Tagged: virtual banking

Digital Banking: Reserve Bank in the Philippines Is working on Virtual Bank Framework to Enable Greater Financial Inclusion

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, is reportedly looking into adopting a virtual banking framework so that it may be leveraged to enable greater financial inclusion. The new digital banking guidelines are being developed to support a regulatory environment… Read More

Digital Banking: State Bank of Pakistan Releases New Guidelines for Virtual Banks, but Cash Is Still King in the Country

The State Bank of Pakistan (SBP), the nation’s central bank, announced on Friday (March 26, 2021) that it has started working on a separate set of guidelines for virtual banks which will focus on “regional regulatory trends,” according to a report from local sources. As… Read More

Digital Banking Platform ZA Bank from Hong Kong Now Claims 300k Users, Right before 1-Yr Anniversary

ZA Bank, which is one of Hong Kong’s eight digital banks, has confirmed that it has now acquired around 300,000 users. This milestone has been reached right before its first year anniversary. ZA Bank was notably the first to carry out a soft launch of… Read More

Digital Banking Challenger Current Confirms it Got Americans Stimulus Payments in their Accounts 5 Days Before Old Bank Users

Digital banking challenger Current confirmed on March 12, 2021, that it began receiving and crediting stimulus payments “as of 11 am. ET on March 12.” The digital bank stated that it would  be crediting “all member accounts immediately, making all funds fully available as we… Read More

Asian Digital Banking Challenger Tonik Launches Very First Neobank in the Philippines, Offering Competitive Deposit Rates

Southeast Asia-based all-digital banking challenger Tonik has officially launched the first neobank in the Philippines. Tonik is regulated by the Bangko Sentral ng Pilipinas (BSP), the nation’s central bank. Tonik’s deposits will reportedly be insured by the Philippine Deposit Insurance Corporation (PDIC). The digital banking… Read More

Digital Banking Unicorn Starling Explains How to Make the Most of Your Tax-Free Allowances on ISAs

UK-based digital banking challenger Starling notes that the end of the tax year is now “fast approaching.” This may be a good time to “make the most” of your tax-free allowances on Individual Savings Accounts (ISAs), the Starling team writes in a blog post. Starling… Read More

Digital Banking Unicorn Revolut Suspends Operations in Canada, Says it Will Revisit Options Later

UK-headquartered digital banking challenger Revolut says it will be suspending its business operations in Canada, a move that has come just 18 months after the Fintech launched a beta version of its services in the North American country. BetaKit, which keeps track of Canadian tech… Read More

Digital Banking Challenger Revolut Explains How to Get Your Spending Under Control with Custom Cycles Feature

Digital banking challenger Revolut confirms that Spring is in the air and it’s “giving us life!” Revolut writes in a blog post that it has been hard at work on its latest updates for clients, and it’s hoping they “put a spring in your step… Read More

Digital Banking: UAE Fintech YAP Launches New App for Local Consumers, Allowing them to Better Manage Finances

United Arab Emirates’ first “independent” virtual banking platform has just launched with more than 25,000 applicants that had pre-registered during the past few months in order to use the bank’s Fintech app. UAE-headquartered digital bank YAP will be allowing locals to open a bank account… Read More

Digital Banking Challenger Starling Secures £272M via Series D led by Fidelity, Reports £1.1B Pre-Money Valuation

UK-based Fintech challenger Starling Bank has secured £272 million in capital via a Series D funding round led by Fidelity Investments. Starling Bank reported a £1.1 billion pre-money valuation. This latest investment round diversifies Starling’s slate of institutional investors to include some of the largest… Read More

Digital Banking Challenger Current Reveals that Average Tax Refund Size Is Just Over $2K, Money Sent with Current Pay Increased Nearly 10%

Current, one of the leading digital banks in the US, reveals that it’s been a busy few weeks at the company as they began receiving tax refunds for thousands of clients five working days faster than regular banks. Current claims that most of the money… Read More

Digital Banking Challenger Revolut Provides Updates on its Work from Home Policies, Claims to Employ Professionals from Over 100 Nationalities

Prominent digital bank Revolut is offering the opportunity to get a 1-month trial of the Revolut for Company Grow plan or Revolut for Freelancer Pro plan for free. To take advantage of this offer, users need to upgrade their plan to Company Grow or Freelancer… Read More

MyMy, which aims to Become Shariah-Compliant Digital Bank, Partners Sukaniaga to Apply for Malaysian Virtual Bank License

MyMy, which aims to become the world’s first Shariah-compliant digital bank, and digital loan platform Sukaniaga Sdn Bhd recently confirmed their partnership which focuses on establishing a virtual banking consortium. They’re also planning to apply for one of the five digital banking licenses that will… Read More

Westpac Group in Australia Reveals that Marketplace Lender SocietyOne has joined its Digital Banking Platform

The Westpac Group in Australia has revealed that SocietyOne is its second partner to join­ the institution’s new digital banking-as-a-service (BaaS) platform. SocietyOne is a key Fintech player in the nation’s digital lending sector (having originated more than $1 billion in loans). According to a… Read More

Digital Banking Challenger BigPay to Expand Financial Services Offering with Cash Top Up at all Malaysian 7-Eleven Stores

Digital banking challenger BigPay has confirmed that it will be expanding its suite of financial services with the introduction of cash top up at all 7-Eleven stores based in Malaysia. BigPay’s management noted that more than 1.3 million of the firm’s Malaysian clients may now… Read More

Digital Banking: More than 40 Parties Submitted Virtual Banking License Application in Malaysia, Reserve Bank Reveals

During a recently-held online press conference, Bank Negara Malaysia Governor, Datuk Nor Shamsiah Mohd Yunus stated that more than 40 parties have formally expressed their interest with the reserve bank to acquire a digital banking license (by submitting an online application). Malaysia’s virtual banking framework… Read More

Neobanks have Not Yet Gained Trust of Most Consumers, but Monzo and Starling Lead in Service Quality: Survey

Although neo banks or digital banking platforms have been gaining significant market share during the past few years, consumers still appear to be somewhat hesitant when working with these new providers as their primary accounts, according to recent research by Accenture. The 2020 Accenture Global… Read More

New York based Digital Banking Fintech Rho Technologies Acquires $15 Million via Series A Round led by M13 Ventures

New York-based Rho Technologies, a Fintech firm developing a platform focused on supporting business banking services, has acquired $15 million in capital through a Series A funding round – which was led by M13 Ventures. Rho’s investment round was also joined by Torch Capital, Inspired… Read More

Vietnam Maritime Commercial Joint Stock Bank to Offer a Truly Digital Onboarding Experience

Vietnam Maritime Commercial Joint Stock Bank (MSB) aims to offer a truly digital onboarding experience to all its clients. MSB plans to offer seamless online banking services so that customers don’t have to visit a physical branch location to manage their finances. MSB is also… Read More

Brazil Is Reportedly Planning to Conduct IPO for Caixa Econômica Federal, which has Built a Digital Banking Platform during COVID-19 Crisis

Paulo Guedes, the Minister of Economy in Brazil, recently noted that the country is planning to join the Organization for Economic Cooperation and Development (OECD), which is an intergovernmental economic organization with over 30 member countries. The OECD aims to promote economic growth and also… Read More

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