Digital Banking | 2022 #37
Weekly news up to Monday, September 12th, 2022
Hi, there!
Lots of excitement last week in the global digital banking industry! The news update that stood out the most was Revolut's big announcement.
Revolut is launching a one-click payment feature called Revolut Pay. In a bid to rival PayPal and other tech giants at online checkouts. Revolut Pay has signed up several retailers. Including Shopify Inc., Prestashop, WH Smith Plc, and Funky Pigeon. It will also be available within the airline industry in the coming months.
An interesting move but not a surprising one. Other digital banking and FinTech players, like Sokin, made a similar move. It's always good to be in the news with a positive update.
Although.
At the beginning of the week, there was breaking news for Revolut. According to the Financial Times, the UK Financial Regulator found flaws in Revolut's auditing process. Never a dull moment at Revolut!
Before we dive into our scheduled long list of news updates, I would like to share an exciting update I came across on LinkedIn:
This is a great opportunity for any digital banking FinTech startup out there to get advise from a legend like Brett.
I recommend reaching out to him directly.
Enjoy the news, and have a great week!
Cheers,
REPORT
Stablecoins have experienced wide adoption as they’ve become an attractive asset and valuable component of yield-generating strategies in Decentralized Finance (DeFi).
👉Read the full report by Wave financial here.
👀 NEWS HIGHLIGHT
Revolut is launching a one-click payment feature called Revolut Pay in a bid to rival PayPal and other tech giants at online checkouts.
Revolut Pay has signed up retailers including Shopify Inc., Prestashop, WH Smith Plc, and Funky Pigeon, and will be available within the airline industry in the coming months, according to a statement from the London-based fintech.
👉Read the full Bloomberg UK article by Aisha S Gani here.
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📰 ARTICLE
What do you think of getting your next loan from someone other than a bank, being automatically insured while buying a flight, or of getting a new fridge and paying for it much later?
The answer to these rhetorical questions is a relatively recent phenomenon that is quickly gaining momentum: Embedded Finance.
👉 Read the full article and overview by Jessica VIGNOLES from 360 Capital here.
📰 ARTICLE
In 2019, if you asked Victor Bello, an electronics trader in the bustling Computer Village of Lagos, Nigeria, if he would allow his customers to make non-cash transactions, he would have laughed and promptly shown you the door.
Today, the story is completely different. About 90% of all his daily transactions are made via mobile transactions.
👉 Read the full Forbes Africa article by Peace Hyde here.
👨💻 BLOG
Regulatory storm clouds have been gathering over bank-fintech partnerships for some time.
💬 INTERVIEW
Is Careem ready for crypto and metaverse?
In an exclusive chat, Careem CEO Mudassir Sheikha discusses innovation and simplifying the lives of people in the region.
👉 Read the full FastCompanyME article by Rachel Dawson here.
💬 INTERVIEW
Revolut chief Nikolay Storonsky: We can still be banking’s super app.
The co-founder breaks his silence over growing concerns for the fate of his beleaguered app.
👉 Read the full TheTimes interview article by Jill Treanor here.
💡INSIGHTS
The State of Crypto Banks in 2022: How Market Volatility Has Impacted Them?
👉 Read the full block data article here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ Apple Pay has surpassed Mastercard in the dollar value of transactions annually, with its $6 trillion total meaning it's over halfway to equaling Visa. Link here. Apple Pay Later: How the new iOS 16 feature lets iPhone users BNPL. Link here.
⭐️ Griffin launch Verify, a customer onboarding product. Link here.
⭐️ JPMorgan plans to hire a team of retail bankers in Germany as the biggest U.S. lender prepares to expand its international consumer business in pursuit of steadier revenue streams. Link here.
⭐️ Germany announces plans to create a new financial crime authority. Link here.
⭐️ Revolut is under pressure from its auditors to improve internal controls after UK regulators highlighted significant flaws in the auditing of its accounts, including an “unacceptably high” risk of “material misstatement”. Link here.
⭐️Rakuten prepares digital bank IPO despite disthe mal market. Link here.
⭐️Uala pairs with Mexico's ABC Capital for the remittance market. Link here.
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
Data released this week show Starling bank had up to 2.5 times higher rates of fraud in its Bounce Back Loan provision than the sector average. Link here. Starling Bank adds bulk payments to UK business banking accounts. Link here.
StreamBank is a new challenger bank in the UK. Link here.
UKOM explored which financial institutions are popular with current UK students by looking at the top 10 online banking brands by audience reach in June 2022. Link here.
How Wise built the world’s first cloud-based card processing. Link here.
EUROPE 🇪🇺
Kard chose Bankable as its Banking-as-a-Service partner. Link here.
N26 pushed its growth plans in Spain with the launch of its first credit product in the country. Link here. N26 takes the offensive against phishing scams. Link here.
Alpian partnered with Visa to roll out its new metal debit card across the country. Link here.
Plum to offer stock investment and debit cards in Europe. Link here.
USA 🇺🇸
Liberty Bank to laua nch new digital bank for small businesses next year. Link here,
What the collapsed $1.4 billion Wealthfront deal means for UBS. Link here.
Bank of America sets record for patents granted during the first half of 2022. Link here.
LATAM
Nubank announced to bank analysts that it is preparing the launch of payroll-deductible loans, with payroll deductions. Link here.
Ualá acquires BNPL fintech Ceibo Créditos. Link here.
ASIA
BigPay introduced enhancements to its recently launched goal-based savings offering – Stashes. Link here.
GoTyme, interbank network BancNet, and Visa have formed a partnership to introduce the GoTyme Visa ATM Debit Card. Link here.
The Kanto Local Finance Bureau has issued a business improvement order for violation of the Funds Settlement Act to Revolut Technologies Japan. Link here.
Japan will allow salary payments to digital wallets in 2023. Link here.
GoTyme Bank is making financial inclusion more inclusive for Filipinos. Link here.
AUSTRALIA 🇦🇺
OwnHome announced its official launch in Brisbane, offering homebuyers a new path to homeownership in the city. Link here.
Frustration over major banks in Australia delaying the activation of the new direct debit system known as PayTo is intensifying. Link here.
MIDDLE EAST
Optasia plans to grow its financial-services business in Africa, Southeast ,Asia and Latin America in the next three years. Link here.
Digital banking adoption soars in the UAE. Link here.
AFRICA
Carbon Finance become a full-service bank, underpinned by core banking software from Mambu. Link here.
With the high number of unbanked South African customers, the country’s newest low-cost branchless bank − Be Mobile Africa − should tap into the infinite opportunities presented by consumers’ huge appetite for digital-only banking. Link here.
Grip wants to bundle the finances of consumers and businesses. Link here.
MOVERS AND SHAKERS
Chime welcomed analytics leader Rucha Fulay as its first VP of Analytics. Link here.