Tagged: digital banking

June 13, 2020 @ 4:49 pm By Omar Faridi  |  

UK-based Fintech firm OMG officially launched its platform on June 10, 2020. The company noted via Twitter: “We are a Fintech startup looking to provide our customers with day-to-day current accounts that will give instant cashback discounts for up to 50% of the purchase price.”… Read More

June 13, 2020 @ 10:39 am By Omar Faridi  |  

The US Federal Bureau of Investigations (FBI) has warned that there could be an increase in financial crime due to the rise of digital banking. The warning is a reminder from the FBI that mobile banking providers and financial institutions must protect their clients from… Read More

June 11, 2020 @ 9:39 pm By Samantha Hurst  |  

Russian banking group Tinkoff announced earlier this week it has added new translation capabilities by phone number in the mobile app. The following options are now available on the Tinkoff platform: Transfers by phone number can now be made from savings accounts, both inside Tinkoff… Read More

June 9, 2020 @ 9:45 pm By Omar Faridi  |  

The global COVID-19 crisis has limited the ability of consumers to visit physical bank branch locations to take care of their banking needs or requirements. Customer service departments at banks have seen a dramatic increase in calls from clients who may have many questions and… Read More

June 8, 2020 @ 9:30 pm By Omar Faridi  |  

Financial service providers and regulators are increasingly focusing on enabling and supporting instant payments, according to Juniper Research. The researchers note that the EU’s Single Euro Payments Area (SEPA) has “brought down settlement times significantly,” with the SEPA Instant Credit Transfer Scheme helping to reduce… Read More

June 8, 2020 @ 7:00 pm By Omar Faridi  |  

  Ross McEwan, a New Zealand banker and the CEO and MD at National Australia Bank (NAB), recently argued that, in his opinion and assessment, “permanent” change has “just been made in 10 weeks” in consumer behavior and their preference towards using digital banking platforms…. Read More

June 8, 2020 @ 7:42 am By Omar Faridi  |  

Berlin-headquartered Vivid Money, a digital banking service provider that’s supported by Russia’s Tinkoff Bank, launched on June 8, 2020 through a partnership with solarisBank and payments giant Visa. Vivid Money says it’s the first mobile-based, full-service banking solution, providing cashback incentives, sub-accounts in major foreign… Read More

June 7, 2020 @ 10:05 pm By Omar Faridi  |  

The State Bank of Pakistan (SBP), the nation’s central bank, recently revealed that it’s looking into whether it should provide digital bank accounts to Pakistanis residing abroad. Reza Baqir, the reserve bank’s governor, noted that overseas Pakistanis won’t have to be physically in the country… Read More

June 7, 2020 @ 7:03 pm By Omar Faridi  |  

EQ Bank, the digital platform established by Canada-based challenger bank, Equitable Bank (TSX: EQB and EQB.PR.C), has reportedly surpassed $3 billion in total deposits. The increase in deposits is due to a recent growth in customers, the bank claims. EQ Bank noted that daily sign-ups… Read More

June 7, 2020 @ 6:58 pm By Omar Faridi  |  

Stuart Sopp, founder and CEO at digital bank Current, says that the COVID-19 outbreak has shown how his company serves employees whose roles are considered essential during the global pandemic. Sopp told Banking Dive that his members’ addressable market has increased considerably in size and… Read More

June 6, 2020 @ 11:39 am By Omar Faridi  |  

The Fintech sector continues to attract significant investments across the Middle East and Europe. However, the world is currently trying to cope with the socio-economic challenges created by the deadly COVID-19 outbreak. Competition in the Fintech space has been increasing steadily, with many new startups… Read More

June 5, 2020 @ 11:11 am By Samantha Hurst  |  

Nordic challenger bank Lunar announced this week it has launched banking accounts specifically for teenagers. The launch of the accounts comes two months after the company raised an additional €20 million through its extended Series B, bringing the funding round’s total amount to €46 million… Read More

June 5, 2020 @ 8:34 am By Omar Faridi  |  

Metro Bank was reportedly the first financial institution in the UK to allow users to freeze their cards in case they lost it. The feature was introduced in 2014. The freeze feature blocks transactions via payment cards through software, but it’s reversible so the card… Read More

June 5, 2020 @ 7:59 am By Omar Faridi  |  

Retail sales in the UK have surged dramatically from 16% to 27% of all sales in the country. Tony Moroney, managing partner at, Beta Digital Ltd, predicts: “The end of main street is nigh.” Moroney notes that Amazon’s retail sales surged 26% during Q1 2020,… Read More

June 5, 2020 @ 7:36 am By Omar Faridi  |  

UK-based Starling Bank issued an update on June 1, 2020 regarding the Bounce Back Loan Scheme (BBLS). The British Business Bank has been approving new lenders for several COVID-19 support schemes. As previously reported, JCB Finance will join the other 18 BBLS lenders who have… Read More

June 4, 2020 @ 10:50 pm By Omar Faridi  |  

  Five companies that had applied for a digital banking license in Singapore will now have to assess how the COVID-19 outbreak and resulting challenges will affect their ability to acquire adequate funding. As first reported by Reuters, the applicants will also have to revisit… Read More

June 4, 2020 @ 4:28 pm By Samantha Hurst  |  

Digital money transfer service MoneyGram (NASDAQ: MGI) announced on Thursday it has formed a new partnership with Saudi Arabia-based Al Rajhi Bank. MoneyGram revealed it joined forces with Al Rajhi Bank to provide money transfer services in Saudi Arabia and covers both digital as well… Read More

June 3, 2020 @ 9:25 am By Samantha Hurst  |  

Digital bank Revolut announced on Wednesday the launch of its new financial app version. According to Revolut, the new version is the latest step in the fintech’s journey to becoming a financial super app. Revolut further explained that the app’s redesign has focused on creating… Read More

June 2, 2020 @ 11:15 pm By Omar Faridi  |  

Scotiabank (TSX: BNS), the third-largest bank in Canada, which has been exploring ways to upgrade its systems to make them quantum-resistant, has launched a new information portal for seniors, known as “Bank Your Way,” which will serve as a tool to help clients navigate all… Read More

June 2, 2020 @ 1:14 pm By Samantha Hurst  |  

Muniy, a UK-based neobanking startup, is now seeking to raise a minimum of £200,000 through its equity crowdfunding campaign on Crowdcube. The company is now offering 6.90% in equity at a £2.7 million pre-money valuation. Founded in 2018, Muniy describes itself as “banking for everyone.”… Read More