Digital Banking | 2022 #36
Weekly news up to Monday, September 5th, 2022
👀 NEWS HIGHLIGHT
Fintech Trailblazer Nikolay Storonsky, Revolut’s dynamic CEO.
As a teenager, Nikolay Storonsky was a champion swimmer and brilliant student. A keen kitesurfer, he currently heads up the UK’s most valuable fintech.
👉 Read the full article here.
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Citizens Pay is a payment vehicle and a financing method that looks more like an installment loan than the typical fintech BNPL pay-in-four program.
While fintech players face challenges, Citizens Bank enjoys the perks of a bank charter.
👉 Read the full article here.
Marcus: An Expedition from Wall Street to Main Street.
👉 Read the full article here.
Olivier Crespin, co-founder, and CEO of Zand tells Zawya how his bank has leveraged technology, fintech partnerships, and innovative products and services to help position the firm for the future.
👉 Read the full interview article here.
The Fund Founder Spotlight Interview: Arjun Thyagarajan of Solid.
Central banks around the world are getting involved in digital currencies, but some are further ahead than others.
In the map were used data from the Atlantic Council’s Currency Tracker to visualize the state of each central bank’s digital currency effort.
👉 Read the full article by Visual Capitalist, with more stats and figures here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ JPMorgan readies overseas retail expansion with German hiring spree. Link here.
⭐️ Wise was fined $360K by UAE for a series of AML due diligence failings, putting further pressure on the app. Link here.
⭐️ “ING has concluded that it is not feasible to achieve its ambitions with Yolt”. Link here.
⭐️ UK financial regulators have found flaws in the auditing process of neobank Revolut, according to the Financial Times. Link here.
⭐️FIVE banks to pay $1 billion in fines for illegal chats. Link here.
⭐️The Pan-African Payment and Settlement System launched by Afreximbank and the AfCFTA Secretariat last year has big implications for the future of African banking. Link here.
⭐️Economic downturn: The impact on cross-border payments. Link here.
🌎 REGIONAL HIGHLIGHTS
UK must ‘break chains’ of regulation to boost neobanks say MPs. Link here.
SumUp enters the B2C space with a digital wallet launch. Link here.
Jupiter Fund Management looks to sell its stake in Starling Bank. Link here.
Oxbury Bank lands £25m in Tier 2 capital funding. Link here.
Revolut Business hits £100B in transactions on its 5th birthday. Link here. Revolut cuts crypto fees. Link here. Revolut salaries revealed: How much the $33 billion bank pays across engineering, finance, and design, including a head of the crypto role for $250,000. Link here.
Chip launches Prize Savings Account. Link here.
Ireland becoming a cashless society as digital payments surge. Link here.
UBS scraps $1.4 billion deal to buy Wealthfront. Link here.
Tresio has partnered with Nordigen to improve its financial tool through real-time data. Link here.
Swift has moved to eliminate payment friction by introducing a new capability to flag upfront when payment may stall because of incorrect payee details. Link here.
First National Bank of Omaha launches credit card-as-a-service solution. Link here.
LevelField Financial is set to announce the acquisition of registered broker-dealer Netshares Financial Services LLC. Link here.
ABNB Federal Credit Union launches BioCatch on Alkami digital banking platform. Link here.
Sygnum Bank is planning to open a branch in New York Times Square. Link here.
Mahalo Banking completed its digital banking implementation with Rocky Mountain Credit Union. Link here.
Hawaii’s Central Pacific Bank embraces BaaS to gather mainland deposits. Link here.
Varo Bank’s proposal to reform the CRA champions financial inclusion proposal to reform the CRA champions financial inclusion. Link here.
CIBC continues innovation by offering clients no-fee same-day cash pick up abroad through MoneyGram. Link here.
Rico offers crypto, insurance, online banking, and credit cards. Link here.
Trovata announced a global distribution agreement with Santander. Link here.
Inter&Co seeks to expand its super app to the US following the Nasdaq listing. Link here.
GXS Bank launches new savings account for select customers. Link here.
Trust launch a range of products for its customers. Link here.
Bukalapak launch digibank app in Indonesia. Link here.
Tonik partner with Bayad. Link here.
Up has launched a locked savers function. Link here.
Mambu hits its stride in Australia, winning Fintech Award for collaboration with CBA on Unloan. Link here.
Reserve Bank of Australia announced that it expects the payments industry to develop the least-cost debit routing on mobile wallet transactions. Link here.
OwnHome launched in Brisbane, offering homebuyers a new path to homeownership in the city. Link here.
Raqmiyat, Codebase partner to deliver digital banking, and fintech solutions in UAE, Saudi Arabia. Link here.
Qatar Central Bank issues the first license to provide digital payment service. Link here.
Ajman Bank to launch world’s first Mastercard touch card, driving inclusion across UAE. Link here.
Grey raised a $2 million seed round. Link here.
Anchor comes out of stealth with $1M+ to scale its banking-as-a-service platform. Link here.
Flutterwave has been granted a Switching and Processing License by the Central Bank of Nigeria. Link here.
South African banks are becoming more digitized, opening the door to full online banking. Link here.
Mobile transactions in Nigeria hit N9.2 trillion in seven months of 2022. Link here.
MOVERS AND SHAKERS
BHB BaaS Association names Robert Keil as Chairman. Link here.
Rick Haythornthwaite has become Railsr first chairman. Link here.