Tagged: neobanking

India’s Tata Consultancy Services Partners Australian Neobank Volt to Power New Banking as a Service Platform

Tata Consultancy Services (TCS), an Indian multinational IT services and consulting firm based in Mumbai, has reportedly partnered with Australian neobank Volt. Both companies will work together to power Volt 2.0, which is the digital bank’s new Banking as a Service (BaaS) platform. Volt 2.0… Read More

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

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

Neobanks in Australia including 86 400, Xinja, Volt Forced to Further Reduce Interest Rates on Savings Accounts

Neobanks have been finding it quite challenging to maintain their competitive deposit rates. During the past few weeks, three Australian neobanks have reduced their rates and two of them have placed limits on the balances on which they’ll pay higher interest. Australia based digital bank… Read More

Vietnam based Digital Bank TNEX Is Ready to Officially Launch Services, Aims to Offer “Free Everyday Banking for Life”

Bryan Carroll, CEO at TNEX, which claims to be Vietnam’s first all-digital bank to offer “free everyday banking for life,” has confirmed that TNEX is now ready to officially launch its services. Carroll revealed that the TNEX platform is now in its final testing phase…. Read More

Fintech Firms have “Massive Opportunity” to Leverage Credibility of Incumbents to Develop Innovative Products on Top of Them, Industry Exec Argues

UK-based Fintech Payhawk, a corporate expense management solution provider that secured €3 million in seed funding in March 2020, notes that “the ticket to ride the rollercoaster of hype in any emerging technology is expensive.” Hristo Borisov, the co-founder and CEO at Payhawk who’s focused… Read More

Razer Fintech Partners with Singapore’s Lifestyle Marketing SaaS Provider, Perx Technologies, to Enhance Neobanking Experience

Malaysia’s Razer Fintech, the Fintech division of Razer (a multinational financial service provider), has teamed up with Singapore’s Lifestyle Marketing SaaS (software-as-a-service) provider, Perx Technologies, in order to provide better mobile-first customer engagement for financial services. Through the partnership, Razer Fintech will focus on transforming… Read More

Singapore Fintech Atlantis Introduces Digital Bank in India, will Focus on Serving Millennials and Gen Z Consumers

Singapore based Fintech firm Atlantis has reportedly launched a digital bank in India. The company’s business aims to target the estimated $15.7 billion global Millennial banking market. The neobank will mainly focus on serving Millennials (people born around 1980 to 1996) and Gen Z (born… Read More

German Digital Bank N26 Aims to Offer Experience that Fits Modern Lifestyles, Celebrates 1 Year US Launch

Germany-based digital bank N26, which offers a mobile banking platform, is celebrating its one year anniversary in the US with almost 500,000 customers. As mentioned in a release shared with Crowdfund Insider: “Since announcing its public US launch in partnership with Axos Bank in August… Read More

UK based Neobank Hammock, built for Landlords or Rent Collectors, Secures £1 Million in Seed Funding

Hammock, a neobank that has been introduced specifically for landlords, has acquired £1 million through a seed funding round from Ascension Ventures and Fuel Ventures. The capital raised by Hammock should help the bank with its upcoming launch of its current accounts – which should… Read More

Greek Payments Firm Viva Wallet Is Reportedly Planning to Secure €500 Million to Support Digital Banking Business

Greek payments firm Viva Wallet is reportedly planning to secure €500 million in capital to support its virtual banking business, according to Reuters which cited two sources familiar with the matter. As reported, Viva Wallet officially acquired the banking license of Praxia Bank after the… Read More

Hong Kong based Digital Bank WeLab Opens 10,000 New Customer Accounts Just 10 days After Launch

WeLab Bank recently confirmed the public launch of its digital banking services. It’s notably the only stand-alone firm to acquire a virtual bank license from the Hong Kong Monetary Authority (HKMA), the city-state’s de facto central bank that’s also responsible for promoting the efficiency, integrity… Read More

WorldRemit Announces Partnerships With Mexican Neobanking Groups albo & Klar

WorldRemit announced on Thursday it has formed partnerships with Mexico-based neobanks albo and Klar. According to Jorge Godinez, Head of LATAM at WorldRemit, the UK based Fintech is considered the first money transfer company to enable transfers to albo and Klar. While speaking about the collaboration… Read More

Australian Neobanks Continue to Slash Interest Rates on Savings Accounts due to Economic Challenges Created by COVID-19

Even though interest rates offered by challenger banks or neobanks in Australia (and globally) are generally higher than those offered by incumbents, Mozo reports that these all-digital banking platforms have been lowering their rates. Analysis performed by Mozo reveals that three neobanks were forced to… Read More

Australia’s DayTek Capital, which aims to Launch a Digital Bank, Acquires Financial Services License

Australia based DayTek Capital, a company focused on establishing a digital bank, has reportedly been awarded a financial services license by regulators in the country. Headquartered in Queensland, the new digital bank, called Infinity, has joined several other Australian banking challengers, which include Xinja Bank,… Read More

US based Neobank Aidbanc, which Launched in 2019, Plans to Empower NGOs by Providing Digital Banking, Spend Management Tools

Neobank Aidbanc, which launched operations last year, is reportedly planning to assist NGOs by providing them with digital banking and spend management software that they need to deliver financial aid. The proper distribution of financial aid can have a significant positive impact on the lives… Read More

Fintech Unicorn and Stealth Bank, TransferWise, Brings API powered Cross-Border Banking Solutions to Asian Markets

UK-based Fintech and stealth bank TransferWise recently revealed that it has taken an “exciting” step towards modernizing and streamlining global banking in Asia. The company confirmed that it has brought TransferWise for Banks, its “bank-friendly” API integration, to Asian markets, allowing financial institutions to surface… Read More

Fintech Adoption will Increase During “Regulatory-Driven 2.0 Era” According to Dennis Gao from KPMG Southern China

Dennis Gao, partner of Management Consulting at KPMG Southern China, recently noted that Fintech is preparing to enter the “regulatory-driven 2.0 era,” and opportunities are now greater or outweigh potential challenges for Fintech due to COVID-19. Gao, whose comments came during “Financial Digitalization & Fintech… Read More

Overfunding: UK Neobank Startup Muniy Surpasses £200,000 Funding Target on Crowdcube

Muniy, a UK-based neobanking startup, has successfully secured its initial £200,000 equity crowdfunding target through its Crowdcube campaign. The funding round was launched earlier this month. As previously reported, Muniy describes itself as “banking for everyone.” The startup currently offers freemium and paid accounts with… Read More

Neobanks can Provide Same Financial Services as Incumbents for a Third of the Cost, Fintech Executive Explains

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

UK Neobank Startup Muniy Now Seeking £200,000 Through Crowdcube Campaign

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

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