Bahrain: KPMG International has announced the acquisition of Matchi, a leading global fintech innovation and matchmaking platform that connects financial institutions, including banks and insurance companies, with leading-edge fintech companies worldwide.
Jalil AlAali, Partner and Head of Financial Services at KPMG in Bahrain commented on the acquisition, and said “Financial technology, or ‘fintech’, is changing how financial services organizations operate. We live in a fast-paced economy driven by technology advancement. Tech-savvy customers, advance computing power and prevalent digital connectivity mean that to grow; banks, insurance and investment management companies need to embrace new technologies as part of their strategies. Bahrain has always been a leader in adopting new technologies, and I believe there is a promising potential for fintech industry in the country in the foreseeable future. The platform is now available for Bahrain fintech companies who want to offer their capabilities to financial institutions globally and for Bahrain based financial institutions to source relevant fintech solutions globally”
The Matchi platform includes more than 700 curated fintech solutions and a database of more than 2,500 fintech companies that financial institutions can work with to apply innovative fintech capabilities to solving their business problems and pursuing new market opportunities.
Fintech companies and solutions undergo a curation process in order to qualify to appear on KPMG’s innovative Matchi platform. Financial institutions are able to search for a specific company or solution, or they can use the platform’s proprietary “Innovation Challenge” capability to present specific problem statements to the global fintech market and receive recommendations on solutions from fintech innovators. In this way, financial institutions are able to access and unlock the leading edge technology and deep customer insight of the world’s best fintech firms for their own operations.
“The acquisition of Matchi adds to the capabilities of KPMG firms to bring market-validated ideas to financial services clients’ toughest challenges,” says Ian Pollari, Global Co-leader of Fintech, KPMG International. “The Matchi platform offers a curated approach that is much more rigorous than fintech databases that merely provide lists. It is designed to identify, match and enable collaboration with the most innovative fintechs and solutions to address specific issues being faced by financial institutions.”
Since its inception in 2013, Matchi has connected more than 100 leading banks and insurance companies with fintech innovations, including solutions in next generation payments, regtech, blockchain and P2P insurance.
“Combining the Matchi platform with the exceptional knowledge and skills of KPMG professionals creates a powerful fintech resource,” says David Milligan, Matchi CEO. “Together, we are positioned to help clients find and deploy the fintech solutions that are most relevant to their business needs. We are fulfilling the promise of collaboration between financial institutions and fintech firms, which can ultimately benefit all consumers and businesses.”
Matchi is a global fintech innovation match-making firm, since 2013. Matchi has worked with over 100 leading banks and insurance companies (FIs) around the world, and has a database of over 2,500 fintech firms with 700+ curated solutions. Matchi provides both a searchable, highly-detailed portal of fintech solutions, as well as bespoke projects for FI clients to source targeted fintech solutions aimed at the FIs focus areas / pain points. The global Matchi team has run Fintech Challenges and Market Scans for multiple FIs around the world, in markets as diverse as Africa, Japan, Canada, Mauritius and India, as well as searches in more recognized fintech regions.
About KPMG Fintech:
The financial services sector is transforming with the emergence of innovative products and solutions. This wave of innovation is primarily driven by changing customer expectations and continued regulatory and cost pressures. KPMG professionals are passionate about supporting clients to successfully navigate this transformation, working directly with emerging fintechs through 30 global fintech hubs. KPMG professionals also bring their global fintech insight to financial institutions, helping them fully realize the potential fintech has to grow their business, meet customer demands, and help them stay relevant and competitive.
About KPMG International:
KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 152 countries and have more than 189,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.