Tagged: virtual banking

October 21, 2020 @ 8:07 am By Omar Faridi  |  

Paulo Guedes, the Minister of Economy in Brazil, recently noted that the country is planning to join the Organization for Economic Cooperation and Development (OECD), which is an intergovernmental economic organization with over 30 member countries. The OECD aims to promote economic growth and also… Read More

October 17, 2020 @ 12:25 pm By Omar Faridi  |  

The global digital banking platform market size is expected to reach $10.87 billion by 2027, which means that it’s expanding at about a 13.6% CAGR (compounded annual growth rate), according to estimates from Allied Market Research (AMR). A release that summarizes that findings of the… Read More

October 14, 2020 @ 8:22 pm By Omar Faridi  |  

The global digital banking market demand is expected to reach $12 trillion by 2026, according to a new report. The digital banking market from corporate banking is now on track to expand at an 8% CAGR from 2020 to 2026. This growth may be attributed… Read More

October 10, 2020 @ 9:18 am By Omar Faridi  |  

Italy-based Enel will soon be the first of Europe’s major utilities providers to introduce a digital banking platform this month. According to Reuters, the virtual bank will let customers open a new current account by using the debit card they use to settle their energy… Read More

October 7, 2020 @ 10:00 pm By Omar Faridi  |  

Abu Dhabi’s ADQ is reportedly planning to launch a digital banking platform. ADQ, which operates as a state-managed holding firm, confirmed that it will establish a virtual bank in the United Arab Emirates (UAE). As reported by Reuters, the ADQ said it would be using… Read More

October 7, 2020 @ 4:57 pm By Omar Faridi  |  

NAGA Group (XETRA: N4G), a Germany-based social trading-focused brokerage firm, reported its financial results on October 5, 2020, for Q3 2020. The NAGA Group claims that it generated record sales and trading volume. The company’s sales volume reportedly increased by 506% year-on-year to €7.1 million… Read More

October 7, 2020 @ 1:29 pm By Omar Faridi  |  

Almost 80% or four out of five banks had claimed that they don’t have the technology required to offer the best customer experience. This, according to Forrester’s Global Financial Services Architecture Survey Q3 2019. Forrester had noted that banks should consider looking into digital banking… Read More

October 6, 2020 @ 11:27 pm By Omar Faridi  |  

Razer Fintech’s parent company is reportedly backed by a cash balance of more than $500 million and has zero debt. Headquartered in Singapore, Razer Fintech plans to launch a global “youth bank.” The company’s management is currently laying the foundation and making other necessary preparations… Read More

October 5, 2020 @ 11:31 pm By Omar Faridi  |  

AsiaMoney Magazine has selected Qatar’s Commercial Bank as the nation’s “Best Digital Bank” for 2020. Commercial Bank’s management noted: “Spearheading the digital innovation scene in the country, and more particularly in the financial and banking sector, Commercial Bank never ceases to launch state-of-the-art banking services… Read More

September 28, 2020 @ 6:34 pm By Omar Faridi  |  

Razer Fintech’s management has said that the company is planning to acquire a virtual banking license and that it’s willing to work independently or as part of a consortium. The Bank Negara Malaysia (BNM), the nation’s central bank, has confirmed that it will issue five… Read More

September 22, 2020 @ 9:39 am By Samantha Hurst  |  

  UK banking group Standard Chartered Bank announced on Tuesday it has officially launched its virtual bank “Mox” in Hong Kong. According to Standard Chartered, Mox was created in partnership with PCCW, HKT, and Trip.com, which provides its suite of retail banking services entirely digitally… Read More

September 17, 2020 @ 8:19 am By Omar Faridi  |  

Ping An Bank recently became the first Chinese financial institution to be named the world’s “best” digital bank at the Euromoney Awards. As mentioned in a release, Ping An Bank, which is a subsidiary of the Ping An Insurance Company of China, was named the… Read More

September 13, 2020 @ 9:55 pm By Omar Faridi  |  

The Abu Dhabi Global Market (ADGM) has received applications from MENA region companies that are interested in launching digital banking platforms. Richard Teng, who works at the emirate’s international financial free zone as the head of its Financial Services Regulatory Authority, revealed that his organization… Read More

September 5, 2020 @ 6:41 pm By Omar Faridi  |  

The global market for digital banking is expected to reach $22.3 billion within the next five years. It will be driven by the increasing number of Internet users who regularly use smartphones, mobile internet connections, and prefer to use platforms that offer convenient payment methods…. Read More

August 27, 2020 @ 9:58 pm By Omar Faridi  |  

Malaysia’s Razer Fintech, the Fintech division of Razer (a multinational financial service provider), has revealed that it plans to launch a digital banking platform in overseas markets. Razer, which is also (mainly) a gaming company, has applied for a virtual banking permit in Malaysia but… Read More

August 24, 2020 @ 1:49 pm By Omar Faridi  |  

The National Bank of Egypt (NBE), the country’s largest banking institution in terms of total assets, number of branches and employees, has introduced several services via its Al Ahly Net and NBE mobile app, in order to support its digital banking strategy. Hisham Okasha, chairman… Read More

August 17, 2020 @ 7:26 am By Omar Faridi  |  

Standard Chartered Plc, a British multinational banking and financial services company with over $700 billion in total assets, is reportedly getting ready to introduce its second all-digital bank in Asian markets. Standard Chartered will be partnering up with a division of Singapore’s largest labor union,… Read More

August 15, 2020 @ 11:46 am By Omar Faridi  |  

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

August 12, 2020 @ 11:52 pm By Omar Faridi  |  

China’s virtual yuan (CBDC), which is also referred to as digital currency electronic payment (DCEP), will reportedly be introduced for testing in Hong Kong’s Greater Bay Area within the next few weeks. The Greater Bay Area is a megapolis that includes nine major cities (Guangzhou,… Read More

August 3, 2020 @ 10:11 pm By Omar Faridi  |  

Ian Bradbury, CTO for Financial Services, Fujitsu UK, has surprisingly claimed that the COVID-19 outbreak has “changed very little” when it comes to the Fintech and the larger financial sector, in general. He argues that the financial industry’s digital and systemic transformation had already begun,… Read More