Tagged: banking

January 13, 2020 @ 11:35 pm By Omar Faridi  |  

The global payments industry is evolving rapidly and will only be developing faster in the coming years according to several reports. From digital transformation efforts to the increasing competition among Fintech firms to innovate, it is becoming more important for companies to upgrade their tech… Read More

January 13, 2020 @ 6:10 pm By JD Alois  |  

The US House Financial Services Committee, Chaired by Representative Maxine Waters, has adjusted this month’s schedule a bit. Crowdfund Insider published January’s schedule last week but on Friday several important changes were made. First, the Hearing for the Fintech Task Force has been moved up… Read More

January 13, 2020 @ 8:13 am By Omar Faridi  |  

The first of Hong Kong’s upcoming group of virtual banks has confirmed its launch with a 6% special introductory rate on all deposits. ZA Bank Ltd., which is notably one of eight companies planning to establish digital-only banking services in Hong Kong, has launched a… Read More

January 12, 2020 @ 6:09 pm By Omar Faridi  |  

Thailand-based Lightnet, a Stellar blockchain-enabled platform, has reportedly secured $31.2 million in funding in order to further develop its international payments service in the Southeast Asia region. The Bangkok-based company has finalized a Series A investment round that was led by established Asian financial conglomerates,… Read More

January 12, 2020 @ 8:53 am By Omar Faridi  |  

Thailand is currently laying the groundwork for standalone or independently-functioning online banks as the Southeast Asian nation tries to catch up with other nearby markets that have been upgrading their banking infrastructure. Veerathai Santiprabhob, governor of the Bank of Thailand, noted during a recent interview:… Read More

January 12, 2020 @ 7:27 am By Omar Faridi  |  

The Bank of Ceylon (BoC), a state-owned, major commercial bank in Sri Lanka, is reportedly expanding its branch network to include Andigama and Weerapokuna with the added convenience of offering 24-hour online banking services to the people living in these areas. BoC’s Weerapokuna location is… Read More

January 10, 2020 @ 7:47 pm By Omar Faridi  |  

Traditional bank and Fintech collaboration and Open Banking are becoming quite common for financial institutions throughout the world that are planning to update their product offerings for small and medium-sized businesses (SMBs). India-based private lending institution SBM Bank recently teamed up with PayNearby to introduce… Read More

January 10, 2020 @ 1:01 am By Omar Faridi  |  

Tonik, a neo banking startup, is planning to launch a digital-only bank in the Philippines after acquiring an online banking license from the nation’s reserve bank. Seed funded and established by Fintech venture developer Forum, Tonik’s management is preparing to introduce the new platform within… Read More

January 9, 2020 @ 6:28 am By JD Alois  |  

Riverside Capital, a platform for professional investors and intermediaries to invest in the UK commercial property market, has received a £2.3 million loan from OakNorth Bank. The funding will be utilized to acquire and develop a two-story office in Hoxton. The development is also said… Read More

January 8, 2020 @ 10:04 am By Samantha Hurst  |  

Northmill, a Fintech based in Sweden, announced on Tuesday the launch of its savings accounts with deposit insurance, called Rebilla Reserve. This news comes just a few months after the company received its banking license from the Swedish Financial Supervisory Authority (SFSA or Finansinspektionen). While… Read More

January 8, 2020 @ 9:25 am By Omar Faridi  |  

UK-based OakNorth Bank, an institution managed by OakNorth, has reportedly finalized a debt financing deal valued at £20 million (appr. $26.25 million) with LV Care Group, one of the leading care home providers in Jersey. Established in 2011 by Nick Bettany and Chris Shelton, the… Read More

January 7, 2020 @ 8:09 pm By Omar Faridi  |  

The ongoing race and competition between local Fintech firms for acquiring a digital banking license in Malaysia continues to intensify, particularly after Bank Negara Malaysia (BNM), the nation’s central bank, revealed additional details regarding the licensing process. BNM’s Exposure Draft on Licensing Framework for Digital… Read More

January 7, 2020 @ 3:01 pm By JD Alois  |  

Goldman Sachs  (NYSE: GS), the leading global investment bank, will be segmenting out its business operations in the upcoming Q4 earnings report scheduled for January 15, 2020. This will include breaking out its emerging consumer division, a portion of its business that includes its digital… Read More

January 7, 2020 @ 10:15 am By JD Alois  |  

The former CTO and co-founder of Atom Bank, Paul Hanks, has joined Australia based DayTek Capital as a Technology Advisor. DayTek Capital reports that it is on track to launch “Infinity” within the first 6 months of 2020. Infinity seeks to become the first “product-disruptive… Read More

January 7, 2020 @ 7:39 am By JD Alois  |  

The Monetary Authority of Singapore (MAS) has seen 21 different entities apply for a digital-only bank license. MAS had set a deadline for applications of December 31, 2019. MAS is offering just 5 different digital bank licenses. These licenses include two digital full bank (DFB)… Read More

January 6, 2020 @ 9:20 am By JD Alois  |  

Digital challenger Starling Bank is highlighting research that points to the burden of micro-businesses when it comes to managing financial admin demands. Starling notes that there are an estimated 5.6 million micro-businesses (0 to 9 employees) in the UK. According to the research, which surveyed… Read More

January 5, 2020 @ 6:59 am By Xu Gao  |  

Ant Financial Applies for Singapore Digital Banking License On January 2nd, Ant Financial confirmed that it had applied a digital wholesale banking license in Singapore as an effort to promote the development of local digital banking and global financial inclusion. As early as November 19th… Read More

January 4, 2020 @ 8:49 am By Omar Faridi  |  

Online app bank Koto Card says it’s preparing to launch in the United Kingdom this month. The digital banking app will let users apply for a free prepaid card and borrow as much as £400 (appr. $523) at one time, while paying 25p per day… Read More

January 3, 2020 @ 5:03 pm By Omar Faridi  |  

Puerto Rico-based digital bank First Finance International Bank (FFIBI) has reportedly partnered with the Australia-headquartered Seafarer Foundation, in order to offer online payroll and card services for the marine industry. By working cooperatively with FFIBI, the Australia-based foundation has launched a General Purpose Reloadable Multi-Currency… Read More

January 2, 2020 @ 7:45 am By Omar Faridi  |  

A consortium, which includes Fintech firm Razer and the founders of Sheng Siong, has reportedly filed an application for obtaining a digital full-bank license in Singapore. The application notes that the consortium wants to mainly focus on the “underserved youth and millennials segment.” Insurance business… Read More