Digital Banking | 2023 #12
Weekly news up to Monday, 20th of March 2023
Here are some of the news regarding Silicon Valley Bank 👇
SVB failed just 14 days after KPMG LLP gave the lender a clean bill of health. KPMG’s knowledge about the financial situation will likely be the subject of regulatory scrutiny and lawsuits.
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!
Open finance is kickstarting an ecosystem of digital innovation. There is an opportunity for open finance to become globally ubiquitous and democratize access to financial services.
Download the full #fintechreport "Global State of Open Finance 2023" by twimbit and F5 here. 👇
👀 NEWS HIGHLIGHT
Credit Suisse reports ‘weaknesses’ in financial controls, as they were first flagged down by the bank’s own auditor PwC. A conclusion was drawn by the bank that has unsatisfactory internal financial reporting controls as of 31 December 2022.
Credit Suisse shares rose over 30% at the market open after the bank said that it will borrow up to $54 billion from the Swiss National Bank.
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The Integrated solutions for startups and SMEs, with more than 45k merchants, achieving more than 1 million transactions per day worth $11 million.
The majority of banks globally are investing in modern payments technology with 94% of respondents considering varied levels of investment in the next 24-36 months, says a research study.
Aite-Novarica Group research reveals that payments is an important area of growth and innovation within the commercial banking space, and legacy systems cannot support end-user demand for better payment capabilities.
Open up your agendas! The 2nd Open Banking Afterwork is just around the corner.
Join Christoph Stegmeier from Simon-Kucher, Jens Frederik Natelberg from Solaris SE, and Daria Berdnikova from Klarna Kosma in a workshop to learn and exchange ideas on ways to steer product & commercial strategies in tough market conditions. Secure your spot here. 👈
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ Bunq surpassed €2.3bn in user deposits, neobank revealed that its balance sheets are up 91% year-over-year.
⭐️ Atom Bank kicked off a search for a new chair as preparations for a public listing of its shares gather pace.
🌎 REGIONAL HIGHLIGHTS
Kroo ups its current account interest to 3.33 %, claiming it is committed to disrupting the legacy banking system by passing on fair interest rates to its customers.
HMBradley eliminated its waitlist and is now open to new users after securing a new sponsor bank.
Ibanera raised $18.5m in a funding round to enable itself to keep supporting its BitLine business line.
MariBank is now available to the public on an invite-only basis as it is in the midst of rolling out its services progressively.
TNEX was named “Best Digital-only Bank in Vietnam” by The Asian Banker for the second year in a row.
Bank of Africa UK migrated its core banking systems to Oracle Cloud Infrastructure. OCI will provide access to secure and high-performance computing resources previously not available with its on-premises systems.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.