Digital Banking | 2022 #27
Weekly news up to Monday, July 4th, 2022
REPORT
KPMG’s 34th annual Hong Kong Banking Report reviews the overall sector’s financial highlights in 2021 and analyses key metrics for the top 10 locally incorporated banks in Hong Kong.
👉 Download the full report by Benjamin Man and Anthony Kot here.
👀 NEWS HIGHLIGHT
Digital bank Volt shuts down.
The chief executive of failed neobank Volt still believes there is merit in trying to disrupt Australia’s banking oligopoly, saying his firm’s technology and products were competitive, but it just couldn’t raise the capital to keep growing.
👉 Read the full article here.
😎 SPONSORED CONTENT
This account means business
320,000 business owners use NorthOne to simplify financial management and get back to what they love.
📰 ARTICLE
By the end of the year, more than half of the 10 largest neobanks will be offering clients cryptocurrency products.
So said Mark Daly, vice president of growth at Zero Hash, a crypto infrastructure provider that offers a range of products including crypto trading and custody, staking, crypto rewards, and non-fungible tokens (NFTs).
👉Read the full Pymnts article here.
💬 INTERVIEW
Brazilian Super App Inter sees Nasdaq listing as a springboard to US consumers.
The super app offers a digital front door for a range of activities — from banking and investing to insurance, peer-to-peer (P2P) and beyond.
👉Read the full interview article here.
💬 INTERVIEW
“This is not a turnaround. This is not a reset of everything. It’s about connecting the ingredients,” Chime CMO Vineet Mehra said of the new role.
Vineet Mehra joined Chime as the challenger bank’s chief marketing officer at the end of May.
👉Read the full American Banker interview article here.
💡INSIGHTS
Here, FXC Intelligence analyses some of the main payments and banking solutions catering to the needs of migrants.
👉Read the full article by Joe Baker here.
💡INSIGHTS
Leading applied analytics company FICO released new research on consumer deposit and banking habits.
The new research from FICO found only 42% of Americans contribute to their savings through automatic transfer or direct deposit, down from 47% in 2021.
👉Read the full article here.
🎤 PODCAST
In Episode 117 of FinTech Chatter podcast, Dexter Cousins is joined by Fintech Leader of the Year, Dom Pym.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ Wise has shared that its revenue grew by one-third to £555.9m in the 12 months up until the end of March 2022. Link here.
⭐️The UK's challenger banking movement is approaching its tenth year and competition has never been fiercer. Link here.
⭐️ Dubai fintech YAP raises $41m to expand footprint, eyes Saudi market among others. Link here.
⭐️Minna announces partnership with financial health app Steven. Link here.
⭐️Bunq’s 2021 results show narrowing losses as deposits reach €1.1bn. Link here.
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
Starling Bank launched the first-ever Fantasy Football game for the UEFA Women’s EURO ahead of the official tournament kick-off on Wednesday 6th July. Link here.
Sustainable challenger Ashman has received an authorised with restrictions (AwR) UK banking licence. Link here.
Gatehouse Bank has launched a mobile app, available on iOS and Android, to support customers in managing their personal savings accounts. Link here.
NatWest Business has taken to video app TikTok for a campaign aimed at reaching budding entrepreneurs. Link here.
The boss of Revolut said his fintech startup has enough funding for at least two more years and would not be looking to raise money, as venture capital dries up across the technology industry. Link here.
Quirk, the unique new finance app designed specifically for Gen Z, launches to the wider public this week after reaching 10,000 beta users, offering this financially-neglected generation their best route yet to get on top of their finances and feel good about their money. Link here.
EUROPE 🇪🇺
Atlantic Money has secured a license with the National Bank of Belgium to operate in Europe and access all 30 EU and EEA member states. Link here.
SME Bank has partnered with next-generation payment infrastructure provider kevin. Link here.
ZEN.COM has been awarded the Digital First certificate by Mastercard. Link here.
Five Degrees combines forces with Salt Edge to kit up banks and lenders from Europe with the open banking-enabled tools, helping them to create fully digital and innovative services. Link here.
USA 🇺🇸
Marqeta is significantly expanding its credit platform with more than 40 new credit APIs. Link here.
Galileo Financial Technologies announced that its API-enabled financial technology powers Flyp. Link here.
Neomoon closed its $850k seed funding. Link here.
LATAM
According to FinTech Futures, Daxsen Group is supposedly set to launch a new digital bank in Ecuador named Daxsen Bank, supported by its investment management firm Daxsen Capital. Link here.
Nubank announced its new credit and debit card aimed exclusively at CNPJ accounts. According to the company, the card – now in silver color – aims to facilitate financial management and corporate purchases of MEIs, self-employed and small entrepreneurs. Link here.
ASIA
The Government Savings Bank sees an opportunity to upgrade services to meet the digital lifestyles of customers with “GSB Metaverse”, the first virtual bank in Thailand that pioneers a new experience in the virtual world. Link here.
UNO Digital Bank has partnered with Businessnext as it looks to modernise its customer relationship management (CRM) systems. Link here.
Close to seven in ten Malaysian small and medium enterprises (SMEs) expressed interest to bank with digital banks, based on the findings of the Visa SMB Digital Banking Study. Link here.
GetVantage offers revenue-based financing to India’s founders. Link here.
AUSTRALIA 🇦🇺
Westpac is offering small businesses technology that lets them accept contactless payments via Android mobile phones. Link here.
Australians double-spending through buy now, pay later services, to $11.9bn. Link here.
OCEANIA
Airwallex is now a fully registered Financial Service Provider with the Financial Service Providers Register in New Zealand and has launched its global payment services in the country. Link here.
MIDDLE EAST
Dubai Islamic Bank has reinforced its position as the region’s most progressive Islamic financial institution, by becoming the first Islamic bank in the UAE to go live with the Arab Monetary Fund’s Buna system – a move that is strongly in line with DIB’s digital transformation strategy. Link here.
AFRICA
Sava, a spend management platform for African businesses, raised $2M pre-seed backing. Link here.
The South African Reserve Bank is working on a new Rapid Payments Programme (RPP) which is set to significantly shake up payments in South Africa. Link here.
MOVERS AND SHAKERS
Revolut's chief banking officer Sid Jajodia has picked up a new role as US CEO, overseeing the financial super app's extension into the US market. Link here. Revolut has appointed Charlie Short as its head of growth to provide strategic leadership in the ANZ region and to rapidly build its local customer base. Link here.
Nutmeg CEO Neil Alexander stepped down from his role a year after the firm was acquired by JP Morgan. Link here.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.