Digital Banking | 2022 #43
Weekly news up to Monday, October 24th, 2022
REPORT
In 2022, Brazil now has hundreds of FinTech startups which have increased Brazilians’ access to financial services from 57% to 86% of the population in recent years — thus bringing 75 million Brazilians into the banking system.
👉 Read the full report by Flora Oliveira and Angela Strange here.
👀 NEWS HIGHLIGHT
JPMorgan Chase is giving some customers early access to their direct deposits, a feature popularized by fintech rivals, as it hopes to attract users to a no-overdraft checking account.
👉 Read the full CNBC article here.
😎 SPONSORED CONTENT
Have you ever wondered what the Berlin Group is, what makes a sandbox, or what the difference between an ASPSP and AISP is? Despite what you may think, Open Banking terminology doesn’t need to be confusing. To help you along your way and get to grips with key terminology, the team at Klarna Kosma has put together this simple but comprehensive guide.
📰 ARTICLE
A real-time cross-border payment pilot linking the U.S. Dollar and the euro is underway and there’s not a blockchain or central bank digital currency (CBDC) in sight.
The effort, called the Immediate Cross-Border Payments (IXB) pilot service, has been developed by three well-known financial institutions — The Clearing House in the U.S., EBA Clearing in Europe and SWIFT.
👉 Read the full Forbes article here.
👨💻 BLOG
Revolut has unveiled a new holiday home rental feature today as it looks to broaden its reach in the travel market and snap up market share from Airbnb.
👉 Read the full City AM article here.
💡INSIGHTS
In a mobile-first age where convenience is becoming more valuable than currency, super apps are huge and, on the rise, globally.
👉 Download Currencycloud’s super app ebook here.
🎤 PODCAST
A new episode of the Future of Banking podcast is now live.
In this episode, our amazing podcast host Kimberley Waldron (Fintech PR) speaks with Hugh Shannon from OakNorth.
👉 Listen to the Future of Banking podcast episode here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️Nexta secured a $3 million investment from eFinance Group. Link here.
⭐️ Nuri’s business has collapsed, after failing to land fresh investment or find an acquirer. Link here.
⭐️ Westpac confirms it's in discussions to acquire 100% of Tyro. Link here.
⭐️ Mastercard is launching a program to let financial institutions offer cryptocurrency trading to their clients. Link here.
⭐️ Goldman Sachs CEO Solomon is undoing some of his biggest moves in major bank shake-up. Link here.
⭐️ BNY Mellon facilitates payment transaction between Egypt and China. Link here.
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
Wise has increased the average cost of transactions for the first time since 2020. Link here.
Algbra partners with Marqeta to deliver new ‘Financial Movement’ for communities and the environment. Link here.
Lloyds launches fintech sandbox with NayaOne. Link here. Lloyds partners Billhop on commercial card payments. Link here.
NatWest Group has entered into a strategic partnership with the Vodeno Group. Link here.
Tuum announces a new partnership with Salv. Link here.
Revolut and UNiDAYS team up to help students take better care of their finances. Link here.
EUROPE 🇪🇺
Société Générale has been approved to operate digital asset services through its subsidiary Forge. Link here.
bunq wins appeal case against the Dutch Central Bank (DNB). Link here.
Atlantic Money launches in Ireland. Link here.
BNP Paribas launches their “Mes Extras” rewards program open to all retail clients at no cost. Link here.
N26 announced it is launching a crypto trading service, starting with Austria as the first market for the product. Link here.
ING Bank NV subsidiary Payvision is under investigation for violating anti-money laundering regulations. Link here.
Enfuce launches spend management tool. Link here.
USA 🇺🇸
Shoreline Credit Union partners VizyPay for small business payment services. Link here.
Britain’s Gen Z finance app ‘Quirk’ strides the Atlantic to rescue young Americans. Link here.
Greenlight launches family cash card, the 3% cash back credit card for parents. Link here.
JP Morgan already enables blockchain U.S. dollar deposit accounts with JPM Coin. Link here.
Jack Henry and Mastercard tackle financial fragmentation. Link here.
Synapse announced a partnership with American Bank. Link here.
Current announced it has successfully migrated to the Visa DPS Forward platform with a seamless migration of over four million accounts. Link here.
LATAM
Nubank will launch its own cryptocurrency (the token, called Nucoin) in the first half of 2023 in Brazil. Link here.
CARIBBEAN
Belize Bank extends core banking partnership with Finastra. Link here.
ASIA
India launches 75 digital banking units across rural areas in financial inclusion push. Link here.
BigPay announced that it has added three new services to its major payment institution (MPI) license issued by the Monetary Authority of Singapore for account issuance service. Link here.
AUSTRALIA 🇦🇺
National Australia Bank launched tap-on-phone payment technology for small businesses in a first for a major Australian bank. Link here.
GBST wins two IBS Intelligence NeoChallenger Bank Awards. Link here.
MIDDLE EAST
Crunch App announced the launch of its mobile app ‘Crunch: Personal Finance’. Link here.
MOVERS AND SHAKERS
Green Dot Corp. CEO Dan Henry will be replaced by George Gresham, the company’s chief financial and operating officer. Henry also resigned from the company’s board. Link here.
FIS® announced the appointment of Stephanie L. Ferris as President and Chief Executive Officer (CEO). Link here.
AEON’s Islamic Digital Bank to appoint Raja Teh Maimunah as CEO. Link here.
JPMorgan Chase appointed a former executive at bankrupt crypto lender Celsius, Aaron Iovine as its head of digital assets regulatory policy. Link here.
Atom bank named Andrew Marshall as chief financial officer. Link here.