The latest technology news in the wealth management sector from around the world.

Finastra, Vermanti
US-based Vemanti Group has chosen Finastra, the financial software firm, to help build what it says is Southeast Asia’s first “neobank” for small- and medium-sized enterprises. The development will start in Vietnam – also a busy Asian market for wealth management. 

Vemanti will use Finastra’s next-generation core banking solution, Fusion Essence, as the platform for new products and services aimed at increasing financial inclusion in the underserved SME finance market. Vemanti has also tapped Finastra’s partner ecosystem to select Lendscape’s invoice finance and supply chain finance technology.

“SMEs across the region are being underserved by traditional finance, which generally lacks the ability or desire to accurately assess the creditworthiness of SMEs. These businesses struggle to meet collateral requirements that tend to be designed for large corporations, leaving many unable to access formal financial services,” Tan Tran, CEO, Vemanti, said. 

Last August, Vemanti said it had signed a fintech and banking-as-a-service (“BaaS”) business cooperation pact with Vietnam Public Joint Stock Commercial Bank to jointly develop financial products and banking solutions for the underserved consumers and small businesses in Vietnam.