S&P Global Market Intelligence rounds up financial technology companies' recent product launches, partnership announcements and fundraising activity, as well as regulatory developments in the fintech space. Please send tips to Rachel.Stone@spglobal.com. For more fintech news, click here.
Banking and lending
Charleston, W.Va.-based United Bankshares Inc. is implementing a cloud-based fraud detection platform created by Canadian tech company Verafin Inc. The platform uses a combination of AI and machine learning to detect money laundering and financial fraud.
Toronto-Dominion Bank launched an AI chatbot called TD Clari which is being integrated into the bank's mobile application. Clari uses Kasisto Inc.'s conversational AI platform called KAI Consumer Banking to provide consumers with personal spending insights and assistance with day-to-day banking functions.
Peter Thiel-backed German mobile bank N26 Bank GmbH secured $300 million in funding, taking its total valuation to $2.7 billion. The fintech company intends to use the proceeds to expand globally, starting with the U.S.
Square Inc. launched an in-app payments software development kit to let developers build Square-powered payment flows in Android or iOS apps. The kit is currently available in the U.S., Canada, the U.K., Australia and Japan.
Corporate payments solution provider WEX Inc. teamed up with artificial intelligence solutions company Ai.io to launch an AI-powered, voice-activated chat bot for travel called Halo. WEX's virtual payments technology will be used to facilitate the payment.
Total System Services Inc. launched a new point-of-sale payment product called Vital. Its features include analytics and reporting, inventory management, taxes, time-clock and employee management, discounts and pricing.
Insurance and healthcare
U.A.E.-based insurance technology company Democrance entered into a partnership with American International Group Inc.'s Middle East and Africa unit. Democrance will help digitize AIG's operations in the United Arab Emirates, Kuwait, Egypt, Lebanon, Bahrain, Jordan and Oman by integrating the Democrance platform with mobile and digital channels.
Verisk Analytics Inc. launched a medical insurance underwriting solution called Black Box 3 in parts of Canada, Europe, Australasia, and Asia. The product generates a risk score for travel insurers' underwriters to use to price policies for travelers based on their self-declared medical conditions.
Ebix Inc. is planning to grow internationally through organic growth, though it could also consider strategic acquisitions in countries such as Oman, the United Arab Emirates, Bahrain, Thailand and Malaysia.
Tata Consultancy Services joined Guidewire Software Inc.'s partner connect program as a consulting partner. The program brings together a network of firms that extend Guidewire's services through their own channels.
Colorado state senators Stephen Fenberg and Jack Tate introduced the Colorado Digital Token Act to exempt cryptocurrencies and certain digital tokens from securities laws. The proposed law seeks to exempt digital assets used to provide or receive goods, services or content, including access to goods, services or content.
The state of Wyoming approved a bill to let blockchain startups operate in a closed testing environment designed for experimenting without being subject to regulatory enforcement, making it the latest state to launch a fintech regulatory sandbox.
Canadian payment processing company NetCents Technology Inc. has launched a cryptocurrency credit card to let users who hold Bitcoin, Litecoin, Ether, and Bitcoin Cash to eventually make payments to 40 million merchants worldwide. Netcents is starting with a beta program in Canada with plans to roll out the service to its European users.