Digital Banking: | 2024 #3
Weekly news up to Monday, 15th of January 2024
👀 NEWS HIGHLIGHT
Andrius Bičeika, deputy CEO and partner at Revolut has said:
“In Revolut, we are very pragmatic about our future. We have 35 million customers globally, more than 25 million just in the EU from the bank’s perspective. We look at things very pragmatically and we think about how to improve customers’ financial lives. How do we make the process even better, quicker, more reliable, more trustworthy? How do we make more money for our customers? That is our main objective. And that is why we are launching new products – the loans, the credit cards, etc. One of the key milestones in each market is launching a local IBAN.”
📊 BLOG
💡INSIGHTS
The Revolut Business Model explained by The Business Model Analyst in the following Business Model Canvas and SWOT analysis.
🎤 PODCAST
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ Revolut Money Report: how did Poles invest in 2023?
⭐️ Startup bank backed by Lord Mandelson raises £25m from investors.
⭐️ ‘Bitcoin Has No Value’: JP Morgan’s Jamie Dimon Said.
⭐️ ZilBank.com empowers South Korean entrepreneurs with seamless US payments.
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
HSBC's new FinTech app Zing was built using Monese's XYB by Monese platform. The bank tapped neobanking challenger Monese for its core banking platform to power Zing.
Revolut rolls out HR platform to more than 300 firms. More than 300 firms have licensed Revolut's human resources platform.
EUROPE 🇪🇺
Kazakhstan fintech Solva raises $20 million in bid to become a bank. The company announced the equity investment of $20M with Neo Crystal Holdings Limited (“Neo”).
Garanti BBVA is streamlining the loan approval process for retail customers seeking vehicle finance. The Vice President Murat Çağrı Süzer stressed the bank's commitment to making customers’ lives easier by evolving its services.
Revolut aims for 20 million customers in France by 2028. During a visit to Paris, Nik Storonsky, the CEO of the British neobank, expressed his ambitions for the French market
USA 🇺🇸
Three failed US banks had one thing in common: KPMG. Big Four auditor’s work for SVB, Signature and First Republic comes under scrutiny in aftermath of their collapses.
Fiserv seeks special purpose bank charter. The special purpose charter would allow Fiserv to own the transaction end-to-end, eliminating third-party risk.
CANADA 🇨🇦
Mastercard collaborates with BaaS platform 4tWave. The collaboration will leverage 4thWave’s advanced supply chain finance platform for managing B2B payments.
EQ Bank challenges Canadians to expect more of chequing accounts as "Second Chance" campaign launches. New EQ Bank survey finds only half (52%) of Canadians aware of interest earned on chequing accounts.
LATAM
Conta Simples receives US$41.5M investment to expand its portfolio with credit operations. The main expense management and corporate card platform in Brazil, Conta Simples ended 2023 as its best year in history.
Nu México launches functionality for customers to receive money from the US. This strategic alliance with Felix Pago simplifies the process of sending money from the United States to Mexico.
Ualá México Emerges as the Fastest-Growing Fintech in the Country, Adding Over 140k New Clients in December 2023. The company is setting a positive trend in the local digital finance sector.
Bineo, the digital bank of Banorte, has entered the competitive market of digital banking in Mexico, commencing operations with savings accounts and loan services.
ASIA
AEON Credit Gets Nod For Islamic Digital Banking Services. This positions AEON Bank as the first Islamic digital bank in Malaysia.
Digital bank One Zero cutting 10% of workforce in Israel as it prepares to expand to Europe. The bank, controlled by Prof. Amnon Shashua, is poised to sign an agreement with the Italian bank Generali.
Central Bank of Egypt to soon allow ATM withdrawls for InstaPay users. Ehab Nasr announced on that more services will be launched on InstaPay soon including cash withdrawal through ATMs.
YouTrip raises e-wallet limits after MAS rule change; Revolut and Wise to follow suit. The Singapore-based app announced on Jan 3 that its users can now hold up to S$20,000 in their e-wallets.
Indonesian Neobank KOMUNAL Gears Up for Expansion with US$5.5M Funding. This funding boost comes after KOMUNAL’s operational profitability in the second half of 2023.
Salmon becomes licenced bank in the Philippines. The bank’s license and its geographic footprint will enable Salmon to offer consumer credit and debit products nationwide.
AFRICA
Kuda hits ₦55.8 trillion in transaction value within four years. Kuda currently allows users to open accounts, deposit money, transact, and receive credit.
MOVERS AND SHAKERS
Chetwood Financial names Julian Hynd as COO. The goal is to offer exceptional products and services to help people financially.
Metro Bank has announced its CFO James Hopkinson will leave his role after joining in September 2022.