Tagged: digital banks

UK FCA Says Some Challenger Banks Fall Short Regarding Financial Crime Controls

FCA Regulatory Review UK

The UK Financial Conduct Authority (FCA) has published an expected report on challenger banks and financial crime controls which states that some are falling short when it comes to diligence against malfeasance such as money laundering. The review, conducted during 2021, said that some challenger… Read More

Why Use a Traditional Bank?

Bank Banking First National Bank

Why should you use a traditional bank over a Fintech – either a neobank (non-chartered financial service provider) or a digital bank (chartered). Good question. Old banks tend to have lots of physical locations and lots of employees that are expensive to keep on staff…. Read More

Challenger Banks to Add 435M Accounts By 2026: Report

Lionel Barrymore as Mr. Potter Banker

A new report from ABI Research predicts neobanks and challenger banks will nearly quadruple their number of accounts over the next five years The top 57 neo and challenger banks should grow their accounts from the 2020s 155 million to 590.6 million by 2026 due… Read More

Hong Kong’s Mox Bank, a New Digital Lending Platform, Plans to Double Client Base During 2021

Hong Kong Money Sparkle AI

Mox Bank, the digital lending platform that’s backed by Standard Chartered, is reportedly planning to double its client base in 2021. Mox Bank has already managed to surpass 100,000 account holders within 8 months since its launch. This, according to company CEO Deniz Guven. As… Read More

Quinlan & Associates Say there’s Scope for Only a Few Digital Banking Fintechs in Hong Kong to Thrive in Competitive Environment

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  Quinlan & Associates have published a report, titled Branching Off: The Outlook for Hong Kong’s Virtual Banks. The report, which has been authored by company CEO and Managing Partner Benjamin Quinlan and Consultant Eashan Trehan, notes that it’s been a year now since the… Read More

European Central Bank Issues Specialized Banking License to Lithuania-based Firm UAB SME Digital Financing

Old Building Bank USA

After a proposal from the Bank of Lithuania, the European Central Bank (ECB) has reportedly issued a specialized banking license to the Lithuanian capital company UAB SME Digital Financing. It’s now expected that after acquiring such a permit, UAB SME Digital Financing will begin accepting… Read More

Neobanks have Not Yet Gained Trust of Most Consumers, but Monzo and Starling Lead in Service Quality: Survey

Positive Vibes Good Happy Nice Pleasant

Although neo banks or digital banking platforms have been gaining significant market share during the past few years, consumers still appear to be somewhat hesitant when working with these new providers as their primary accounts, according to recent research by Accenture. The 2020 Accenture Global… Read More

Fintech Challengers Revolut and Luno are Experiencing Dramatic Surge in Demand from Bitcoin and Ethereum Traders

Bitcoin

Fintech companies such as Revolut and Luno are experiencing a dramatic surge in demand from customers who are rushing to invest in Bitcoin (BTC) and other digital currencies amid record-breaking and unprecedented cryptocurrency price increases. Fintech app providers that offer crypto trading, like Revolut, eToro,… Read More

Asia Is Expected to Experience a Dramatic Surge in Digital Banking and Fintech Adoption, with Around 50 New Challengers

Singapore Asia

Asia might be getting ready to experience a digital banking revolution. During the next few years, the continent is expected to see over 50 new digital banks that could completely transform the financial services sector. GFT’s Christopher Ortiz claims that these developments may just be… Read More

Digital Banking: Malaysia’s Reserve Bank Issues New Policy Document for Virtual Banks, Up to Five Licenses Anticipated

Batu Caves Kuala Lumpur Malaysia meimei ismail unsplash

Malaysia’s reserve bank, Bank Negara, has released its policy document on digital banks. The Malaysian central bank’s new document on the licensing framework for all-digital banks has been published after completing a 6-month public consultation. Bank Negara officials stated on December 31, 2020, that the… Read More

The Four Digital Banks of Singapore

Singapore at Night

Earlier this month, the Monetary Authority of Singapore (MAS) announced the first four digital banks approved by the regulator. The first digital banks out of the gate are the culmination of a multi-year process where MAS. In June 2019, MAS announced it would approve up… Read More

Mark Goldberg, Partner at Index Ventures and Fintech Plaid Investor, Predicts User Data Privacy Will be Major Digital Trend, Digital Banks will be Huge

Bank Banking Ask Us How

Mark Goldberg, partner at Index Ventures and an investor in Plaid, Intercom, and Transcend, has shared some interesting predictions around where Fintech might be heading in the next 10 years. 1/ Using the end of year to look ahead — here are 5 predictions around… Read More

Many More Americans Now Consider a Digital Bank to be their Primary Account, Financial Literacy Specialist Reveals

Bank Banking Teller Wait Queue Delay

Katana Dumont, who writes about personal finance and financial literacy topics, notes in blog post published by Chime Financial Inc., a US-based banking challenger valued at around $14.5 billion, that modern technology is shaking up or disrupting the finance industry in a major way. She… Read More

Money Transfers via Fintech Platforms have Surged due to Increased Adoption of Digital Banking in the US: Report

Fintech Blooming

The transactional value of the US Fintech market is expected to increase at a compounded annual growth rate (CAGR) of 8.6% over the forecast period of 2019-2024, according to a new report. The report from Industry Research states that Fintech is beginning to transform the… Read More

Southeast Asia has Emerged as Fintech Hotspot with CAGR of 55% in Equity Funding: Report

Singapore Dining Food

  Digital challenger banks have adopted several different business models in order to establish operations in the Fintech and banking sector. They’ve experienced a threefold growth (over 300% growth) during the past five years, according to a new report from the Singapore Fintech Association (SFA)…. Read More

Singapore’s Financial Services Sector Is on the Brink of Disruption following COVID-19 Outbreak, According to Fintech Industry Professional

Tanjon Pagar Singapore Asia

There are many new opportunities for the Fintech sector in a post COVID world, according to Singapore’s labor chief Ng Chee Meng. He noted that the Coronavirus crisis may lead to new requirements and could also create new jobs. Meng, who’s currently the Secretary-General at… Read More

60% of Major Global Banks have Shortened Opening Hours of Branches, Many Banks Offering Fully Digital Processes: Report

We are all in this together Bank ATM

Digital Banking Maturity (DBM) is a global accelerator that assists banking institutions with responding to change. Digital Banking Maturity is the largest global digital banking study, offering an extensive “outside-in ’mystery shopper’ assessment of retail banks’ digital channels and furthering discussion about future developments,” according… Read More

Underserved Singapore based SMEs are Now Considering Switching to Digital Banks: Visa Survey

Singapore China Town Market Shops Retail

  Payments giant Visa recently published a study on Digital Banking and SMEs in Singapore. According to the report, 88% of Singapore’s SMEs are now considering switching over to an all-digital banking platform. These findings of the study have been released at a time when the… Read More

Cale Johnston from Fintech Firm ClickSwitch Reveals that Banking Challengers are Now Interested Only in Handling Direct Deposits

Dollars Money Cash Pay

ClickSwitch, a U.S. fintech that claims it simplifies and automates the switch of direct deposits and recurring payments for financial institutions’ new and existing account holders, recently acquired $2 million through its Series B investment round led by USAA subsidiary. The investment round brings ClickSwitch’s… Read More

Australian Neobank Volt to Further Slash Interest Rates on its Savings Account, Other Digital Banking Challengers Also Making Cuts

Escalator Airport Down Tunnel Decline 2

Australian neobank Volt has confirmed that it’s planning to reduce the total interest rate on its Save account. The bank will slash the current rate by 20 basis points, so it will be lowered from the current 1.45% p.a. to 1.25% p.a. This new rate… Read More

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