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147

Georgian neo bank Space to go global with Visa partnership

via Finextra 

Georgian neo bank Space, an app-only offshoot of FTSE 250 TBC Bank, is to expand its international footprint through a partnership agreement with Visa

Launched in 2018 with just three employees, Space has achieved more than 400,000 downloads and 160,000 registered customers. (more…)

Banks, Global trends, Mobile-first banks

November 14, 2019

170

Starling has hit the 1 million account milestone, placing it among the three most successful UK neobanks

via Business Insider 

UK neobank Starling has achieved the 1 million account mark, Starling’s founder and CEO Anne Boden confirmed to Yahoo Finance UK. The milestone places Starling among the three most successful neobanks in the UK — trailing Revolut’s 8 million customers and Monzo’s 3.3 million. (more…)

Banks, Global trends, Mobile-first banks

November 13, 2019

194

Cato Banking opens waitlist for “financial health” account ahead of UK launch

via AltFi

Automatic bill payments, saving pots, and rewards and discounts at 80 retailers are what make Cato unique. (more…)

Banks, Global trends

November 11, 2019

216

Revolut named UK’s fastest-growing technology company

via AltFi

Digital banking app Revolut has been named the UK’s fastest-growing tech company, with an average three-year growth rate of 48,477%.

The figures were published today in Deloitte’s 2019 UK Technology Fast 50 ranking, which calculates the fastest-growing tech companies every year.

Revolut was closely followed by OakNorth (37,449%) and Dividebuy (23,878%) in second and third place respectively. (more…)

Analytics, Banks, Global trends, Mobile-first banks

November 8, 2019

275

Queensland neobank preps 2020 launch

via Finextra 

A new Australian fintech, DayTek Capital, is due to launch “Infinity” in the first half of 2020 with a vision to becoming the first “product-disruptive” bank in Australia.

Initially starting with a prepaid card, the business is already working towards its Restricted Authorised Deposit-Taking Institution Licence, with an aim for it to be completed later that year.

Infinity has already generated great interest in Australia, with the federal government offering assistance in support of the venture. Trade & Investment Queensland, the Queensland Government’s dedicated global business promotion agency, is also supporting Infinity and its potential to create skilled jobs in Queensland.

(more…)

Banks, Global trends, InspirAsia

November 7, 2019

249

Dawn Of The Neobank: The Fintechs Trying To Kill The Corner Bank

via Forbes

Globally, a vast army of neobanks are targeting all sorts of consumer and small-business niches — from Millennial investors to dentists and franchise owners. McKinsey estimates there are 5,000 startups worldwide offering new and traditional financial services. Underlying this explosion is new infrastructure that makes starting a neobank cheap and easy, plus a rising generation that prefers to do everything from their phones. While it can take years and millions in legal and other costs to launch a real bank, new plug-and-play applications enable a startup to hook up to products supplied by traditional banks. 

(more…)

Analytics, Banks, Global trends

November 4, 2019

304

Monzo surpasses 50% of UK challenger banking market share

via AltFi

German digital bank N26 is currently leading the European challengers in the US digital banking landgrab, taking nearly 50,000 downloads for the month of September, according to figures from Apptopia.

Revolut came in second place with over 20,000 downloads, and Monzo brought up the rear with just 6,400 downloads.

All are playing catch-up with local digital banking challenger Current and market leader Chime with 109,000 and 740,000 downloads respectively. (more…)

Analytics, Banks, Global trends

November 1, 2019

208

What the U.S. Can Learn from U.K. Fintechs and Neobanks

via The Financial Brand

One of the main reasons the U.K. lays claim to being the fintech capital of the universe is due to regulatory support and encouragement. Federal regulators in the U.S. so far have not joined the party. But when they do, the impact for financial institutions could be sweeping. (more…)

Analytics, Banks, Fintech news, Global trends, RegTech

October 31, 2019

245

Neobank Rebellion becomes first fintech to offer Spanish IBANs with banking licence

via FinTech Futures

Spanish neobank Rebellion has become the first challenger in the country to gain a banking licence and offer International Bank Account Numbers (IBANs), reports La Vanguardia. (more…)

Banks, Global trends, Mobile-first banks

October 31, 2019

224

Nubank’s app has been downloaded more than Revolut, Monzo, and N26 combined

via Quartz

As digital banking startups catch on around the world, Nubank has taken a commanding lead when it comes to app downloads. The Brazilian company’s rapid growth shows the promise of mobile banks in developing markets, where much of the population doesn’t have adequate financial services. (more…)

Analytics, Banks, Global trends, Mobile-first banks

October 30, 2019

290

Mastercard and Visa battle over Revolut deals

via FinTech Futures 

UK challenger Revolut will be launching its US card with Mastercard by the end of this year. However, the fintech will also be primarily issuing Visa-branded cards in its global expansion.

Revolut will use Visa to expand in 24 new markets, for a total of 56 around the world and simultaneously partner with Mastercard for at least 50% of existing and future cards issued in Europe (Visa will have the other half), according to a statement.

The fintech uses its licence with Lithuania’s central bank to service Europe, but it will have to partner with a US-licensed bank when it starts rolling out cards to US citizens. (more…)

Banks, Global trends, Mobile-first banks

October 22, 2019

303

Fintonic Becomes Latest Challenger Bank to Receive Banking License

via Finovate blog

After receiving its banking license from the Bank of Spain last week, personal finance platform Fintonic has become Spain’s newest challenger bank. Having passed all of the certifications, Fintonic is now a payment initiation service provider (PISP) and PSD2 compliant account aggregation service provider (AISP). (more…)

Global trends, Mobile-first banks, PFM/PFP services

October 22, 2019

246

The battle to become the Mexican Nubank just started

via  TechCrunch

Banks in Latin America have long dominated the market as oligopolies, becoming highly profitable but not serving well the population.

In the region, Brazil was the first market to have the banks’ oligopoly challenged by neobanks, with Nubank proving that it was possible to break them up. Providing a superior product and exceptional customer support, it was able to attract more than 15 million customers, valuing the company at an astonishing US$10 billion in its latest round.

Although Brazil has been the center of the neobanks’ emergence in Latin America, attention has been shifting toward another country in the region. (more…)

Banks, Global trends

October 18, 2019

860

5 Trends That Will Dominate at Singapore FinTech Festival 2019

The Singapore FinTech Festival 2019 is fast approaching with just under two months remaining until the week-long program, which promises to provide groundbreaking innovations to promote growth and development in the financial sector.

The third edition of the festival, held last November, had about 45,000 participants and exhibitors from all over the world. The event attracts a large number of different attendees including; executives, corporate and financial institution representatives, innovators, start-ups and investors.

This year’s festival will feature a host of events ranging from The Global FinTech Accelerator Demo Day to conferences, exhibitions and an awards ceremony. (more…)

Fintech news, Global trends, Influences FinTech, InspirAsia, Singapore

October 9, 2019

655

What does the term ‘challenger’ really mean?

via Chris Skinner’s blog 

Mr. Chris Skinner published a post on the issue of definition of the term ‘challenger bank’.  (more…)

Banks, Global trends

October 8, 2019

568

Funding the revolution: the dawn of digital banking

via FinTech Futures 

If you happen to have noticed a decrease in waiting times at your local bank branch recently, you’re not alone. The digital banking revolution is taking the world by storm and traditional banking giants are feeling the squeeze. The youth of today may never know the stress of rushing to the bank on their lunch break only to be faced with a mile-long queue.

These days, physical bank branches are becoming an antiquated idea, with many new online digital banks featuring no physical branches at all. From the early days of simple cash transfers and a basic ATM card, the digital banking sector has now evolved to become a serious contender in the financial world. Let’s look at some of the major tech start-ups that are leading the charge. (more…)

Banks, Global trends

October 2, 2019

488

Another challenger bank is trying its luck in the UK. This is how it hopes to sweep the market

via Sifted

Holland’s Bunq is launching in Britain this week. Will its “life-hack” features, ethical investing, and credit-card offering be enough to lure a more mature market? (more…)

Banks, Global trends

October 1, 2019

785

Challenger banks eye the untapped teenage market

via Sifted

Revolut is launching a banking app for under-18s; a group which offer inflated disposable incomes and life-long loyalty. Could this be the next battleground for fintech? (more…)

Banks, Global trends, Mobile-first banks

September 19, 2019

654

Chime now has 5 million customers and introduces overdraft alternative

via TechCrunch

Challenger bank Chime has reached 5 million customers in the U.S. The San Francisco-based startup is creating an FDIC-insured mobile bank without any physical branch. The company also promises fewer fees.

Back in March, Chime said it had 3 million customers when it announced its $200 million Series D round. So that’s 2 million additional customers in roughly 5 months. (more…)

Banks, Global trends, Mobile-first banks

September 4, 2019

2252

Digital banks on track to treble customers . . . but profits harder to come by

via AltFi

Digital banks based in Britain are expected to almost triple new customers across the globe to 35 million, according to a new report.

New banks such as Revolut, Monzo and Starling will see their ease of use, lower operating costs and widening customer profiles drive new accounts across Europe and the US, said new research from professional services firm Accenture. These banks currently have around 13 million customers, which has more than doubled over the previous 12 months. (more…)

Analytics, Banks, Global trends

September 3, 2019

2726

Customer onboarding and the brand new digital banking licences by MAS

via e27

The announcement from MAS that non-banking fintechs will be eligible to create banks in the digital format, and provide services without any physical branches whatsoever can be considered as the biggest headliner in the financial news of Singapore in July. Altogether, MAS is planning on issuing 5 digital banking licenses in the nearest future.

Applications admission shall begin in August and financial enterprises are, one after another, already announcing their interest in getting the license. As early as today, top managers form Validus, Grab, Razer, Singtel, and InstaReM have already expressed such intentions.

The new licenses issued for digital banking allow the performing of the following services: depositing, lending, and investing for both businesses and natural persons. Customer onboarding therefore, will become essential as the very first step towards utilizing the product. This step has to take into consideration the requirements of the regulations as well as internal risk assessment. This motivates companies to engage in specific partnerships in order to perform the onboarding and KYC. (more…)

Banks, Global trends, InspirAsia, Singapore

July 16, 2019

3765

Do good by doing well: Fintech moves further into charitable giving

via Tearsheet

Digital banks are looking to make donating to charity more accessible and simple for their customers. From round-up features to charity linked loyalty programs, raising money for fintech users’ favorite causes is becoming more tech friendly.

54 percent of donors worldwide prefer to give to charity online, according to Non-Profits Sources. That’s driving $31 billion of online charitable givings in the U.S. alone. Plus, in 2018, mobile payments grew by 36 percent. While there are still some who prefer mailing donations, the number of people who are attracted to quick and easy forms of giving to charity is growing. (more…)

Banks, Global trends

July 9, 2019

862

Singapore Advances Digital Only Bank Sector with Five New Digital Bank Licenses

via Crowdfund Insider 

The Monetary Authority of Singapore (MAS) will issue five new “digital bank licenses” according to the financial regulator. MAS said this was in addition to any existing Singapore banks which may also offer digital banking under existing rules.

MAS said the new rules extend digital banking to non-bank entrants.

Tharman Shanmugaratnam, Senior Minister and Chairman of MAS, announced the new rules during a meeting of the Association of Banks in Singapore. Shanmugaratnam said the new digital bank licenses “mark the next chapter in Singapore’s banking liberalization journey.” (more…)

Banks, Global trends, Government activities, InspirAsia, Singapore

July 1, 2019

837

As Challenger Banks Grow In Popularity, Incumbents Must Innovate

via Fintechnews Singapore

Using technology and digital channels, challenger banks are reimagining banking, delivering superior digital customer experience and challenging incumbents to reinvent themselves.

These are growing in importance and incumbents must “transform themselves from slow moving caterpillars to agile butterflies,” according to a report titled Bank X: The New New Banks by Citi Research.

These challenger banks that are also sometimes referred to as neo banks, are designed around meeting current customer expectations and leverage data insights to offer better personalization and fully digital banking experiences. (more…)

Analytics, Banks, Global trends

May 28, 2019

2037

How Monzo, Revolut, Starling and N26 plan to topple legacy banks

via WIRED UK

Digital banks aren’t going anywhere – with Monzo, Starling Bank, Revolut and N26 starting to rival legacy banks. Perhaps best known for their personal finance apps, they are now also starting to sell financial products. And there’s a lot more to come.

Meanwhile, traditional high-street banks are trying to up their game by investing in – and imitating – their digital offerings. Last month, for instance, NatWest began trialling Mimo, a new personal finance app with budgeting tools, spending insights and reminders. It will be rolled out later in 2019. Barclays, HSBC and others are also jumping on the bandwagon and adding features to their existing mobile banking apps. (more…)

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

May 17, 2019

1120

Who’s the Real Challenger? The Paradoxes of Digital Consumer Banking in the U.S.

via PaymentsJournal

Mention the term “challenger bank” and bankers might free-associate labels such as “fintechs,” “disruptors,” or “non-banks.” Those terms would certainly be apt for a small group of tech-driven market entrants, most focused on providing mobile-savvy transaction accounts for consumers who may have an anti-bank mindset.

However, if you stand back and look at the market data (as we did for our recently released report, Digital Consumer Banks in the U.S.: Your Money or Your Wallet), some of the most fearsome online competitors for U.S. consumers’ deposits have very familiar names (or parent names): Marcus (Goldman Sachs), Discover Bank, American Express Bank, USAA Bank, Charles Schwab Bank, Capital One 360. A new crop of digital banking divisions with unique brand identities and products is also coming to market: Finn (JPMorgan Chase), Greenhouse (Wells Fargo), Citizens Access (Citizens Bank), and more. In total, these well-connected digital divisions are already providing co-opetition for their branch-centric retail banking divisions. (more…)

Banks, Global trends

April 25, 2019

930

Four Major Trends For Compliance Professionals In 2019

via Forbes 

Accenture recently issued its annual Compliance Risk Study to gain insight into the different strategies that firms are pursuing to create compliance functions that meet the demands of a rapidly changing financial services industry.

Facing regulatory pressure and seeking to regain customers’ trust, financial institutions have spent heavily on compliance in the ten-plus years since the global financial crisis of 2008. This year, however, we are seeing a shift away from spending to meet regulatory needs to a focus on aligning compliance with growth initiatives – and to take advantage of technological innovation to automate some of the more basic compliance functions, relieving some of the pressure on firms to find, train and retain scarce talent. (more…)

Global trends, RegTech, Security

April 17, 2019

907

New Challenges, Competitive Threats Sharking Financial Waters

via The Financial Brand

In banking, there’s no shortage of new challenges and competitive threats keeping financial marketers up at night. Facing increasingly intense pressure, traditional institutions are innovating faster than ever. (more…)

Analytics, Banks, Global trends

April 15, 2019

1256

Puerto Rico Financial Commissioner George Joyner: “There’s a space for virtual assets that won’t go away”

via Crowdfund Insider

George Joyner has Puerto Rico in his blood. The Commissioner of the Office of Financial Institutions is a veteran player who has spent his whole career in the fast-growing banking and, latterly, FinTech industry in the US territory of Puerto Rico, with the exception of two years in Florida. Born on the mainland, he was brought to San Juan as a six-month-old baby. Bilingual in Spanish and English, Joyner is an American and a passionate Puerto Rican.

Puerto Rico’s tax-favored status has proved attractive to both mainstream finance and players from cryptoland. Joyner understands and shares the local passion for growth, but as the gatekeeper of Puerto Rican standards, he will only allow growth to occur in the fashion he considers prudent.

Crowdfund Insider caught up with him at the recent financial summit organised by one of Puerto Rico’s newest financial institutions, Kinetic International. (more…)

Blockchain, Cryptocurrencies, Global trends, Government activities, People of fintech

March 18, 2019

878

Where The UK Fails On Anti-Money Laundering

via PYMNTS

Hundreds of billions of pounds’ worth of criminal funds are laundered through the U.K. each year, while the non-compliant corporations and FIs that enable this receive little more than a “parking penalty” level fine. That’s according to Susan Hawley, Corruption Watch’s director of policy, who explains in this month’s AML/KYC Tracker how weak enforcement, toothless fines and lack of political will to scrutinize foreign investment all stand in the way of a cleaner system. (more…)

Global trends, Government activities, Influences FinTech

March 15, 2019