News Nuggets | 9 May: LSEG Taps OpenFin; New eToro Portfolio

LSEG Taps OpenFin

London Stock Exchange Group (LSEG) has selected OpenFin, an enterprise operating system for financial institutions, for its flagship LSEG Workspace platform. Under the partnership, LSEG will leverage OpenFin's zero-install delivery model and container technology.

"Use of OpenFin significantly enhances our delivery model and end-user experience, leveraging technology that is already trusted by most global banks and leading asset managers," said Dean Berry, the Group Head of Trading & Banking Solutions at LSEG.

eToro Launches Portfolio Offering

eToro enhanced its portfolio offering with the launch of InsuranceWorld, which gives exposure to the insurance sector. The portfolio gives diversified exposure to the sector.

"Shares of insurance companies can be a valuable addition to an investment portfolio due to the stable nature of the industry and coverage across a multitude of sectors," said Dani Brinker, the Head of Investment Portfolios at eToro. "The industry has shown itself to be more resilient than others when it comes to economic and market volatility, making it a worthwhile defensive investment play."

"This new portfolio offers users a carefully selected mix of top-performing insurance companies, giving them the opportunity to invest in a growing and steady industry that is expected to reach a market size of $8.3 trillion by 2026."

United Fintech Takes Majority in TTMzero

United Fintech has increased its stake in TTMzero by 26 percent, becoming a majority owner with 51 percent in the Berlin-based regtech company.

The increase in ownership came two years after United Fintech made an initial investment in TTMzero. Since then, the revenue of the German regtech jumped 2.5 percent, onboarding big clients like Citi, Morgan Stanley and Commerzbank.

"Our main motivation was that we wanted access to global markets and with United Fintech's network, we believe we can grow into new jurisdictions. On their platform, we're in good company with other innovative founders and experience a lot of important synergies between their technology products and ours," said Simon Ullrich, the Co-Founder of TTMzero.

Tap Global Names New CEO

Tap Global Group Plc (AQSE: TAP), which is bridging the gap between traditional finance and blockchain technology, announced the appointment of Kriyakant Patel as the new CEO, effective from 12 June.

Patel is an experienced fintech executive who previously held top roles in many companies. Most recently, he was the CEO at Transact Payments Limited after spending years as the COO at Newcastle Card Solutions, an Advisory Board Member of The Payments Association, and Chair of the Gibraltar E-Money Association.

"Tap has continued its impressive growth through the various challenges in the wider crypto environment and is, in my view, uniquely placed to benefit from the significant opportunities in European markets and beyond by focussing on a customer-driven product need, whilst maintaining its regulated and security-first approach," Patel said.

FCA Red Flags Paypoint Invest

The UK's Financial Conduct Authority (FCA) warned against Paypoint Invest, which offers investment plans. It is a fraudulent platform with minimum company information on its website and added stock photos from the internet as its business executives.

"This firm may be providing financial services or products without our authorization. You should avoid dealing with this firm and beware of potential scams," the FCA stated.

"Some firms may give incorrect contact details including postal addresses, telephone numbers and email addresses. They may change these contact details over time. They may also give you details that belong to another business or individual, so the information looks genuine."