Discover more from Marcel’s Digital Banking Newsletter
Digital Banking: | 2023 #35
Weekly news up to Monday, 28th of August 2023
Incumbent banks dominate mobile banking in Germany🇩🇪
Key German mobile banking download stats as of August 21st 2023:
‣ VR Bank was the most downloaded mobile banking app in 2022 with 5.6m downloads.
‣ Combined app downloads from incumbent banks totalled at 28.2m compared to 6.3m from neobanks.
👀 NEWS HIGHLIGHT
Binance has stopped offering clients the option to pay one another through sanctioned Russian banks, days after a Wall Street Journal article detailed how the crypto giant was helping Russians move money abroad.
The rise of digital banking is being unstoppable. And Revolut is the one who is reaping the rewards. If a few years ago the traditional bank was the one who took all the registrations of new clients, now only BBVA holds up against Revolut.
In an era of soaring interest rates and intense competition, fintechs are increasingly deciding they need to become banks to ensure their longterm survival. They’re also finding that doing so isn’t easy.
In an increasingly interconnected world, the realm of banking has evolved to cater to the diverse needs and aspirations of individuals across different countries and cultures.
As the financial landscape undergoes rapid transformations driven by technology, globalization, and changing consumer expectations, the notion of a "perfect" bank becomes an intriguing concept, one that resonates uniquely with each nation's unique context.
Digital assets - or crypto as it used to be known - being the standout performing asset class in 2023 tells two distinct stories.
For bulls, it shows that global concerns about persistent inflation and the fallout from the Russian invasion of Ukraine and its associated geopolitical risks may be softening.
When there's so much buzz around a big new topic in #banking, it can be hard to cut through the noise. So we prepared a handy #guide to get you started 🪄
Don't be shy and follow us to get more insights like this👌
As Gen Z moves into the workforce, businesses are taking stock of how their behavior differs from previous generations. There are a few standout characteristics unique to Gen Z: They are true digital natives, they are the most diverse generation, and unlike millennials before them, are particularly worried about their financial future, according to Pew Research Center.
The Q2 2023 earnings season has generally been positive for the C2C money transfers and remittances industry, but there are signs of changing strategies.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ Digital Dollar Project and Western Union pilot CBDC for cross-border remittances.
⭐️ TreasurUp partners with Salt Edge for Open Banking solutions.
⭐️ Griffin partners with Veriff to offer out-of-the-box ID&V to BaaS customers.
⭐️ Linklaters and Revolut join forces in new mentoring scheme.
⭐️ Swiss regulator reviewed money laundering risk at 30 banks.
🌎 REGIONAL HIGHLIGHTS
Finastra has successfully secured a groundbreaking private loan package. This strategic move by Finastra distinguishes its $5.3bn loan from the likes of the prior $5bn record held by Zendesk.
Colendi has revealed that it has gained approval to launch the nation’s first digital bank.
The UK's Zopa Bank has narrowed losses after tax to £26 million from a deficit of £34.2 million in full year 2021, achieving a pre-tax profit of £10.1 million.
LHV Bank has finalised the business transfer from its Estonian affiliate, AS LHV Pank’s UK branch, to its newly licensed entity.
UK challenger banks bemoan regulator foot-dragging on model approval. Three of the UK’s oldest challenger banks are growing increasingly concerned over delays to regulatory approvals that could save them hundreds of millions of pounds.
Starling Bank to reboot Irish office with new engineer hiring push.
Lunar has decided to offer positive interest rates on all types of accounts without any demands for tying up the funds.
N26 announced the integration of popular local payment service iDEAL to its 100% digital banking experience in the Netherlands.
Telco giant Orange has agreed to sell its digital banking operations in Romania to local player Alpha Bank. Financial terms were not disclosed.
Cross River Bank and Current announced the launch of a new credit building product.
PNC is bringing a mobile bank to Philadelphia. The truck is part of a fleet of mobile banks that Pittsburgh-based PNC has launched across the country.
Nomad receives US$61M investment to expand its customer base. The new fundraising will be used, according to the company, to continue expanding the number of clients.
Itau Unibanco has signed a binding agreement to sell its business in Argentina to Banco Macro for about 250 million reais ($51.47 million).
iO has launched a unique credit card aimed at offering an innovative experience to users who are used to traditional banking.
YES BANK has introduced its mobile banking application, iris by YES BANK, aiming to improve the country’s digital banking landscape.
Judo Bank anticipates a contraction in its margins due to the expiration of cheap funding and has decided to be more prudent with firms linked to consumer spending because of interest rate stresses.
Ukheshe and Diamond Trust Bank partner for East African Banking-as-a-Service platform.
MOVERS AND SHAKERS
Mambu has appointed Fernando Zandona as Chief Executive Officer (CEO). Fernando will now spearhead the business as it enters its next phase of growth.
Jacky Ang has been appointed as the new Global COO of Bank of Singapore, effective September 13. He will be taking over from Sonjoy Phukan, who is leaving the bank to pursue other interests.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.