Latest news with #CoreBanking
Yahoo
26-05-2025
- Business
- Yahoo
WeBank Technology Services Wins International Fintech Award
HONG KONG, May 26, 2025 /PRNewswire/ -- On May 22, at the TAB Global Financial Technology Innovation Awards 2025 ceremony held by The Asian Banker ("TAB"), WeBank Technology Services and Fusion Bank were jointly awarded the Best Core Banking Technology Initiative (Small Bank) in Asia Pacific for their collaborated project of Next-Generation Core Banking System. The TAB Global Financial Technology Innovation Awards is one of the most prestigious benchmarking awards for technology innovation leadership and performance in the global financial services industry. The Best Core Banking Technology Initiative specifically acknowledges institutions with exceptional technological advancement in core banking systems. This is the first time in three years that a Hong Kong digital bank won at the TAB Global Financial Technology Innovation Awards, indicating the technological leadership of the project's collaborative achievement. The award-winning project was launched to enhance Fusion Bank's digital service capabilities and meet its business innovation and cost-efficiency needs to ensure the bank's sustainable development. The project covered upgrade of over 150 subsystems across five core business areas of Fusion Bank, and was completed with a swift cutover in just 15 hours. The data in legacy systems from various vendors were seamlessly migrated to the new core banking system within merely six hours. Supported by WeBank Technology Services with its core banking system solutions, the project has set a new benchmark in banking system upgrade for the banking industry in Hong Kong. Leveraging the distributed architecture design from WeBank Technology Services, the upgraded system can now scale on demand according to business growth, solving the previous pain points of high upfront IT investment. Additionally, it further enhances the business agility and shortens the time-to-market for new product launches, through parameterized products, process orchestration, and AI-native capabilities. After the new system went live, the product development cycle of Fusion Bank was reduced from an average of six months to three months, with non-human IT costs expected to be cut by 53% by 2027. Notably, the new system is widely compatible with mainstream software and hardware, offering the advantages of openness and being technology-agnostic. The Asian Banker highlighted: "WeBank Technology Services and Fusion Bank have demonstrated exceptional innovation through the successful execution of this technology initiative, effectively addressing current and future business needs while enhancing service capabilities. This has resulted in notable business outcomes, significant efficiency gains and enhanced customer value, surpassing industry peers." Billy Chiu, Chief Technology Officer of Fusion Bank, said: "We are truly honored to be the only Hong Kong digital bank receiving this award in the past three years. It is a significant recognition for both Fusion Bank and WeBank Technology Services. The upgrade of our next-generation core banking system shows our ongoing commitment to advancing financial inclusion through fintech, making our banking services more accessible and efficient for a broader segment of the community." As the wholly-owned fintech arm of WeBank, WeBank Technology Services leverages the parent company's leading practices in digital banking, focuses on providing digital finance and digital infrastructure solutions globally. Currently, WeBank Technology Services is expanding its partnership with multiple institutions across markets like Hong Kong SAR, Indonesia, Thailand, Malaysia and Qatar. About WeBank Technology Services Launched in Hong Kong in June 2024, WeBank Technology Services sets out to leverage WeBank's cutting-edge fintech capabilities and digital finance best practice to deliver a variety of superior digital finance and digital infrastructure solutions to digital banks, financial institutions, government agencies, and industry partners worldwide. About WeBank Established in 2014, WeBank Co., Ltd. ("WeBank") is the first digital bank in China. WeBank provides convenient financial services to micro-, small- and medium-sized enterprises (MSMEs) and the public, and continuously improves the quality of services in response to customers' specific needs. WeBank has served over 420 million retail customers and 5.8 million enterprises. WeBank has pioneered the development of the world's first fully distributed next-generation core banking system using standardized hardware and open-source software. It maintains an exceptional system availability of 99.999% with peak daily transaction exceeding 1.4 billion, while the annual IT O&M cost per account remains as low as USD 0.3, only one-tenth of the industry average. View original content to download multimedia: SOURCE WeBank Technology Services Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
19-05-2025
- Business
- Finextra
Tuum expands Islamic banking suite
Tuum, the next-generation core banking provider, is set to unveil its comprehensive Islamic Banking suite at Seamless Middle East, reinforcing its commitment to empowering financial institutions with cutting-edge, Sharia-compliant banking solutions. 0 This marks a major milestone following last year's announcement of Tuum's foundational Islamic Banking capabilities. The Islamic finance sector is projected to reach $5.9 trillion by 2026, driven by increasing demand for ethical, interest-free financial services across both established and emerging markets. However, legacy technology limitations, coupled with a lack of scalable digital solutions, have hindered Islamic banks' ability to modernize, innovate, and meet evolving customer expectations. Innovation and Compliance: Advancing Islamic Banking with Modern Technology Tuum's Islamic Banking suite is designed to empower financial institutions with a cloud-native, highly flexible, and scalable platform that ensures seamless compliance with Sharia principles. Built to support both fully Islamic banks and Islamic banking windows, Tuum's modular core enables institutions to launch and scale Islamic banking products with agility. As part of its commitment to delivering best-in-class solutions, Tuum has partnered with DDCAP Group, a leading facilitator of asset-backed, Sharia-compliant transactions. This collaboration enhances Tuum's capabilities by enabling automated Tawarruq execution, streamlining trade execution, asset registry, and settlement tracking while ensuring full Sharia compliance. "As demand for Sharia-compliant banking solutions continues to grow, financial institutions need a core banking platform that balances compliance with innovation," said Miljan Stamenkovic, VP Sales at Tuum. "Tuum's modern, cloud-native technology provides that foundation, while our partnership with DDCAP further strengthens our offering by automating key Islamic financing workflows.' Key Differentiators of Tuum's Islamic Banking Solution The expanded offering now includes dedicated Islamic Accounts & Deposits—covering Mudarabah, Wakalah, Wadiah, and Qard Hassan—as well as an advanced Islamic Lending module featuring Tawarruq-based consumer finance. These additions position Tuum as one of the few cloud-native core banking platforms capable of supporting both full-fledged Islamic banks and Islamic banking windows. ● Islamic Deposit Accounts - Support for Mudarabah, Wakalah, Wadiah, and Qard Hassan accounts with automated profit-sharing. ● Real-Time Islamic Profit Calculation & Distribution - Ensures precise and transparent profit-sharing, aligned with Sharia principles ● Standalone Profit-Sharing Module - A unique module that integrates with any core banking system to enable automated Mudarabah and Wakalah-based profit distribution. ● Automated Sharia Compliance - Built-in validations to streamline compliance with AAOIFI standards, reducing manual intervention and audit complexities. ● Tawarruq-Based Financing - Digitized execution of Murabaha and Istisna transactions, ensuring seamless compliance. ● Unified Lending Framework - Embeds Islamic financing within Tuum's existing loan and finance module, allowing financial institutions to manage both conventional and Islamic financing in a single system. Unlocking Growth in the Islamic Banking Sector Tuum's entry into the Islamic Banking space aligns with its broader expansion into the Middle East and North Africa (MENA) region, where demand for digital-first, Sharia-compliant banking solutions is on the rise. Tuum's cloud-native platform is designed for flexibility, offering deployment on locally available hyperscalers—including Google Cloud, AWS, OCI, and Azure—as well as private cloud options, ensuring compliance with regional data residency requirements. With its scalable architecture, best-of-breed ecosystem partners like DDCAP, and deep regional expertise, Tuum is well-positioned to empower financial institutions looking to modernize their Islamic Banking offerings. What's Next? Building on this launch, Tuum is already developing Islamic Card solutions, including Islamic debit cards, Ujrah-based credit cards, and Tawarruq credit cards. These will be introduced in line with Tuum's 2025 product roadmap. Tuum's presence at Seamless Middle East underscores its vision of banking without limits—helping institutions modernize their technology, enter new markets, and deliver financial products that truly resonate with their customers.
Zawya
19-05-2025
- Business
- Zawya
Tuum expands Islamic Banking Suite with new cloud-native modules, launching at Seamless Middle East
Dubai, UAE – Tuum, the next-generation core banking provider, is set to unveil its comprehensive Islamic Banking suite at Seamless Middle East, reinforcing its commitment to empowering financial institutions with cutting-edge, Sharia-compliant banking solutions. This marks a major milestone following last year's announcement of Tuum's foundational Islamic Banking capabilities. The Islamic finance sector is projected to reach $5.9 trillion by 2026, driven by increasing demand for ethical, interest-free financial services across both established and emerging markets. However, legacy technology limitations, coupled with a lack of scalable digital solutions, have hindered Islamic banks' ability to modernize, innovate, and meet evolving customer expectations. Innovation and Compliance: Advancing Islamic Banking with Modern Technology Tuum's Islamic Banking suite is designed to empower financial institutions with a cloud-native, highly flexible, and scalable platform that ensures seamless compliance with Sharia principles. Built to support both fully Islamic banks and Islamic banking windows, Tuum's modular core enables institutions to launch and scale Islamic banking products with agility. As part of its commitment to delivering best-in-class solutions, Tuum has partnered with DDCAP Group, a leading facilitator of asset-backed, Sharia-compliant transactions. This collaboration enhances Tuum's capabilities by enabling automated Tawarruq execution, streamlining trade execution, asset registry, and settlement tracking while ensuring full Sharia compliance. "As demand for Sharia-compliant banking solutions continues to grow, financial institutions need a core banking platform that balances compliance with innovation," said Miljan Stamenkovic, VP Sales at Tuum. "Tuum's modern, cloud-native technology provides that foundation, while our partnership with DDCAP further strengthens our offering by automating key Islamic financing workflows.' Key Differentiators of Tuum's Islamic Banking Solution The expanded offering now includes dedicated Islamic Accounts & Deposits—covering Mudarabah, Wakalah, Wadiah, and Qard Hassan —as well as an advanced Islamic Lending module featuring Tawarruq-based consumer finance. These additions position Tuum as one of the few cloud-native core banking platforms capable of supporting both full-fledged Islamic banks and Islamic banking windows. Islamic Deposit Accounts – Support for Mudarabah, Wakalah, Wadiah, and Qard Hassan accounts with automated profit-sharing. Real-Time Islamic Profit Calculation & Distribution – Ensures precise and transparent profit-sharing, aligned with Sharia principles Standalone Profit-Sharing Module – A unique module that integrates with any core banking system to enable automated Mudarabah and Wakalah-based profit distribution. Automated Sharia Compliance – Built-in validations to streamline compliance with AAOIFI standards, reducing manual intervention and audit complexities. Tawarruq-Based Financing – Digitized execution of Murabaha and Istisna transactions, ensuring seamless compliance. Unified Lending Framework – Embeds Islamic financing within Tuum's existing loan and finance module, allowing financial institutions to manage both conventional and Islamic financing in a single system. Unlocking Growth in the Islamic Banking Sector Tuum's entry into the Islamic Banking space aligns with its broader expansion into the Middle East and North Africa (MENA) region, where demand for digital-first, Sharia-compliant banking solutions is on the rise. Tuum's cloud-native platform is designed for flexibility, offering deployment on locally available hyperscalers—including Google Cloud, AWS, OCI, and Azure—as well as private cloud options, ensuring compliance with regional data residency requirements. With its scalable architecture, best-of-breed ecosystem partners like DDCAP, and deep regional expertise, Tuum is well-positioned to empower financial institutions looking to modernize their Islamic Banking offerings. What's Next? Building on this launch, Tuum is already developing Islamic Card solutions, including Islamic debit cards, Ujrah-based credit cards, and Tawarruq credit cards. These will be introduced in line with Tuum's 2025 product roadmap. Tuum's presence at Seamless Middle East underscores its vision of banking without limits —helping institutions modernize their technology, enter new markets, and deliver financial products that truly resonate with their customers. Visit Tuum at Seamless Middle East 2025 to explore the future of Islamic Banking. About Tuum Tuum is the core banking platform for a world of banking without limits. Built for institutions ready to modernize, scale, and lead, Tuum helps banks, lenders and fintechs escape the constraints of legacy technology and accelerate into a new era of agility, innovation, and growth. Cloud-native and modular by design, Tuum supports all key financial business models from lending and payments to BaaS and Islamic banking — on a single, extensible platform. Clients can modernize progressively, launch products in weeks, and expand into new markets without sacrificing control, compliance, or performance. With enterprise-grade scalability, real-time processing, and an open API architecture, Tuum delivers the flexibility to adapt fast — while significantly lowering total cost of ownership and shifting budgets toward innovation. Tuum is trusted by leading financial institutions across the globe to build the future of banking — one without limits. Tuum. Banking without limits. TUUM PR Contact For any PR queries please contact
Yahoo
23-04-2025
- Business
- Yahoo
AppTech enters digital banking space with CoreBanking solution
AppTech Payments has rolled out its new CoreBanking solution, which is integrated with the FINZEO Platform, marking the company's foray into the digital banking sector. The introduction of this solution comes alongside the onboarding of its first banking client, indicating a strategic move into retail financial services. The CoreBanking solution is designed to enhance operational efficiency for banks, facilitate market entry, and reduce dependence on outdated technologies. This offering includes features such as digital onboarding, FedWire, FedACH, compliance, virtual bank accounts, risk management, ledger, FedNow, and both physical and virtual Cards. By utilising the FINZEO client offering, banks can expedite the implementation of these solutions, benefiting from AppTech's established client base for transaction fees and deposits. The company anticipates sustained revenue growth through 2025, tapping into previously unavailable revenue sources. In terms of financial projections, AppTech expects to generate $40,000 in revenue within the first week of the CoreBanking solution's launch, with monthly revenue anticipated to exceed $500,000 by the end of 2025. The current pipeline of banks integrating the FINZEO platform positions the CoreBanking solution for rapid adoption, particularly among community banking clients, believes AppTech. AppTech CEO Thomas DeRosa said: 'Our CoreBanking solution is more than a product—it changes how banks can operate and grow. 'By integrating our technology with unmatched client acquisition capabilities, we eliminate inefficiencies and drive revenue at scale.' AppTech is preparing for growth with new partnerships and product launches in April, potentially leading to millions of transactions. To facilitate this expansion, the company has restructured its management team and enhanced its technology infrastructure. In May 2024, AppTech Payments launched its Banking-as-a-Service (BaaS) platform after a successful pilot programme. The company leveraged this BaaS solution to introduce InstaCash, which offers virtual accounts, debit and credit cards, and high-yield financial products. "AppTech enters digital banking space with CoreBanking solution" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
22-04-2025
- Business
- Yahoo
AppTech Unveils Revolutionary CoreBanking Solution, Projecting Explosive Growth with Innovative Client Offerings
CARLSBAD, Calif., April 22, 2025 (GLOBE NEWSWIRE) -- AppTech Payments Corp. (NASDAQ: APCX) has launched its groundbreaking CoreBanking solution, seamlessly integrated with the FINZEO Platform, alongside its first banking client. This milestone signals AppTech's entry into digital banking and retail financial services, with the company bringing both cutting-edge products and customers directly to financial institutions. Transforming Banking Efficiency and Revenue PotentialThe CoreBanking solution will help banks achieve operational efficiency, enter new markets, eliminate reliance on antiquated technologies, and remove the entry barriers of entry. CoreBanking delivers Digital Onboarding, FedWire, FedACH, Compliance, Virtual Bank Accounts, Risk Management, Ledger, FedNow, and Physical and Virtual Cards. Coupled with the tightly integrated FINZEO client offering, banks can realize the benefits of these innovative solutions faster by leveraging AppTech's existing client base for transaction fees and deposits ready for bank launch. AppTech expects sustained revenue growth through 2025 and beyond through sources not previously available. 'Our CoreBanking solution is more than a product—it changes how banks can operate and grow,' said Thomas DeRosa, CEO of AppTech. 'By integrating our technology with unmatched client acquisition capabilities, we eliminate inefficiencies and drive revenue at scale.' Projected Growth and ScalabilityAppTech's CoreBanking launch is expected to generate $40,000 in revenue in its first week, with monthly revenue projected to scale beyond $500,000 by the end of 2025. With our current pipeline of banks integrating the FINZEO platform, the CoreBanking solution is primed for rapid adoption, including expansion to community banking clients in the FINZEO pipeline. As additional partnerships and product launches roll out in April, AppTech is poised for transformational growth, increasing to millions of transactions. AppTech has restructured its management team and upgraded its technology to drive revenue through the final three quarters of 2025. With a visionary strategy, enhanced staffing, and a growing base of larger clients, the company intends to redefine digital banking and payment solutions. About AppTech Payments Corp. AppTech Payments Corp. (NASDAQ: APCX) provides digital financial services for financial institutions, corporations, small and midsized enterprises ('SMEs'), and consumers through the Company's scalable cloud-based platform architecture and infrastructure. For more information, please visit Forward-Looking Statements This press release may contain forward-looking statements that are inherently subject to risks and uncertainties. Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as 'anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, should, will' and similar expressions as they relate to AppTech are intended to identify such forward-looking statements. These risks and uncertainties include but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in methods of marketing, delays in manufacturing or distribution, changes in customer order patterns, changes in customer offering mix, and various other factors beyond the Company's control. Actual events or results may differ materially from those described in this press release due to any of these factors. AppTech is under no obligation to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise. AppTech Payments Corp. 760-707-5959 info@ in to access your portfolio
