Tagged: virtual banking

Digital Banking: WeLab Bank to Offer Apple Pay Option to Clients across Hong Kong

WeLab Bank, a homegrown digital bank that has been authorized by the Hong Kong Monetary Authority (HKMA), reveals that it’s offering its customers Apple Pay, which is described as a safe, secure and private way to make payments. It allows clients to not have to… Read More

Digital Banking: Philippines based Tonik Acquires Virtual Bank License from Bangko Sentral ng Pilipinas

Philippines-based virtual bank Tonik recently revealed that it has managed to acquire a digital banking license from the Bangko Sentral ng Pilipinas (BSP), the nation’s central bank. Before receiving this license, Tonik had been offering services under a rural banking license (since 2019). BSP has… Read More

Digital Banking: Hong Kong’s WeLab Bank Surpasses 100,000 Clients, Reports Strong Q1 2021

Hong Kong based WeLab Bank, a newly-launched digital bank, reports that its total number of clients has exceeded 100,000 (registered users). As noted in a release shared with CI: “Riding on the strong momentum in customer growth in the first half of 2021, the Bank… Read More

Salesforce CRM to Help Revolut Business Clients with Rethinking, Reshaping Management of Customer Interactions

The team at digital bank Revolut notes that being able to work effectively in a digital environment is very important for small businesses. After a year that challenged many SMEs globally to adapt and become more flexible due to the COVID outbreak, everything from customer… Read More

Indonesia’s BRI Argo Partners Fintech PayFazz to Expand Digital Banking Services

PT. Bank Rakyat Indonesia Agroniaga (BRI Agro) has teamed up with local agent-based Fintech firm Payfazz. Using the API of its digital lending app Pinang, BRI Agro’s online savings and lending solutions will be offered to 250,000+ Payfazz agents. Agents can provide the same service… Read More

Digital Banking Platform Komo Partners Open Banking Service Brankas to Offer In-App Deposits in Philippines

Komo, a digital banking service developed by East-West Banking Corporation (EastWest) (PSE: EW) in the Philippines, has teamed up with Open Banking service provider Brankas in order to support instant in-app deposits. Through this partnership, Komo users will be able to instantly top-up their balance… Read More

Digital Banking: Hong Kong’s ZA Bank and Mox Account for Around 70% of Region’s Virtual Banking Customer Deposits

ZA Bank and Mox are reportedly leading Hong Kong’s digital bank market,  accounting for around 70% of all virtual banking customer deposits (as of the end of last year). This, according to a report from Reuters that referenced annual reports from banks in the city…. Read More

Banking Challenger Monzo Now Offering New and Improved Invoices for Business Pro Clients

Digital bank Monzo has introduced new and improved invoices on Business Pro. The team at Monzo notes that they’ve made in-app invoicing “better” in order to give users more time “for what really matters (like running your business, being with family, or queuing for an… Read More

Digital Banking: Revolut Business Web App has Been Updated, Now It’s Easier to Work with Marketplace Apps

Digital bank Revolut says your account has had “a spring clean.” Revolut Business has a “new look” and a more “personalized” experience. The Revolut team writes in a blog post: “We’ve updated our Revolut Business web app and the new, simpler navigation makes it easier… Read More

Hong Kong based Digital Bank livi Is Offering New BNPL Product with a Mastercard Virtual Debit Card

livi bank, which is notably one of Hong Kong’s eight digital banks, is now offering a Buy Now, Pay Later (BNPL) service with the introduction of livi PayLater that provides an instant installment option along with a virtual Mastercard debit card. The livi PayLater BNPL… Read More

Real-Time Virtual Payments Provider ACI Worldwide Extends Partnership with Kuwait’s National Digital Banking Firm

ACI Worldwide (NASDAQ: ACIW), a multinational provider of real-time virtual payment solutions, reveals that it has expanded its working relationship with KNET, which is Kuwait’s national digital banking firm. Through the expanded partnership, ACI Worldwide and KNET will introduce several innovative virtual payment services in… Read More

Digital Banking: Switzerland’s PostFinance Partners Swissquote to Launch Virtual Bank App Yuh, Will be Available May 11

PostFinance, the financial services division of Swiss Post, has teamed up with Swissquote in order to launch a digital banking app, called Yuh. The Fintech app will be available to the public on May 11, 2021. PostFinance and Swissquote had first announced plans to work… Read More

Fintech Finastra’s Fusion Cloud Core Banking Helps Firms Quickly Deploy Digital-First Banks, Company Exec Explains

The Coronavirus crisis has accelerated digital transformation across the world, including the APAC region, which has resulted in many bank branch closures. There’s also been a significant increase in retail banking activities that’s supported by all-digital challenger banks. These virtual banks are digital-first and are… Read More

Digital Banking Unicorn Revolut Is Reportedly Planning New Round of Funding, Could Value Fintech at Over $10B

The founder of digital banking challenger Revolut is reportedly planning a new round of funding that could value the Fintech at over £7.2 billion (appr. $10 billion). Sky News reports that the digital bank may be looking to work with  FT Partners, the US-headquartered Fintech-focused… Read More

Digital Banking: Reserve Bank in the Philippines Is working on Virtual Bank Framework to Enable Greater Financial Inclusion

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, is reportedly looking into adopting a virtual banking framework so that it may be leveraged to enable greater financial inclusion. The new digital banking guidelines are being developed to support a regulatory environment… Read More

Digital Banking: State Bank of Pakistan Releases New Guidelines for Virtual Banks, but Cash Is Still King in the Country

The State Bank of Pakistan (SBP), the nation’s central bank, announced on Friday (March 26, 2021) that it has started working on a separate set of guidelines for virtual banks which will focus on “regional regulatory trends,” according to a report from local sources. As… Read More

Digital Banking Platform ZA Bank from Hong Kong Now Claims 300k Users, Right before 1-Yr Anniversary

ZA Bank, which is one of Hong Kong’s eight digital banks, has confirmed that it has now acquired around 300,000 users. This milestone has been reached right before its first year anniversary. ZA Bank was notably the first to carry out a soft launch of… Read More

Digital Banking Challenger Current Confirms it Got Americans Stimulus Payments in their Accounts 5 Days Before Old Bank Users

Digital banking challenger Current confirmed on March 12, 2021, that it began receiving and crediting stimulus payments “as of 11 am. ET on March 12.” The digital bank stated that it would  be crediting “all member accounts immediately, making all funds fully available as we… Read More

Asian Digital Banking Challenger Tonik Launches Very First Neobank in the Philippines, Offering Competitive Deposit Rates

Southeast Asia-based all-digital banking challenger Tonik has officially launched the first neobank in the Philippines. Tonik is regulated by the Bangko Sentral ng Pilipinas (BSP), the nation’s central bank. Tonik’s deposits will reportedly be insured by the Philippine Deposit Insurance Corporation (PDIC). The digital banking… Read More

Digital Banking Unicorn Starling Explains How to Make the Most of Your Tax-Free Allowances on ISAs

UK-based digital banking challenger Starling notes that the end of the tax year is now “fast approaching.” This may be a good time to “make the most” of your tax-free allowances on Individual Savings Accounts (ISAs), the Starling team writes in a blog post. Starling… Read More

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