Digital Banking | 2023 #4
Weekly news up to Monday, 23rd of January 2023
REPORT
Technology has enabled new financial products and services and transformed the world. Now, though, all this is about to change.
👉 Read the full Capgemini report here
👀 NEWS HIGHLIGHT
INNOPAY predicts European embedded lending market will grow to €10 billion per year by 2030.
👉 Read the full report by INNOPAY here
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📊 INFOGRAPHIC
Neobanks accounted for six out of the top ten FinTech funding deals in 2022, showing the huge demand for online banking.
👉 See the whole information by FinTech Global here
📰 ARTICLE
The banking landscape has been reshaped by a plethora of challenger banks, neobanks, and digital players. The top 3 from all of them are Nubank, Revolut, and Picpay.
👉 Read the full Top 10 mobile banking apps of 2022 by number of downloads here
👨💻 BLOG
Chime is quietly securing state licenses. Is a push into lending (Finally) Next?
Read this blog post by Jason Mikula here 👇
💡INSIGHTS
In 2015 Google announced it would partner with Citigroup and Stanford Federal Credit Union to offer “GooglePlex” checking accounts to customers.
Google closed its bank account product nearly two years after announcing ambitious plans to take on the retail finance industry.
👉 See the Evolution of Google’s Experiments in Financial Services here
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ N26 is rolling out its cryptocurrency product in five new markets.
⭐️ Revolut is set to launch a new top-tier premium subscription plan dubbed “Ultra” by spring 2023.
⭐️ Wells Fargo, Bank of America, JPMorgan Chase and four other banks are working on launching a digital wallet.
⭐️ Aspiration announced that the company will be setting up offices at Abu Dhabi Global Markets.
⭐️ FNZ Group agreed to acquire YieldX, in order to accelerate the personalization of wealth management solutions across the U.S. market.
⭐️ Solaris may only accept new customers with BaFin's permission from now on.
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
Emma partners with Bondsmith to release Easy Access Pots that allow customers to earn up to 2.43% AER to more than 1.3m+ customers in the UK.
Wise upgraded its revenue growth projection for the coming financial year after a boost from the UK interest rate hike.
J.P. Morgan’s Chase UK fastest growing fintech app in 2022.
Revolut is currently “assessing the best time” to launch its native cryptocurrency this year.
Revolut's two million customers in Ireland will receive an Irish IBAN number in the coming months.
EUROPE 🇪🇺
Danske Bank released a detailed climate action plan setting goals for 2030 and 2050.
USA 🇺🇸
Silvergate posted a $1 billion loss for the fourth quarter.
HugoBank secured a no-objection certificate from the State Bank of Pakistan for digital banking in the country.
Grasshopper and Ramp announced a partnership to provide Grasshopper's clients with access to Ramp's platform.
Mastercard and Citizens announced an expanded partnership.
Union Credit launching the first marketplace for credit unions to deliver perpetual credit approval and one-click loan activation to new member prospects.
Axiom Bank, N.A. will leverage automated assurance and oversight processes across its partner programs by integrating with Cable’s complete financial crime compliance effectiveness testing platform.
CANADA
Salt Edge will expand access to its API solutions to the Middle East with the Hashemite Kingdom of Jordan.
LATAM
Nubank secures a loan of up to $150 million from IFC to strengthen its operation and expand access to financial services in Colombia.
Nubank announced additional credit cards for roxinho, Ultravioleta and under-18 customers.
Nu application by Nubank now allows customers to view the balance of all their bank accounts.
ASIA
Thailand will be allowing the operation of virtual banks in the country.
Thailand will issue 3 digital banking licenses next year.
GoTyme Bank has partnered with Mambu to roll out new products and services in the coming months.
Indian Bank becomes the first public sector bank to enter into a co-lending arrangement with Rupeek.
Paytm Payments Bank secured final clearance from the Reserve Bank of India to function as a Bharat Bill Payment Operating Unit.
AUSTRALIA 🇦🇺
Finsure is becoming the first Australian mortgage aggregator to turn on open banking access for its brokers.
National Australia Bank become the second of the major banks to create a stablecoin, called the AUDN.
Westpac enlisted local AI firm Rich Data Co to make its business lending decisions faster and simpler.
OCEANIA
livi bank announced the launch of livi QR Payment for the Mainland market.
AFRICA
Kuda is on its way to power digital banking services in Pakistan, as the fintech is set to acquire a digital banking licence from the State Bank of Pakistan.
MOVERS AND SHAKERS
ClearBank appointed Mark Fairless as its new chief financial officer.
Rob Rooney is taking the leap into fintech as CEO of HyperJar.
nCino announced the appointment of Greg Orenstein as nCino’s Chief Financial Officer.
André Gardella was appointed as CEO of Treezor.