Tagged: banking

October 10, 2019 @ 8:43 am By Omar Faridi  |  

UK-based digital bank Starling teamed up with Nimbla, a digital insurance platform, in order to provide its 65,000 small business clients the ability to protect themselves from potential financial damages resulting from bankrupt customers. Starling’s business customers can avoid financial losses by acquiring insurance coverage… Read More

October 10, 2019 @ 6:00 am By JD Alois  |  

UK-based Fintech Thought Machine has partnered with Swedish financial group SEB. The agreement will see SEB’s innovation studio SEBx deploy Thought Machine’s cloud-native banking platform, Vault. Though Machine has already secured partnerships with Atom bank, IBM and a major UK bank – last year securing… Read More

October 9, 2019 @ 9:12 am By Omar Faridi  |  

Frankfurt-based Deutsche Bank has established a central technology division that will manage the multinational investment bank’s technology security, data and innovation projects. The financial services company’s new unit will be headed by Bernd Leukert, an experienced SAP executive who joined the institution earlier this year… Read More

October 8, 2019 @ 8:21 pm By JD Alois  |  

Robinhood, a trading App and Fintech stealth bank, has returned to the current account business with FDIC insured savings accounts. Robinhood now offers a brokerage service, options, crypto as well as cash management. Robinhood does not charge commission fees on all trading. As of this… Read More

October 8, 2019 @ 2:41 pm By JD Alois  |  

Deutsche Handelsbank has appointed two co-CEOs. Deutsche Handelsbank is an interesting institution that is focused on Fintech. Originally launched as a payment transaction service provider, today the bank provides SME loans, including factoring, as well as savings accounts. On top of this, Deutsche Handelsbank provides… Read More

October 8, 2019 @ 6:46 am By Omar Faridi  |  

OakNorth, a UK-based digital bank that provides business and property loans to small and medium-sized businesses, announced on October 7 the appointment of Sunil Chandra as CEO of its new credit platform. Chandra, a former VP at Google Inc, helped scale the internet company’s talent… Read More

October 7, 2019 @ 7:05 am By JD Alois  |  

NatWest reports that the first biometric fingerprint credit cards are entering circulation today. According to the bank, 150 customers have been selected to take part in a three-month national pilot program. The credit card pilot follows an early trial of a debit card earlier in… Read More

October 6, 2019 @ 10:05 pm By JD Alois  |  

Revolut has been accepting new accounts in the US of late. Long-anticipated and recently announced, Revolut has been welcoming bank account sign-ups for its digital-first, Fintech future banking accounts in partnership with Metropolitan Commercial Bank, Member FDIC. In the US, most Fintechs partner with a… Read More

October 6, 2019 @ 9:49 pm By JD Alois  |  

HSBC is planning to cut a whopping 10,000 jobs. HSBC currently employs approximately 238,000 individuals. The new job reductions are in addition to a previously announced 4700 headcount cut. In a report by the FT from earlier today, it was claimed that interim CEO Noel… Read More

October 4, 2019 @ 10:02 am By Omar Faridi  |  

North Carolina-headquartered nCino, which has created a cloud-based operating system for financial service providers, raised $80 million through an investment round led by T. Rowe Price Associates Inc. San Francisco-based Salesforce Ventures also took part in nCino’s funding round, which brings the Wilmington company’s total… Read More

October 3, 2019 @ 12:48 pm By JD Alois  |  

Backed by big-name investors like Max Levchin and Peter Thiel, Brex is another Fintech that qualifies as a stealth bank as it is providing banking services but is not really a bank.  This week, Brex announced, “Brex Cash”  a business bank account feature that is… Read More

October 3, 2019 @ 10:56 am By Omar Faridi  |  

The global digital banking market is expected to grow by $2 billion, with a compounded growth rate of 4%. The retail banking sector is projected to expand by more than 4.1%, according to a recent study. As noted in a release, the retail banking industry… Read More

October 1, 2019 @ 10:18 pm By Xu Gao  |  

The CBIRC and PBC Jointly Release 2019 China Inclusive Finance Development Report On September 29th, the China Banking and Insurance Regulatory Commission (CBIRC) and the People’s Bank of China (PBC) jointly released the “2019 China Inclusive Finance Development Report ” (hereinafter referred to as the… Read More

September 30, 2019 @ 4:10 pm By Omar Faridi  |  

Revolut, a UK-based digital bank and Fintech unicorn, will be hiring around 3500 new staff members, as the company expands its operations into 24 new markets.  Revolut’s expansion plans involve a new global partnership with payments giant Visa Inc, the two companies revealed on September… Read More

September 29, 2019 @ 4:34 pm By Omar Faridi  |  

Three out of four, or 75%, bank customers in the United Arab Emirates (UAE) prefer managing their finances online, instead of visiting a physical bank location. A majority of bank customers’ visits to physical locations has decreased to 0-2 times per year, according to a… Read More

September 29, 2019 @ 3:17 pm By Omar Faridi  |  

Minnesota-based US Bank will be closing its downtown branch and one of its two physical branches in Tucson. US Bank’s management also said that three of the institution’s eight local branches (located in Safeway stores) would also be shut down. US Bank representative Evan Lapiska… Read More

September 28, 2019 @ 4:54 pm By Omar Faridi  |  

Madrid-based Minsait, a company that focuses on digital transformation while providing business management consulting services, acquired 100% of Spanish Fintech firm Afterbanks. Afterbanks’ proprietary technology is used to retrieve and aggregate data from different financial institutions, in order to process payments quickly and efficiently. Minsait’s… Read More

September 27, 2019 @ 4:18 am By Omar Faridi  |  

The majority of US-based credit unions seeking mergers intend to work with banks or Fintech firms, instead of merging with another credit union, according to a recent study by Chicago-based consulting company West Monroe Partners. West Monroe noted in its report: “Credit union leaders feel… Read More

September 25, 2019 @ 9:35 pm By JD Alois  |  

The U.S. House of Representatives has passed H.R. 1595, the SAFE Banking Act, a Cannabis friendly act of legislation that may enable marijuana-based businesses to access the federal banking system. The bipartisan legislation was sponsored by Congressmen Ed Perlmutter (D-CO), Denny Heck (D-WA), Steve Stivers… Read More

September 24, 2019 @ 8:09 am By Samantha Hurst  |  

Nationwide announced on Tuesday it is investing in BankiFi, which is a business banking technology provider that uses open banking to provide a suite of business microservices which plug into banking infrastructure through APIs. Founded in 2018, BankiFi revealed it offers financial institutions a consent… Read More