FinTech Futures: Top five news stories of the week – 29 November 2024
Here’s our pick of five of the top news stories from the world of fintech this week, featuring HSBC, Garanti BBVA, Monzo and more.
Revolut unveils 2025 product vision, including mortgages, an AI assistant, and branded ATMs
Revolut announces product plans for 2025
Nik Storonsky and Vlad Yatsenko, co-founders of UK challenger Revolut, unveiled the fintech’s product vision for 2025 at the company’s “Revolutionaries” event in London last week.
This vision includes launching branded ATMs, mortgage products, business credit services and a new AI-powered assistant next year.
It also plans to introduce Revolut Kiosk to help businesses manage their restaurant and store operations, and expand its Revolut Pay offering with a range of payment solutions, including buy now, pay later (BNPL).
Storonsky and Yatsenko unveiled the plans after Revolut became Europe’s most valuable private tech company through a secondary share sale in August, reaching a company valuation of $45 billion.
HSBC Innovation Banking UK names Emily Turner as new CEO
HSBC Innovation Banking UK has completed its search for a new CEO with the appointment of former Citi executive Emily Turner, effective February 2025.
Turner succeeds Erin Platts, who will step down in December to become CEO of Octopus Ventures.
Platts, who served as CEO of Silicon Valley Bank UK for 19 years, will remain with HSBC as a special advisor following her departure.
Garanti BBVA launches new e-commerce payments platform TAMi
Garanti BBVA launches TAMi
Turkish bank Garanti BBVA has unveiled a new digital payments platform called TAMi aimed at “simplifying online transactions for businesses and consumers”.
Based on the bank’s existing tech infrastructure, TAMi offers a multi-bank point of sale (POS) system and prepaid cards as its two main products.
TAMi is hosted through the bank’s payment solutions subsidiary, Garanti Payment and Electronic Money Service Inc, which received an operating licence from the Turkish central bank back in February.
Monzo names former Nubank exec Tom Oldham as new group CFO
UK digital challenger Monzo has appointed two new chief financial officers: one to manage its UK operations and the other to steer the group’s overall financial strategy.
Tom Oldham has been named Monzo’s group chief financial officer (CFO), succeeding James Davies, who left in October to join energy supplier Ovo.
As well as steering Monzo’s financial strategy, Oldham will lead financial planning across the organisation, oversee global financial operations, and manage investor relations.
For its UK CFO, Monzo has appointed Mark Newbery, who will concentrate on “financial strategy, control, performance and balance sheet management” for Monzo’s UK operations.
Reem Finance taps Temenos to power new digital community bank
Reem Finance partners Temenos
UAE-based Reem Finance has selected Swiss banking tech vendor Temenos to power its upcoming digital community bank.
Founded in 2007 and headquartered in Abu Dhabi, Reem Finance provides corporate and retail financing solutions to help “facilitate business growth and advance trade capacity for private entities within various sectors”.
Through its partnership with Temenos, Reem Finance is now set to deploy the vendor’s core banking tech to launch a new digital community bank. A timeline for the launch is not currently known.
Furthermore, the Swiss vendor says that Reem Finance’s new digital community bank will utilise its payments and data analytics tools, enabling the firm to provide an array of financial services to both individual and business customers while “optimising banking processes to reduce cost and risk”.
