News briefs

R3 to raise more funds, UAE proposes regulatory lab, plus QA Mentor, Temenos and more.

The R3 consortium seeks to raise $200 million from member banks for new blockchain company

R3, a consortium of over 40 financial firms that includes Barclays, Credit Suisse, Goldman Sachs, JP Morgan, RBS and UBS, is trying to raise $200 million from its member banks. The consortium is requesting the funds to create a new company that would further develop Corda, its smart contract platform. If the deal goes through, R3’s development lab will not be included in the new company. One large European bank in the consortium is reportedly resisting the proposal on the grounds of cost.

The R3 consortium, headquartered in New York, was the result of banks pooling their resources to develop Blockchain technologies. R3 unveiled the Corda smart contract platform at a public demo in the O2 Arena on April 19th, where it was used to execute ISDA interest rates swaps.

The UAE’s financial services authority proposes a FinTech regulatory lab

The Financial Services Regulatory Authority (FSRA), a regulatory arm of the Abu Dhabi Global Market (ADGM), has set out a proposal to create a regulatory laboratory. The proposal was included in a paper published on the FSRA website on May 10th, see here. The paper describes the regulatory lab as a framework designed to foster innovation in the financial sector by allowing the use of new technologies in an environment shielded from the full brunt of regulations. According to the proposal new FinTech firms will be allowed two years to test and launch their services, subject only to those rules that the regulator chooses to apply on a case-by-case basis. After the trial period financial firms will be required to obtain full regulatory compliance. The proposal mirrors recent regulatory initiatives in Australia and the UK.

AppDome to sell its mobile security service via Temenos

Californian cyber security firm AppDome has made a deal with the based financial software provider Temenos to make its mobile security service available through the online marketplace operated by Temenos, the Swiss-based core banking software vendor. The cloud-based service, called AppFusion, is designed to protect financial firms’ mobile apps from fraud, malware, and data loss. According to AppDome, the service does not require any modification of the code of the apps it is protecting. Banks and other companies in the financial sector will now be able to purchase AppFusion directly on the Temenos website.

QA Mentor acquires Abid Consulting

New York-based QA Mentor, a testing service provider, has announced the acquisition of Abid Consulting, a French software testing developer. Financial details of the acquisition were not disclosed. QA Mentor will receive ownership of Abid Consulting’s Test Management Platform, which will be added to QA Mentor’s product line.

Ruslan Desyatnikov, founder and CEO of QA Mentor, said that Abid’s platform will allow his company to offer clients: “A very attractive price point and the ability to purchase subscription-based test management in the cloud or with a perpetual license.”

Tricentis and iTrinegy announce partnership for better testing

On May 17th German testing specialist Tricentis announced a partnership with iTrinegy, an American application risk management provider. The two companies will cooperate to provide customers with conditions that simulate realistic networks for test purposes. The goal is to simulate the full spectrum of network conditions that an app will encounter once it is deployed. The goal is to mimick real-world connectivity problems in order to improve app quality and minimise risk. Network simulations will be available, according to company spokespeople, for both mobile environments and fixed locations. Gerd Weishaar, VP of product management at Tricentis, believes that the combination of network simulations with testing services will allow for a “comprehensive end-to-end testing solution.”

Test management solution vendor receives $31 million in investment from equity firm

Technology equity investment firm Frontier Capita will invest $31 million in Zephyr, a US test management solution provider. According to Zephyr, the company’s client base has doubled in the past 12 months. Zephyr’s clients include HSBC, Citibank, and Amex and it has offices in Europe and India.

Samir Shah, founder and CEO of Zephyr, says the money will be used to expand the product offering, scaling sales, and new marketing initiatives. “Partnering with Frontier Capital will help us realise our potential by investing in the critical business functions that will fuel our growth,” the CEO said.

 

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