Digital Banking: | 2024 #20
Weekly news up to Monday, 13th of May 2024
REPORT
They have acquired more than 300,000 customers (post-KYC) in the first four months of the year. This is an increase of +85% annually for the same period.
👀 NEWS HIGHLIGHT
Mastercard Inc. is joining with some of the largest US banks to test shared-ledger technology that would allow the common settlement of tokenized assets such as commercial-bank money as well as Treasury and investment-grade debt securities.
📰 ARTICLE
💬 INTERVIEW
Neobank for MSMEs Open Financial Technologies, a connected banking platform for business payments that simplifies the process of sending, receiving, and reconciling payments for businesses, “is the market leader in this segment,” said its Cofounder and CEO Anish Achuthan in an interaction with FE Aspire.
💡INSIGHTS
🎤 PODCAST
In this latest episode of the Demystify Podcast, Dave and Dharm are joined by Arcady Lapiro, founder and CEO of Agora Financial Technologies, a US-based banking technology company.
Listen to the full podcast episode here
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ New CEO says Judo ready for diversification.
⭐️ Neobank Dave Attributes Best-Ever Credit Performance to AI-Driven Underwriting Engine.
⭐️ Michael Jordaan: ‘You need an A-team if you are starting a new bank’
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
Revolut officialy launched a standalone crypto trading platform, called Revolut X, for UK retail customers. The launch of Revolut X follows the firm’s introduction of Revolut Ramp in March.
Monese founder says “very pleased” he can focus on just challenger bank after “difficult” time running two businesses. Monese founder Norris Koppel talks trough the decsion to split the London-based business into two.
Pockit, the UK FinTech providing vital financial services to people whose needs aren’t met by the traditional banking system, announces the official launch of its ‘Fast Track to Credit’ credit builder product.
Monument Bank latest challenger bank to sell "in a box" tech, as snaps up first client. Monument Bank is running its tech business, which it calls a “platform-as-a-service” business, as a standalone entity, alongside the bank.
EUROPE 🇪🇺
Unlimit and Velmie join forces. The partnership brings together Unlimit's cutting-edge BaaS offering with Velmie's platform to provide users with scalable financial solutions empowered by the Unlimit BaaS API.
Digital bank Revolut has launched a new savings account offer, with interest of up to 3.5 percent and a limit of EUR 100,000. The offering comes under the Flexible Accounts portfolio, launched earlier this year, and will also get included in the digital bank’s all-in-one application.
Ecology Building Society to adopt Monument Bank's core banking platform. A new partnership to transform the mutual’s core banking platform, improving service for Members and efficiency across the business.
USA 🇺🇸
Wells Fargo has joined JP Morgan in revealing that US authorities are investigating the handling of complaints about P2P payments service Zelle.
JPMorgan Offers Faster Domestic Payments Via Visa Direct.This includes its Push to Card payment rail, which allows for the fast and secure movement of funds directly to recipients’ bank accounts and digital accounts by leveraging the debit card credential.
British neobank Monzo boosts funding round to $610 million to crack U.S. market, launch pensions. British neobank Monzo said that it’s raised another $190 million, lifting the total it’s raised so far this year to $610 million.
Grasshopper Bank begins rollout of SBA lending strategy. Grasshopper Bank launched its digital application for SBA loans in April with more to com.
When Revolut needed a new bank after Metropolitan cut off its FinTech customers, it found CFSB, a tiny bank whose only branch sits beneath an elevated subway line an hour’s ride from Manhattan.
LATAM
FinTech Littio launches U.S. bank account for Colombians. Littio, a digital financial solutions FinTech, presented its latest product: the possibility of having a bank account in the United States through the Littio App to send and receive international transfers.
ASIA
Misr Digital Innovation (MDI), a subsidiary of banking giant Banque Misr, received preliminary approval from the CBE to launch Egypt’s first digital bank, stylised Onebank. The bank will launch later this year Q4 2024 after completing the second phase of its licensing.
Filipino digital challenger GoTyme Bank has announced that it has acquired Manila-based lendtech SAVii to help boost the bank’s expansion into payroll-enabled financial products.
Is Revolut going to launch in the Middle East soon?. Maktoum bin Mohammed expressed Dubai's commitment to creating a conducive environment for wealth management, investment and financial technology excellence.
AUSTRALIA 🇦🇺
Banked and NAB partner to accelerate Pay by Bank adoption in Australia. The partnership aims to boost the use of ‘Pay by Bank’ technology using Australian Payments Plus’ (AP+) PayTo services making it easier for merchants to give Australians more choice and control in the way they pay.