Tagged: digital banking

January 13, 2020 @ 8:13 am By Omar Faridi  |  

The first of Hong Kong’s upcoming group of virtual banks has confirmed its launch with a 6% special introductory rate on all deposits. ZA Bank Ltd., which is notably one of eight companies planning to establish digital-only banking services in Hong Kong, has launched a… Read More

January 13, 2020 @ 7:51 am By Samantha Hurst  |  

UK-based digital banking group Starling Bank announced on Monday it supercharging its bank accounts for businesses and sole traders with a range of new features, which includes unsecured loans of up to £250,000, an increase in its overdraft limits from £10,000 to £150,000, more competitive… Read More

January 12, 2020 @ 10:42 pm By Samantha Hurst  |  

UK-based digital banking group Monzo celebrated the new year by sharing the successes of the past twelve months. The fintech revealed it started last January with just over a million customers, and now, over 3.6 million people bank with its platform. The company has since… Read More

January 12, 2020 @ 8:53 am By Omar Faridi  |  

Thailand is currently laying the groundwork for standalone or independently-functioning online banks as the Southeast Asian nation tries to catch up with other nearby markets that have been upgrading their banking infrastructure. Veerathai Santiprabhob, governor of the Bank of Thailand, noted during a recent interview:… Read More

January 12, 2020 @ 7:27 am By Omar Faridi  |  

The Bank of Ceylon (BoC), a state-owned, major commercial bank in Sri Lanka, is reportedly expanding its branch network to include Andigama and Weerapokuna with the added convenience of offering 24-hour online banking services to the people living in these areas. BoC’s Weerapokuna location is… Read More

January 9, 2020 @ 6:55 am By Omar Faridi  |  

Qonto, a neo-bank for business account holders that was established in France in 2017, has expanded its operations into Germany, Italy, and Spain. Notably, Qonto was the recipient of the first investment by billionaire Peter Thiel’s Valar Ventures in France during its Series A funding… Read More

January 8, 2020 @ 10:04 am By Samantha Hurst  |  

Northmill, a Fintech based in Sweden, announced on Tuesday the launch of its savings accounts with deposit insurance, called Rebilla Reserve. This news comes just a few months after the company received its banking license from the Swedish Financial Supervisory Authority (SFSA or Finansinspektionen). While… Read More

January 7, 2020 @ 8:09 pm By Omar Faridi  |  

The ongoing race and competition between local Fintech firms for acquiring a digital banking license in Malaysia continues to intensify, particularly after Bank Negara Malaysia (BNM), the nation’s central bank, revealed additional details regarding the licensing process. BNM’s Exposure Draft on Licensing Framework for Digital… Read More

January 6, 2020 @ 8:30 am By Omar Faridi  |  

The Singapore Business Federation (SBF) will reportedly be joining a consortium that’s led by Ron Sim‘s V3 Group (a brand creator and developer and an Asian luxury group in the lifestyle and wellness markets) and EZ-Link, a stored-card operator that is planning to acquire a… Read More

January 4, 2020 @ 8:49 am By Omar Faridi  |  

Online app bank Koto Card says it’s preparing to launch in the United Kingdom this month. The digital banking app will let users apply for a free prepaid card and borrow as much as £400 (appr. $523) at one time, while paying 25p per day… Read More

January 2, 2020 @ 7:45 am By Omar Faridi  |  

A consortium, which includes Fintech firm Razer and the founders of Sheng Siong, has reportedly filed an application for obtaining a digital full-bank license in Singapore. The application notes that the consortium wants to mainly focus on the “underserved youth and millennials segment.” Insurance business… Read More

December 31, 2019 @ 12:24 pm By Samantha Hurst  |  

UK-digital challenger bank Monzo announced this week an update about the U.S. Beta launch. The banking startup revealed that from August until November it ran small, in-person community events in San Francisco, NYC, Las Vegas, and LA. the company then gave 1,000 users early access… Read More

December 30, 2019 @ 9:34 am By Omar Faridi  |  

The National Bank of Oman (NBO), the first local bank and one of the largest financial institutions in the Middle Eastern country of Oman, has been awarded Best Mobile Banking Application – Oman 2019 by the International Finance Magazine. The bank has also received various… Read More

December 24, 2019 @ 11:08 am By Omar Faridi  |  

SoftBank Group-backed Grab Financial Group will reportedly be applying for an online banking license in Singapore, as the company believes that financial businesses will be a key driver for its future growth and development. If Grab manages to acquire the license, then consumers and small… Read More

December 23, 2019 @ 5:32 pm By Omar Faridi  |  

ZA Bank Ltd. is reportedly testing internet-only banking solutions in Hong Kong, which notably makes it the first organization to provide such services in the city as the Asian financial hub continues to promote the development of Fintech-related projects. The Hong Kong Monetary Authority began… Read More

December 23, 2019 @ 10:20 am By Samantha Hurst  |  

Rebank, a UK-based digital business banking platform, announced last week it secured $2.7 million through its latest seed funding round, which was led by ADV with participation from Y Combinator and Jude Gomila, the CEO and Founder of the startup Golden. Founded in 2018, Rebank… Read More

December 19, 2019 @ 9:35 pm By Samantha Hurst  |  

Digital-only bank platform N26 recently announced it has launched its premium accounts N26 You, Metal, and Business You in Greece. According to N26, N26 You, Business You and Metal memberships come with features to help make everyday life as easy as possible, like travel insurance,… Read More

December 19, 2019 @ 8:25 am By Samantha Hurst  |  

UK-based digital banking platform Starling Bank announced on Wednesday it has expanded its business Marketplace with the addition of cloud-based accounting software provider Intuit QuickBooks. The service will give the bank’s 90,000 business customers a link between their bank account activity and their accounting package…. Read More

December 17, 2019 @ 7:07 am By Omar Faridi  |  

South Korea-based Viva Republica, a Fintech firm that developed Toss, a financial services platform, has been given preliminary approval for an online banking license from the Financial Services Commission of Korea, according to a December 16 release. SG Lee, CEO at Viva Republica, stated: “Toss… Read More

December 16, 2019 @ 10:44 pm By Samantha Hurst  |  

UK-based digital banking platform Starling Bank announced on Monday it is revising its overdraft pricing on personal current accounts, replacing its flat rate of 15% with a rate of 15%, 25% or 35% Equivalent Annual Rate (EAR) (variable), dependent on customers’ credit scores, which is… Read More