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Unlocking Efficiency: The Essential Role of RegTech in Tackling Compliance Overload
In a recent Verdane webinar, industry experts discussed the challenges of regulatory compliance in the financial sector, likening the experience to “drinking from a hose” due to the overwhelming number of updates. Corlytics, a RegTech provider, has developed a platform to streamline regulatory management, enabling institutions to scan, understand, implement, and report on regulatory changes efficiently. Utilizing advanced technologies like AI and machine learning, Corlytics transforms regulatory data into actionable insights, allowing organizations to anticipate changes and enhance compliance. As regulatory pressures increase, adopting such technologies becomes crucial for firms to stay competitive and avoid penalties.
Egyptian FinTech Khazna Raises $16M for Expansion into Thriving Saudi Arabian Market
Cairo-based FinTech company Khazna has successfully raised $16 million in a pre-Series B funding round, bringing its total investments to over $63 million. The funding attracted global and regional investors, including Quona and Aljazira Capital. Founded in 2019, Khazna aims to enhance financial accessibility for Egypt’s underbanked population by offering salary advances, digital payments, and microloans to low- and middle-income workers. The new capital will support Khazna’s expansion into the Saudi Arabian market and its application for a digital banking license in Egypt, allowing it to accept customer deposits and improve funding costs.
Ando Insurance Strengthens SSP Worldwide Partnership to Accelerate Digital Transformation
Ando Insurance, a leading New Zealand underwriting agency, has renewed and expanded its partnership with SSP Worldwide as part of its digital transformation strategy. This collaboration involves upgrading to SSP’s PURE Insurance System, a cloud-native platform designed to streamline operations, support growth, and enhance customer experience. The PURE Insurance System offers operational agility and scalability, focusing on innovation in areas like policy administration and broker platforms. Ando’s commitment to leveraging advanced technology aims to improve efficiency and strengthen relationships with policyholders. Chief Information Officer Mike Gardner emphasized the partnership’s role in delivering top-tier services and optimizing internal processes.
Cytora Partners with Google Cloud Marketplace to Revolutionize AI Risk Digitization for Insurers
Cytora, an AI-powered risk digitisation platform, has launched its services on the Google Cloud Marketplace to enhance accessibility for users in the insurance sector, including insurers and brokers. This partnership aims to revolutionize risk processing by improving operational efficiency, enabling better decision-making, and reaching a broader audience. Cytora’s platform utilizes large language models to analyze unstructured risk data and supports over 140 languages. The integration allows for quick deployment and access to decision-ready data, optimizing underwriting and claims processes. Leadership from both Cytora and Google Cloud expressed excitement about the collaboration’s potential impact on the industry.
Devexperts Welcomes Mark Belane as New VP of Strategic Partnerships to Drive Growth and Innovation
Devexperts has appointed Mark Belane as Vice President of Strategic Partnerships and Alliances, aiming to enhance its financial technology offerings. With over 30 years of experience in FinTech and capital markets, Belane will help financial institutions select effective software solutions while ensuring compliance and security. His diverse career includes roles at IBM and Nykredit Investment, consulting for major banks, and founding seven start-ups. Belane is also a mentor and visiting professor in Barcelona, teaching big data analytics and corporate strategy. His expertise is expected to strengthen Devexperts’ global partnerships and drive innovation in the financial technology sector.