Digital Banking | 2023 #13
Weekly news up to Monday, 27th of March 2023
Check out the latest 🇦🇺 Australian Open Banking Ecosystem Map👇
In “Payments gets personal—strategies to say relevant,” Accenture reports on a survey of 16,000 payments customers across 13 different countries, they revealed how the return of meaningful interest rates is interacting with ongoing digital disruption in payments to reshape the expectations of customers. 👇
Remittances are not only a lifeline for millions of migrant workers and their families, they are also vitally important for the prosperity of many developing economies around the world. As the amount of global remittance inflows continues to reach new records1, 53% of surveyed consumers are turning to digital apps to send and receive funds around the world.
👀 NEWS HIGHLIGHT
Enfuce teamed up with UK neobanking start-up Science Card to launch a ground-breaking payments card, which forms part of a new infrastructure for funding scientific research, designed to create the future earlier rather than later.
First Citizens Bancshares Inc., one of the nation’s largest regional banks, is buying big pieces of Silicon Valley Bank more than two weeks after the lender’s collapse sent tremors through the banking system.
The financial shock caused by the failure of Silicon Valley Bank and then by the collapse of Credit Suisse takes a toll on Latin American banks (as their stocks show)👇
Short seller Hindenburg Research announced Thursday that the payment company was its latest short position, alleging that Block allowed criminal activity to operate with lax controls and “highly” inflates Cash App’s transacting user base, a key metric of performance.
With more than 3 million users worldwide, Buddy is the fastest-growing budgeting app on the App Store. Partnering with Kosma allowed Buddy users can safely connect their bank accounts - checking account balances in real-time, monitoring their spending, and setting up payment reminders, all from the app.
It has 28m global retail customers — far more than competitors Monzo (7m) and Starling (3.5m), which are focused on the UK. Unlike them, however, it doesn’t have a banking license — and yet its valuation still dwarfs theirs.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ JPMorgan Chase is acquiring a data analytics provider for startup investors called Aumni.
⭐️ Revolut is to enter the Irish car insurance market, as it continues to expand its business here.
⭐️ Alex.Bank began its newest capital raise, with the target of raising $20 million.
⭐️ Raisin raised €60 million in a series E funding round, from existing and new investors.
🌎 REGIONAL HIGHLIGHTS
Recognise Bank secured a £25m cash raise from its largest investor, PV27, company was fully licensed at the end of 2021 and raised over £95m in investment so far.
Standard Chartered Bank announced the global launch of the working capital and lending capability on its Straight2Bank platform.
Cable and Griffin partner to integrate robust automated financial crime assurance into Griffin’s BaaS platform.
Fiserv combines the technology stack with Central Payments' API marketplace, enabling FinTech, enterprise businesses, and payment facilitators to bring financial products and services to market with greater speed and growth potential.
Rakuten Group plans an initial public offering of its banking arm, in a probable $807 million listing that would test demand for the e-commerce giant's online lender.
Bursa Malaysia announced the deployment of its Centralised Sustainability Platform which will be piloted by Maybank and the UMW Corporation.
Trust Bank now onboarded over 500,000 customers just seven months after its official launch in September 2022.
Sygnum announces the opening of its Middle East hub in the Abu Dhabi Global Market international financial centre to provide a portfolio of Swiss-regulated crypto banking services.
Qashio partnered with Alinma Bank to launch its operations in the Kingdom. This is the first time that a KSA bank has joined hands with a fintech company to provide solutions to its corporate banking customers.
MOVERS AND SHAKERS
Synapse announced the formation of a new Policy & Regulatory Advisory Board and the appointment of Daniel Gorfine, as Chair.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.