REPORT
The Super App Shift: How Consumers Want To Save, Shop, And Spend in the ConnectedEconomy, a PayPal and PYMNTS collaboration, examines how the growing consumer preferences for streamlined payment experiences have evolved into a significant interest in a super app to manage everyday life.
👉 Download the full report here.
REPORT
In Asia, bigtechs and new digital banking challengers are rapidly gaining ground, forcing incumbent banks to rethink their business strategy and become a part of the super-app ecosystem, a new report by Finextra, in association with Infosys Finacle and OneSpan, says.
👉 Download the full The Future of Digital Banking in Asia 2022 report here.
🚀 OPPORTUNITIES
NorthOne is looking for a Chief Financial Officer! The position is open for New York or San Francisco. The Chief Financial Officer will work with their world-class leadership team, who have helped create and scale companies like Square, McKinsey, Google, Frank and Oak, Strava, Instacart, Prodigy, Oportun, eBay and more.
👀 NEWS HIGHLIGHT
😎 SPONSORED CONTENT
PayRetailers is a Spanish company that offers a unified payment solution that integrates more than 250 payment methods to drive the digital growth of global businesses and financial inclusion in Latin America, with a business strategy aligned to strengthening its local operations where it operates.
🧐 ANALYSIS
43% of Indian adults to have a digital bank account by 2025.
👉Read the full article here.
📰 ARTICLE
Americans Don’t Need Super Apps.
Insider Intelligence claims Americans “grappling with provider and product choice overload are hankering for service rebundling, driving up demand for super apps.”
👉Read the full Forbes article written by Ron Shevlin here.
📰 ARTICLE
With more than 60 mutual banks and credit unions operating in Australia servicing more than 4 million customers, the customer-owned banking landscape is a diverse and important one.
👉Read the full article by Paul Apolony, General Manager Australia & New Zealand, Mambu here.
👨💻 BLOG
What would an Apple Bank Account look like? Apple’s primary strategic goal for financial services is no longer retention.
👉Read this very interesting article by Alex Johnson here.
👨💻 BLOG
Great long read by Tom Blomfield on his blog about the founding and growing Monzo Bank in the early days.
👉Read the full article here.
💬 INTERVIEW
Lloyds Banking Group Plc could buy more financial technology companies to bolster its digital offering, Chief Executive Officer Charlie Nunn told Bloomberg TV.
👉Read the full Bloomberg article here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️Mobile banking is now the primary delivery channel: What now? Link here.
⭐️ The Kenyan central bank has accused two of Africa’s leading fintech firms Flutterwave and Chipper, of illegally operating in the East African country. Link here.
⭐️ Alif has announced “a record 150%+ year-on-year revenue growth in the 12 months leading to June 2022.” Link here.
⭐️Customers complain about Wise’s rise in fees. Linke here.
⭐️BigPay now supports remittance corridors in 38 nations across Europe, UK. Link here.
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
Revolut released 22 new cryptocurrencies available to customers in the UK and EEA. Link here.
Also, Revolut plans to increase its crypto staff by 20 percent. Link here.
EUROPE 🇪🇺
TymeBank plans to bolster its business banking offering with a series of initiatives, including a proposed acquisition of Retail Capital. Link here.
USA 🇺🇸
JPMorgan is building a giant travel agency. Link here.
Grasshopper Bank has raised $30.4 million. Link here.
SoFi Technologies says it's reaping the benefits of becoming a bank. Link here.
Novo launched Express ACH, a service that will allow all of Novo’s small business customers to process same-day ACH payments. Link here.
LATAM
The British publication The Banker, part of the Financial Times Group, has selected BBVA as the best digital bank in Europe and Latin America. Link here.
Bnext pauses its adventure to "revolutionize banking" in Mexico. Link here.
ASIA
The State Bank of Pakistan has ordered fintech Tag to “immediately” refund all funds to customers. Link here.
Carlyle and Advent International have announced their plans to acquire a 10% stake in YES Bank. Link here.
GoTyme gets the green light from BSP to begin operations as digital bank in the Philippines. Link here.
Al Baraka Bank and VYZYO Subsidiary Tunisian Digital Finance for People Partner to Launch Financially and Socially Inclusive Mobile Wallet Service in Tunisia. Link here.
SC Ventures launches digital onboarding platform Appro in UAE. Link here.
Revolut has launched a cryptocurrency service in Singapore, allowing users to buy, hold and sell over 80 tokens through its app. Link here.
Bank of Thailand to launch retail CBDC pilot. Link here.
Visa rolls out Eco Benefits package to Asian banks. Link here.
MIDDLE EAST
MENA’s demand for payment hubs rises as open banking fuels cross-border flows. Link here.
AFRICA
As POS merchants target Nigeria’s unbanked population, banks’ troubles haunt them. Link here.
MOVERS AND SHAKERS
Aspiration announced that Tim Newell would join as the company’s First Chief Innovation Officer. Link here.
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