FinTech Futures: Top five news stories of the week – 31 May 2024
Here’s our pick of five of the top news stories from the world of finance and tech this week, featuring HSBC, XYB, ABN Amro, Intelligent Money and more.
Stephen Bird to exit Abrdn after four years as group CEO
Stephen Bird resigns as Abrdn group CEO (Image: LinkedIn)
UK asset management firm Abrdn has announced that its group CEO Stephen Bird is stepping down after four years in the role.
Jason Windsor, who joined the firm in October last year as group CFO, is to step in as interim group CEO while a formal search process for a permanent replacement commences.
Abrdn says Bird will work alongside Windsor until 30 June “to ensure a smooth handover”, after which time he will be placed on garden leave from 1 July, with his employment due to officially end on 31 December.
First taking up the position back in 2020, Bird says it was a privilege to lead the firm through what he describes as “an intensely challenging time in our industry”.
ABN Amro acquires Germany’s Hauck Aufhäuser Lampe in €672m deal
ABN Amro, one of the Netherlands’ largest banks, has agreed a deal with Fosun International to acquire Hauck Aufhäuser Lampe (HAL), a German private bank founded in 1796, for €672 million.
The Dutch giant anticipates that the combination of HAL with its German private banking arm Bethmann Bank will solidify its “top three position” in the German wealth management sector.
The merged entity is expected to manage approximately €70 billion in assets, with HAL contributing €26 billion in assets and €2 billion in loans.
ABN Amro believes HAL’s private banking services and strong presence in Germany complement the bank’s “existing client base and geographical coverage”.
HSBC launches e-commerce payment solution Omni Collect in UAE in partnership with Geidea
HSBC launches Omni Collect in UAE with Geidea
HSBC has launched its e-commerce digital payment solution, Omni Collect, in the UAE in partnership with Saudi paytech Geidea.
The Omni Collect platform aims to augment the way the bank’s corporate clients gather digital payments for goods and services sold through various payment channels, and facilitates real-time data flow by integrating directly into their e-commerce and accounting systems via APIs.
HSBC says this allows corporates to amalgamate reporting across various payment methods, monitor transactions online, and “have a unified view of all their daily business transactions”, with Geidea selected to enhance the offering by integrating a merchant acquiring facility.
Currently, Omni Collect is available in Australia, mainland China, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, South Korea, Thailand, Vietnam and the UK.
Intelligent Money enters administration with key assets sold to digital savings platform Quai
UK-based wealth management company Intelligent Money has entered administration, with digital savings platform and product provider Quai stepping forward to acquire its assets and business operations.
According to the Financial Conduct Authority (FCA), the firm officially entered administration on 28 May, with Richard Heis and Edward Boyle of Interpath Advisory appointed as joint administrators.
A notice on Intelligent Money’s website says that immediately following the appointment of the administrators, “the majority of the business and assets of Intelligent Money Limited (in administration) were sold to Quai Administration Services Limited as part of a pre-pack transaction”.
Announcing the deal, Quai says it has acquired “key assets” from Intelligent Money “encompassing their technology, staff and trustee companies”. The financial terms of the deal have not been disclosed.
XYB announces Derek Joyce as new CEO ahead of Monese split
Derek Joyce joins XYB as new CEO (Image: LinkedIn)
Coreless banking Platform-as-a-Service (PaaS) provider XYB has named former Alloy COO Derek Joyce as its new CEO, just less than a month after first revealing its intended split from parent company Monese.
Leveraging over 20 years of fintech leadership experience for the likes of Bread Financial, Klarna and American Express, Joyce will now “spearhead XYB’s growth ambitions as it embarks on its mission to accelerate the world’s transition to accessible and innovative banking”, according to a company statement.
The company says Joyce previously filled the “pivotal role” of advising XYB’s fundraising efforts and its separation from Monese. Now, he is set to become a co-founder of the standalone business alongside Monese CTO, Jonas Kiiver.
