Fintech

Portuguese Insurer Fidelidade Launches Climate Research Center to Navigate Extreme Weather Risks

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Fidelidade’s Impact Center for Climate Change (ICCC), launched in October 2024, serves as a research and knowledge center focused on understanding climate change impacts on the insurance sector and society. During the Kristin storm, the center provided critical operational support by producing damage incidence maps and insights. The center operates across three spheres: insurance business improvement, client and partner education on climate risk, and collaboration with academia and policymakers. Analysis of the Kristin storm revealed significant findings about housing vulnerability patterns and structural weaknesses.

Starling Bank Reports Profit Decline Amid Interest Rate Pressures, But SaaS Unit Engine Surges

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Starling Bank, a UK challenger bank with over 6 million customers, reported pre-tax profits fell 3% to £217m and revenues fell to £887m for the year ending March 2026, primarily due to lower interest income from reduced interest rates. However, the bank’s SaaS subsidiary Engine doubled its client base to 4 and grew revenue 25% to £10.9m, signing a 10-year agreement with Tangerine (Scotiabank subsidiary) marking its first North American client.

European Fintech Shifts Focus: From Banking Apps to Integrated Financial Operating Systems for SMEs

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The article explores a new wave of European fintech companies moving beyond sleek user interfaces to build integrated financial operating systems for small and medium-sized businesses. Wamo, founded in 2021, exemplifies this shift by focusing on connecting banking, invoicing, payroll, and other financial tools into one seamless platform. The company aims to reach 100,000 companies across Europe and €50m ARR by 2027, leveraging AI for underwriting, risk assessment, and personalized services rather than using AI merely as a chatbot feature.

Portuguese Development Bank Deploys €1.15 Billion in Storm Relief as Recovery Efforts Accelerate

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Portuguese development bank BPF has disbursed 1.15 billion euros to 6,000 companies affected by devastating storms in January-February 2026, with plans to reach 2 billion euros in total support across 90 municipalities. The bank is also introducing new instruments for exports, investment, growth, and quality job creation.

Iran Launches Bitcoin-Powered Maritime Insurance Platform to Bypass International Sanctions

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Iran launched Hormuz Safe, a digital maritime insurance platform paid exclusively in bitcoin, to issue compliance certificates for ships transiting the Strait of Hormuz. The platform aims to circumvent SWIFT sanctions and international financial systems. The product is described by experts as a ‘political toll’ rather than traditional maritime insurance, covering geopolitical risks like inspections and ship seizures rather than standard maritime damages. International maritime lawyers warn the practice may violate the UN Convention on the Law of the Sea regarding freedom of navigation.

French Regulator Fines Société Générale 20 Million Euros for Insurance Distribution Violations

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The French prudential regulator ACPR’s Sanctions Committee condemned Société Générale to pay a 20 million euro fine plus formal reprimand for serious violations of insurance distribution rules. The violations concerned two areas: the bundled offering ‘Sobrio’ which automatically included collective damage insurance without proper information and advisory compliance, and standalone insurance contracts sold outside the bundle that failed advisory duties and client interest obligations. Société Générale stated their interpretation of bundled product laws differed from authorities and they may appeal to the State Council.

Portuguese Development Bank Distributes €72 Million in Advance Payments to Over 1,100 Companies

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Banco Português de Fomento made advance payments of 72 million euros to 1,113 companies under the IFIC program covering reindustrialization, defense and security, and AI sectors. This represents 30% of approved support, with remaining 70% to be paid upon validation of expenses during investment execution. The bank has approved projects for nearly 3,000 companies totaling over 2.2 billion euros in investment, with approximately 1,500 contracts currently in execution representing 436 million euros in eligible investment.

Portuguese Executive Pedro Penalva Named CEO of Aon’s Latin America Region

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Aon, the world’s second largest insurance broker, appointed Portuguese executive Pedro Penalva as CEO of its Latin America region, effective July 1, 2026. Penalva previously served as CEO of Enterprise Clients for EMEA and brings over 15 years of experience at Aon, having held positions including CEO for Iberia, Africa, and Israel, and CEO of Aon Portugal.

European Banking Consortium Expands Qivalis to 37 Members Ahead of Euro Stablecoin Launch

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Qivalis, a consortium of European banks based in Amsterdam, has expanded to 37 member institutions from 15 countries to develop a euro-denominated stablecoin as an alternative to dollar-dominated stablecoins. The initiative plans to launch a regulated stablecoin in the second half of 2024, subject to regulatory approval. Portuguese banks are notably absent from the project so far, though it includes major banks from Spain, France, Italy, and Nordic countries.