Tagged: digital bank

Monetary Authority of Singapore Announces the First Four Digital Banks to Receive Regulatory Approval

Monetary Authority of Singapore (MAS) announced on June 28, 2019, that it would issue up to two digital full bank (DFB) licenses and three digital wholesale bank (DWB) licenses. Last June, MAS announced that 14 out of 21 applications to become digital banks have met… Read More

Varo Bank to Offer Free Instant Access to Cash Though January 2021 Though Varo Advance Service

  Digital banking group Varo Bank announced on Thursday its instant cash advance service, Varo Advance,” is now live and free to use through the month of January 2021.  According to Varo, the service provides an advance of up to $20 for free, with a maximum… Read More

Fintech Unicorn and Digital Bank Revolut Appoints Former Citigroup Exec Rebecca Macieira-Kaufmann to its US Board of Directors

Prominent digital bank Revolut has appointed former Citigroup executive Rebecca Macieira-Kaufmann to its US board of directors. Macieira-Kaufmann has worked at Citigroup as a senior management professional for the past 12 years. She has served as the Head of the bank’s International Personal Bank in… Read More

LendUp Launches Digital Banking and Financial Health Platform “Ahead Financials” for the Emerging Middle Class

LendUp, a socially responsible online lender on a mission to redefine financial services for the emerging middle class, announced on Tuesday the launch of its new digital banking and financial health platform, Ahead Financials. According to LendUp, Ahead Financials is dedicated to serving emerging middle-class… Read More

India-Based Digital Bank Razorpay Announces Integration With PayPal

Razorpay, an India-based digital bank, has announced its integration with payment giant PayPal. Razorpay reported that its partner businesses may now integrate with PayPal and accept payments from international customers from across 200 markets. “By integrating PayPal into Razorpay’s payment platform, freelancers and MSMEs will… Read More

Los Angeles based Banking Challenger, HMBradley, Secures $18.25 Million via Series A Round led by Chime Investor Acrew Capital

Los Angeles-headquartered banking challenger, HMBradley, had introduced its own digital banking platform in April 2020. As previously reported, the new platform was developed to reward savers. HMBradley recently finalized an $18.25 million Series A funding round that was led by Acrew Capital (which also invested… Read More

Revolut Offers One Bitcoin Give Away Promotion for Black Friday

Digital bank Revolut has announced that it will hand over one Bitcoin, worth around £14,333 right now, as part of a “Black Friday Crypto competition.” The promotion is only available for UK customers. Revolut users just need to set up a Crypto Recurring Buy worth at… Read More

Digital Banking: Fintech Unicorn Revolut to Expand Global Operations by Hiring Senior Execs in Singapore

  Prominent digital bank Revolut is reportedly planning to hire several senior management professionals in Singapore. The UK-headquartered Fintech Unicorn noted that it’s looking to recruit senior-level executives for managing its operations in the city-state. As first reported by Tech in Asia, Revolut also plans… Read More

Digital Banking: Luvleen Sidhu, CEO at BankMobile, Claims Online Banks Might be Even Safer than Physical Branches

Luvleen Sidhu, Co-Founder and CEO at BankMobile, an established US-based digital banking platform, reveals that she was only 28-years-old when she had launched BankMobile Technologies, which will be acquired by Megalith Financial Acquisition Corporation (NYSE:MFAC) (as reported in August 2020). In only six years, the… Read More

UK Banking Challenger Starling Reports Breaking Even, Might Become First New Digital Bank to Reach Profitability

UK-based digital bank Starling recently revealed that it managed to break even and claims that it may be on track to become the first banking challenger to reach profitability. Starling Bank’s management noted that it’s the first of the new digital banks (which includes Monzo,… Read More

Digital Banking: Revolut to Support Open Banking for Customers in Germany

Prominent digital bank Revolut has confirmed that it will support Open Banking for its customers in Germany. According to a release, the new Open Banking features will allow Revolut’s German customers to easily connect their accounts at Comdirect, Commerzbank, Deutsche Bank, ING-DiBa and Sparkasse with… Read More

Lisa Nowell, the Chief Risk Officer at UK Digital Bank Monzo, Leaves Company for New Role at Ashman Finance

After joining digital bank Monzo only about a year ago, the Fintech firm’s first Chief Risk Officer, Lisa Nowell, has decided to leave her position to pursue a new role at Ashman Finance, an SME-focused lender. Nowell has previously served as Chief Risk Officer at… Read More

Switzerland’s Post Office Division to Reinvent itself as a “Radical” Digital Bank, but Could Face Challenges

Switzerland’s Post Office division is reinventing itself as a “radical” banking challenger. Last month, the Swiss Post Office had announced a “Banking & Beyond” initiative, called PostFinance. As first reported by swissinfo.ch, the nation’s post office will be working on the new project with Swissquote,… Read More

Italy’s First Digital Bank illimity Reports a Profit Driven by Robust Lending

Italy’s first digital bank, illimity, is reporting a pre-tax profit for the third quarter of €13.2 million (+31% over the previous quarter) and a net profit of €24 million in the first nine months of 2020. This compares to a loss of €18 million in… Read More

Australian Neobank Xinja Is Working on Finalizing $433 Million Investment Deal from Dubai’s World Investment Group

Australian neo-bank Xinja recently noted that it’s working cooperatively with Dubai’s World Investment Group (WIG) in order to close the $433 million investment deal that was announced in March 2020. At present, the bank is working with auditors so that they can address concerns regarding… Read More

Brokerage Firm Mortgage Choice to Add Digital Bank 86 400 to its Residential Lending Panel

Mortgage Choice, an established brokerage firm, will be offering its brokers access to Australian digital bank 86 400. The broker has reportedly added the challenger bank to its residential lending panel. Emma Dupont-Brown, GM at Mortgage Choice, stated that adding the digital bank would mean… Read More

Fourth Industrial Revoluton will Lead to “Profound” Shift in Key Banking Processes, Service Providers Must Respond Effectively to Survive: Report

Naim Alame, the MENA Payments Lead at Accenture, and Elie El Khoury, Financial Services Lead for MENA Region at Accenture Interactive, have noted in a thought leadership piece (posted by Accenture) that the Fourth Industrial Revolution, which is “defined by the platform economy,” is now… Read More

Digital Bank NorthOne Launches New Desktop Banking Feature

NorthOne, an established digital bank for US-based small businesses, notes that they’ve launched a new desktop mobile banking feature that allows customers to manage their finances on a computer as well as from their mobile devices. NorthOne has partnered with Radius Bank to offer banking… Read More

Major Singapore based Telecommunications Firm Singtel and Ride-hailing Service Grab Getting Closer to Digital Bank Launch

Singtel, one of Singapore’s largest telecommunications companies, is now progressing with its initiative to launch a digital bank with the help of the Grab, a multinational ride-hailing service provider. Sachin Mittal, analyst at Singapore’s DBS Bank, said that the joint initiative seems like “a strong… Read More

Digital Bank Zopa Officially Launches First Credit Card Product

Zopa, formerly a peer to peer lender and now a regulated digital bank, has launched its first credit card that is said to be designed to help customers stay in control of their money and their debt. Zopa says its credit card provides a feature called ”Safety Net”  which allows customers to lock… Read More

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