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CIMB Bank Teams Up with ACI Worldwide to Revolutionize Real-Time and Cross-Border Payment Solutions
CIMB Bank is enhancing its financial technology through a partnership with ACI Worldwide, aiming to unify all account-to-account payment types on a modern platform. This initiative, part of CIMB’s strategy to modernize payment systems in Malaysia, includes real-time payments, ACH transactions, RTGS, and cross-border payments, supporting the ISO 20022 global messaging standard. The new platform promises improved security, regulatory compliance, and interoperability. CIMB’s Group CTO, Ros Aziah, highlighted the transformation as essential for future-proofing banking operations. Leslie Choo of ACI Worldwide praised the collaboration as a step towards leading in a digital-first economy across the ASEAN region.
Vigil Raises $1.3M to Revolutionize Automation Solutions for Insurance Carriers
InsurTech company Vigil has raised $1.3 million in a pre-seed funding round, led by M25 and supported by investors including Nationwide Ventures and Rex Salisbury. Founded in 2023, Vigil aims to revolutionize the annuity industry through its white-label digital platform that automates post-issue processing for insurance carriers. Key features include document uploads and electronic signatures, improving efficiency and client satisfaction. The funding will enhance product development and expand market presence. Vigil’s CEO highlights the need for modern solutions in a sector historically reliant on manual processes, while the CTO emphasizes applying e-commerce principles to streamline operations.
AI Security Firm Pillar Secures $9M Funding to Revolutionize Enterprise Software Safety
Pillar Security, a US startup specializing in AI-native cybersecurity solutions, has raised $9 million in seed funding, led by Shield Capital and supported by Golden Ventures and Ground Up Ventures. This funding will enhance its end-to-end security platform for enterprises using AI, addressing challenges like evasion attacks and data poisoning. As AI adoption increases, concerns about AI-related security breaches are rising, with 77% of cybersecurity leaders expressing significant worry. CEO Dor Sarig highlighted AI’s transformative impact on software development, emphasizing Pillar Security’s commitment to redefining application security for the Intelligence Age. The funding will accelerate research and market strategies.
ALT21 Secures $12.5 Million in Series A Funding to Revolutionize FX Innovation
ALT21, a financial technology company focused on foreign exchange (FX) transactions, has raised $12.5 million in an oversubscribed Series A funding round, bringing its total funding to $44 million. The round attracted a diverse group of super angel investors experienced in scaling global businesses, positioning ALT21 as a leading firm in Europe. The company utilizes high-frequency trading technology to automate FX processes, offering cost-effective and transparent solutions. With the new capital, ALT21 plans to accelerate global expansion, enhance its marketing strategy, and introduce new financial products. CEO Pritesh Ruparel emphasizes the need for transparency and efficiency in the FX market.
FSRA Issues Strong Warning to FinTechs: Understand ADGM Enforcement Consequences Now!
The Abu Dhabi Global Market (ADGM) recently highlighted regulatory vulnerabilities in virtual asset firms through significant enforcement actions against a trading platform and its founder. A joint investigation led to the revocation of the firm’s financial services permission, an indefinite ban on its founder from financial roles, a 15-year directorship disqualification, and fines exceeding $12 million. These penalties stemmed from serious breaches in governance, transparency, and ethical conduct. The case underscores the tightening scrutiny on digital asset firms, emphasizing the need for robust compliance, investor protection, and comprehensive governance frameworks within the evolving regulatory landscape.
Qenta Expands Global Reach: Acquires Ireland’s Pipit Global to Enhance Cross-Border Payment Solutions
Qenta, a Texas-based payments company, has acquired Pipit Global, an innovative B2B cross-border payments platform in Ireland, enhancing Qenta’s financial service capabilities. The acquisition grants Qenta access to Pipit’s extensive network of over one million pay-in points integrated with mobile money systems across Africa, Latin America, and Europe. Ollie Walsh, Pipit’s Co-Founder, is now President of Qenta, focusing on improving cross-border payments, particularly for migrants and those without banking services. Qenta aims to integrate blockchain technology to streamline transactions and modernize financial infrastructure, marking a significant step toward more inclusive and efficient global financial services.