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Bank Alfalah Fuels Digital Transformation by Investing in UAE FinTech Innovator Jingle Pay
Bank Alfalah, a leading Pakistani commercial bank, has acquired a 9.9% stake in UAE-based FinTech Jingle Pay, aiming to transform cross-border payments and digital banking in Pakistan. Jingle Pay, known for its AI-driven platform, processed over two million transactions and $1 billion in international transfers in 2024, saving customers over $6 million in fees. This partnership will enhance Jingle Pay’s services using Bank Alfalah’s infrastructure, with plans to launch branchless digital banking in Pakistan by early 2025, targeting the unbanked population. The collaboration promises to strengthen remittance capabilities and contribute to Pakistan’s economy.
UK Government Unveils Bold Strategy to Boost Financial Services Growth and Innovation
The UK’s financial services sector is set to play a key role in the newly announced Financial Services Growth and Competitiveness Strategy, led by Chancellor Rachel Reeves. This initiative aims to stimulate economic growth and increase citizens’ disposable income. It will involve Industry Forums with stakeholders from various financial sub-sectors, such as banking, insurance, and FinTech, to gather insights for effective policy-making. The strategy aligns with the government’s Modern Industrial Strategy, recognizing financial services as vital for economic progress. The inaugural forum begins in January, with insights to shape the final strategy document due later this year.
Revolutionizing Compliance: How Flagright Leverages AI for Seamless Solutions
Flagright has raised $4.3 million in seed funding to enhance its AI Forensics suite, aimed at improving compliance operations in the financial sector. This suite automates workflows for screening, monitoring, governance, and quality assurance, significantly reducing false positives by 93% and investigation time by 80%. To expand its U.S. presence, Flagright is opening offices in New York and San Francisco. CEO Baran Ozkan emphasizes the need for agile, AI-driven systems to combat evolving financial crime and regulatory challenges. Flagright’s platform offers real-time monitoring and risk scoring, standing out with its rapid integration and user-friendly AML tools.
Ravio Secures $12M to Revolutionize Global Salary Benchmarking with Real-Time HR Data Insights
Ravio, a compensation data platform, has secured $12 million in Series A funding to enhance its operations and innovate workforce compensation strategies. Led by Spark Capital, with contributions from Blackbird and Cherry Ventures, this investment will aid Ravio in modernizing compensation frameworks through real-time data integration. Founded in 2022, Ravio connects with HR systems to provide updated compensation benchmarks across 46 countries, helping businesses simplify pay structures and address salary inequalities. The company plans to expand its dataset, enhance product development, and utilize a unique model for aggregating anonymized HR data to improve market insights, as highlighted by CEO Merten Wulfert.