Discover more from Marcel’s Digital Banking Newsletter
Digital Banking | 2023 #29
Weekly news up to Monday, 17th of July 2023
Good morning FinTech Fanatic!
I'm happy to present to you my latest newsletter Connecting the dots in RegTech newsletter in collaboration with my neighbors in Amsterdam: Fourthline
In this weekly newsletter, we'll be your intrepid guides, leading you through the winding paths of compliance, risk management, and all things regulatory.
With news updates and podcast episodes we'll bring you the latest trends, emerging technologies, regulatory updates, and inspiring success stories from the pioneers who are reshaping the industry.
So sign up for this great newsletter to make sure you'll stay up to date on all things RegTech!
And now on to other FinTech industry news I listed for you today:
Embedded finance (EmFi) arguably has been the most hyped financial technology topic of the past two years. Its rise has forced traditional finance to take a back seat to make way for a more integrated and seamless customer experience.
The EmFi market size and its many components, including payments, lending, savings, insurance, and investments, is estimated to reach US $7.2 trillion by 2026.
👀 NEWS HIGHLIGHT
Visualized: The 100 Largest U.S. Banks by Consolidated Assets 🏦
The largest 100 banks in the U.S. hold a combined $18.8 trillion in consolidated assets, but recent collapses of medium-sized banks like Silicon Valley Bank and First Republic have caused worries throughout the banking world.
This visual using data from the Federal Reserve ranks the country’s 100 largest banks by the size of their consolidated assets.
I highly recommend reading this great short piece article by Max Cutler from Swan to learn all you need to know on this topic.
They explore the company's strategic approaches to leadership stability, cost efficiency, and revenue diversification, which have been instrumental in supporting Monzo's growth amidst market challenges.
No major bank has collapsed since First Republic Bank at the beginning of May. But that doesn’t mean fears about banks have gone away.
As lenders begin reporting their second-quarter performance, attention will turn to how their earnings are holding up in the aftermath of the failures.
The demand for agile and expandable infrastructures is at an all-time high in the fintech sector. And with technology evolving at warp speed, financial institutions are being pushed to think on their feet and embrace change.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ OakNorth reached £900m of business lending in H1 2023.
⭐️ Solaris secures €38 million capital raise.
🌎 REGIONAL HIGHLIGHTS
The City minister told Revolut chiefs that he could not influence its stalled bid for a UK banking licence at a rare meeting with Britain’s most valuable fintech company.
N26's Eduardo Prota reportedly told that they are not leaving the Brazilian market. He said that N26 is concentrating on making the account the main account for their customers.
Bitstamp and Qi Digital to help banks integrate crypto currency payments.
Payhawk has received an EMI licence and opened an office in Lithuania, increasing its global presence to eight offices.
Raisin is on track to reach a major milestone of over €50bn in assets under management (AUM) by the end of the year.
The Consumer Financial Protection Bureau (CFPB) ordered Bank of America to pay more than $100 million to customers for systematically double-dipping on fees imposed on customers with insufficient funds in their accounts.
Goldman Sachs reportedly completed a $1 billion loan sale to the investment firm Varde as part of its plans to exit from its Marcus consumer loan business.
Jenius Bank launches US digital consumer banking business.
Nubank has signed an agreement with Fireblocks, a global digital asset platform that offers a service for offering blockchain products and managing crypto transactions.
UnionBank injects PHP 900 million capital into UnionDigital Bank. The digital bank said that the latest additional infusion will help drive the digital bank’s expansion, particularly in digital loans which will soon be launched in the UD app.
Hokkoku Bank has released new payment terminals that are capable of QR code payment and support Wi-Fi as well LTE connections, making it possible to accept payments inside and outside the store.
National Australia Bank will block payments to high-risk cryptocurrency exchanges, which is understood to include Binance.
Emirates NBD has launched an enhanced and upgraded version of its WhatsApp banking service, providing customers with a convenient, secure and reliable digital banking experience like never before.
The internationalization of BKN301 continues with the opening a new office and landing in Egypt.
The Central Bank of Egypt issues new rules for licensing digital banks.
MOVERS AND SHAKERS
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.