FinTech Futures: Top five news stories of the week – 9 August 2024
Our pick of the top fintech news stories this week includes NCR Voyix, CIBC, Société Générale and more.
Banking
Video: Harnessing AI in financial services with IBM
IBM’s Shanker Ramamurthy and John Duigenan discuss how to overcome the hurdles around AI adoption.
ClearBank secures new Credit Institution Licence from the ECB to expand into Europe
The licence was secured by ClearBank Europe N.V., ClearBank’s newly established European entity.
Unit secures new embedded finance partnerships with Vantage Bank and Lincoln Savings Bank
The two new deals come just months after Unit revealed it was cutting 15% of its workforce.
Be more like Suresh
Wouldn’t it be great if you could replace your core banking tech or any system on a regular basis?
DORA the explorer travels light
Things are only going to get faster and more demanding. So travel light, because you need to go far.
CIBC plans to hire for 200 new data and AI roles over the next 12 months
The new hires will be tasked with advancing “resilient and trustworthy AI solutions” across the bank.
UBP snaps up Société Générale’s UK and Swiss private banking subsidiaries in €900m deal
UBP claims the deal will boost its AUM by €26 billion to €186 billion.
NCR Voyix agrees to sell digital banking unit to Veritas Capital for $2.45bn
NCR Voyix says its digital banking business currently supports “1,300 top-tier financial institutions”.
Kuwait’s Boubyan Bank taps Temenos to modernise its core banking systems
The bank is migrating to Temenos’ core banking platform for corporate banking, retail, and wealth management.
Lloyds Banking Group names Rohit Dhawan as new group director of AI and advanced analytics
In this newly created position, Dhawan will oversee Lloyds’ AI Centre of Excellence.
Philippines-based fintech Mynt sees valuation top $5bn with MUFG and Ayala funding
Both MUFG and Ayala Corporation have invested $393 million each in the company.
BNP Paribas enters exclusive talks to buy AXA Investment Managers for €5.4bn
AXA says the proposed deal will “create a leading European asset manager” with total AUM of €1.5 trillion.
FinTech Futures: Top five news stories of the week – 2 August 2024
Our pick of the top fintech news stories this week includes Renasant Corporation, Stripe, ING and more.
Texas-based TransPecos Banks selects Oscilar’s risk management tech for BaaS compliance
Oscilar has been tapped by the bank for its AI-driven AML Risk Platform solution.
Is it time for banks to turn and face the change?
As society evolves, traditional banks must adapt, or else they face an inevitable demise.
Wells Fargo names BNY’s Bridget Engle as new head of technology
It has also been announced that Wells Fargo CIO Tracy Kerrins will lead consumer technology and a new AI unit.
Caribbean-based Proven Bank taps Ireland’s Fenergo for transaction monitoring solution
Fenergo says its solution is designed to reduce false positives and automate manual AML processes.
Qonto receives order from Banca d’Italia to improve AML measures in its Italian subsidiary
The firm says the order includes a temporary ban on onboarding new customers in Italy.
The remaining 90%
In a place where everyone says only a fraction of what they mean, speaking your mind makes you scary.
July 2024: Top five AI stories of the month
FinTech Futures takes a look back at five of the top AI stories from July.
German American Bancorp and Heartland BancCorp to merge in $330m deal
The new combined entity will reportedly boast over $8.1 billion in assets under management.
Octo3 merges with fintech solutions provider Evantagesoft to launch new FTS.Money brand in Asia
The new brand is preparing to launch IBAN accounts and remittance services later this year.
Video: Keyless co-founder Fabian Eberle discusses privacy-preserving biometrics
Keyless’ Fabian Eberle speaks with FinTech Futures about the growing adoption of privacy-preserving biometrics.
Ireland’s An Post joins forces with Safecypher to combat CNP payment fraud
Safecypher’s tech tackles CNP fraud by enhancing CVV protection for card payments.
On-demand webinar: Fintech rebound – unveiling the opportunities for 2024 and beyond
In this webinar, industry experts discuss the factors driving the rebound in the fintech sector in 2024.
Westpac joins forces with Optus to launch new in-app SafeCall feature
Westpac says the new feature will be rolled out to customers in the coming months.
Stripe selects Newline by Fifth Third Bank to expand its embedded financial services offering
Newline enables companies to launch payment and deposit solutions directly with Fifth Third Bank.
ING names Daniele Tonella as new CTO
Tonella succeeds Marnix van Stiphout, who has served as interim CTO since last November.
Mississippi’s Renasant Corporation to buy The First Bancshares in $1.2bn all-stock deal
The merger will create a six-state Southeastern banking franchise with around $25 billion in assets.
July 2024: Top five new fintech launches of the month
FinTech Futures takes a look back at five of the top new launches in July.
July 2024: Top five core banking stories of the month
FinTech Futures takes a look back at five of the top core banking stories of the month.
WesBanco snaps up Ohio’s Premier Financial in $959m all-stock deal
WesBanco is raising $200 million in capital commitments by early August to support the merger.
Building on solid foundations: Writing the next chapter of the UK’s open banking story
The potential for all parties to benefit from open banking is clear, and it’s immense.
July 2024: Top five fintech partnership stories of the month
FinTech Futures takes a look back at five of the top fintech partnership stories of the month.
FinTech Futures: Top five news stories of the week – 26 July 2024
Our pick of the top fintech news stories this week includes Revolut, UniCredit, Modulr and more.
The relevance of incumbent cores
As the rate of change accelerates, banks must prioritise adaptability and innovation.
Revolut secures UK banking licence with restrictions, enters mobilisation stage
Revolut has been in pursuit of a UK banking licence since 2021, when it first lodged its application with the PRA.
Morgan Stanley buys stake in UK business payments start-up Sokin
Sokin says the deal will “accelerate its product growth plans and further global expansion”.
Oat lattes and principles
Diverse workforces are more resilient and perform better against every conceivable metric.
