Tagged: banking

October 14, 2024 @ 8:39 am By JD Alois  |  

The Hong Kong Monetary Authority (HKMA) has published the results of a consultation on changing the term “Virtual Bank” to “Digital Bank,” joining most of the rest of the world. Hong Kong has been a progressive jurisdiction when it comes to embracing the digital banking… Read More

October 13, 2024 @ 3:21 pm By Omar Faridi  |  

A recent Chime survey has revealed consumers’ feelings or thoughts about cash. Chime notes in a blog post that consumers may have experienced that moment when you forget to bring cash. In a recent survey, Chime noted that of 2,000 adults across four different generations… Read More

October 13, 2024 @ 1:21 pm By Michael Wong  |  

Philippine digital banks aiming to tap the country’s large unbanked and underbanked population are facing significant risks associated with lending to these segments, Fitch Ratings reported. The Philippines, like several other Asia-Pacific markets, has lower credit and banking penetration compared to developed economies. Digital lenders… Read More

October 12, 2024 @ 7:53 am By Omar Faridi  |  

Profitability of Germany’s small and medium-sized banks and savings banks (less significant institutions, or LSIs) improved considerably in 2023. This, according to an extensive update from BaFin. BaFin noted in a recent report that institutions in Germany have achieved stronger earnings during the period of… Read More

October 11, 2024 @ 6:53 pm By Omar Faridi  |  

Treezor, the enabler of Banking-as-a-Service, became one of the first BaaS providers to obtain PCI DSS certification for card issuing. This certification “testifies” to Treezor’s operational and technical capacity to comply with the most “demanding” security standards and paves the way for developing new card-related… Read More

October 11, 2024 @ 8:47 am By Omar Faridi  |  

UK’s digital bank Monzo is reportedly expected to reach a substantial £4.5 billion valuation through a potential employee share sale. This is according to a recent report by Sky News. It is worthwhile to note that Monzo, in its early days of existence, raised money… Read More

October 10, 2024 @ 11:22 am By Omar Faridi  |  

Littio, a Colombian neobank focused on addressing the currency devaluation problem for Latin Americans through various dollar-based product offerings, is now using OpenTrade‘s real-world asset (RWA)-backed yield vaults, via the Avalanche network. Via OpenTrade, Littio reportedly provides clients “yield-bearing” savings Pots with returns that are… Read More

October 9, 2024 @ 9:22 am By JD Alois  |  

LendingClub (NYSE: LC) and Pagaya (NASDAQ: PGY) have announced the purchase of the assets of Tally Technologies. Tally, a Fintech that sought to support consumers in managing their credit card debt, shut down operations last August. The former CEO said at the time that they… Read More

October 9, 2024 @ 8:34 am By Omar Faridi  |  

UK’s digital bank Monzo has injected €4m in capital into its new Irish division. The update comes just several months following Monzo’s CEO,  TS Anil, stating that the Fintech firm was in the process of establishing its EU offices in Ireland. At the time of… Read More

October 8, 2024 @ 7:17 pm By Omar Faridi  |  

XYB, the Coreless Banking Platform business, has announced its plans to help banks enhance their core systems. XYB is working with global tech leader IBM to provide technologies and consulting expertise that can help financial services firms with addressing the increasing requirements for core modernization… Read More

October 5, 2024 @ 6:18 pm By Omar Faridi  |  

In a move signaling alignment with US regulatory actions, the UK’s Financial Conduct Authority (FCA) is preparing to survey City firms to scrutinize their use of encrypted messaging services such as WhatsApp. Regtech firm SteelEye has shared informative insights to help industry participants with gaining… Read More

October 2, 2024 @ 10:10 am By JD Alois  |  

Described as a “Synthetic Blockchain Neobank,” Keabank, based in Cyprus, says it has integrated USD payments to its platform as it aims to expand the services it offers to its customers. Dollar-based payments are now available for both businesses and soon individuals to manage both… Read More

September 30, 2024 @ 10:45 am By Omar Faridi  |  

BUSINESSNEXT, a global enabler of composable enterprise solutions for financial services, has partnered with MongoDB to support autonomous operations enhanced with predictive and generative AI for banking as well as insurance. Headquartered in New York, MongoDB enables industry participants to create, transform, and enhance various… Read More

September 29, 2024 @ 6:25 pm By Omar Faridi  |  

FIS (NYSE: FIS) says it will provide a complete end-to-end loyalty program management platform for Commerce Bank, a Midwest regional bank with over $30 billion in assets and nearly 160 years of history. By collaborating with FIS on this strategic initiative, Commerce Bank seeks to… Read More

September 29, 2024 @ 12:31 pm By Michael Wong  |  

Israel officially joined the Asian Development Bank (ADB) as its 69th member and 20th nonregional member on Thursday, after fulfilling all necessary membership requirements. Israel submitted its application for ADB membership in January 2022. The ADB Board of Governors approved the membership on April 14,… Read More

September 28, 2024 @ 12:16 pm By Omar Faridi  |  

Itaú Private, a provider of private banking services, has announced an exclusive partnership with Addepar, a global firm focused on technology and data solutions for investment professionals. This strategic collaboration grants Itaú Private exclusive “access to Addepar’s comprehensive data aggregation and performance reporting platform in… Read More

September 28, 2024 @ 10:37 am By Omar Faridi  |  

OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a £40m NAV Revolving Credit Facility (RCF) to returning customer, Literacy Capital. Founded in 2017 by Paul and Richard Pindar, Literacy is “a closed-end investment company focused on investing in and supporting growing UK businesses and… Read More

September 26, 2024 @ 3:50 pm By JD Alois  |  

Anti-Fintech politicians Senator Elizabeth Warren and Senator Chris Van Hollen have forwarded a letter to the Office of the Comptroller of the Currency (OCC), US Federal Reserve, and Federal Deposit Insurance Corporation (FDIC) demanding that bank regulators crack down on Fintechs providing bank-like services. Senators… Read More

September 25, 2024 @ 7:27 pm By Omar Faridi  |  

Priority, the payments and banking Fintech that streamlines collecting, storing, lending, and sending money to unlock revenue opportunities, has announced significant enhancements to its Passport product within its banking and treasury solutions platform. Passport integrates payments, treasury, and banking services “on a scalable, native platform…. Read More

September 25, 2024 @ 7:37 am By Omar Faridi  |  

Mambu, a cloud banking platform, and newly launched mortgage lender, Interbridge Mortgages, have announced a strategic partnership helping Interbridge Mortgages launch a second-charge product in just nine months and facilitating their entry to the UK mortgage market. Interbridge Mortgages’ launch in early 2024 is set… Read More