KPMG, a major provider of audit, tax and advisory services, said it has acquired Matchi, a global innovation and matchmaking platform that links financial institutions, including banks and insurance firms, with leading-edge fintech companies worldwide.

 

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. 

 

Since its inception in 2013, Matchi has connected over 100 leading banks and insurance companies with fintech innovations, including solutions in next generation payments, regtech, blockchain and P2P insurance.

 

On the key acquisition, Jalil AlAali, partner and head of financial services at KPMG in Bahrain, 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," stated AlAali. 

 

"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," he added.  

 

According to him, fintech companies and solutions need to 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, explained AlAali.

 

"The acquisition of Matchi adds to the capabilities of KPMG firms to bring market-validated ideas to financial services clients’ toughest challenges," he stated.

 

Ian Pollari, the global co-leader of Fintech, KPMG International, said 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," he noted.  

 

Matchi CEO David Milligan said combining the Matchi platform with the exceptional knowledge and skills of KPMG professionals creates a powerful fintech resource.

 

"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," he added.-TradeArabia News Service