Tagged: digital banking

May 25, 2020 @ 9:21 am By Omar Faridi  |  

  Digital banks are on track to serve as many clients in Ireland as traditional banking service providers, according to N26, an all-digital challenger that recently secured $100 million in funding for its ongoing growth and development. The German neobank reports double-digit growth in the… Read More

May 24, 2020 @ 11:35 pm By Omar Faridi  |  

An increasing number of transactions are being conducted online by the residents of the Philippines due to COVID-19. The nation’s government has confirmed that it will launch a branchless bank that will offer services to Filipinos working and living abroad. The digital bank will also… Read More

May 23, 2020 @ 9:14 pm By Omar Faridi  |  

Southeast Asian banks will most likely accelerate their digital transformation initiatives, due to the COVID-19 outbreak and changing consumer behavior resulting from safe distancing measures and lockdowns. Incumbents could be challenged more than ever before, as they might struggle to offer the same level of… Read More

May 23, 2020 @ 2:54 pm By Omar Faridi  |  

We recently talked to Lex Sokolin, the Global Fintech Co-Head and CMO at ConsenSys, a leading Ethereum (ETH) development studio based in New York. Before joining ConsenSys, Sokolin was the Global Director of Fintech Strategy at Autonomous Research, a firm that was eventually acquired by… Read More

May 23, 2020 @ 1:18 pm By Omar Faridi  |  

Fintech firm Credit Kudos, the “challenger credit bureau,” has teamed up with Big Four auditing firm PricewaterhouseCoopers (PwC), in order to launch a digital banking “ecosystem sandbox.” Credit Kudos is regulated by the UK’s Financial Conduct Authority (FCA). It aims to provide a different and… Read More

May 22, 2020 @ 6:16 pm By Omar Faridi  |  

East-West Banking Corporation (EastWest) (PSE: EW), the eleventh largest bank in the Philippines with over $6 billion in assets, has introduced its own fully-digital bank, Komo. The company claims that it’s the first universal banking group in the country to establish its own all-digital bank,… Read More

May 20, 2020 @ 11:13 pm By Omar Faridi  |  

Artificial Intelligence firm, AnalytixInsight Inc. (TSX-V: ALY; OTCQB: ATIXF) recently revealed that it’s expecting its Fintech affiliate, MarketWall, to benefit from the new trend toward the increased use of digital channels, due to the COVID-19 outbreak. AnalytixInsight says that its analysis is based on Intesa… Read More

May 19, 2020 @ 11:09 pm By Omar Faridi  |  

The COVID-19 outbreak has led to significant changes in consumer behavior globally as many people throughout the world are now working remotely from home. Analysts are now questioning whether the behavioral changes are actually permanent or fundamental shifts that will last even after the Coronavirus… Read More

May 19, 2020 @ 7:42 pm By Omar Faridi  |  

The Oversea-Chinese Banking Corporation, Limited (OCBC) Bank (SGX: O39), a multinational banking and financial services corporation, has revealed that it’s planning to change its branch network strategy, following the COVID-19 outbreak. OCBC, which is notably Singapore’s second-largest bank, claimed during its virtual annual general meeting… Read More

May 18, 2020 @ 10:12 pm By Omar Faridi  |  

Digital banking services are increasingly being adopted in the Asia Pacific (APAC) region. The use of all-digital banks and platforms is expected to increase further in the coming years. This, as 63% of consumers responding to a recent survey said they’d be willing to switch… Read More

May 18, 2020 @ 9:01 am By Omar Faridi  |  

C.C. Puan, the CEO at Packet One Networks (P1), a major wireless broadband provider focused on becoming an established mobile telecom by making access to the Internet a great experience for Malaysian residents, is planning to acquire a digital banking license. Puan remarked: “Getting the… Read More

May 16, 2020 @ 12:45 pm By Omar Faridi  |  

UK-based digital bank Monzo is reportedly planning to acquire additional capital at a 40% discount on its previous valuation. It was reported in December that Monzo was seeking to raise an additional £100 million but it appears the Coronavirus has impacted the funding round. As… Read More

May 16, 2020 @ 12:32 pm By Omar Faridi  |  

US-headquartered nCino, an established cloud banking provider, has teamed up Sweden’s small business lender, Yourban, in order to support SME lending via the nCino Bank Operating System. Through the partnership, Yourban will be using a system that has been configured to meet the bank’s requirements…. Read More

May 15, 2020 @ 8:33 am By Samantha Hurst  |  

Paiblock, a Denmark-based blockchain and artificial intelligence (AI) platform, announced on Friday it has extended in-app banking coverage to customer accounts across US banks in response to the COVID-19 pandemic. Founded in 2011, Paiblock describes itself as a blockchain-based and AI-capable payment and digital lifestyle platform… Read More

May 14, 2020 @ 3:20 pm By Samantha Hurst  |  

UK challenger bank Monzo announced on Wednesday it has moved its Faster Payments connection in-house. The digital banking group revealed that the decision to shift in-house was due to the problems making and receiving bank transfers last May. Monzo reported: “At the time of the… Read More

May 14, 2020 @ 9:16 am By Samantha Hurst  |  

Digital bank Penta announced on Wednesday its services are now available to Freelancers. The company reported it now supports all types of businesses and legal forms. As previously reported, Penta describes itself as a digital platform for business banking that is aimed towards SMEs and… Read More

May 12, 2020 @ 5:45 pm By Omar Faridi  |  

Australian digital bank UBank has made significant changes to its bank account products. UBank, which is owned by the National Australia Bank (one of the four largest financial institutions in Australia), confirmed on May 11, 2020 that it will be simplifying its digital product offerings,… Read More

May 12, 2020 @ 7:34 am By Omar Faridi  |  

UK-based digital bank Revolut, which was most recently valued at $5.5 billion, has reportedly laid off around 60 workers, as the COVID-19 outbreak appears to have negatively impacted the firm. Nikolay Storonsky, the Russian  CEO at Revolut, announced the layoffs on May 11, 2020, according to… Read More

May 11, 2020 @ 9:57 pm By Omar Faridi  |  

India-based digital bank RazorPay announced on May 11, 2020 that it’s planning to recruit more staff members for key positions across its engineering and product design teams. As previously reported, the banking challenger had revealed that there had been a significant increase in the number… Read More

May 11, 2020 @ 6:20 pm By Omar Faridi  |  

The COVID-19 crisis has significantly reduced the revenue generated by some of the largest banks in Australia. The pandemic may present opportunities to banking challengers such as 86 400 to gain market share. As the nation’s Big Four banks try to deal with a dramatic… Read More