Tagged: virtual bank

March 26, 2020 @ 6:31 pm By Omar Faridi  |  

Singapore-based Fintech company MatchMove has partnered with local finance firm, Singapura Finance Ltd., and two others, in order to apply for a virtual banking license in the city-state. The MatchMove-led consortium is the most recent group to reveal that it has filed an application for… Read More

March 24, 2020 @ 7:26 pm By JD Alois  |  

Hong Kong initiated a process in 2019 to facilitate digital-only banks. The move was indicative of the realization that digital banking, or virtual banks, is the future of banking and not the brick and mortar types. ZA Bank, an offshoot of ZhongAn Technologies International Group,… Read More

March 17, 2020 @ 7:32 am By Omar Faridi  |  

Leading digital bank Revolut has been rolling out new features for its digital banking platform. The bank recently introduced new features that allow users to earn cashback or avail special discount offers when they spend. Revolut has also launched a new gold trading service for… Read More

March 8, 2020 @ 7:00 pm By Omar Faridi  |  

In June 2020, Singapore’s regulatory authorities will be issuing operational licenses to three new wholesale neobanks in order to provide better services to underbanked small-and-medium-sized enterprises (SMEs).  The Monetary Authority of Singapore (MAS) confirmed in mid-2019 that it would begin accepting applications for five new… 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 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

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

November 9, 2019 @ 2:46 pm By Omar Faridi  |  

Chinese tech giant Tencent is reportedly preparing to launch a blockchain-enabled virtual bank, after the company obtained a license from the Hong Kong Monetary Authority (HKMA). Previously, Crowdfund Insider has reported that 8 virtual bank licenses have been issued with the most recent (4) being announced… Read More