Tagged: digital bank

March 30, 2020 @ 7:44 am By Omar Faridi  |  

Challenger bank Virgin Money is reportedly evaluating its plans to shut down its physical branch locations as lenders begin to increasingly focus on reducing the potentially negative impact of an economic downturn, resulting from the coronavirus (COVID-19) outbreak. Hundreds of jobs, which had been created… Read More

March 29, 2020 @ 3:26 pm By Omar Faridi  |  

Brett King established Movenbank back in 2011. At the time, it was one of the world’s very first mobile-only, low-fee banking services. Movenbank offered a convenient and intuitive banking app that allowed users to take care of their day-to-day financial transactions. King won the Innovator… Read More

March 27, 2020 @ 4:17 pm By Omar Faridi  |  

Sydney-based Tyro Payments (ASX: TYR), an Australian Fintech institution that specializes in merchant credit, debit and EFTPOS acquiring, reports that its transaction volumes during the past three weeks have been steadily increasing. Tyro Payments notes that from March 1 to March 20, there was a… Read More

March 27, 2020 @ 11:36 am By Samantha Hurst  |  

UK-based digital banking group Starling Bank announced on Thursday it has introduced a delay to its in-app gambling-block, which means that customers wanting to turn the block off will have to wait 48 hours before they may reactive spending on betting and gaming. The digital… Read More

March 27, 2020 @ 9:00 am By Omar Faridi  |  

Lanistar, a new challenger bank, has officially launched its platform after acquiring £2 million in seed funding. Based in Hammersmith, Lanistar reportedly has 45 full-time workers on its payroll. The digital bank plans to add 150 more staff members. The neobank has been founded by… Read More

March 26, 2020 @ 6:31 pm By Omar Faridi  |  

Singapore-based Fintech company MatchMove has partnered with local finance firm, Singapura Finance Ltd., and two others, in order to apply for a virtual banking license in the city-state. The MatchMove-led consortium is the most recent group to reveal that it has filed an application for… Read More

March 26, 2020 @ 8:21 am By Omar Faridi  |  

Most small and medium-sized enterprises (SMEs) continue to prefer and work with traditional financial service providers, even though there are now many new digital-first businesses. This, according to Revolut Business, which has published a report, titled “2020 Vision: Taking a closer look at antiquated banking… Read More

March 25, 2020 @ 8:51 pm By Omar Faridi  |  

Nearly 65% of Singapore residents say they would consider working with an all-digital bank, according to the recently published Visa Consumer Payment Attitudes Study. The study reveals that 84% of Singapore-based respondents said that they’d be willing to use virtual banking services offered by an… Read More

March 25, 2020 @ 7:35 am By Omar Faridi  |  

Canada-based NorthOne, an established digital bank for small businesses, has decided to waive all account fees for thousands of its customers that have been affected by the coronavirus (COVID-19) outbreak. NorthOne’s management confirmed that it will be offering free banking services to all businesses in… Read More

March 24, 2020 @ 7:26 pm By JD Alois  |  

Hong Kong initiated a process in 2019 to facilitate digital-only banks. The move was indicative of the realization that digital banking, or virtual banks, is the future of banking and not the brick and mortar types. ZA Bank, an offshoot of ZhongAn Technologies International Group,… Read More

March 24, 2020 @ 4:12 pm By JD Alois  |  

Sygnum Bank, a licensed digital asset bank, has launched a stablecoin labeled Sygnum Digital CHF (DCHF) – a crypto tied to the Swiss Franc. This is a first stablecoin launched by a regulated Swiss bank. Sygnum also holds a capital markets services (CMS) license in… Read More

March 24, 2020 @ 2:03 pm By Omar Faridi  |  

Dubai’s World Investments is reportedly investing $433 million in Australia-based digital bank Xinja over the next couple years. This, after the mobile-first bank’s steady customer growth. Subject to pending regulatory approvals, Xinja bank will be able to access $160 million in capital immediately. The remaining… Read More

March 24, 2020 @ 8:46 am By JD Alois  |  

Revolut, a top digital-only bank operating across Europe and several other countries around the world, has “officially” launched in the US. Last month, Revolut revealed a huge half-billion dollar funding round to help finance its expansion plans. In 2019, Revolut opened up its US services… Read More

March 22, 2020 @ 5:50 pm By Omar Faridi  |  

Switzerland-based Temenos (SIX: TEMN), a banking software company, has teamed up with ClearBank, a challenger clearing bank (the UK’s first new clearing bank in over 250 years), in order to help local banks access UK’s payment platforms and real-time payment services in the cloud. Clearbank’s… Read More

March 22, 2020 @ 10:10 am By Omar Faridi  |  

Palo Alto-based Wealthfront, an automated investment service company with over $11.4 billion in assets under management, is reportedly getting closer to becoming a full-service digital bank. Wealthfront already provides most of the bank-like services including insured savings accounts. The “Cash Account” is offered by Wealthfront… Read More

March 20, 2020 @ 10:48 am By Omar Faridi  |  

African Rainbow Capital Financial Services Holdings (ARC FinHoldCo) revealed on March 19, 2020 that it has invested R300 million (appr. $17.3 million) into South Africa’s first all-digital bank TymeBank. ARC FinHoldCo has reportedly increased its stake in TymeBank to 100% during the course of the… Read More

March 19, 2020 @ 7:52 pm By Omar Faridi  |  

Square Financial Services, the de novo industrial bank established by payment services firm Square, has received conditional approval from the Federal Deposit Insurance Corporation (FDIC) for its deposit insurance application. The approval gives Square permission to introduce banking services, which it’s reportedly planning to launch… Read More

March 18, 2020 @ 10:51 pm By Omar Faridi  |  

Fairfax, Virginia-based Daon announced that it will be offering essential mobile onboarding and identity verification solutions to TONIK Digital Bank, which is an all-digital bank that is expected to launch in the Philippines later this year. TONIK Bank will reportedly be using Daon’s cloud-powered IdentityX… Read More

March 18, 2020 @ 4:30 pm By JD Alois  |  

Digital bank Cogni is planning to officially launch this week on March 20, 2020. Last year, it was reported that Cogni raised $5.4 million in a seed round and intended to launch towards the end of 2019. To date, Cogni has raised $6.6 million in… Read More

March 18, 2020 @ 7:56 am By Omar Faridi  |  

AMTD Digital, the digital finance division of AMTD Group, has revealed that it will be acquiring a controlling stake in PolicyPal, a firm that’s licensed by the Monetary Authority of Singapore (MAS). PolicyPal is notably the first graduate of MAS’s Fintech regulatory sandbox program. The… Read More