Tagged: banking

US Financial Institutions Expected to Invest in AI Adoption, Banking as a Service, Embedded Finance – Report

Finastra’s annual survey reveals that, despite global economic uncertainty, US financial institutions are primed to invest in artificial intelligence (AI), Banking as a Service (BaaS) and embedded finance, “striking an optimistic tone for innovation.” The ‘Financial Services: State of the Nation Survey 2023’ finds that… Read More

Revolut Appoints Entrepreneur and Tech Professional Dan Teodosiu to Group Board

Revolut, the financial global super app with over 35 million customers, has announced the appointment of Dan Teodosiu to the Board as a Non-Executive Director. Dan has over 30 years of experience “building and managing high-performing engineering and research teams, as well as scaling platforms… Read More

Fintech Nium, Jeonbuk Bank to Introduce Global Remittance Service

Nium, the firm enabling real-time global payments, and Jeonbuk Bank (JB Bank), aSouth Korean financial institution, have announced a partnership. Together, they will offer the country’s first global remittance service “targeted at the 2.5 million non-Korean residents that live in South Korea.” The service will… Read More

Digital Bank Varo Bank Ups Cash Advance Amount to $500

Varo Bank, the first native digital bank in the US, says it has increased its Cash Advance amount for certain customers – double the previous amount available of $250. Varo Bank says the Cash Advance offering is “one of the lowest-cost short-term loans available among… Read More

Mantvydas Štareika, CEO of CapitalBox: Fintech Veteran Comments on Underbanking Crisis and Obstacles Faced by SMEs

We recently spoke with Mantvydas Štareika, the digital financial services professional and CEO of CapitalBox. This company, which Štareika joined in the last quarter of 2022, is one of the European fintech lenders that provides the EU’s startup ecosystem with timely, trusted, and specifically tailored… Read More

Regtech AMLYZE Teams Up with Digital Banking Platform Plumery

AMLYZE, a RegTech specializing in anti-financial crime solutions for FinTechs, banks and crypto businesses, and Plumery, a digital banking solution provider, have joined forces in a partnership in order “to reshape the landscape of financial technology.” With a commitment to combating financial crime, AMLYZE offers… Read More

DK Sharma from Kore.ai: Banking Professional Discusses Challenges Faced by Financial Institutions when Integrating New Technologies

We recently caught up with DK Sharma, the President and Chief Operating Officer at Kore.ai, which focuses on providing conversational and generative AI value to large enterprises, enabling them to deploy AI responsibly, creating substantial value in customer support, employee interactions, and enhancing sales and… Read More

UK’s OakNorth and ASK Partners Mark First Year of Corporate Collaboration

One year ago, OakNorth – the UK digital bank has acquired a 50% stake in ASK Partners (ASK), a specialist lender that reportedly has enabled over £1.4 billion of lending through its platform “where institutional partners, family offices, and high net worth individuals provide funding.”… Read More

UK’s Alba Bank Adopts nCino Cloud Banking Platform for SME Lending

nCino, Inc. (NASDAQ: NCNO), a key player focused on cloud banking for the global financial services industry, announced that Alba Bank has made a significant step “towards supporting the UK’s small- and medium-sized businesses (SMEs) by adopting the nCino Cloud Banking Platform.” As a secure… Read More

Regulated Digital Bank Kroo Raises Money on Crowdcube at £120 Million Valuation

Kroo, a UK digital bank authorized and regulated by the Prudential Regulation Authority and Financial Conduct Authority, is raising money on Crowdcube. Kroo has listed a securities offering to raise £1 million at a pre-money valuation of £120 million. That funding target has already been… Read More

Digital Banking: Astra Financial, WeLab Launch Saqu as Virtual Bank Service

PT Bank Jasa Jakarta (BJJ), owned by Astra Financial and WeLab since 2022, launched Bank Saqu, a digital banking service, as a financial partner for individuals and SMEs in Indonesia with a solopreneur spirit. At the launch ceremony of Bank Saqu, it was “attended by… Read More

India: Fintech Lending to Surpass Traditional Banking by 2030, CAFRAL Says

Fintech lending is expected to surpass traditional banking by 2030, according to a recent report by the Centre for Advanced Financial Research and Learning (CAFRAL). The forecast by CAFRAL, an independent body established by the Reserve Bank of India (RBI) in 2011, underscores the profound… Read More

Pega Assists UK’s Shawbrook with Reducing Mortgage Processing Times

Pegasystems Inc. (NASDAQ: PEGA), the low-code platform provider empowering the world’s leading enterprises to Build for Change, announced that Shawbrook, a UK-based specialist savings and lending bank, has deployed Pega Platform “to transform its buy-to-let mortgage underwriting process.” Shawbrook continues to “invest in its unique… Read More

European Union Loophole Might Allow Banks to Circumvent ECB’s Crypto Supervision, Banking Professional Claims

European Union rules and guidelines for protecting the financial system from risks due to cryptocurrency transactions reportedly come with a loophole that enables banking institutions to circumvent certain safeguards, and these must be addressed immediately, according to the European Central Bank‘s chief supervisor Andrea Enria…. Read More

Digital Bank Revolut Raises Fees for Premium Member Plans

Revolut has reportedly raised the fees of its premium plans as certain paying members now gain access to subscriptions for a range of digital apps like ClassPass and Tinder. The financial super app provider stated that it is the first time it has updated the… Read More

UK Fintech Wise Reports Increase in Profits As High Interest Rates Boost Earnings

Wise plc (LSE:WISE) has posted unaudited interim results for the six months ended September 30, 2023. Wise is a leading Fintech based in the UK but providing services globally. In the first six months of this year, Wise says that it continued “to make progress… Read More

Monument Bank Raises $50M, Remains Focused on Helping Affluent Savers Grow their Wealth

Monument Bank is pleased to announce the successful completion of our Series B, raising $50 million (£40+ million). According to Monument Bank, the successful closure of this funding round “not only reaffirms their vision but also highlights Monument’s substantial and resilient growth amid persistent environmental… Read More

LendingClub Bank Crosses $1B Personal Loans Sold via Structured Loan Certificates Program

LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America’s digital marketplace bank, announced it crossed $1 billion of personal loans sold through its Structured Loan Certificates Program (SLCLC Program). The company anticipates approximately $2 billion dollars of loan volume “through the SLCLC Program… Read More

Germany’s Finance Minister Calls on EU Nations to Make Frankfurt the Seat of the Bloc’s Anti-Money Laundering Authority (AMLA)

Germany’s Finance Minister Christian Lindner on Thursday (November 9, 2023) called on European Union nations to choose Frankfurt as the seat of the bloc’s anti-money laundering authority (AMLA). Lindner stated that a decision to locate AMLA in Frankfurt is a key move in order to… Read More

Apiture, DefenseStorm Offer Real-Time Fraud Protection for Financial Institutions

Apiture, a provider of digital banking solutions, announced the introduction of enhanced fraud detection through a partnership with DefenseStorm, provider of the only built-for-banking cyber risk management platform. Integrated with the Apiture Digital Banking Platform, the DefenseStorm GRID Active Fraud Detection solution “protects financial institutions… Read More

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