Digital Banking | 2022 #38
Weekly news up to Monday, September 19th, 2022
REPORT
U.S. adults have stuck with digital banking, while other countries have returned to in-person banking.
👉 Download the full Morning consult “The State of Consumer Banking & Payments“ report by Charlotte Principato here.
👀 NEWS HIGHLIGHT
Abra Bank aims to become the first regulated bank in the U.S., where customers will be able to deposit and make transactions with cryptocurrencies, while Abra International plans to become the global entity providing these services.
👉 Read the full Beincrypto article by Catherine Ross-Mychka here.
😎 SPONSORED CONTENT
PayRetailers is a leading global provider of online payment services with Latin DNA. We offer e-commerce payment solutions for end-to-end cross-border transaction flow without the need of a local entity. Through one direct API, one technology platform and one contract, we offer merchants worldwide multiple local payment options in Latin America.
📰 ARTICLE
Fiat currency’s future? CBDCs, payments and the race for digital money
As finance increasingly digitalises, banks are exploring the prospect of central bank digital currencies (CBDCs) and what they could mean for payments.
👉 Read the full FXCintelligence article by Adeyanju Pinheiro-Aina and Callum Tyndall here.
👨💻 BLOG
Africa’s largest banks by revenue are concentrated in South Africa, 🇳🇬Nigeria, 🇪🇬Egypt, and to a lesser degree, 🇲🇦Morocco:
💬 INTERVIEW
In an interview with Margaux Zurbano, Nathaniel (Nate) Clarke, CEO of GoTyme Bank shares how they're working in the Filipino Market.
"As a developing country with an undeniably significant poverty index, the Philippines has struggled with financial inclusion.
👉 Read the full Techshake article by Nate Clarke here.
💬 INTERVIEW
Meet Adrian Cockcroft, Nubank’s new Tech Advisor.
Today you’ll be introduced to Adrian Cockcroft, Nubank's first technical advisor. Dive into his legacy in the technology field and his motivations to join the Nubank team!
👉 Read the full Nubank interview article here.
💡INSIGHTS
🇨🇦Numbers time:
- 300 bps - the Bank of Canada’s cumulative rate hikes since March.
- 25% - the amount home prices could drop over the next two quarters according to TD.
🎤 PODCAST
Coenraad Jonker is CEO of Tyme Bank, a neo-bank that originated in South Africa and is now serving customers in the Philippines.
Coen speaks with Jame DiBiasio about how challenger banks can be profitable while pursuing goals around financial inclusion, as well as the business, data and tech models required to succeed.
👉 Check the full Digfin video here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️Verity officially launched the first family banking and financial literacy app, now live in the Middle East and North Africa. Link here.
⭐️Revolut plans to launch its application in Brazil🇧🇷 in November. Link here.
⭐️ Goldman Sachs Group Inc. is embarking on its biggest round of jobs cuts since the start of the pandemic. Link here.
⭐️ Banking-as-a-Service will hit mainstream adoption within two years, according to the latest Gartner Hype Cycle for Digital Banking Transformation. Link here.
⭐️ SWIFT payment system embraces blockchain technology. Link here.
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
Kroo partners with Bud to build the world’s greatest social bank. Link here.
Codat partners nCino to help banks underwrite small business loans. Link here.
Paysend launches new instant payment service Link here.
EUROPE 🇪🇺
Tuum partners with Salt Edge to deliver a full spectrum of open banking solutions. Link here.
USA 🇺🇸
A venture that’s majority-backed by Walmart Inc. is poised to emerge from the shadows this month with digital bank accounts meant for the retail giant’s 1.6 million US employees and legions of weekly shoppers. Link here.
MAJORITY has raised $37.5 million in fresh funding. Link here.
The total transaction value of embedded finance is set to surge to $7 trillion in 2026 and account for 10 percent of all US financial transactions, according to research from Bain & Company. Link here.
Goldman Sachs is joining forces with Modern Treasury to bring embedded payments to corporate customers. Link here.
U.S. adults have stuck with digital banking, while other countries have returned to in-person banking. Link here.
Most fintechs partner with banks; Varo became one, and says it’s paying off. Link here.
Block is one of the most interesting consumer fintech businesses in the US and the world. Link here.
LATAM
Nubank provides predictability on passive income with new in-app earnings experience. Link here.
ASIA
Trust announced that it has reached 100,000 customers just 10 days after its launch. Link here.
Maya Bank hits 650,000 customer milestone 3 months after launch. Link here.
Japanese Banks' Payment Clearing Network, or Zengin-Net, said that it will make its system for interbank money transfers available to operators of mobile payment services. Link here.
AUSTRALIA 🇦🇺
CommBank becomes first major Australian bank to enable PayTo payments for CBA customers. Link here.
RBA backflip re-routes Apple Pay regulation. Link here.
MIDDLE EAST
Wio launched in the United Arab Emirates and would focus initially on small and medium enterprises. Link here.
Turan completed its pre-seed investment round with a valuation of approximately $2.5 million. Link here.
AFRICA
Shoprite's Money Market account is now fully fledged. Link here.
Eyowo unveils digital first Mastercard. Link here.
Kuda incurred a loss of over ₦6 billion in 2021. Link here.