Singapore’s financial regulator is willing to lend a hand to cryptocurrency firms having problems setting up local bank accounts, but doesn’t plan to loosen its rules to lure more crypto startups to the country. (more…)
Nubank, the Brazilian financial services company, has raised $180 million from the Chinese internet giant, Tencent.
Tencent has long been interested in financial services startups, and with its $90 million direct investment and another $90 million investment in the secondary market, the company now has access to what is arguably the largest digital banking company in the world.
With the $4 billion valuation, it also makes Nubank one of the most highly valued privately held startups in Latin America.
Knowing what’s really important to consumers is critical to acquisition, retention and cross-selling in the banking industry. But Millennial stereotypes frequently fool financial marketers, muddling their marketing strategies with faulty assumptions. Turns out they love branches just as much as Gen X and Baby Boomers. And all generations share one thing in common: They expect more, particularly in digital channels.
Michael Gastauer, CEO of WB21 digital bank, is facing a lawsuit for selling $165 million worth of fraudulent microcap stocks.
On October 2nd, the US Securities and Exchange Commission (SEC) revealed a lawsuit against Michael Gastauer and Roger Knox for “intentionally defrauding investors by secretly dumping large quantities of stock.”
On September 20, second day of Consensus Singapore, Jeremy Berger (Life.SREDA VC Portfolio Director, COO Arival Bank) gave a speech on the digital banking revolution at a meetup dedicated to the future of financial markets.
United Overseas Bank has invested in Israel-based AI firm Personetics and plans to deploy its cognitive analytic tools to help customers make smarter banking decisions. (more…)
London-based Emma Technologies LTD is announcing the closure of a funding round led by Kima Ventures, one of the first investor in Transferwise, and Aglaè Ventures, the early stage fund of the Groupe Arnault, investor in Netflix and Airbnb. (more…)
TokenPay, a blockchain project that incorporates Bitcoin cryptographic technology with advanced security and privacy features, announced this week it partnered with the Litecoin Foundation to purchase a 9.9% stake in WEG Bank, which is based in Germany. According to TokenPay, the 9.9% stake was transacted in exchanged for a “broad and comprehensive marketing and technology service agreement that will benefit TokenPay and its related cryptocurrency and business operations. (more…)
Barclays today announces the opening of a new campus in Whippany, New Jersey. The state-of-the-art complex is a flagship site of Barclays’ global location strategy, which is designed to enhance the firm’s flexibility and resiliency through the establishment of regional campuses. (more…)
By ICICI bank
ICICI Bank, India’s largest private sector bank by consolidated assets, today announced its partnership with ‘Westpac Banking Corporation’ (Westpac), one of the top banks in Australia, to offer Indian students a completely online payment solution through its ‘Money2World’ (M2W) platform for outward remittances. (more…)
Equifax, the consumer and business insights expert, has formed a strategic alliance with consents.online, a digital consent management and AISP accredited Open Banking platform which for the first time allows UK consumers and small businesses to manage the sharing of their financial information. (more…)
Nordea is to acquire the online banking arm of Norwegian insurer Gjensidige for EUR578 million in cash. (more…)
JPMorgan Chase is taking its mobile-only banking offshoot Finn nationwide following its debut in St. Louis in October. (more…)
Last week, Neufund, a blockchain based platform for the issuance of security tokens, announced the very first companies were preparing to tokenize their equity using their service. These “equity token offerings” or “ETOs”, as referenced by Neufund, were said to be compliant within German securities law – an important qualification. (more…)
It is a truism that we need bank like services but we really don’t need banks. The portfolio of services offered by a traditional analog bank sometimes feel cobbled together. Difficult to manage and expensive to use. Current accounts is an excellent example. For some insidious reason, banks tend to charge consumers silly fees to lend out their money. Most consumers just accept it because that’s just the way it is. But innovative Fintechs are changing this paradigm. (more…)
On Wednesday, KeyBank announced it has acquired digital lending platform for small businesses Bolstr. According to Key, the fintech software, which is expected to be implemented later this year, will enable the banking group to provide faster and easier access both to SBA loans and to traditional capital for business owners. The acquisition comes just after the OCC recently called on banks to issue more SME loans. (more…)
A Mckinsey study states that ‘manufacturing’, the primary industry for a bank’s financing and lending business now generates about 53% of industry revenues and 35% of profits with an ROE of 4.4%. On the contrary, ‘distribution’ produces 47% of revenues and 65% of profits with an ROE of 20%. This changing nature of banking balance sheets is a reflection of a clear shift in the banking business model. The traditional interest-based income of banks from lending and deposits is under pressure, and banks are looking to augment their revenue with new fee-based models. (more…)
FinCompare, the German fintech startup that offers a comparison platform for SME financing, has closed €10 million in Series A funding. The round is led by ING Ventures, the venture capital arm of dutch bank ING. The company’s previous backers Speedinvest, and UNIQA Ventures also followed on. (more…)
Royal Bank of Canada (RBC) is moving with the times with a series of useful innovations and launches.
RBC has been proactive with its digitisation strategy. Instead of aiming to offer all things to all people it has instead chosen to focus on best use of technology in areas where there is a real friction point and a problem to be solved. By doing this it has added value to its customer base and seen impressive take up figures of its various initiatives.
Its most recent play was a mass scale artificial intelligence (AI) digital service, NOMI. This offers its customers insights about their financial habits and the ability to automate their savings. Its mobile offering meanwhile, has seen new iterations based on building its P2P capability and it is also in the throes of introducing a loyalty scheme and other partnerships to bolster its offering.
The silver surfers are on the rise, with 90% of ABN Amro’s customers over the age of 65 using internet banking, although just a quarter access their accounts via mobile phones. (more…)
Supply chain finance outfit Tradeshift has joined the unicorn club after closing a $250 million Series E funding round led by Goldman Sachs and Public Sector Pension Investment Board. (more…)
Raiffeisen Bank will use new customer onboarding technology from analytic software firm FICO to increase its digital lending capabilities in Romania. (more…)