Digital Banking | 2023 #11
Weekly news up to Monday, 13th of March 2023
Hello all!
I decided not to list any SVB news updates in this weekly newsletter because this would be too much.
If you want to stay up to date with the latest SVB, and other FinTech news, please sign up for my daily newsletter here 👈
Enjoy this week’s other FinTech news!
Cheers,
Marcel
The World’s Most Valuable Bank Brands (2019-2023)👇
The 10 most valuable bank brands of 2023 are evenly split between China and the United States.
In terms of combined brand value, China leads with $262 billion to America’s $165 billion.
Read the full Visual Capitalist source article, with more stats and figures here.
REPORT
Building your signup experience is high stakes. According to new research from YouGov and TrueLayer, 4 in 10 people in the UK start creating an online account but don’t complete it.
That’s 40% of your marketing spend gone before you’ve seen any revenue.
👀 NEWS HIGHLIGHT
Railsr has been agreed with the Financial Conduct Authority in the UK.
This ensures business continuity for Railsr's customers, and more than five million end-users. Railsr will remain headquartered in the City of London.
👨💻 BLOG
Gerd Siewert, Engineering Manager at Klarna Kosma tells the story of his “open banking safari” and take you on a journey to explain how Kosma is leading the charge to improve PSD2 coverage and connectivity across Europe — and the world.
📰 ARTICLE
📰 ARTICLE
Revolut released its 2021 accounts, for the first time showing FY profit. But how important was crypto to the results, and can this continue into 2022 and beyond?
The initial results showed a company in its first year of profit, with the publication thought to be a key move towards gaining a banking license in the UK.
💡INSIGHTS
Central bank digital currencies are the digital form of a government-issued currency that isn’t pegged to a physical commodity. They are issued by central banks, whose role is to support financial services for a nation’s government and its commercial-banking system, set monetary policy, and issue currency.
What are the potential benefits of CBDCs? And what are some concerns around CBDCs?
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ N26’s top executives warned co-founders over dysfunctional leadership.
⭐️ US regulators have been sent to the headquarters of Silvergate Capital.
⭐️ Slice acquired a 5% stake in the Indian bank North East Small Finance.
⭐️ Revolut is taking another step forward towards making crypto more accessible, with a fourth ‘Learn & Earn’ course.
FinTech Meetup in Vegas is just around the corner and I will start and close it with a bang. Join me and let's do this together!
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
Griffin was authorised by the PRA and the FCA to operate with restrictions.
Lloyds Banking Group invested £10 million in digital identity company Yoti.
Tandem Bank announced its partnership with Snoop, the award-winning money-saving FinTech.
British Business Bank unveiled a £70m Northern Ireland fund to invest in small business growth as part of its regional investment strategy.
Alba has been granted a banking license by the UK Prudential Regulatory Authority and the FCA.
Pismo announced a new capability of its core banking and payments platform: digital lending.
Will Revolut be successful in Asia Pacific?
Allica Bank implemented its UK Confirmation of Payee solution to protect consumers against fraud and misdirected online payments.
EUROPE 🇪🇺
Intergiro made a partnership with Retreeb, which marks a significant milestone toward the launch of Retreeb's sustainable payment solution.
Swan opened its first office in Spain as part of its continued European expansion.
USA 🇺🇸
Senate Democrats, including Elizabeth Warren, called on financial regulators to take action to tackle fraud related to the bank-owned Zelle P2P payments service.
Embedded finance is projected to reach $7 trillion in transaction value by 2026.
Kraken is moving ahead with plans to launch its own bank despite a challenging regulatory environment.
HMBradley deployed Thought Machine's cloud-native core banking platform.
CANADA
Synctera raised an additional $15 million as it expands into Canada.
LATAM
Clave Créditos S.A. and Santander Consumer S.A. announce an agreement for Clave to digitally originate and service consumer loans in Argentina.
ASIA
SJML Japan the operator of Habitto, become the first company to register as a deposit-taking intermediary and electronic financial services intermediary in Japan.
Singlife appointed Citi and investment company BlackRock for a technology platform to transform its asset management capabilities from end to end.
AUSTRALIA 🇦🇺
ANZ is partnering with two universities to trial offline CBDC payments via smart cards that can be loaded with funds and used like physical cash.
Westpac rolled out a new security feature called Westpac Verify to protect customers from fraud.
AFRICA
The Central Bank of Nigeria approved operational guidelines on open banking, becoming the first country in the African region to adopt open banking regulations.
MOVERS AND SHAKERS
Nubank added Meta and PayPal veteran David Marcus to its board of directors.
