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330

Bank Negara Malaysia to Pave the Way for Neo Banks

via Fintech News Malaysia 

by Vincent Fong

Bank Negara Malaysia will soon release its requirements for a virtual banking license by end of this year. Virtual banking license seems to be all the rage these days with Hong Kong announcing their 3 approved licensees the same day Malaysia announces its ambitions to regulate this space. (more…)

Banks, InspirAsia, Malaysia, Mobile-first banks

March 27, 2019

644

Tandem Teams Up With Token.io For Open Banking Opportunities

Via Crowdfund Insider

Turnkey open banking platform provider, Token.io Limited, announced on Monday it has formed a partnership with digital-first challenger bank Tandem Bank to achieve PSD2 compliance and leverage open banking opportunities. According to Token.io, Tandem is now looking to look beyond core compliance, developing innovative new services that make use of new opportunities around payments.  (more…)

Fintech news, Mobile-first banks, Open Source/ API

March 26, 2019

685

Viva Republica finalizes consortium for internet-only Toss Bank

via The Korea Herald 

Viva Republica, operator of mobile payment app Toss, said Monday that it has finalized a consortium to establish Toss Bank, the third internet-only bank here.

The consortium will consist of Silicon Valley-based venture capital Altos Ventures, Goodwater Capital, Brazil’s Nubank, UK fintech player Revolut, and the Korea Electronic Certification Authority, the company said in a press release. (more…)

InspirAsia, Korea, Mobile-first banks

March 25, 2019

1014

World’s fastest growing SME neo-bank announces Middle East expansion

via FinTech Magazine

Open, a neo-banking startup which offers business banking solutions for startups and SMEs, has announced that it will expand into the Middle East market. (more…)

Banks, Fintech news, Mobile-first banks, SME

March 22, 2019

523

Monzo and OakNorth join forces to offer savings accounts in challenger bank tie-up

via AltFi

Savings accounts will launch for Monzo’s 1.6m customers on Monday, powered by fellow fintech unicorn OakNorth.

The partnership will see Monzo launch seven types of savings ‘pot’, ranging from an easy-access account offering 1% AER all the way to a 12-month fixed-term account boasting a 1.53% AER.

Two of the accounts are available in a cash ISA, with an easy-access account at 1.14% AER and a 12-month fixed account at 1.38% AER. (more…)

Banks, Fintech news, Mobile-first banks

March 21, 2019

686

The challenger bank playbook: A deep dive

via Finextra

Finextra reports on the rise of the challenger bank economy in Asia, as Money20/20 prepares to open its doors to a new wave of disruptors and innovators in Singapore next week.

As challengers – established firms – and neobanks – digital mobile outfits – are not burdened with legacy technology, they are able to disrupt the status quo. These organisations have taken off in the UK because of the traditional industry having adopted digital banking from the late 1990s.

According to KPMG’s global head of banking and capital markets Judd Caplain, this phenomenon has expanded immensely and there are now more than 100 challenger banks operating worldwide. Caplain lists Asian players such as China’s MyBank backed by titan Alibaba, WeBank launched by conglomerate Tencent, Digibank of India, Vietnam’s Timo, Japanese outfit Jibun Bank and South Korea’s K Bank and Kakao Bank as success stories.

(more…)

Banks, Global trends, InspirAsia, Mobile-first banks

March 13, 2019

440

Starling Debuts New Business Lending Strategy

via PYMNTS

U.K. challenger Starling Bank is moving forward with plans to introduce business lending services.Starling’s Head of SME Banking Stuart Doignie spoke with the publication during the RFi Group Global Business Banking Summit, noting that the bank plans to introduce unsecured business loans sometime this year. Loans may be between £5,000 ($6,540 USD) and £250,000, or larger, depending on demand and interest.

However, the company, which operates on a mobile-first platform to target smaller businesses, will not aim for an entirely automated lending service. (more…)

Banks, Mobile-first banks, p2p/online lending

March 8, 2019

357

US mobile bank Chime raises $200 million, valuing its business at $1.5 billion

via TechCrunch

San Francisco-based mobile banking startup Chime announced it has raised an additional $200 million in Series D financing led by DST Global, valuing its business at $1.5 billion. The oversubscribed round also included participation from new investors Coatue, General Atlantic, ICONIQ Capital and Dragoneer Investment Group, along with existing investors Menlo Ventures, Forerunner Ventures, Cathay Innovation and others.

To date, Chime has raised approximately $300 million, including last year’s $70 million Series C, which then saw the company valued at $500 million.

With the new funding, Chime has now raised the most funding and has the highest valuation among other U.S. challenger banks.

(more…)

Mobile payments/banking, Mobile-first banks

March 4, 2019

Revolut Now Offers an App Store for Business Banking

Revolut, a digital only bank that says it is signing up over 120 businesses per day, has launched a new services for their business customers – Revolut Connect. This new feature is described as an “App store” for businesses to help provide easier access to digital tools. (more…)

Fintech news, Global trends, Mobile-first banks

June 25, 2018

901

Monzo joins with IFTTT to help customers create their own applets

By Monzo,

We believe that a truly smart bank should empower people to manage their money in a way that suits them. Today, we’re proud to announce that we’re the first bank to partner with the world’s largest automation platform — IFTTT! (more…)

Mobile-first banks

June 9, 2018

UK challenger bank Starling seeks £80m funding

UK challenger bank Starling is looking to raise £80 million in its latest quest for funding – and it has ended its relationship with TransferWise(more…)

Banks, Mobile-first banks, Payment processors/providers/gateways

May 31, 2018

1051

Revolut expands payments feature to friends nearby

By Revolut

Sending and requesting money is one of the most popular features among Revolut users, and we’ve just made it even better. (more…)

eWallets, Fintech news, Global trends, Hotnews, Mobile-first banks

May 16, 2018

1043

Starling Bank calls time on contactless payments

Starling Bank has added a range of Garmin smartwatches to its growing roster of contactless payment devices. (more…)

Banks, Mobile-first banks

May 11, 2018

The World is Going Cashless & Digital Challenger Bank Revolut Wants to Lead the Way

Cash is king no more. Today’s society is all about mobility and the digitization of all forms of finance. How consumers spend and manage their money has changed dramatically in recent years and that pace of change is accelerating. Revolut is a new breed of banks that has replaced the corner branch with a robust smartphone app that reduces cost while providing superior services. Revolut has grown rapidly, jumping from zero to 1.5 million users in less than three years. A cashless (or at least less cash focused) is near and according to Revolut co-founder and COO Vlad Yatsenko, Revolut is going to lead the way. (more…)

Fintech news, Hotnews, Mobile-first banks

April 12, 2018

865

Fidor’s New Partnership Takes Aim at Financial Inclusion

Digital banking services company Fidor has partnered with the International Finance Corporation (IFC) to expand digital banking services in Africa and Latin America. (more…)

Deals, Mobile-first banks

April 12, 2018

892

Monzo introduces overdrafts

By Monzo

Digital challenger bank today launched overdrafts as part of the Monzo current account. This is the latest in a number of recent milestones for the UK bank. (more…)

Global trends, Mobile-first banks

April 12, 2018

Alibaba’s Ant Financial is Preparing to Raise $9 Billion in Upcoming Private Funding Round

Chinese fintech and Alibaba-affiliated Ant Financial is preparing to launch a private funding round in order to secure up to $9 billion. According to various reports, the company is increasing the funding target from previous funding rounds that sought up to $5 billion. Ant Financial’s previous fundraising round was announced in April 2016 and secured $4.5 billion from Chinese investors.  (more…)

Fintech news, Global trends, Mobile-first banks

April 12, 2018

964

Starling Bank moves into business banking

By Starling Bank,

Starling Bank, after recently being voted the Best British Bank, has today become the first fully licensed mobile-only bank to launch business accounts for small businesses and entrepreneurs in the UK. (more…)

Banks, Fintech news, Global trends, Mobile-first banks

April 2, 2018

879

Nubank Challenges Brazil’s Big Banks in Wake of $150 Million Funding Round

The startup that made headlines recently for its antitrust complaint against some of its country’s largest banks is the same fintech that raked in a major investment from a group of investors earlier this month. (more…)

Banks, Hotnews, Mobile-first banks

April 2, 2018

CreditLadder recruits Monzo and Starling

Savings house in hands

Monzo and Starling Bank have joined a raft of incumbents to integrate with rent recognition platform CreditLadder to help tenants to improve their credit history with rating agencies.

CreditLadder has used the Open Banking compliant API which went live earlier this year via TrueLayer to read customer rent payments. The firm passes this data onto Experian each month who then add it to the tenant’s credit history.  (more…)

Fintech news, Global trends, Mobile-first banks

March 29, 2018

1192

Yolt pairs up with Monzo

Yolt, the smart thinking money app owned by ING, has integrated with the UK’s biggest challenger bank, Monzo. (more…)

AI / Machine Learning / Big Data, Fintech news, Hotnews, Mobile-first banks

March 26, 2018

Standard Chartered unveils group’s first-ever digital bank in Africa

Standard Chartered has launched the group’s first digital bank in Africa – opening virtual doors in Côte d’Ivoire. The bank is the first of its kind in the country. (more…)

Banks, Mobile-first banks

March 19, 2018

859

Challenger Fiinu goes to Seedrs for £500,000 crowdfund

Fiinu, the new UK fintech bank, has announced its plans to raise £500,000 on Seedrs, part of a £30 million fundraising initiative, with funds released against key milestones including regulatory approval from the Bank of England. (more…)

Banks, Fintech news, Global trends, Mobile-first banks

March 16, 2018

936

Tandem to buy personal finance app Pariti

UK digital challenger bank Tandem has stepped up its aggregation game by agreeing to acquire personal finance app Pariti. Financial terms have not been disclosed. (more…)

Banks, Fintech news, Global trends, Hotnews, Mobile-first banks

March 14, 2018

1899

Fintech Alternative Banking Options (Infografic)

The traditional banking landscape has been dominated by the same banks for a considerable amount of time. The “Big Four”, combined with a few others, have created an oligopoly that remained unchallenged for years. The emergence of fintech and fintech companies represents a new threat to traditional banking and an increase in consumer choice. In fact 2017 saw more money invested in the UK fintech market than anywhere else in Europe, despite the concerns over Brexit. (more…)

Global trends, Hotnews, Mobile payments/banking, Mobile-first banks

March 12, 2018

1135

Millennial bank Liv. adds bill-splitting and expense management to mobile app

Liv. the millennial-focused digital-only bank from Emirates NBD, has rolled out bill-splitting and budgeting applications to its mobile banking app. (more…)

Banks, Global trends, Mobile-first banks

March 8, 2018

1085

Monzo begins beta testing of marketplace model

By Monzo,

Our goal is to build Monzo into a central hub where you can manage all of your money, and everything it touches. (more…)

Hotnews, Mobile-first banks

March 2, 2018

Virgin Money Set to Launch New Digital Bank

By Samantha Hurst for Crowdfund Insider,

Virgin Money, a financial firm under Virgin that offers savings, mortgages, credit cards, current accounts, currency services, pension, investments, and protection products to customers across the UK, has reportedly spent a total of £38.3 million over the last year to develop its brand new digital bank to attract more customers to its services.  According to the company, the new digital bank will offer customers a Universal Account that can be personalized to create a unique proposition tailored to individual needs.  (more…)

Global trends, Mobile-first banks

February 28, 2018

1296

Revolut broke even in December, now has 1.5 million customers

By Romain Dillet for TC

Fintech startup Revolut can’t stop and won’t stop growing. The company has had an amazing month of December with a huge increase in the total volume of transactions and signups. Because of that, Revolut broke even in December for the first time ever. (more…)

Banks, Hotnews, Mobile-first banks

February 26, 2018

Greenlight raises $16m for kids’ debit card

greenlight card

Greenlight Financial Technology, the startup behind an app and debit card for kids and college students, has raised $16 million in a Series A funding round joined by SunTrust Bank, Ally Financial and the Amazon Alexa Fund. (more…)

Banks, Mobile-first banks, news

February 25, 2018