Digital Banking | 2022 #33
Weekly news up to Monday, August 15th, 2022
REPORT
In a new report, C-Innovation reviews Starling Bank’s revenue diversification, product development, partnerships, and funding, frequently drawing parallels between the Bank and its market competitors.
👉 Download the full c-innovation report here.
REPORT
Visa and Mastercard have announced their latest earnings – calendar Q2 22, which is Q2 22 for Mastercard and Q3 22 for Visa – with both enjoying ongoing growth in cross-border volumes as travel restrictions continue to lift.
👉 Read the full FXC Intelligence report by Joe Baker here.
👀 NEWS HIGHLIGHT
Volt Bank’s bottom line loss soared to A$84.3 million in the 12 months to the end of March, according to annual financial statements lodged last week with regulators.
Volt surrendered its banking license last month after it failed to complete a $200 million capital raising earlier this year.
👉 Read the full Banking day article here.
😎 SPONSORED CONTENT
Bring the power of open banking to your business
Yolt is the leading open banking and PSD2 provider in Europe, building, managing, and maintaining AIS and PIS connections.
📰 ARTICLE
Lending-as-a-Service needs a longer horizon to grow due to the rigorous compliance requirements (from state-by-state AND federal regulators) AND higher upfront costs (program fees, cost of capital for loans, reserve amount for defaults).
Key trends (from consumers/business users, service providers, non-bank entrants, and data) are fueling the growth of LaaS providers & offerings in the next year.
👉 Read the full article by William U. Morales here.
👨💻 BLOG
Is Goldman Sachs letting Apple down?
There’s a good old challenge in banking that, in recent years, has been growing.
👉 Read the full article by Chris Skinner here.
💡INSIGHTS
2021 was a prolific year for neobanks. Several raised massive funding rounds, became unicorns and decacorns, or expanded their global footprints.
👉 Read the full WhiteSight blog by Afshan D. and Samridhi S. here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ Dozens is closing its consumer accounts and shutting down its app as part of a substantial pivot to the company’s business model. Link here.
⭐️ MetaBank's Nancy Schempp champions the underbanked in a tough economy. Link here.
⭐️ How neobanks can become profitable despite the odds. Link here.
⭐️Neobanks are what traditional banks would be if they were created fresh in the 21st century. Link here.
⭐️Russia May Introduce "Targeted" CBDC by 2023. Link here.
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
Niknam’s Bunq banks on Irish expansion at the expense of incumbents. Link here.
Zopa has upped its easy access interest rate to 1.81 percent, moving it into the “top table position.” Link here.
Paysend introduces 50 new receiving countries to its global payments network. Link here.
Allica Bank completes £500m AIB loan book migration and reveals the first business’s current account details. Link here.
Atom Bank attains full registration with business Standards. Link here.
ANNA Money has severed its ties with Mikhail Fridman and Petr Aven, two Russian billionaires who had indirectly become major shareholders in fintech. Link here.
Wise has struck an open finance agreement with Plaid that will enable the former's 13 million customers to connect their accounts to thousands of apps. Link here.
Revolut crypto courses attract 1.5 million users. Link here.
EUROPE 🇪🇺
Revolut creates a new European crypto hub in Cyprus. Link here.
Digital lending platform Auxmoney raises €500m credit line. Link here.
ABN Amro's Tikkie introduces new functionality for settling group spending. Link here.
USA 🇺🇸
Western Union expands integration with Visa Direct. Link here.
Key Bank selects BlueSnap as a US gateway provider. Link here.
The US arm of Revolut is switching its main cryptocurrency service prover. Revolut is tapping Chicago-based Apex Crypto, the sources said, moving away from Paxos. Link here.
With another innovative RTP® Network solution, U.S. Bank can now provide loan funds to auto dealers instantly after the bank finalizes the loan contract. Link here.
Timberland Bank has partnered with savings platform Plinqit to provide its customers with financial wellness and savings tools. Link here.
Hello Digit fined $2.7m after algorithm caused customers overdraft fees. Link here.
Unit announced a strategic partnership with Thread Bank. Link here.
Great Southern Bank selects Fiserv for core banking upgrade. Link here.
Green Dot is locked in an Uber contract dispute. Link here.
Visa announces collaboration with Metrolinx, bringing Tap To Pay To Transit in the Greater Toronto Area. Link here.
CANADA
CIBC has entered a data access agreement with Utah-based FinTech company MX to provide its clients with a seamless way to share financial information. Link here.
LATAM
Banco BICE is betting on open banking in Chile with a strategy for embedded finance. Link here.
Nu Colombia, a subsidiary of Nubank, confirms that the Financial Superintendence of Colombia (SFC) formally approved its request to obtain the license to establish a Financing Company. Link here.
ASIA
Fi has raised INR134.1 Cr ($16.84 Mn) as part of its Series C funding round. Link here.
Neofy Partners with HPS to offer Cloud-based Digital Cards Solution to Banks and Financial Institutions. Link here.
ZA Bank has launched an investment fund service, becoming the first virtual bank in town to offer a one-stop integrated personal financial platform. Link here.
InvestHK partners with HKMA to launch Central Bank Digital Currency track for Global Fast Track 2022. Link here.
Bank Islam partners with UK Islamic Fintech Kestrl to expand Be U’s personalized solutions. Link here.
DANA has closed a funding round from Sinar Mas and Lazada Group. Link here.
UnionBank allows select customers to buy and sell Bitcoin within the app. Link here.
AUSTRALIA 🇦🇺
Frollo has announced that it’s phasing out screen scraping in its free money management app, where Open Banking is available. Link here.
The Reserve Bank of Australia is collaborating with the Digital Finance Cooperative Research Centre on a research project to explore use cases for a central bank's digital currency. Link here.
OCEANIA
ANZ New Zealand selects FIS for core banking upgrade. Link here.
MIDDLE EAST
Beyon Money achieves strong growth in the first eight months. Link here.
MOVERS AND SHAKERS
Niyo announces the appointment of Kiran Kulkarni as their Head of Design. Link here.
Kuda is poised to stamp its footprint in the global banking industry with the appointment of Pavel Khristolubov and Elena Lavezzi as its new Chief Operating Officer and Chief Strategy Officer. Link here
