👀 NEWS HIGHLIGHT
PhotonPay raises tens of millions in Series B to pioneer stablecoin-centric financial infrastructure.
The funds will enable PhotonPay to accelerate the expansion of its next-generation stablecoin financial rails, hire key talent, and broaden its global regulatory footprint.
NOW, ON TO THE SUMMARY OF LAST WEEK’S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ HSBC accepts $313 million fine to settle France tax-fraud claims. French authorities said lender HSBC agreed to pay a fine of nearly 268 million euros ($312.9 million) in connection with an investigation into accusations of tax fraud relating to dividend payments.
⭐️ Revolut in talks to buy digital bank FUPS for Turkey debut. In the event of an agreement between the two banks, the acquisition will be subject to approval by the Turkish banking regulator, known by its Turkish initials BDDK. Read more
⭐️ Citi and CredAble launch a platform to digitize trade finance. This platform aims to streamline business operations and bring efficiency through technological advancements in trade finance. By implementing a digital approach, Citi seeks to enhance operational transparency and efficiency for its corporate clients.
⭐️ IMF urges stronger cyber risk rules as digital finance expands across Africa. The IMF warns that cyber threats to the financial sector are becoming more frequent, sophisticated, and damaging, posing growing risks to financial stability, consumer trust, and economic activity.
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
Lloyds Bank completes the UK’s first gilt purchase using tokenized deposits. The purchase illustrates how tokenization can transform traditional banking, turning real-world assets into digital forms that can be purchased, sold, or transferred instantly, Lloyds said in a press release.
EUROPE 🇪🇺
CaixaBank creates Artificial Intelligence Office. CaixaBank has established an Artificial Intelligence Office to ensure that all corporate projects involving AI comply with regulations, ethical standards, and provide real business value. Keep reading
Revolut reaches six million customers in Spain, positioning itself as the fourth largest bank in the country by market penetration with a 13% share, ahead of institutions such as Sabadell and ING. This was announced by the company in a press release.
Revolut employees pressured with "unrealistic" metrics. The Union of Workers in Large Surface reported that it has received several complaints from employees of the digital bank, which employs around 1,200 people in the country, about abusive labor practices. Additionally, Revolut launches its credit card with Tinder and WeWork subscriptions. Revolut began sending early access invitations to this product to some customers, with three different offers.
USA 🇺🇸
Morgan Stanley files for Bitcoin and Solana ETFs in a digital assets push. The move will deepen the bank's presence in the cryptocurrency space and comes two years after the SEC approved the first U.S.-listed spot bitcoin ETF. Continue reading
Dutch FinTech Bunq reapplies to become a bank in the US. The company stated that it submitted its application for a national bank charter to the Office of the Comptroller of the Currency on Tuesday. Continue reading
Modulr expands to the U.S. with FIS partnership to power real-time payments for banks. This partnership builds on FIS’s broader modernization strategy, reinforcing its commitment to simplifying and optimizing how money moves across the entire money lifecycle.
Barclays has invested in Ubyx as tokenized infrastructure advances. Ubyx is building a common settlement framework to enable tokenized money to move between issuers and institutions, supporting the exchange and redemption of tokenized funds at par value.
J.P. Morgan’s JPM Coin set for native issuance on Canton blockchain. This innovation helps meet the growing demand from both digitally native and traditional firms seeking faster, easier, and more secure money movement on public blockchain infrastructure.
Trump Crypto Venture World Liberty applies for Bank Charter. World Liberty Financial’s subsidiary WLTC Holdings has lodged a “de novo” application with the US Office of the Comptroller of the Currency (OCC) for a national trust bank charter.
Morgan Stanley to launch digital wallet for tokenized assets by 2026. The wallet will support tokenized assets such as traditional investments and private-company equity. Bitcoin, Ether, and Solana trading will also be introduced via E*Trade in early 2026.
BNY launches tokenized deposits in digital assets expansion. The service enables clients to move funds over blockchain rails, offering an on-chain representation of bank deposits. It can be used for payments, collateral, and margin transactions, supporting faster settlement.
LATAM
Ualá launches new insurance products. Ualá announces the addition of Life and Personal Accident Insurance to its ecosystem, offering a 100% digital experience accessible through the app. These policies will be provided by Allianz, a global leader in insurance, and will be rolled out gradually.
PicPay requests authorization to have its own bet. The operation in this segment will be through Nosso Time iGaming. PicPay stated that the goal of Nosso Time iGaming is to operate in sports betting at major events, taking all necessary precautions regarding responsible gaming and financial education.
Mercado Pago strengthens its digital payments network in anticipation of increased demand due to the World Cup. The company is reinforcing its commitment to the digitization of cash in Mexico with a strategy focused on the deployment of payment infrastructure. Additionally, Mercado Pago launches a new credit scoring tool in Brazil. The feature promises to provide a clear view of each user’s score and indicate concrete recommendations for measures that can improve conditions within the digital bank’s ecosystem.
The Central Bank's tool prevents the opening of 111,000 suspicious accounts. BC Protege+ prevents the opening of accounts and the inclusion of account holders without authorization and has already responded to 33 million inquiries made by financial institutions.
Open Finance takes the CNBV to court. Open Finance is a fundamental link in financial inclusion. By interconnecting not only banking data but also multiple universes of information, it allows for the creation of products and services tailored to each individual.
Mercado Pago launched its new integrated AI assistant. The new Personal Assistant, an integrated smart tool is designed to simplify users' daily financial management. It can quickly handle everyday tasks, combining automation, expense analysis, and security features in one convenient platform.
ASIA
Radicant Bank appoints Matthias Kottmann as Chairman. In his new role, Kottmann will oversee the orderly wind-down of the bank’s activities, which is expected to be completed by April 2026. A key priority under his leadership will be the execution of a recently signed agreement with Alpian, a Swiss digital bank.
Veon pumps $20m in Mobilink Microfinance Bank. Veon said the funding will support growing demand for digital and Islamic banking services, as well as broader development of Pakistan’s digital economy. Keep reading
Axis Bank launches ‘Safety Centre’ on its mobile banking app to give customers control over key features. The Safety Centre enables customers to tailor security settings based on their usage and comfort, the private sector bank said in a statement.
Fino Payments Bank implements a new core banking system, Finacle. The new core banking system will serve as the Bank's digital backbone, enabling enhanced operational efficiency, greater system resilience, and improved scalability.
10x Banking & audax join forces to speed bank upgrades. The companies intend to target banks seeking to launch new digital propositions while upgrading legacy systems incrementally, rather than through large-scale replacements. Keep reading
MIDDLE EAST
RAKBANK secures in-principle approval for AED-backed stablecoin. RAKBANK said the proposed stablecoin is designed to combine the security and trust of traditional banking with the efficiency and programmability of blockchain technology.
MOVERS AND SHAKERS
Panacea Financial strengthens executive team to power next phase of scaled growth. Panacea Financial announced the appointments of Anna Khayet as Chief Marketing Officer, Robin Garrison as Chief Compliance Officer, and Tal Frank as Head of Student Financial Services.
Neil Budd appointed Finshape CEO. Neil Budd brings experience from Finshape competitors Accenture and Finastra, and will look to scale the company to Western Europe, the Middle East, and APAC as the new CEO. Read more