ripe for digital transformation Top use cas


Other News
CORE BANKING, FINTECH

Safra New York Corporation To Acquire Delta National Bank and Trust

J. Safra Group | December 05, 2022

Safra New York Corporation, the parent company of Safra National Bank of New York, announced that it has entered into a definitive agreement to acquire Delta North Bankcorp and its subsidiary, Delta National Bank and Trust ("Delta"). Delta provides private banking and wealth management services to high net-worth clients through its offices in New York and Miami. The acquisition is a strategic extension of Safra National Bank of New York's private banking business both in the United States, and throughout Latin America, where it has been providing premier private banking and financial services to high net-worth clients. With this transaction, the J. Safra Group will strengthen its private banking business and global wealth management capabilities. "This transaction highlights the importance of the Latin American market for the J.Safra Group and represents an attractive opportunity to expand our position in the region. It is a market we know very well and in which we have achieved a highly regarded presence for our clients. Delta's private banking business fits perfectly with the strategic vision of Safra National Bank of New York." -Jacob J. Safra, Chairman of Safra National Bank of New York Simoni Morato, CEO of Safra National Bank of New York, said: This transaction underscores our strength as one of the premier brands in Private Banking globally. We look forward to welcoming Delta's clients and employees to our organization in New York and Miami. Together, we are confident that we will add immeasurable value to clients. Guillermo Sefair, Chairman and President of Delta National Bank and Trust Company: It is an important transaction between two family-owned international private banks, with common principles and values. We are fully committed to this new chapter to continue to bring excellence and quality of services to our clients and employees The acquisition is expected to be completed during the course of the first half of 2023, subject to regulatory approval. Financial terms are not disclosed. J. Safra Group The J. Safra Group (the "Group"), with total assets under management of over USD 300 billion consists of privately owned banks under the Safra name and investment holdings in asset-based business sectors such as real estate and agribusiness. The Group's banking interests, in over 160 locations globally, are: Safra National Bank of New York headquartered in New York City, USA; J. Safra Sarasin, headquartered in Basel, Switzerland; and Banco Safra, headquartered in Sao Paulo, Brazil; all independent from one another from a consolidated supervision standpoint. The Group's real estate holdings consist of more than 200 premier commercial, residential, retail and farmland properties worldwide, such as New York City's 660 Madison Avenue office complex and London's iconic Gherkin Building. Its investments in other sectors include, among others, agribusiness holdings in Brazil and Chiquita Brands International Inc. With deep relationships in markets worldwide, the Group is able to greatly enhance the value of businesses which are part of it. There are more than 34,000 employees associated with the J. Safra Group.

Read More

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.

Read More

PAYMENTS, FINTECH

PayUp Announces Partnership with nFusion Capital

PayUp and nFusion Capital | November 23, 2022

Peter Rex, founder and Executive Chairman of Rex, announced that PayUp, a Rex company, has partnered with Austin-based nFusion Capital. PayUp is a technologized early payment solution for small and medium-sized businesses ensuring convenient and affordable access to capital. nFusion Capital is a private working capital finance company delivering customized financing solutions to small and medium-sized businesses. "Labor and materials prices are expected to continue to rise due to inflation and shortages, and 87% of vendors don't qualify for traditional lending, PayUp is building technology to manage the arbitrage in credit worthiness between these vendors and customers. A line of credit from a partner like nFusion Capital is only going to help PayUp meet that rising demand," -Peter Rex PayUp partners with businesses and their customers to expedite payments providing a fully integrated experience that seamlessly fits into existing invoicing workflows and provides instant verification and early, predictable payouts. We are excited to partner with PayUp and provide the capital they need to continue to grow their market, In a world where many companies hide behind jargon and fake tech, PayUp is the real deal. It is fin-tech that has developed a truly one-of-kind platform built with technology that solves a real-world problem and we look forward to their continued success,said Jason Lippman, CEO of nFusion Capital. This line of credit will allow PayUp to factor $50M+ in invoices & achieve a multi-million dollar ARR, As we partner with high credit quality customers, we expect to raise larger debt facilities at lower costs of capital, thereby generating margin expansion for our current investors,said Denver Lobo, co-founder and CEO of PayUp. Since its May 2022 launch, PayUp has processed thousands of invoices totaling well over $1.5M in payments. Over the next 6-12 months PayUp will be focused on accelerating growth of their customer base and hiring key personnel. About Rex Rex is a technology, investment and real estate company whose mission is to empower the billions of people who use real estate to live, work, and play. Rex has launched Tech Ventures Real Estate (TVRE), a single venture to disrupt real estate - the world's largest asset class. TVRE leverages Rex's access to 10k+ apartments, an in-house startup studio and elite tech team that conceives of, launches, and scales revenue generating businesses at an industry leading pace. Founded by Peter Rex and headquartered in Austin, Texas, Rex has been named a Forbes "Best Place to Work." About PayUp PayUp is a fintech company serving small and medium-sized businesses with early payment solutions. PayUp's technology allows vendors to get paid early on their timeline. About nFusion Capital nFusion Capital brings a unique approach to the world of business finance – as optimists we start from a position of "yes we can" and aggressively work on behalf of our customers to ensure their success.

Read More

FINANCIAL MANAGEMENT

Aequum Capital Announces Financing Provided by Texas Capital Bank

Texas Capital Bank | November 09, 2022

Aequum Capital recently closed a new $50 million revolving line of credit led by Texas Capital Bank. This new financing will augment Aequum's significant equity base to support loan origination volume. With the new credit facility, Aequum is well-positioned to execute on market opportunities and organic growth of its portfolio. Aequum Capital is a tech-enabled, ESG-focused specialty finance lender that provides senior asset-backed and cash flow debt facilities to small and medium-sized businesses throughout the U.S. that range between $1MM and $10MM. About Texas Capital Bank Texas Capital Bank is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs, and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio, and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital Bank has established commercial banking, consumer banking, investment banking and wealth management capabilities.

Read More

Spotlight

There’s more pressure than ever on finance teams to do more with less. While technology can be the fix, where should finance departments focus their digital transformation efforts to make the most impact? Find out in the IDC finance study which covers: Seven primary segments in finance ripe for digital transformation Top use cas

Resources