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Gatehouse Bank Teams Up with Algbra Labs for Revolutionary Shariah-Compliant Digital Innovation
Algbra Group and Gatehouse Bank have formed a strategic partnership to enhance digital banking, focusing on ethical financial solutions. Gatehouse Bank, a UK-based Shariah-compliant institution, aims to improve services for diverse clients, including expats and international homebuyers. The collaboration will introduce a digital account for overseas investors in UK property, simplifying the customer experience and promoting Islamic finance. Recent research indicates a growing demand for Islamic finance in the UK, with a projected market increase from $7.5 billion in 2024 to $9 billion by 2030. Both companies emphasize their commitment to serving underrepresented communities through innovative financial technology.
2024 UK RegTech Market Sees 59% Decline in Deal Activity: No Transactions Exceeding $100M
In 2024, the UK RegTech sector faced significant challenges, with a 59% decline in deal activity, resulting in only 27 deals compared to 66 in 2023 and 223 in 2020. Total funding reached $318 million, marking a 48% decrease from the previous year. Notably, there were no deals exceeding $100 million, reflecting a shift towards smaller ventures. However, MirrorWeb secured $63 million, the largest RegTech transaction in the UK for 2024, aimed at enhancing its compliance solutions for financial institutions. This investment is expected to strengthen MirrorWeb’s product development and customer support amid a cautious investment climate.
Revolutionizing Legacy Core Systems: 10x Banking Launches Innovative AI Suite
10x Banking, a leading UK FinTech, has launched an AI-powered suite of tools to transform core banking operations. This suite enhances their 10x meta core platform, enabling banks to improve efficiency and customer experience while addressing challenges posed by legacy systems. Research shows that only 32% of banks use AI in core operations, with integration difficulties being a major barrier. The AI suite includes tools like AI Migrate for data mapping, AI Build for product development, and AI View for real-time insights. These innovations allow banks to launch products quickly, access real-time data, and process transactions significantly faster.
Enhance Compliance Efficiency with KYC Portal’s Advanced Pre-Defined Search Lists
KYC Portal has launched a new feature to enhance compliance workflows by allowing users to create pre-defined search lists, improving the management of perpetual KYC processes. This innovation shifts from traditional periodic checks to real-time risk alerts, enabling organizations to streamline compliance strategies. Key functionalities include automated task generation based on user roles, customizable search lists, and improved task prioritization. This feature enhances efficiency by reducing the workload of large-scale reviews, promotes better resource allocation to high-risk areas, and strengthens risk management through continuous monitoring and alerts. For more details, visit KYC Portal’s compliance page.
Griffin and Yonder Unite for Effortless Credit Top-Ups and Enhanced Payment Solutions
Yonder, a rewards credit card provider, has partnered with Griffin, a leading UK bank for FinTechs, to enhance customer experience. This collaboration introduces the innovative Top-ups feature, allowing users to add cash to their credit accounts, increasing their spending limits. The partnership also streamlines payments through automated processes and provides valuable data insights for future credit decisions. Yonder aims to empower young professionals in managing their credit effectively while enjoying associated rewards. Both companies’ CEOs expressed excitement about the partnership’s potential to improve financial flexibility and simplify transactions for users in the UK.