NPST and Hyperface Partner to Enable Instant Credit Access via UPI for Banks

Partnership Set to Democratize Digital Credit Access for 400+ Million UPI Users

NPST, a leading provider of banking and payment solutions in India, and Hyperface, Asia’s first Credit Cards as a Service (CCaaS) platform, have announced a strategic partnership to enable banks and credit issuers to offer embedded credit solutions through UPI, marking a significant milestone in India's digital financial ecosystem and expanding instant credit access for millions of users.

With India's growing middle class and increasing discretionary spending, affordable access to credit remains a challenge due to low credit card penetration — just 100 million cards compared to over 400 million UPI users. The NPST-Hyperface alliance bridges this gap, delivering a seamless, digital-first credit experience that enhances purchasing power, fuels consumer spending, and drives financial inclusion at scale.

Banks and credit issuers can leverage their vast infrastructure and rich customer data to offer tailored UPI-based credit products. Eligible consumers will gain access to pre-approved credit lines at the point of sale, empowering them to make purchases and split payments into flexible instalments. Merchants stand to benefit from higher conversion rates, larger basket sizes, and stronger customer loyalty.

Through this partnership, NPST will integrate its UPI switch technology with Hyperface’s advanced Embedding Banking Platform. Hyperface's Credit Management Engine, built on a sophisticated technology stack, is a completely modular, flexible, and comprehensive solution; it enables banks not only to build, iterate and deploy Credit Line on UPI-ready products rapidly but also re-calibrate in real-time to drive scalability. The combined solution equips banks with digital-first credit solutions with full-spectrum lifecycle support — including customer risk assessment, real-time business insights, and built-in compliance tools — enabling innovative and sustainable credit offerings through UPI.

Commenting on the partnership, Deepak Chand Thakur, Co-Founder and CEO, NPST, stated; “We are proud to partner with Hyperface to democratize access to credit through UPI. As consumer expectations evolve, this collaboration positions banks to meet those needs with agility — driving customer satisfaction, boosting transaction volumes, and creating new revenue streams through interchange fees. Together, we’re not just transforming credit; we’re shaping the future of embedded finance in India.”

"The rapidly evolving UPI ecosystem demands both technological sophistication and extraordinary agility — qualities that legacy systems simply cannot deliver”, said Ramanathan RV, Co-Founder and CEO, Hyperface. “As new use cases emerge and requirements rapidly evolve, we recognized the need to partner with a modern, tech-forward player who could match our pace of innovation. Hyperface's advanced Credit Management Platform, combined with NPST's proven expertise in UPI technology, creates a powerful synergy that will enable banks to build, rapidly deploy and scale innovative credit solutions for tailored customer segments. This partnership exemplifies how new-age companies can collaborate to solve complex financial challenges at the speed the market demands."

About NPST

Incorporated in 2013, NPST is a leading fintech firm in India, part of the Make in India initiative and listed on the NSE Small and Medium Exchange. We specialize in UPI payments and digital banking and operate as both a Technology Service Provider (TSP) and a Payment Platform as a Service Provider (PaaS). Our solutions include online and offline transaction processing, banking super apps, fraud prevention, dispute management, and RegTech.

NPST’s mission is to deliver financial technology solutions across the financial value chain — serving banks, fintech’s, and other industry players — and to drive the growth of the digital payments ecosystem. NPST supports 100+ customers, and processes 50+ million transactions daily, advancing businesses, individuals, communities, and economies through its innovative solutions. For details, please visit https://www.npstx.com/.

About Hyperface

Hyperface is the Definitive Credit Cards Innovation Platform that is revolutionizing the way banks, brands, and fintechs approach credit card and credit line solutions. As Asia’s first Credit Cards as a Service (CaaS) platform, Hyperface provides businesses with the technology to launch, manage and scale their own credit card and credit line programs. From program design and development to risk management and compliance, Hyperface empowers banks and co-brands to deliver exceptional, digital-first experiences that resonate with modern consumers.

For details, please visit https://www.hyperface.co/.

UAE's Zand Bank Subscribes To Infosys Finacle Corporate Banking Suite Hosted on Microsoft Cloud

Zand Bank Subscribes to Infosys Finacle’s Corporate Banking Suite on Microsoft Cloud to Deliver New-Age Banking Experiences

Zand Bank, the UAE's first digital-only bank, has chosen to subscribe to the Infosys Finacle Corporate Banking Suite hosted on Microsoft Cloud. This initiative is set to enhance the bank's corporate banking services by leveraging advanced cloud-native solutions and the latest in AI and predictive analytics.

The deployment of the Finacle Corporate Banking Solution Suite's modular framework and expansive suite of features will significantly accelerate the launch of innovative services by Zand Bank.

 

From left: Sriranga Sampathkumar (Regional Head of Business - MEA, Infosys Finacle); Vicky Bhatia (Chief Financial Officer, Zand); Sanat Rao (Strategic Advisor, Infosys Finacle); Michael Chan (Chief Executive Officer, Zand); Adam Woolford (Chief Technology Officer, Zand); Ganesh Premsankar (Business Head - MENAT, Infosys Finacle) at the signing ceremony held at the bank headquarters, in Dubai, UAE.

The alignment with Zand's cloud-native strategy will ensure exceptional performance, flexible scalability, and improved operational efficiency. The ability of Infosys Finacle to assimilate and process a vast array of data, partnering with sophisticated analytics platforms, will offer cutting-edge services to Zand Bank's customers.

This strategic move is expected to position Zand Bank at the forefront of the digital finance landscape, integrating emergent technologies like AI, blockchain, and digital asset management.

Zand is the digital bank for digital assets, with a high focus on accelerating the digital economy in the UAE and beyond. Zand was built to change the way the UAE banks, leveraging the power of advanced data capabilities, an agile operating model, and cutting-edge technologies to simultaneously simplify and upgrade the customer experience.

Zand adopts a distinctive approach to banking, providing products and services to help support businesses at every stage. Committed to providing secure, reliable, and innovative solutions through integration of blockchain and AI technologies Zand continues to pave the way for the adoption and integration of digital assets into mainstream finance.

ICICI Bank Launches Four Digital Banking Units

ICICI Bank today announced the launch of four Digital Banking Units (DBUs) to offer banking services to its customers digitally. The launch is part of the government’s plan to set up 75 DBUs in as many districts to commemorate 75 years of India's independence. Shri Narendra Modi, Honourable Prime Minister of India inaugurated the 75 DBUs virtually today in the presence of Smt. Nirmala Sitharaman, Honourable Finance Minister and Shri Shaktikanta Das, RBI Governor. ICICI Bank has set up the DBUs at Dehradun in Uttarakhand, Karur in Tamil Nadu, Kohima in Nagaland and Puducherry.

A DBU comprises two distinct areas— a Self-service Zone and a Digital Assistance Zone. The Self-service Zone houses an ATM, a Cash Deposit Machine (CDM) and a Multi-Functional Kiosk (MFK) that offers a number of services including printing of passbook, depositing cheque and accessing internet banking. Further, it has a Digi Branch Kiosk that offers all services available on iMobile Pay, the Bank’s mobile banking app. The Zone also provides a digital interactive screen where customers can interact with a chatbot in order to find product offers and mandatory notices. The Self-service Zone is operational 24x7.

At the Digital Assistance Zone, branch officials assist customers to undertake various financial and non-financial transactions. These include opening of saving account, current account, fixed deposit and recurring deposit; availing of home loan, auto loan, personal loan and applying for credit card. These services are offered in a completely digital manner through a tablet device, using Aadhaar based eKYC. In addition, branch officials will help customers download and start using the mobile banking app as well as internet banking.

The Digital Assistance Zone remains open from 9:30 am to 3.00 pm on Monday to Friday as well as, on the first, third and fifth Saturdays of the month.

Speaking on the new initiative, Mr. Rakesh Jha, Executive Director (Designate), ICICI Bank said, “We are delighted to be part of the initiative of setting up DBUs across the nation, under the aegis of RBI. They operate like digital branches where customers can undertake banking transactions digitally, at a time of their convenience. They can also seek guidance from experts on banking services at these units.

In the last few years, we have seen that the customer’s behaviour at branches has evolved. Customers are now more keen to seek advice and guidance at branches for complex transactions, loans and investments while they prefer doing simple transactions on their own through digital channels like internet and mobile banking. We have designed the DBUs to meet these evolving requirements of our customers.”

In addition to offering banking services, the DBUs will conduct Digital Literacy Programmes regularly to spread awareness around safe banking, digital banking and cyber security.

46% Indian Adults Will Have A Digital-only Bank Account by 2027

26% of Indian adults currently have a digital-only bank account, up from 22% in 2020

Digital banking adoption to hit 39% by 2023 and 46% by 2027

Commentary from Finder’s global fintech editor Elizabeth Barry

Digital banking is set to boom in India, with 39% of Indian internet users expected to have a digital-only account by 2023, according to Finder’s Digital Banking Adoption Report.

Finder’s online survey of 2,899 Indian internet users reveals over a quarter (26%) of adults currently have a digital-only bank account, up from 22% in 2020.

Finder’s report also reveals India has the second highest level of digital-only bank adoption, behind only Brazil (43%) and well ahead of countries like Singapore (21%) and South Africa (15%).

With an additional 12% saying they plan to open one by 2023 and a further 7% by 2027, digital-only banking adoption could hit 39% by 2023 and 46% within five years.

Finder’s global fintech editor, Elizabeth Barry, expects the growth in digital banking adoption in India to be significant but says consumers may not be as quick to adopt as they think they will.

“When we ran this study in 2020, 12% of respondents said they planned to open a neobank account within 12 months. However since then we’ve only seen a growth of four percentage points.

“This suggests that the barriers to opening an account are still too high or that incumbent players are successfully retaining customers.

“It might also be that we only see digital banking adoption take off with increased smartphone penetration. In 2020 smartphone penetration was around 54% and it’s expected to increase to 96% by 2040.”

To see the full report visit: https://www.finder.com/in/digital-banking-statistics

Digital bank adoption by country, ranked

1. Brazil - 42.74%
2. India - 26.27%
3. Ireland - 21.80%
4. Singapore - 21.22%
5. Hong Kong - 19.69%
6. The United Arab Emirates - 18.83%
7. Mexico - 17.42%
8. Spain - 16.75%
9. South Africa - 14.78%
10. Germany - 14.39%
11. Portugal - 14.20%
12. Malaysia - 13.14%
13. The Philippines - 12.78%
14. The United States - 7.50%

ICICI Bank Introduces a Slew of New Digital Facilities on Its ‘Money2World’ Platform

• First bank to offer instant video KYC to on-board users on a money remitting platform
• Customers of other banks can remit up to USD 250,000 a year
• Integrates the remittance platform with its mobile banking app enabling customers to remit fund anytime, on the go

ICICI Bank today announced the launch of an array of new facilities on its online outward remittances platform, ‘Money2World’ (M2W), to provide improved convenience to users including those who do not have accounts with the Bank.

One of the new services empower customers of other banks to complete the KYC (Know Your Customer) process via video conferencing to register themselves on M2W, an industry-first initiative. Another new facility enables customers, having account with any other bank, to remit upto USD 250,000 in a financial year under the Liberalised Remittance Scheme (LRS), 10 times of their previous limit. Further, ICICI Bank has integrated its mobile banking app ‘iMobile Pay’ with the M2W platform. This integration enables its customers to send money overseas, choose and set their desired exchange rate, and enter a one-time instruction to schedule recurring payments through ‘iMobile Pay’.

Users of ‘Money2World’ can remit funds to 21 currencies for a host of purposes including education, maintenance of close relatives, gift and travel.

Mr. Sriram H. Iyer, Head - International Banking Group, ICICI Bank said, “We, at ICICI Bank, believe in leveraging the latest technology to bring in new and improved digital banking solutions to users of our products and services. As part of this philosophy, we are offering convenient and digital facilities on the ‘Money2World’ platform to our customers as well as customers of other banks. In an industry-first initiative, customers of any other bank in India can register on ‘Money2World’ through a secure, AI driven, video KYC facility and start sending money abroad. They can also remit up to USD 250,000 under LRS in a financial year. 

Further, the integration of ‘Money2World’ with ‘iMobile Pay’ app offers an enhanced convenience to our customers as it allows them to conduct transactions on the go, from their mobile phone. We believe that all the latest offerings will help customers to remit funds overseas 24x7 with confirmed exchange rates, in a completely contactless, digital and safe manner, even if they do not have an account with ICICI Bank.”

Below are some of the key benefits of ‘Money2World’ platform:

• Video KYC facility: An official of the Bank helps an individual, who is eager to join the M2W platform but does not hold an account with ICICI Bank, to complete the KYC process through a video call. It brings forth the convenience of significant time-saving as it takes only a few minutes against the paper intensive, physical KYC verification process at a branch.
• Enhanced LRS limit: Customers of any other bank can now remit up to USD 250,000 under LRS through M2W platform and fulfill their need to send large amount overseas.
• Transact through ‘iMobile Pay’: The Bank’s customers can remit money via ‘iMobile Pay’. They can just log into the app, choose the ‘Send Money’ option and finally send money abroad by selecting ‘Transfer Overseas’.
• Rate alert: The Bank is first in the industry to provide customers with personalised forex rate alerts through SMS/e-mail so that they can automatically initiate transactions at their desired exchange rates.
• Standing instructions: This feature enables customers to enter a one-time instruction to schedule recurring payments. The payment will be executed automatically on the scheduled due date, as specified by customers.

To know more about the video KYC for non-ICICI Bank account holders, please visit - https://www.icicibank.com/campaigns/VKYC-M2W/lp/index.html

To know more about the ‘Money2World’ facility, please visit - https://www.icicibank.com/internet-banking/fund-transer/outward-remittance/money2world.page

For news and updates, visit www.icicibank.com and follow us on Twitter at www.twitter.com/ICICIBank

For media queries, write to corporate.communications@icicibank.com

ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s total assets stood at ₹ 14,11,298 crore at March 31, 2022.


Certain statements in this release relating to a future period of time (including inter alia concerning our future business plans or growth prospect s) are forward - looking statements intended to qualify for the 'safe harbor' under applicable securities laws including the US Private Securities Litigation Reform Act of 1995. Such forward - looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward - looking statements. These risks and uncertainties include, but are not limited to statutory and regulatory changes, international economic and business conditions; political or economic instability in the jurisdictions where we have operations, increase in non - performing loans, unanticipated changes in interest rates, foreign exchange rates, equity prices or other rates or prices, our growth and expansion in business, the adequacy of our allowance for credit losses, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks, changes in India’s sovereign rating, as well as other risks detailed in the reports fi led by us with the United States Securities and Exchange Commission. Any forward looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this release. ICICI Bank undertakes no obligation to update forward - looking statements to reflect events or circumstances after the date thereof. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov

ICICI Bank On-Boards 70 Leading Corporates on ‘Corpconnect’, a Digital Platform for Banking and Supply Chain Finance

• First-of-its-kind digital banking platform
• Offers data analytics driven instant financing to channel partners ∙ Companies can undertake instant payments / collections with channel partners

ICICI Bank today announced that it has on-boarded 70 leading companies on ‘CorpConnect’, the digital platform that it launched last year to enable corporates to undertake instant payments and collections to/from their channel partners. ‘CorpConnect’, a first-of-its kind initiative, also offers instant and collateral free digital channel financing solutions such as dealer finance for distributors and vendor finance/ reverse factoring for suppliers.

The list of these companies include ArcelorMittal Nippon Steel India Ltd., Asian Paints Ltd., Blue Star Ltd., Crompton Greaves Consumer Electricals Ltd., Exide Industries Ltd., Hero Cycles Ltd., Hindustan Unilever Ltd., Kansai Nerolac Paints Ltd., Nayara Energy Ltd., Orient Electric Ltd., Somany Ceramics Ltd., V-Guard Industries Ltd. and Voltas Ltd. (in alphabetical order) among others. These companies-- many of them are members of the ‘S&P BSE 200 Index’-- represent various industries namely FMCG, consumer durables, auto ancillaries, steel, oil, cement, textiles, paints, tiles/ sanitary wares, pipes, chemicals, engineering goods and agriculture commodities.

Through ‘CorpConnet’, companies can directly integrate with the Bank’s systems and embed the banking solutions such as channel financing, vendor bill/ invoice discounting, payable finance and factoring within their ERP systems. This can be done either with API integration with the Bank or with host-to-host SFTP (Secure File Transfer Protocol) solution. The use of these cutting-edge technologies reduces integration time significantly, thereby enhancing operational and financial efficiencies of the companies significantly.

Speaking on the announcement, Mr. Anuj Bhargava, Head- Global Clients Group, ICICI Bank said, “ICICI Bank believes in leveraging the latest technology to bring in new and improved digital banking solutions to its customers. In line with the philosophy, we launched ‘CorpConnect’ last year to help companies and their channel partners with the facility of seamless collection/payment, reconciliation and financing on a day-to-day basis. We are pleased to share that we have on-boarded 70 leading corporates on ‘CorpConnect’.

‘CorpConnect’ undertakes average monthly transactions worth few thousand crores of rupees. We believe that ‘CorpConnect’ has immense potential to simplify the document-intensive supply chain management by bringing all stakeholders on a single platform and providing them with instant, digital and seamless solutions.”

The benefits offered by ‘CorpConnect’ for companies:

• Digital ecosystem: Corporates can interact and transact digitally with their channel partners- suppliers and dealers—on a single platform
• Digital process: End-to-end digital and paperless processes for banking and operations helps corporates with speed and higher productivity
• Instant payments & collections: Corporates can undertake instant payments and collections to/from their channel partners. The integration with ERP ensures automation of transaction updates in ERP on real-time basis and automated reconciliation
• Instant finance: Corporates can avail the facility of factoring, payable finance and early pay on the platform
• Financial efficiencies: Reduced working capital and operational cost brings in significant operational and financial efficiencies
• MIS dashboard: Customised MIS reports updated in ERP on real-time basis improves forecasting of corporates by combining operations and financial data

The benefits for suppliers and dealers:

• Instant finance: Availability of instant and collateral free digital channel financing solutions like dealer finance for distributors and vendor finance/ reverse factoring for suppliers at competitive rates. Digital and quick processing in a hassle-free way; no requirement of lengthy and tedious paperwork
• Wide reach: The online finance facility is across the nation
• Real time information: Availability of invoice-wise details to channel partners on a real time basis with adjustment of debit/ credit notes and cash discount, if applicable ∙ Multiple payment options: There are multiple payment options namely current account, channel finance OD account, Pay2Corp – virtual account set up, payment gateway and others
• Customised MIS: Real-time access to customised MIS reports

To know more about ‘CorpConnect’ digital solution, please visit, https://www.icicibank.com/sme/digital-finance-supply-chain page ; corporates can contact their ICICI Bank account manager or write to us at < dfsc@icicibank.com> for any further information.

For news and updates, visit www.icicibank.com and follow us on Twitter at www.twitter.com/ICICIBank

For media queries, write to: corporate.communications@icicibank.com

ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s consolidated total assets stood at ₹ 16,04,053 crore at September 30, 2021. ICICI Bank's subsidiaries include India's leading private sector

insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms. It is present across 15 countries, including India.

Kotak Mahindra Bank Introduces a DIY Digital Repayment platform, in tie-up with Creditas Solutions

Transforms post-lending customer experience with a personalised, intuitive and non-intrusive approach

MUMBAI, India, Aug. 18, 2021 /PRNewswire/ -- To deliver a superior repayment experience for customers and increase efficiencies, Kotak Mahindra Bank (KMBL) today announced that it has deployed a secure, Do It Yourself (DIY) Digital Repayment Platform for missed loan repayments, in a tie-up with Creditas Solutions. Powered by Artificial Intelligence (AI) and Machine Learning (ML), the 'Neo Collections' platform delivers a personalised and non-intrusive experience thereby enabling customers to manage their dues seamlessly on their own through an intuitive repayment platform.

Using data analytics to target the right customer segments, the 'Neo Collections' platform creates hyper-personalised scenarios to connect with each customer. The platform analyses both historical as well as live customer interaction data, deploying sophisticated behavioural models to create individual customer-level personas that take into account the unique preferences of each customer, including their preferred communication mode, the best time to contact them and the language of their choice.

By clicking on the link received, customers will be directed to the platform that provides them with a consolidated view of their entire relationship with the bank and enables repayment of outstanding dues through a variety of payment modes. For any queries or assistance, customers can also raise a request on the platform itself, which will be addressed by the bank. In select cases, the platform also determines the best course of action by offering customised repayment plans or payment resolution options in line with the bank's internal credit guidelines.

Ambuj Chandna, President - Consumer Assets, Kotak Mahindra Bank, said, "The main purpose behind deploying a DIY digital repayment platform was to make repayments for outstanding loans more convenient for our customers. Personalised, intelligent and more sensitive to the needs of our customers, the system keeps refreshing itself based on a customer's preferences and behaviour. Bringing in an analytics and digital-enabled model into collections, enhances our ability to deliver a superior post-lending customer experience, while at the same time ensuring greater efficiencies in collections."

Anshuman Panwar, Co-founder of Creditas Solutions, said, "Creditas has created an agile and responsive repayment platform for Kotak Mahindra Bank which is underpinned by a digital-first and mobile-first approach. The platform is intuitive, using contextualised and optimised customer interactions, allowing Kotak to drive intelligent customer engagement for superior collections success at lower cost."

About Kotak Mahindra Bank Limited

Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd.

The Bank has four Strategic Business Units - Consumer Banking, Corporate Banking, Commercial Banking and Treasury, which cater to retail and corporate customers across urban and rural India. The premise of Kotak Mahindra Group's business model is concentrated India, diversified financial services. The bold vision that underscores the Group's growth is an inclusive one, with a host of products and services designed to address the needs of the unbanked and insufficiently banked. As on 30th June, 2021, Kotak Mahindra Bank Ltd has a national footprint of 1,612 branches and 2,591 ATMs, and branches in GIFT City and DIFC (Dubai).

For more information, please visit the company's website at https://www.kotak.com/.

About Creditas Solutions Pvt Ltd

Creditas Solutions is a fintech company redefining customer engagement for financial institutions in India. The company is driven with a vision to radically transform the financial sector in the country with the deployment of new-age technology. Creditas Solutions has been helping financial institutions expedite and optimise customer engagement while assisting in delinquency reduction, financial literacy, and portfolio management. The core business model leverages Machine Learning (ML) and other advanced technologies to present financial institutions with an enhanced way to reach and interact with their customers. Being a pioneer in offering cutting-edge technology and digitally superior solutions, Creditas Solutions has emerged as a leading technology partner to top-notch Banks, Insurance providers, FIs, and NBFCs in India, including HDFC Bank, ICICI Bank, Axis Bank, Citibank, Kotak Mahindra Bank, and TATA AIA, among others.

For more information, please visit the company's website at https://www.creditas.in/ . 











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Avaloq’s Acquisition by NEC Successfully Completed

Avaloq, a Swiss-based global leader in digital banking solutions and wealth management technology, and Japan-based NEC Corporation today announced the closing of NEC’s acquisition of Avaloq. Each being a market leader in their own field, the combination of their shared vision, technological strengths, and global presence, will accelerate both companies’ long-term growth, global expansion and value creation strategy. 

This acquisition was first announced in October 2020, and following receipt of the relevant regulatory approvals, the acquisition was completed on December 22, 2020. NEC now holds 100% of Avaloq’s shares, including the 45% previously held by private equity firm Warburg Pincus, as well as the remaining shares held by Avaloq’s founder Francisco Fernandez and by employees.

Founded in 1985, Avaloq provides powerful cloud solutions for banks and wealth managers around the globe through business process as a service (BPaaS) and software as a service (SaaS) along with on-premise solutions. Avaloq’s vision for the future of wealth management is to maintain the human relationship an investor has with an advisor, to enhance the relationship through technology and to increase engagement and satisfaction. The democratization of wealth management will allow more people to have access to a greater quantity and quality of investment strategies and advice that was once reserved for ultra and high net worth individuals only.

With more than 120 years of expertise, NEC is a leader in the integration of IT and network technologies that benefit businesses and people around the world. Listed on the Tokyo stock exchange, NEC is a truly global organization with office locations in more than 50 countries.

 

Masakazu Yamashina, Executive Vice President of NEC and new chairman of Avaloq, said: “With its 35-year heritage and focus on innovation in digital banking solutions, core banking software and wealth management technology, Avaloq is uniquely qualified to launch NEC into the Digital Finance field, which together with Digital Government, is one of the pillars for building NEC’s global growth. Our joint value proposition will build on Avaloq’s reliable digital finance products and the trust it has established amongst its clients, coupled with NEC’s cutting-edge technologies, global business network and digital government domain knowledge.”

Jurg Hunziker, CEO of Avaloq, said: “Avaloq will be entering a new era together with NEC. This transaction has generated much interest and we truly believe that NEC is the best partner for our business. Our solutions will only evolve for the better when leveraging NEC’s proven expertise with technologies related to Digital Identity, Artificial Intelligence, Verification, Blockchain, Cybersecurity, and Biometrics. In addition, our innovation capabilities will be elevated with NEC’s strong commitment to Research & Development, evidenced by the resources it has placed towards this, including dedicated facilities in Heidelberg, Germany. I am very much looking forward to starting this new part of our exciting growth journey together with NEC."

View source version on businesswire.com: https://www.businesswire.com/news/home/20201222005751/en/

UK's Leading Digital Business Banking Platform 'Tide' Chooses India for its Global Development Center; New Center to Drive Tech Needs

Mumbai, December 17, 2020: Tide, UK's leading digital business financial platform has chosen India to set up its first global development centre, which is already up and running in the southern city of Hyderabad. The new center will drive and support the technology needs of the fast growing venture which aims to become the world's leading digital challenger in business banking services. Spread over 15000sft. The center already has 70+ high-quality technology professionals working on cutting edge technologies.

Commenting on the new center and the reason for choosing India, Guy Duncan, Global Chief Technology Officer, Tide UK, said, "With Tide witnessing exponential growth, we needed to look beyond the UK and Bulgaria (where we have a technology and support centre) as it was proving to be difficult to hire quality talent at the required pace. India seemed a natural choice as it offers two distinct and formidable advantages - it has among the world's most vibrant, innovative and advanced fintech ecosystem and among the largest pool of high quality technology talent. It further helped that our senior leadership has extensive and positive experience in setting up offices and technology centers in India. We look forward to growing the center further and expanding its role in Tide's global strategy."

About Tide: 

London-based Tide is the UK's leading digital business financial platform and the leading digital challenger in business banking services. It provides business current accounts and smart financial admin services to 280,000+ small-business owners through its mobile-first platform. Tide offers its members business banking without monthly, weekly or annual fees, or card usage fees. A new Tide account can be up and running in minutes rather than what can be weeks with traditional banks. 

Besides balances and payments, Tide can be fully integrated into accounting systems and has smart tools to help business owners save time (and money) on admin, such as invoicing and expense management. It recently launched Tide Cashback an upgraded account giving members additional support for running their businesses, including 0.5% cashback, a dedicated 24/7 legal and phone helpline. In 2019, Tide announced the creation of Tide Capital, a subsidiary company allowing Tide to offer its own credit products to members. Tide, which employs almost 500 professionals worldwide is in LinkedIn's top 10 hottest UK companies to work for and one of the Sunday Times Fast Track Disruptors to Watch. More information can be had from www.tide.co