REPORT
👀 NEWS HIGHLIGHT
A consumer protection group alleged that the coffee chain profited from its unfair app payment system to the tune of $900 million over five years.
The Washington Consumer Protection Coalition has asked the state attorney general to investigate Starbucks’ gift card and app payment systems that steer customers into handing the company more money than required.
The group alleges that customers cannot fully spend the amount they load into their prepaid Starbucks accounts.
📰 ARTICLE
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ Fintech firm Dave to pay FTX liquidators $71m.
⭐️ Nubank gets Colombia license.
⭐️ HSBC quietly hired from Revolut, Monzo & Wise for new fintech rival.
⭐️ Mexico's Banorte to launch digital bank in January after regulator OK.
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
HSBC reportedly eyeing Tesco Bank acquisition. HSBC had already submitted a potential offer to acquire Tesco Bank, including about five million customers and 3,500 employees.
EUROPE 🇪🇺
TCS Group Holding, owner of Russian bank Tinkoff, has requested that its suspended global depositary receipts be delisted from the London Stock Exchange from Jan. 31.
USA 🇺🇸
Banking veteran Mary Usategui set to launch new venture BankMiami this year. Scheduled to arrive in Q2 2024, it will be the first de novo bank to be established in the region in 15 years.
US banking licence not on Revolut’s “immediate roadmap” but is long-term ambition, says Revolut’s US boss. Meanwhile in Illinois, a lawsuit accuses Revolut of improperly scanning users' faces during the application process on their mobile app.
LATAM
Nu Colombia cycling team to take over the country in 2024. Nubank will be the official sponsor of the professional cycling team Nu Colombia in the elite and under-23 male categories.
Revolut Targets $60B in Brazil with Focus on Foreign Investment Services. Glauber Mota, the Country Manager, highlights the evolving demand for foreign investment services.
ASIA
Indonesian KoinWorks Enhances Customer Service Using Freshdesk. The company has grown into the nation’s first credit-led neobank, boasting a robust user base of over 2.5 million.
AEON Credit Gets Nod For Islamic Digital Banking Services. Has obtained approval from the Bank Negara Malaysia and the Minister of Finance to commence its digital banking operations in Malaysia.
MIDDLE EAST
Digital bank One Zero cutting 10% of workforce in Israel as it prepares to expand to Europe. They expanding its reach to Italy while optimizing its operations in Israel.
AFRICA
Why SA’s digital banking outperforms other nations? South Africa can teach the world a thing or two about digital banking.
MOVERS AND SHAKERS
Revolut ramped up remote hiring as pay fell. A report says "roughly 50% of new joiners were remote, compared to 36% in 2021."
Starling's chief banking officer Helen Bierton departs for Lloyds. Bierton has left for a new position as director of 'Everyday Banking' at Lloyds Banking Group.
Chetwood Financial names Julian Hynd as COO. Hynd will have executive responsibility for bringing Chetwood Financial’s strategy to life through the company’s technology.