Digital Banking | 2022 #46
Weekly news up to Monday, November 14th, 2022
REPORT
Check out Mobiquity Inc.’s Interactive Digital Banking Features Radar Report.
Their recent study shows that almost 80% of daily banking functionalities provided by banks to customers are similar, leaving only 20% for banks to differentiate themselves.
👉 Download the full report here.
👀 NEWS HIGHLIGHT
Griffin and global FS OS 11:FS Foundry announced a new partnership to help businesses actualise the benefits of embedded finance - the process of building new fintech products and embedding financial services directly into non-financial applications.
👉 Read the full article here.
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📰 ARTICLE
Mexico has arguably the largest opportunity worldwide for Banking as a Service (BaaS). Its financial system is in dire need of reform.
In a country of 130 million and despite the digitalization that COVID brought about, 50% of Mexican adults are unbanked
Zac T. ’s guide will explain what the key market dynamics are, give an overview of the regulatory challenges, and examine the main players in the industry.
👉 Read the full report article here.
💡INSIGHTS
Check out the latest PYMNTS Digital Banking Apps Ranked.
This exclusive service of PYMNTS is updated monthly, and ranks Digital Banking Apps using a proprietary combination of publicly available information plus app usage data to which they have access.
👉 Check the full overview/ranking here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️Railsr planning 16% job cuts, sale of Singaporean business. Link here. Railsr eyes sale weeks after heavily discounted fundraising. Link here.
⭐️ Wio Bank announced its successful go live on Mambu. Link here.
⭐️ neon raises CHF 11 million from institutional and crowdfunding investors. Link here.
⭐️Contactless mobile payment users to exceed 1 billion by 2024, according to a report from Juniper Research. Link here.
⭐️J.P. Morgan and Mastercard modernize account-based payments with innovative 'pay-by-bank' solution. Link here.
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
Finom acquires UK payments startup Kapaga. Link here.
Kuda arrives in the UK to streamline Nigerian remittances. Link here.
Molo Finance is introducing a new ‘Savings Booster’ feature on its buy-to-let products. Link here.
Gatehouse Bank customers plant over 20,000 trees through savings accounts. Link here.
Starling Bank hopes to remove some of the pains of “sadmin” for their customers by partnering with SaaS product Settld. Link here.
EUROPE 🇪🇺
LHV announced a partnership with Lightyear. Link here.
Clamor to overthrow Temenos leadership grows. Link here.
Spanish banks to road test digital euro. Link here.
JP Morgan is opening a payments innovation lab in Athens as part of a wider Greek expansion. Link here.
USA 🇺🇸
Doola raises $8 million to expand its suite of banking services for founders breaking into the US. Link here.
Association of Military Banks of America launches 'Patriot Card'. Link here.
LATAM
Nubank opens its new product account for teenagers under 18 in Brazil🇧🇷. Link here.
ASIA
UnionDigital Bank announced that it has acquired 1.73-M customers, reached US$ 70-M in loan book size. Link here.
Laser Digital will launch an institutional trading platform by the first quarter of next year. Link here.
Sacombank selects Temenos Infinity to elevate digital banking. Link here.
Techurate introduces Tigiverse to revolutionize the banking experience. Link here.
ZikZuk acquires tax e-filing platform, TaxSpanner. Link here.
Tonik rolls out new all-digital loans. Link here.
Vopy signed a strategically important Memorandum of Understanding (MoU) agreement with Indian neobank Antpay, which is part of the Antworks Money Group. Link here.
AUSTRALIA 🇦🇺
Thriday signs exclusive Banking-as-a-Service agreement with Regional Australia Bank. Link here.
OCEANIA
The New Zealand Government has instructed banks to begin sharing data with competitors under a new open banking framework. Link here.
AFRICA
Yassir pulls in $150M for its super app, led by Bond. Link here.
Finastra and Modefin partner to provide best-in-class fintech solutions for banks in Africa. Link here.
MOVERS AND SHAKERS
Reuben Lai — who also serves as GXS Bank's head of regional strategy — will step down. Link here.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.