Tagged: banking

InterAmerican Development Bank Group Teams Up With MAS to Promote Inclusive Financial Services in Latin America, the Caribbean, & ASEAN Regions.

The Inter-American Development Bank (IDB) Group, led by IDB Lab, the Group’s innovation laboratory, announced on Tuesday it has signed a Memorandum of Understanding (MOU) with the Monetary Authority of Singapore (MAS) to collaborate on projects and initiatives that will foster innovation in financial services… Read More

Revolut CEO Says Wall Street Has No Interest in Crypto

The CEO of London-based digital only banking platform Revolut has denied popular claims that Wall Street is poised to avalanche into cryptocurrency investing. Revolut CEO Nikolay Storonsky, told an audience at the Web Summit 2018 in Lisbon, last week, that, as far as he is concerned: “There is… Read More

Small US Banks Join to Fight Fintech Challenge: Alloy Labs Alliance Targets Innovation

Yesterday, a consortium of smaller banks announced their intent to better manage the Fintech challenge with the creation of the Alloy Labs Alliance. Twelve community and regional banks have joined in the Alliance as the banking sector fights to adapt to profound sector disruption and relevance… Read More

Future Digital Bank & P2P Lender Zopa Raises £60 Million, Plans for Expansion [u]

Zopa, the UK’s largest consumer peer to peer lending platform, has closed on a £60 million funding round – its largest capital raise to date. This most recent funding round was partially announced back in August when Zopa reported it had raised £44 million. The new capital… Read More

Malta Bank Accused of Money Laundering by Murdered Journalist Loses License

Pilates, a private bank accused by murdered journalist Daphne Carauna Galizia of laundering money for Maltese politicians and foreign interests, has lost its license, Financial Times reports. The license was withdrawn last Friday by the European Central Bank (ECB), several months after Pilatus’ founder and ex-chairman Seyed… Read More

“Almost All” Pakistani Banks’ Customer Data Breached in Recent Hacks

At least six banks in Pakistan have frozen their customers’ bank and credit cards and have suspended international remittances in the wake of news that, “almost all major Pakistani banks’ (customer data)” was hacked in recent security breaches, Geo News reports. According to Captain Mohammad… Read More

Mobile Bank Startup Seed Shuts Down

Seed, a mobile bank targeting small businesses and freelancers is shutting down, according to a report. Crunchbase reported that an email was sent to users of the aspiring mobile bank announcing the wind down of the Fintech. According to a Tweet from Seed, they are recommending… Read More

Crowdcube Has Now Helped to Raise Capital for Three UK Unicorns

UK Unicorns Monzo, BrewDog & Revolut are Crowdcube Alumni UK’s largest investment crowdfunding platform by volume Crowdcube has now helped to raise capital for three separate unicorns aka firms that have attained a valuation of $ 1 billion or more. Crowdcube pointed to this fact… Read More

State Bankers Sue OCC Over Fintech Charter

CI reported last month that the Conference of State Bank Supervisors (CSBS) was considering filing a lawsuit against the Office of the Comptroller of the Currency (OCC). Once again, the CSBS mission is a legal challenge to the much debated OCC Fintech Charter. Last week, the… Read More

Digital Bank Revolut Takes Heat for Clumsy Hiring Ploy Asking Applicants to Source 200 New Accounts to Be Considered [u]

Fintech unicorn Revolut is taking some heat for what appears to be a clumsy recruitment tactic that may backfire. First reported in Spanish news site ElDiario, the digital bank has apparently requested applicants for a open position to work for free and provide 200 bank… Read More

Bank Alternative Neat Receives USD $3 Million in VC Funding

Hong Kong based Fintech Neat has received USD $3 million in funding led by China-based VC firm Linear Capital. Neat is a bank alternative and claims to already have customers in more than 100 countries, delivering a fully digital alternative to a traditional bank account. Neat… Read More

Goldman Sachs’ Digital Bank Marcus Rapidly Gains UK Consumer Accounts

Last week, Goldman Sachs (NYSE:GS) shared their 3rd quarter earnings report. Buried within the report was an update on Marcus, the digital bank and online lender that recently crossed the Atlantic setting up a beachhead in Europe by opening up in the UK in late September…. Read More

Starling Bank Expands White Label “Banking as a Service” and Payment Service Offer

Digital only challenger bank Starling is expanding its “Banking-as-a-Service” and Payment Services offer. These are two white label banking services offered in the UK allowing other entities to provide retail banking services and make payments. Current  clients include Ditto, Raisin UK, and the Department for Work… Read More

Starling Bank to Offer Mobile Phone Insurance in New Partnership

Challenger bank Starling Bank is now offering on demand insurance for your smartphone. According to Starling, users may purchase insurance from so-sure via the Starling app marketplace. Insurtech so-sure is said to offer fast, reliable and simple mobile phone insurance in a market that is… Read More

Westpac Introduces New Mobile Cheque Deposit Feature

Australian banking group Westpac announced on Monday the launch of its Mobile Cheque Deposit feature. According to Westpac, the new feature allows customers to upload a picture of the front and back of their cheque to the Westpac app and will usually clear and be in the… Read More

More US Banks are Coming, Fintech Ones Too & That’s Good for Consumers

This week N26, a Germany based digital bank, announced it has set up shop in the United Kingdom. N26 already provides banking services in 17 European markets including France, Spain, Italy, Belgium and more. The launch of the challenger bank has long been expected but… Read More

Cameroon’s Afriland First Bank Selects Fintech Temenos to Enhance End-to-End Banking Experience

Cameroon Flag

Temenos (SIX: TEMN), a Switzerland-based banking software company,  announced on Thursday Cameroon-based financial services group Afriland First Bank has chosen Temenos T24 Core Banking platform to power its digital transformation journey. According to Temenos, the bank has opted for a complete IT renovation using Temenos… Read More

Challenger Bank Tandem Adds New Auto-Saving Rules Feature to Digital Banking Platform

UK challenger bank Tandem has added a new feature to its mainly digital banking platform. Tandem has introduced “intelligent auto-savings rules” to help users set aside their spare change to improve their savings habit.  According to Tandem, savings are swept from their existing current accounts,… Read More

Digital Bank Revolut Reports 5X Jump in Top Line Revenue, Users Now Over 1.3 Million

UK based digital challenger bank Revolut is reporting 2017 numbers and according to the Fintech revenue has increased 5X from £2.4 million to £12.8 million as monthly transaction volume jumps from $200 million to $1.5 billion. Revolut also reported a loss for the year of… Read More

Brazil Antitrust Authority Investigating Possible Bank Suppression of Crypto Industry

Brazil’s antitrust body, the Administrative Council for Economic Defense (CADE)  has launched an investigation into whether or not Brazilian banks have been, “abusing market power to undermine the performance of crypto-currency brokers,” Reuters reports. The Brazilian Association of Cryptomoedas and Blockchain (ABCB) reportedly requested the investigation… Read More

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