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Banking
Video: Top fintech stories this week – 13 March 2020
FinTech Futures’ weekly news round-up.
EBA suspends EU banks’ stress tests over coronavirus impact
European regulator encourages flexibility in reaction to the virus.
Revolut launches gold trading for Premium and Metal users
The neobank will apply a 0.25% markup, with no other fees.
FCA issues coronavirus cryptocurrency scam warning
UK watchdog tells investors to be wary of deals too good to be true.
Global fintech funding: 2018 still stands as the reigning year
As of February 2020, year-over-year deal counts were down by 22%.
Kyriba Live 2020: Is it time to partner up with fintech firms?
The question is whether fintech firms will want to join Kyriba’s platform.
SME challenger bank NorthOne raises $21m Series A
New York-based challenger plans to splash the cash on customer acquisition.
Standard Chartered launches Banking as a Service solution in Indonesia
The white-label service was incubated at SC Ventures.
Inclusion, innovation, and mobile money in Sub-Saharan Africa
“If our systems fail, a big part of the economy would fail,” says exec.
Western Union refunds $153m for scam victims
Western Union agreed to pay $586 million in monetary relief following a 2017 scandal.
CFPB files account fraud lawsuit against Fifth Third Bank
US regulator claims bank opened credit accounts without customers’ permission.
Credit Sesame launches new digital bank account Sesame Cash
A banking offering will engage customers beyond just improving credit.
UK treasury expected to push back sale of its RBS stake to 2025
A further five-year delay is put down to “turbulent stock markets”.
Do not fail fast, learn fast instead
Being advised to fail and do so at speed, as if that, somehow, was not a relative thing anyway.
Budget 2020: What’s the fintech impact?
FinTech Futures picks out the fintech tidbits in this week’s announcement.
HSBC posts 47.8% overall pay gap, nearly double industry average
HSBC’s female employees are earning nearly half of what their male counterparts are.
Rizq launches in UK as Sharia-compliant challenger bank
Rizq plans to benchmark itself as close as possible to existing challengers.
UK banks prop up SMEs with £7bn amid coronavirus outbreak
The banks are also deferring customers’ payments on loans and mortgages for up to three months.
Metro Bank partners with ezbob to launch SME lending platform
The bank claims businesses will receive loans in minutes.
Report on cloud transformation in banking: The 2020 state of play
Investigating how a new year and a new decade have impacted the drive towards a cloud-based future for banking.
Lloyds signs customer experience deal with Google Cloud
UK bank to deploy Google cloud services to “improve customer experience.”
Tesco Banks lands Balmer as new chief information officer
New CIO arrives to lead bank’s IT division.
FCA to review data and analytics in wholesale financial markets
UK watchdog calls for input on market use of advanced analytics.
San Fran money manager Empower Finance lands $20m Series A
“There’s growing demand in the market for financial knowledge to be more practical,” says CEO.
Aussie neobank Hay chooses Mambu’s cloud banking platform
Mambu landed two other Asia-Pacific deals this month.
Standard Chartered unveils new Hong Kong challenger bank Mox
The bank’s card will be numberless to prevent fraud.
OakNorth Bank’s profits nearly double in 2019 but growth slows
The SoftBank-backed lender did see a slow down in its total loan facilities.
FirstBank picks Finxact to replace 35 year-old core banking system
Colorado-based bank is among early takers of Finxact’s core banking system.
Family finance app Jassby raises $5m, anticipates $20m round later this year
CEO says rounds will drive fintech closer towards 1 million users within a year.
Tandem lands funding, tipped to buy “green” lender
The bank is set to announce “the acquisition of an established ‘green’ lending business”.
SIX picks Know Your Customer to support supplier risk calculations
Maintaining due diligence on market participants a high priority for SIX.
Challenger bank Copper latest to tap America’s teens
Copper is yet to reveal its launch date but has opened a waiting list to teens.
Aruba’s banks switch to instant payments with equensWorldline
The digitisation of payments has been “a challenging project” for the island.
GFH buys 70% stake in MENA payments fintech Marshal
Marshal has a 85% market share across the United Arab Emirates (UAE).
Banking Technology March 2020 issue out now
Keep calm and carry on: Where does COVID-19 leave the Chinese fintech market?
“If you want it, go get it!”
Nancy Butler at B-North, shares her experience in banking this international women’s day.
Can fintech eliminate credit discrimination?
Even the strictest laws can’t eliminate the inherent impression the credit manager forms.
HPS to provide QR-based payments system in Saudi Arabia
Payments firm tapped up by Saudi Arabia’s Monetary Authority.
Banks test disaster recovery sites and send staff home amid coronavirus
Senior bank execs are concerned about broadband capacity at their employees’ homes.
