Tagged: digital banking

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

June 1, 2020 @ 12:32 am By Omar Faridi  |  

The digital transformation strategy used by most traditional banks has been “optimized for a world that no longer exists,” according to a new report from ResearchandMarkets.com. The report notes that incumbents have developed digital transformation strategies for the vertically integrated value chain, where change can… Read More

May 31, 2020 @ 11:30 pm By Omar Faridi  |  

Digital or neobanks are increasingly being used by consumers of all age groups for managing finances, and completing transactions. Despite the COVID-19 outbreak and resulting economic problems, digital bank Starling Bank recently secured £40 million in capital. Challenger banks aim to offer better services compared… Read More

May 31, 2020 @ 10:24 pm By Omar Faridi  |  

Global analytics software firm FICO reports that Malaysian consumers are more comfortable with using their mobile devices to open and manage bank accounts when compared to US and Canadian residents. FICO’s Consumer Digital Banking Survey reveals that 23% of Malaysians would rather open a bank… Read More

May 29, 2020 @ 11:00 pm By Omar Faridi  |  

Bank Central Asia, or BCA, (PT Bank Central Asia Tbk), an Indonesian bank that overtook Singapore’s DBS Bank (in 2016) as Southeast Asia’s largest lender by value, with a market cap of about $24.5 billion, has reported a significant increase in its digital banking transactions… Read More

May 29, 2020 @ 6:54 pm By Omar Faridi  |  

The month of April 2020 saw a dramatic 200% surge in the number of new mobile banking registrations, meanwhile, mobile banking traffic increased by 85%, according to data from Fidelity National Information Services (FIS). The significant increase in mobile-based transactions may be attributed to the… Read More

May 28, 2020 @ 10:02 am By Samantha Hurst  |  

Meniga, a UK-based digital banking solution, announced on Thursday it secured €8.5 million through its latest strategic investment round, which was led by French banking group Groups BPCE with participation from Grupo Crédito Agrícola, UniCredit, Velocity Capital, Industrifonden, and Frumtak Ventures. Founded in 2009, Meniga… Read More

May 28, 2020 @ 7:32 am By Omar Faridi  |  

  Data from leading UK-based digital bank Revolut shows that the cryptocurrency trading habits of its users have changed, following the COVID-19 outbreak. Nearly a third or over 30% of Revolut’s 10 million finance app users have been trading virtual currencies. The neobank’s app has… Read More

May 27, 2020 @ 9:03 am By Samantha Hurst  |  

Eversend, a Neobank for African, has successfully secured its initial €550,000 equity crowdfunding target through its Seedrs campaign. The company is now offering 7.67% in equity with a €6,616,739 pre-money valuation. Founded in 2017, Eversend describes itself as a digital-only finance platform providing cross-border money transfers,… Read More