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Digital Banking | 2023 #1

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Digital Banking | 2023 #1

Weekly news up to Monday, 2nd of January

Marcel van Oost
Jan 2, 2023
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Digital Banking | 2023 #1

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REPORT

In 2022, G20 countries sent nearly $212 billion in remittances.

But nearly $11.6 billion was lost to fees along the way. The reason remittance prices remain high is the lack of transparency. Today, providers can tell consumers their transfers are “free”, include “0% commission” or cost just a low fixed fee of $5. In reality, however, the biggest cost is hidden in a terrible exchange rate.

👉 Read the full report by Wise here

REPORT

Check out this amazing FinTech report: “The UX Playbook for Finance” with some great case studies.

👉 Read the full UX Playbook for Finance report here


👀 NEWS HIGHLIGHT

Through its FTX Ventures unit, the crypto firm in March invested $100 million in Dave, a FinTech company that had gone public two months earlier through a special purpose acquisition company. 

FTX Ventures was described as a $2 billion venture fund, in its press release with Dave.
Dave CEO Jason Wilk told CNBC that FTX’s investment in Dave is already scheduled to be repaid, with interest, by 2026. 

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👉 Read the full CNBC article here


📰 ARTICLE

About a year ago, Nubank debuted on the New York Stock Exchange and wrote a new chapter in Latin America's startup ecosystem history.

The digital bank not only raised US$ 2,8B, but the IPO was also the largest dually-listed IPO globally since 2012, being the first IPO in the US with a simultaneous listing in Brazil. Fede Sandler had the opportunity to be a part of the team leading Nubank's IPO, as the company's Investor Relations Officer. 

Power Sticker by Nubank

👉 Read the whole Latitud article here

💡INSIGHTS

Improved digital account opening must be a top priority for 2023.

More than ever, consumers expect to finish the entire process on their smartphones, in a matter of minutes.

👉 Read the whole The Financial Brand article by Jim Marous here

🧐 ANALYSIS

Greenlights 2022 year in review.

Greenlight kids and teens showed up in big ways — and we’re beaming with pride.

👉 Read the full blog post with more stats and figures here


NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS

🔦 DIGITAL BANKING HIGHLIGHTS

⭐️ The Central Bank of the Republic of Türkey announced that the digital lira completed the first phase of the payment test. Link here

⭐️ The fledgling newcomers in Singapore seem to have a much harder time than expected. Link here

⭐️ ADIB launched the region's first tokenized, contactless payment methods through the options of clasp and ring "ADIB PAY". Link here


🌎 REGIONAL HIGHLIGHTS

UK 🇬🇧

HSBC filed trademark applications with the United States Patent and Trademark Office for a wide range of digital currency products and services. Link here

Revolut's users complain about scams more than double since 2020. Link here

ASIA

Nabil Bank Limited launched nBank as Nepal’s first neo-bank, by completely revamping its mobile banking app. Link here

AUSTRALIA 🇦🇺

Macquarie and ING revealed that they will consider potential borrowers’ use of BNPL services on mortgage and personal loan applications in the New Year. Link here

MIDDLE EAST

ADIB launched the region's first tokenized, contactless payment methods through the options of clasp and ring "ADIB PAY" in partnership with token enablement service providers Tappy Technologies and Visa. Link here


MOVERS AND SHAKERS

CFO and temporary Head of Operations Jan Kemper will leave N26 at the end of January. Link here



If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.

EMAIL ME

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