FinTech Futures: Top five stories of the week – 29 July 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Banking
Dbank gears up for launch in Pakistan, secures $17.6m seed funding
The investment round was co-led by Sequoia Southeast Asia and Kleiner Perkins.
Lloyds Banking Group to close 66 more bank branches
48 Lloyds Bank and 18 Halifax branches are set to shut between October and January of next year.
New group CEO and comprehensive strategic review at Credit Suisse
Ulrich Körner replaces Thomas Gottstein, who is leaving Credit Suisse after 23 years.
Monzo rapped by CMA over failure to provide transaction history data
The challenger informed the CMA it had failed to send transaction histories to more than 13,000 customers.
Low-code development platform Genesis lands $20m funding from BofA, BNY Mellon and Citi
The company secured $200 million in a Series C round led by Tiger Global earlier this year.
Composable banking beyond the core
Composable banking allows FIs to simplify a perennial tech challenge: systems integration.
Germany’s Airbank taps Klarna Kosma for open banking platform
Klarna Kosma’s open banking offering will provide Airbank access to an international network of banks.
Reliability is a superpower
The single most valuable thing you can be is reliable.
Webinar: Banking customer centricity with journey orchestration
Improve personalisation decisions across all channels and touchpoints, CX and achieve business goals.
Green fintech start-up Tred launches new carbon-tracking banking app
At the end of each month, Tred users are nudged to offset any carbon their spending has emitted.
New bank for public sector workers set to launch next year in the UK
The aspiring bank aims to submit its banking authorisation application by the end of this year.
Portugal’s Universo taps Mambu to expand digital financial services offering
The partnership will allow Universo to provide a “personalised end-to-end financial experience”, Mambu says.
Santander CIB teams up with SAP to digitise global transaction banking services
The two firms will collaborate to develop “invisible banking” solutions that improve client-to-bank connectivity.
Lebanese fintech Purpl partners Mambu to scale operations
Mambu’s cloud platform will power Purpl’s remittance and digital wallet solution.
Al Sanam Islamic Bank selects ICS Banks core banking system
Al Sanam Islamic Bank is a newly-established Islamic bank in Iraq.
Bank Islam Malaysia Berhad launches new banking app, Be U
The fully cloud-native digital banking app aims to broaden financial inclusion in Malaysia.
UnitPlus partners Vodeno and Aion for ‘pay-with-portfolio’ ETF solution
Customers can pay with funds drawn directly from their portfolio using the UnitPlus debit card.
Brazilian fintech Neon raises $80m to support credit portfolio expansion
The funding will allow the firm to expand its portfolio of credit products “in a sustainable and balanced way”.
ING to wind-up retail banking operations in the Philippines by end of year
The firm will leave the retail banking market in the country before the end of 2022.
French business banking firm Qonto snaps up German fintech Penta
The acquisition is expected to close in the next few weeks.
Rabobank selects US fintech InvestCloud for financial planning tools
Goal-based financial planning features will be made available to Rabobank’s customers.
OneConnect partners Pismo for unified digital banking solution, OneCosmo
Pismo and OneConnect entered into a strategic partnership in April this year.
Curve appoints new CPO Eyal Galina to build out product offering
Galina will be responsible for Curve’s product roadmap and strategy as it looks to boost its presence in the US.
Cartoon: Rodeo
A new cartoon by Ian Foley illustrating why fintechs should view risk management as a core competency.
The gathering momentum of CBDCs
CBDCs offer a means for secure digital payments with legal tender status, and no bank account is required.
Arvest Bank teams up with Google Cloud to boost digital transformation
Arvest says it plans on overhauling its current IT systems, including migrating its data centres to Google Cloud.
FinTech Futures: Top five stories of the week – 22 July 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Scottish Building Society taps AML firm Jade ThirdEye to upgrade security
Jade ThirdEye will upgrade the firm’s existing transaction monitoring solution.
Pennyworth partners Moneyhub for financial planning tool
The offering is targeted towards those with salaries between £40,000 and £150,000.
Digital challenger Varo Bank lays off 75 employees in effort to cut costs
CEO Colin Walsh says the firm is “not immune to the impacts of our current environment”.
Best, the enemy of better in mobile banking
The challenge for the industry is how to go beyond what they have and deliver platforms beyond the transactional.
US regulators fine Bank of America $225m for “botched disbursement” of unemployment benefits
The CFPB has fined the bank $100 million, while the OCC has separately issued a $125 million fine.
Heritage Bank appoints Mikhail Lopushanski as CISO
Lopushanski will work to strengthen the bank’s IT, digital and data security defences.
BNP Paribas partners fintechs to develop digital asset custody offering
The new combined solution will allow clients to issue, transfer and securely keep regulated digital assets.
Al Rajhi Bank Malaysia taps Feedzai for risk management platform
Feedzai’s RiskOps platform will help strengthen the security of ARBM’s upcoming digital bank offering.
Aussie paytech mx51 raises $22m Series B
The Series B round was led by an undisclosed “global fintech investor”.
The best time to plant a tree
The right time to act was in the past. But that doesn’t mean don’t act now. It means act doubly fast.
Wealthtech FNZ snaps up private banking tech provider New Access
New Access is primarily active in Switzerland, Liechtenstein and Luxembourg.
New cross-border payments and digital banking platform KwikPaisa launches in India
The platform will allow users to make payments anywhere in the world.
