Revolut Expands S’pore Workforce, Products as it Caters to Businesses
Weekly news up to Monday, 2nd of December 2024
👀 NEWS HIGHLIGHT
This move means Revolut owns their own bank account number and is registered on the Aussie Banking system. It also allows customers in Australia to sign up for direct debits from their accounts.
All they have left is support for local payment options line PayID and PayTo to have all the same functionality as Aussie banks.
📰ARTICLE OF THE WEEK
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ HSBC pulling back from China credit card business after struggling to expand.
⭐️ Tencent’s Neo investment comes as national security scrutiny of fintechs ramps up.
⭐️ Bulgarians plead guilty to involvement in Jan Marsalek spy ring.
⭐️ Revolut expands S’pore workforce, products as it caters to businesses.
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🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
HSBC launches platform for managing domestic and international business payments. The new Smart Transact offers businesses a single platform to manage transactions, access a current account, domestic and cross-border payments, and the HSBCnet global banking platform, according to a press release.
FE fundinfo launches Nexus platform. The platform will be powered by one ‘golden source of information’ that aims to offer reliable, high-quality investment data and integrated workflows that power the investment lifecycle. Read the full piece
NatWest launches advent calendar to warn Brits about scams. The Scamvent calendar, available in limited branches, includes 12 artisan chocolates, each symbolizing a common festive purchase scam. Explore more
UK investment platform rolls out Payit by NatWest to customers. Payit offers a digital alternative to card payments, eliminating one-time passcodes and reducing transaction costs. It's available to ii (interactive investor) customers with bank accounts offering online or mobile banking access.
Revolut's business banking unit is making an effort to secure larger enterprises as revenue exceeds $500m. Revolut established its B2B banking unit in 2017 to provide banking services including business debit cards, multi-currency accounts and invoicing aimed at freelancers and companies with fewer than 10 employees.
CMA letter to Monzo about breaching Parts 3, 7, 8 and 12 of the Retail Banking Order. The CMA found Monzo breached multiple parts of the 2017 Retail Banking Market Order, and the bank has agreed to take action to prevent a recurrence. Read on
EUROPE 🇪🇺
Mastercard and Unzer team up to advance Open Banking Payments across Europe (Germany, Austria and Denmark). Through this partnership, Unzer and Mastercard aim to create a unified digital payment ecosystem by leveraging Mastercard Open Banking-driven solutions enabling access to pay by bank.
BBVA creates GPT Store to house employee-generated AI tools. Just five months after issuing 3,000 ChatGPT Enterprise licenses, 83% of BBVA employees have integrated it, creating nearly 3,000 task-specific adaptations, from financial analysis to resolving client legal questions in under 24 hours.
Santander appoints dentsu in multi-year deal to support the globalisation of its international growth platform for SMEs. The new platform, to be built by dentsu, aims to simplify international trade for SMEs, targeting new markets over five years. It will offer digital-first tools, market insights, exclusive discounts, and bespoke solutions to help businesses expand globally.
UniCredit makes surprise $10.5 Billion bid for Italian rival. UniCredit made a $10 billion-plus move on smaller Italian peer Banco BPM, shifting its focus away from an attempted takeover of Germany’s Commerzbank as it seeks to grow through dealmaking.
Banca Investis, in partnership with Bain & Company, has launched NIWA, a Gen AI-driven investment advisory app designed as a "digital junior banker" to transform the customer experience for high-net-worth individuals with hyper-personalised financial services.
Deutsche Bank invests in blockchain payment network Partior. The German lender joined Partior's Series B funding round as a strategic investor, taking the total raised by the payments firm in the round to $80 million, the Singapore-based company said.
USA 🇺🇸
Inbenta and ebankIT join forces to enhance digital banking experiences with AI-Driven customer engagement. This collaboration aims to revolutionize the way financial institutions interact with their customers by offering Inbenta’s advanced AI technologies through ebankIT’s platform.
LATAM
Nu Colombia has announced a strategic partnership with Puntored to expand financial accessibility by allowing customers to make cash deposits directly into their Nu accounts at Puntored locations throughout the country. This collaboration marks a significant step in Nu’s evolution toward becoming a comprehensive transactional account provider.
ASIA
Hong Kong’s ZA Bank is first bank in Asia to launch retail crypto services. Rather than building an exchange from scratch, like most banks, it is launching in partnership with an existing cryptocurrency exchange, HashKey Exchange. The offering has been integrated with the main bank app.
Reem Finance selects Temenos to power new digital community bank in the UAE. Reem Finance's shift to Temenos' cloud solution will drive its digital transformation, enabling faster, more flexible services to meet its diverse customers' needs.
China’s Tencent uncloaked as mystery lead backer of Neo Financial’s recent US$80-million ($112-million) equity investment, valuing the Calgary online financial upstart at a steep discount to its last financing. Continue reading
Trust Bank opens waitlist for upcoming investment offering. The bank is gearing up to launch a new investment product called TrustInvest, which is designed to make investing easier and more accessible for everyone. Discover more
Benefit partners with Tarabut to launch Bahrain’s first innovation-led, centralised open banking authentication solution. The new technology allows consumers to access financial services more easily, streamlining the authentication process and enabling seamless app-to-app experiences.
AFRICA
Hackers steal $17 million from Uganda central bank, the state-owned New Vision newspaper reported on Thursday. Hackers known as "Waste," reportedly based in Southeast Asia, breached the Bank of Uganda's IT systems this month, transferring funds, some of which were sent to Japan, according to New Vision.
MOVERS AND SHAKERS
Monzo appoints two CFOs including one with IPO-experience. The UK challenger bank has appointed Tom Oldham, ex-Nubank executive, as Group CFO and Barclays veteran Mark Newbery as UK CFO. Monzo, now with over 11 million customers, also revealed plans to expand in the US and Europe.
IFX Payments appoints Adam Dowling as Chief Operating Officer. In his new position, Adam will help drive operational efficiency, manage risk and optimise performance across day-to-day operations and strategic growth initiatives. Learn more
Starling strengthens leadership with two key appointments. Adeel Hyder joins the Executive Committee as Managing Director of SME Banking, driving commercial growth and innovation. Michele Rousseau steps in as the bank's first CMO, supporting the CEO's efforts to shape Starling’s strategic direction.