Tagged: banking

December 31, 2024 @ 10:23 am By Omar Faridi  |  

CFPB Director Rohit Chopra has issued a statement on developments regarding large asset manager ownership of banks. Rohit Chopra noted that the US has understood the importance of preventing commercial interests from “gaining an unfair advantage by consolidating ownership of railroads, electric utilities, banks, and… Read More

December 29, 2024 @ 5:09 pm By Michael Wong  |  

The Bank of Nova Scotia (Scotiabank) has finalized its $2 billion investment in KeyCorp, acquiring approximately 14.9% of the U.S.-based bank’s common stock. The transaction, announced in August 2024, received Federal Reserve approval on December 12, 2024, and marks the completion of Scotiabank’s strategic minority… Read More

December 24, 2024 @ 5:41 pm By Omar Faridi  |  

MoonPay is pleased to announce that the Texas Department of Banking has granted MoonPay a Money Transmitter License in order to provide money transmission services in the Lone Star State. Starting now, Texas residents are reportedly able to purchase 64 different cryptocurrencies on MoonPay with… Read More

December 22, 2024 @ 2:59 pm By Omar Faridi  |  

The year 2024 marked another period of consolidation and strategic growth for Brazil’s digital banking platform Nubank (NYSE: NU). The firm surpassed 100 million customers and reaffirmed its prominent position in the market by expanding its presence in the “high-income segment, pursuing international growth” with a… Read More

December 20, 2024 @ 1:38 pm By Michael Wong  |  

Singapore-based digital banking firm Tyme Group has successfully raised $250 million in a Series D funding round, elevating the company to unicorn status with a valuation exceeding $1.5 billion. The funding round was led by Brazilian digital banking powerhouse Nubank, which contributed $150 million, while… Read More

December 20, 2024 @ 7:18 am By Michael Wong  |  

TBC Bank Uzbekistan (TBC UZ), the country’s largest digital bank, announced a $37 million equity investment from its majority shareholder, London-listed TBC Bank Group PLC (TBC Group). This capital injection brings TBC UZ’s total equity funding for 2024 to $75 million, establishing a new annual… Read More

December 19, 2024 @ 7:57 pm By Omar Faridi  |  

The Singapore headquarters of Sygnum – a global digital asset banking group – Sygnum Pte. Ltd. announced its partnership with Moomoo Singapore to distribute its multi-manager fund to accredited investors on moomoo, a digital investment and wealth management platform with “over 1 million users” in… Read More

December 19, 2024 @ 9:26 am By Omar Faridi  |  

SoFi Technologies, Inc. (NASDAQ: SOFI), a “one-stop shop” for digital financial services that helps members borrow, save, spend, invest and protect their money, announced that it now serves more than 10 million members across its suite of products and services. In 2024 to-date, total members… Read More

December 19, 2024 @ 4:18 am By Omar Faridi  |  

Banco Sabadell has completed a joint project with Accenture (NYSE: ACN) and QuSecure to explore the adoption of Post-Quantum Cryptography (PQC) technologies in the bank’s infrastructure. This project is a step forward in improving resistance to quantum attacks, with Banco Sabadell leveraging QuSecure’s software for… Read More

December 18, 2024 @ 12:17 pm By Omar Faridi  |  

Plaid has looked into how financial institutions are thinking about open banking and has shared insightful survey results. In today’s digital world, consumers demand real-time financial services – from mobile banking apps to digital wallets and investment platforms. The adoption of digital tools is no… Read More

December 14, 2024 @ 11:36 am By Michael Wong  |  

Around 16% of Belgium’s population, or 1.9 million people, do not use online banking, according to a report published on Friday by the non-profit organisation Financité. The report highlights concerns about the impact of bank closures on those who are not digitally connected, particularly the… Read More

December 14, 2024 @ 11:30 am By Omar Faridi  |  

Nubank (NYSE: NU) is expanding Pix using generative artificial intelligence, both on its app and via WhatsApp. More customers can transfer money by giving commands using audio, text, and image messages, “ensuring convenience, speed, alongside a smoother experience and safety.” Pix with AI in the… Read More

December 13, 2024 @ 11:44 am By Omar Faridi  |  

N26 announced the launch of Ready-Made Funds, a new offering added to its existing Stocks & ETFs trading product designed to make investing more accessible. Ready-Made Funds allow customers to select a “multi-asset portfolio made up of Exchange-Traded Funds (ETFs) and Index Funds, managed by… Read More

December 11, 2024 @ 2:51 pm By Omar Faridi  |  

By the end of 2024, Bank of America (NYSE: BAC) corporate clients will have made over $1 Trillion in payment approvals on the bank’s CashPro App, the mobile app that firms use to manage treasury operations. This will represent a more than 25% year-over-year increase… Read More

December 11, 2024 @ 9:30 am By JD Alois  |  

LendingClub (NYSE:LC) became a public firm in an IPO held on December 11, 2014 – ten years ago today. At that time, the transition of the high-profile Fintech from a private firm to a publicly traded company was heralded as a coming-of-age moment for the… Read More

December 10, 2024 @ 7:17 pm By Michael Wong  |  

CIMB Bank Philippines will not seek a digital banking license from the Bangko Sentral ng Pilipinas (BSP), opting instead to enhance its digital banking capabilities using its existing commercial banking license. The bank believes this approach provides sufficient flexibility to introduce a broader range of… Read More

December 9, 2024 @ 11:02 pm By Omar Faridi  |  

Nu Colombia (Compañía de Financiamiento S.A.) part of Nubank (NYSE: NU) announces the NuControl Credit Card pilot launch, developed to increase financial inclusion in the country. With a presence in 100% of the departments and more than 95% of rural municipalities, Nu said that it… Read More

December 7, 2024 @ 2:27 pm By Omar Faridi  |  

Alkami Technology, Inc. (Nasdaq: ALKT), a cloud-based digital banking solutions provider for financial institutions in the U.S., announced the latest innovation in its Data & Marketing Solutions platform. With this enhancement, Alkami has strengthened its behavioral data tag suite to empower financial institutions with deeper… Read More

December 6, 2024 @ 8:53 am By Omar Faridi  |  

Mambu, a cloud banking platform, announced the acquisition of Numeral, a French payment technology provider for banks and fintechs. The acquisition reportedly aims to strengthen Mambu’s position as a key industry player in a move that underscores market confidence and “demand for modern financial experiences.”… Read More

December 6, 2024 @ 8:51 am By Omar Faridi  |  

Digital bank Zopa reports that it has raised just more than €80 million (GBP £68 million) in an equity funding round that has been led by A.P. Moller Holding, along with participation from existing investors. A.P. Moller Holding is reportedly one of the largest direct… Read More