Last month, the Monetary Authority of Singapore (MAS) began accepting applications for digital-only banks. The applications were being accepted by Fintechs and not established, traditional banks. MAS is expected to issue up to two digital full bank licenses and three digital wholesale bank licenses. The… Read More
UK challenger bank Monzo announced on Monday that more than three million people are now using its banking services. The digital bank reported that the amount of people equals 1 in every 20 adults in the UK. Founded in 2015, Monzo claims it is building… Read More
The National Internet Finance Association of China Requires Members to Disclose Annualized Lending Costs This week, the National Internet Finance Association of China (NIFA) issued a notice to member institutions about annualized lending costs disclosure and industry discipline. According to the notice, some online lending… Read More
Europe’s Newest Digital Bank Northmill, a Fintech based in Stockholm, Sweden, has just received a banking license from the Swedish Financial Supervisory Authority (SFSA or Finansinspektionen). Northmill was founded in 2006 and is “building the bank of tomorrow.” According to a blog post, Northmill applied… Read More
Spanish multinational commercial bank Santander has reportedly become the first financial institution to handle all aspects of a bond issuance process on a blockchain-based platform. The world’s ninth-largest financial services company used an ERC-20 compliant token to represent $20 million in issued debt, and settled… Read More
Arival Bank, a digital-only challenger bank, has closed its crowdfunded bridge round (preferred equity) on SeedInvest-Crowdcube. Arival is the creation of a VC firm based in Singapore that claims 20 investments & multiple exits. The securities offering was a cross-Atlantic crowdfunding offering via the two… Read More
Digital challenger bank Zenus Bank wants to be one of the first banks in the United States to service a global clientele. The San Juan based operation is said to be nearing launch, currently scheduled for Q4 of 2019, and in advance of this event,… Read More
As was reported earlier this week, Revolut has decided to pass on its application for an e-Money license in Luxembourg. The decision was ostensibly made because Revolut has already received a passportable license in Lithuania and it is in the process of pursuing regulatory approval… Read More
Revolut has decided to withdraw its application for an e-Money license in Luxembourg, according to a report in the Telegraph. The application was originally filed in September of 2018. Revolut was said to make the decision following the approval of two financial services licenses from… Read More
Starling Bank, a digital-only challenger bank, has added two new partners to its marketplace feature. According to a note from the bank, Starling is now offering access to SME Insurtech Digital Risks and cybersecurity platform CyberSmart. Both services are available to customers of Starling Bank… Read More
Xinja Bank, an Australia-based neobank, announced on Monday it has received its full banking license from the Australian Prudential Regulation Authority (APRA) and has launched its bank accounts. Founded in 2017, Xinja Bank describes itself as an independent 100% digital neobank for Australians that is… Read More
Australia is a smaller market by population but it is also a country that has embraced Fintech innovation. The emerging Fintech sector is assisted by a supportive government that has recognized its important role in fostering change that is beneficial to both consumers and business…. Read More
Late last month, the Monetary Authority of Singapore (MAS) announced it has begun accepting applications for digital bank licenses. The new banking licenses are only for aspiring non-bank Fintechs. MAS leadership explained that virtual banks will help assure the banking sector remains resilient and competitive… Read More
The Conference of State Bank Supervisors (CSBS) has been rebuffed once again in its attempt to stymie looming Fintech banking competition. In a decision issued yesterday (September 3, 2019), the US District Court for the District of Columbia ordered that the CSBS pursuit of a… Read More
Curve, a UK based Fintech crowdfunding on Crowdcube, is killing it, according to a note from the company. Curve now claims to be the fastest startup to top £4 million ever crowdfunding on Crowdcube topping the amount in “just minutes” after opening up the offer…. Read More
Digital bank Revolut is expanding into Portugal with a new customer operations center in Porto. The company reports that it will hire up to 400 new employees at the new location. Ricardo Macieira, an ex-Airbnb executive, and Rebeca Venancio, formerly at Microsoft, have been appointed… Read More
Challenger bank Tandem Bank has launched a “Savetember” campaign as it highlights the “national savings crisis” in an attempt to transform UK savings habits. Reports state that savings in the UK are at an all-time low, while credit card spending continues to increase. In 2018,… Read More
China Construction Bank Approves to Launch Digital Banking Business in Malaysia On August 26th, China Construction Bank Co., Ltd. Labuan Branch announced that it had received regulatory approval from Labuan Financial Services Authority to conduct digital banking business. According to the statement, it would become… Read More
Arival, a digital bank that seeks to be crypto-friendly, is set to close its equity crowdfunding campaign on Crowdcube with nearly £1.2 million in funding. The banking group reported that the progress bar includes £1,065,060 raised through a co-offering (i.e. on SeedInvest). The Crowdcube round… Read More
Digital bank Revolut is working with WWF and The Rainforest Alliance regarding the emergency appeal to support those dealing with the devastation caused by fire to the Amazon rainforest. Revolut has a donations feature as part of its bank application. Revolut initially launched this past… Read More
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