Tagged: banking

March 24, 2020 @ 4:12 pm By JD Alois  |  

Sygnum Bank, a licensed digital asset bank, has launched a stablecoin labeled Sygnum Digital CHF (DCHF) – a crypto tied to the Swiss Franc. This is a first stablecoin launched by a regulated Swiss bank. Sygnum also holds a capital markets services (CMS) license in… Read More

March 24, 2020 @ 3:41 pm By JD Alois  |  

Citi is the most recent traditional bank to tell customers that some branches are closed due to the Coronavirus pandemic. Citi operates over 4600 branches around the country.  A report in Bloomberg today laid the blame at the drop in foot traffic to the bank… Read More

March 24, 2020 @ 8:46 am By JD Alois  |  

Revolut, a top digital-only bank operating across Europe and several other countries around the world, has “officially” launched in the US. Last month, Revolut revealed a huge half-billion dollar funding round to help finance its expansion plans. In 2019, Revolut opened up its US services… Read More

March 23, 2020 @ 8:15 am By JD Alois  |  

On March 20, 2020, Finastra, a financial services software provider, announced that a “bad-actor” was attempting to introduce malware into their network in what was described as a “common ransomware attack.” Finastra is a company spanning retail banking, transaction banking, lending, and treasury and capital… Read More

March 22, 2020 @ 5:50 pm By Omar Faridi  |  

Switzerland-based Temenos (SIX: TEMN), a banking software company, has teamed up with ClearBank, a challenger clearing bank (the UK’s first new clearing bank in over 250 years), in order to help local banks access UK’s payment platforms and real-time payment services in the cloud. Clearbank’s… Read More

March 20, 2020 @ 3:40 pm By JD Alois  |  

KeyBank, a regional bank based in Cleveland with over 1100 branches in 25 states and the District of Colombia, is shuttering the lobbies of all its branches. An email distributed to account holders said the bank was taking this action due to the Coronavirus (COVID-19)… Read More

March 19, 2020 @ 7:52 pm By Omar Faridi  |  

Square Financial Services, the de novo industrial bank established by payment services firm Square, has received conditional approval from the Federal Deposit Insurance Corporation (FDIC) for its deposit insurance application. The approval gives Square permission to introduce banking services, which it’s reportedly planning to launch… Read More

March 18, 2020 @ 4:30 pm By JD Alois  |  

Digital bank Cogni is planning to officially launch this week on March 20, 2020. Last year, it was reported that Cogni raised $5.4 million in a seed round and intended to launch towards the end of 2019. To date, Cogni has raised $6.6 million in… Read More

March 18, 2020 @ 12:15 am By JD Alois  |  

Digital bank Revolut is looking to teach the youth safe ways to manage their money. As society transitions away from physical banks to ubiquitous, app-based financial services, Revolut sees an opportunity to accelerate money management skills for life. Today, Revolut is launching “Revolut Junior” –… Read More

March 14, 2020 @ 4:33 pm By JD Alois  |  

Yapeal, an aspiring digital bank based in Zurich, has received the very first Fintech license in Switzerland. In 2019, the Swiss Parliament introduced the Fintech license enforced by the Financial Market Supervisory Authority (FINMA). The requirements for Fintech companies are based on the established auditing… Read More

March 13, 2020 @ 9:37 am By Omar Faridi  |  

TBC Bank Group PLC, a Georgian bank headquartered in Tbilisi, Georgia, announced on March 12, 2020 that it will be expanding its digital banking services to Germany, in order to take advantage of the leading European nation’s progressive environment for new businesses. The Space digital… Read More

March 13, 2020 @ 7:57 am By Omar Faridi  |  

Backbase, an omnichannel digital banking solution provider, has teamed up with Finxact, in order to assist banks and credit unions with their digital transformation efforts. The partnership between Backbase, a Netherlands-based digital banking software developer, and Finaxct, aims to combine the best of online and… Read More

March 11, 2020 @ 3:21 pm By Samantha Hurst  |  

UK banking group Barclays announced on Wednesday its customers may now securely make payments from current accounts held with other banks from within the Barclays mobile app. This kind of feature will allow customers to take care of their money management all within one place…. Read More

March 10, 2020 @ 9:55 am By JD Alois  |  

Credit Sesame, a personalized credit service and financial wellness company, is morphing into a bank. And why not? While traditional banks struggle to pay for the real estate they own, Fintechs are providing a more diverse portfolio of financial services minus the need to queue… Read More

March 10, 2020 @ 9:30 am By JD Alois  |  

Fintech Zopa is celebrating 15 years of operation. Founded in 2005, Zopa was the one platform to launch an entire sector of Fintech as it became the first peer to peer lending platform in the UK. Today, Zopa still offers online lending in a more… Read More

March 10, 2020 @ 7:38 am By JD Alois  |  

Digital Bank Revolut has added “Perks” to all UK customers according to a company release. Perks is a loyalty feature offered by the bank providing cashback and discounts on various branks. These include travel related offers, food and beverage, fitness and more. Revolut customers “unlock”… Read More

March 8, 2020 @ 10:00 pm By JD Alois  |  

Aspiring digital bank Hay has selected Mambu to power its platform as a full service neobank. According to a note from Mambu, Hay will its API based core banking platform to provide financial services in Australia. Hay opened up its waitlist for a digital transaction… Read More

March 8, 2020 @ 7:00 pm By Omar Faridi  |  

In June 2020, Singapore’s regulatory authorities will be issuing operational licenses to three new wholesale neobanks in order to provide better services to underbanked small-and-medium-sized enterprises (SMEs).  The Monetary Authority of Singapore (MAS) confirmed in mid-2019 that it would begin accepting applications for five new… Read More

March 6, 2020 @ 5:30 pm By JD Alois  |  

Digital challenger bank Chime filed an amended Form D with the Securities and Exchange Commission (SEC) this week indicating its most recent funding round has moved a touch higher.  According to the filing, Chime has now raised $700 million from 25 investors. The date of… Read More

March 6, 2020 @ 3:19 pm By Omar Faridi  |  

Digital banks are establishing new financial industry standards when it comes to better usability, and are introducing handy features such as card management and personal money management. For digital bank users, this will come as no surprise. A recent study published by the consulting company… Read More