Tagged: digital banks

OCC to Start Processing Charter Applications from Fintechs: Report

  The Office of the Comptroller of the Currency (OCC) will start processing Fintech applications to become federally chartered firms as soon as this week, according to a report. The acting Comptroller of the Currency Brian Brooks has only been managing the regulator since May… Read More

Hong Kong based InvestHK’s Fintech Executive Says City-State should Recover from COVID-19, as New Digital Banks are Launched

Hong Kong’s future economy is set to be supported by the latest Fintech platforms and services, as the city-state will be home to at least eight virtual banks. Hong Kong serves as the primary gateway for (mainland) Chinese businesses to expand their operations, globally. It… Read More

Aspiring Online Lenders backed by Established Corporates are More Likely to Secure Virtual Bank Licenses than Standalone Challengers: Report

Digital banking or the use of online services and platforms may have been accelerated due to the COVID-19 outbreak, which had led to many countries enforcing nationwide lockdowns. While many countries are now beginning to “re-open” their businesses, the Coronavirus crisis has led to major… Read More

Australian Neobanks Continue to Slash Interest Rates on Savings Accounts due to Economic Challenges Created by COVID-19

Even though interest rates offered by challenger banks or neobanks in Australia (and globally) are generally higher than those offered by incumbents, Mozo reports that these all-digital banking platforms have been lowering their rates. Analysis performed by Mozo reveals that three neobanks were forced to… Read More

Banking Challenger Current, which Serves US Consumers Overlooked by Incumbents, Introduces Points Rewards Program on Debit Card Purchases

Current, an established US-based banking challenger serving Americans “overlooked” by traditional banks, revealed on August 4, 2020, that it is launching a points rewards program for all its members. Current claims that it’s now the first US mobile bank to offer points rewards on purchases… Read More

Deposit Solutions: 1/5 of British Consumers will Consider Switching Savings Accounts During Next Year

Germany based Open Banking platform Deposit Solutions says 1/5 of British consumers will consider switching savings accounts during the next 12 months. The historically low-interest rates provided by banks is obviously part of the reason consumers are more willing to consider change. Deposit Solutions is… Read More

Switzerland’s Credit Suisse, a Global Wealth Manager, to “Explore Synergies” with Brazilian Digital Bank modalmais

Switzerland-based Credit Suisse, a multinational wealth manager, investment bank and financial services firm, has made a deal with modalmais, a Brazilian digital bank. According to the terms of the agreement, the Swiss bank will purchase preferred shares that will be “equivalent to up to 35%”… Read More

Investors’ Continued Interest in Digital Banks “Offers Optimism” as APAC Region to Open Banking Sector to Technology Firms: Report

Asia’s Fintech industry has been negatively affected due to socio-economic challenges resulting from the COVID-19 outbreak. There’s reportedly been a significant decline in the number of financial technology deals closed. The amount of venture capital acquired by Fintechs in the Asia-Pacific (APAC) region dropped 58.5%… Read More

Digital Banks will Evolve into “Full-Bundle Offerings,” Significantly Increasing their Value Proposition: Report

Financial service providers and regulators are increasingly focusing on enabling and supporting instant payments, according to Juniper Research. The researchers note that the EU’s Single Euro Payments Area (SEPA) has “brought down settlement times significantly,” with the SEPA Instant Credit Transfer Scheme helping to reduce… Read More

Digital Banking: State Bank of Pakistan Might Provide Virtual Accounts to Overseas Pakistanis to Help them Manage their Finances

The State Bank of Pakistan (SBP), the nation’s central bank, recently revealed that it’s looking into whether it should provide digital bank accounts to Pakistanis residing abroad. Reza Baqir, the reserve bank’s governor, noted that overseas Pakistanis won’t have to be physically in the country… Read More

Neobanks can Provide Same Financial Services as Incumbents for a Third of the Cost, Fintech Executive Explains

The Fintech sector continues to attract significant investments across the Middle East and Europe. However, the world is currently trying to cope with the socio-economic challenges created by the deadly COVID-19 outbreak. Competition in the Fintech space has been increasing steadily, with many new startups… Read More

Digital Banking: The “Core” of Banking Won’t Go Away, but Challengers Might Handle Valuable Customer Interaction, Report Claims

The digital transformation strategy used by most traditional banks has been “optimized for a world that no longer exists,” according to a new report from ResearchandMarkets.com. The report notes that incumbents have developed digital transformation strategies for the vertically integrated value chain, where change can… Read More

Traditional Banks and Digital Challengers are Doing a “Horrendous” Job when Processing International Payments: Report

Digital or neobanks are increasingly being used by consumers of all age groups for managing finances, and completing transactions. Despite the COVID-19 outbreak and resulting economic problems, digital bank Starling Bank recently secured £40 million in capital. Challenger banks aim to offer better services compared… Read More

Neobank N26 Executive Predicts there will be As Many Digital Bank Accounts as Traditional Ones, but Global Fintech Reports Suggest Otherwise

  Digital banks are on track to serve as many clients in Ireland as traditional banking service providers, according to N26, an all-digital challenger that recently secured $100 million in funding for its ongoing growth and development. The German neobank reports double-digit growth in the… Read More

Digitally Advanced Southeast Asian Banks Expected to Accelerate Digital Transformation Strategies Due to COVID-19: Report

Southeast Asian banks will most likely accelerate their digital transformation initiatives, due to the COVID-19 outbreak and changing consumer behavior resulting from safe distancing measures and lockdowns. Incumbents could be challenged more than ever before, as they might struggle to offer the same level of… Read More

The COVID-19 Pandemic Brings into “Sharp Focus” the Need for Incumbents to Learn from Digital Disruptors, According to Finastra Executive

Changes in consumer behavior and attitudes towards digital platforms have led to the introduction of virtual banking solutions in many countries across the globe. Digital banking licenses will be awarded to several new Fintech service providers based in Hong Kong, Malaysia, and Singapore. Wissam Khoury… Read More

Hong Kong: Fake Websites Pop Up Targeting Emerging Virtual Banks

While more traditional financial services firms are regularly spoofed two emerging Hong Kong virtual banks have recently been targeted by scammers. Both ZA Bank and Airstar Bank have seen bogus sites posted online in an attempt to fleece unsuspecting consumers. This past weekend, Airstar posted… Read More

Bengaluru-based Digital Bank RazorPay Reports “Tremendous Adoption” of Fintech and Virtual Payments Due to COVID-19

Bengaluru-based Digital Bank RazorPay reports that there has been a significant increase in the number of digital payments, following the Coronavirus (COVID-19) outbreak. RazorPay notes in its recent report that only a month into the nationwide lockdown in India, there has been a noticeable shift… Read More

The Case for Digital Banking Services in Malaysia, and Globally, has Become Stronger Due to COVID-19: Report

The Coronavirus (COVID-19) outbreak has created major social-economic challenges for individuals and businesses throughout the world. The pandemic has led to an increase in the use of Fintech-focused services, which has helped some companies generate more revenue during these difficult times. However, the crisis has… Read More

Digital Transformation: Six Million People Downloaded their Bank App for the First Time Due to COVID-19

  It is a wonder why people still drive to a bank branch just to wait in a queue when just about every type of financial transaction can be handled directly on your iPhone today. Habits can be hard to break – especially if you… Read More

Send this to a friend