Tagged: digital banks

Generation Z Still Listens to Parents When Selecting Banking Service Providers, Not Too Eager to Try Challenger Banks: Report

While it might be true that young people like to use innovative cell phone apps to streamline their daily activities, reports suggest that fancy software alone won’t necessarily help challenger banks when trying to attract business from Generation Z customers. This, according to a newly… Read More

ZA Bank Ltd., first of Hong Kong’s Upcoming Digital Banks, to Offer Huge 6% Special Rate on All Deposits

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

Bank Negara, Malaysia’s Central Bank, Is Reportedly Planning to Issue Five Operational Licenses to Digital Banks

Bank Negara Malaysia is reportedly planning to issue up to five operational licenses to qualified or eligible applicants in order to launch digital banks to perform either regular or Islamic banking business in the country. Malaysia’s central bank has issued the exposure draft on Licensing… Read More

PwC’s Financial Services Leader in Malaysia: “There’s a Very Good Opportunity Here for Banking Challengers”

Malaysia now appears to be a promising market for virtual or challenger banks, according to Big Four auditing firm PricewaterhouseCoopers’ (PwC) Malaysia division. The country’s reserve bank is planning to introduce its virtual or digital banking licensing guidelines for industry consultation. In a recent interview,… Read More

Monetary Authority of Singapore Posts Update on Digital Bank Application Process

Earlier this year the Monetary Authority of Singapore (MAS) revealed its intent to issue digital bank licenses. Announced in June, applicants have until the end of this year (December 31) to apply. This means a license for digital-only banks. Existing traditional banks that offer digital… Read More

Report: Irish Consumers Still Don’t Trust New Technology, Including Digital Challenger Banks

Offering more mobility and quicker financial services, challenger banks appear to be destined for success, however, the Irish consumers’ trust in new technology seems to be a major challenge to mass adoption. This, according to Fujitsu’s latest “From Demanding to Discerning: Tech and the New… Read More

Report: OakNorth and N26 Have Received the Most Funding Out of All US and European Digital Banks

Digital-only banks, or neo-banks, are not dependent on outdated, legacy financial infrastructure. These virtual banks are more efficient than traditional banking institutions because they operate without the costly networks of physical branches. Neobanks have been working towards transforming the retail banking sector in major financial… Read More

The Fed Cuts Rates by 25 Basis Points, So Does Robinhood

This afternoon, the US Federal Reserve cut its benchmark interest rate by 25 basis points. The Federal Open Market Committee decided to lower the target range for the federal funds rate to 1-1/2 to 1-3/4 percent due to muted inflation and the “implications of global… Read More

Send this to a friend