UK challenger Atom Bank records first ever annual operating profit
The bank has seen its customer count jump from around 123,000 during FY22 to 224,000 at present.
Corporate & Commercial Banking
Banking Tech Awards 2023: Nominations deadline extended!
Submit your nominations before 4 August 2023!
FinTech Futures: Top five stories of the week – 21 July 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Salve Financial Hub signs for Finastra Essence to reduce payment delays
The San Marino-based fintech will deploy Finastra’s SaaS solution for high-value corporate payment processing.
The US Federal Reserve launches new instant payments system FedNow
FedNow operates in parallel with the Federal Reserve’s existing payment services, Fedwire and FedACH.
Myanmar’s FDB Bank signs for Oracle’s Flexcube core banking system
The signing and project kick-off took place this week in Yangon, Myanmar.
Germany’s BaFin provides updated order on the prevention of money laundering at N26
N26 will reportedly continue to be restricted to 50,000 new customer acquisitions per month.
Brite Payments announces two new appointments to its C-suite
The Swedish fintech has appointed Alexander Kassai as COO and Fredrik Strömqvist as CFO.
Yazan Hamdan joins Bank of Jordan as new head of digital banking
Hamdan joins the bank from Jordan’s first neobank Blink, where he served as platform lead since December 2021.
Banque Saudi Fransi completes payment processing upgrades with TCS
The Saudi bank selected TCS BaNCS to digitise its IT landscape across deposits, lending and payments.
Santander reportedly looks to boost investment banking operations with new hires
Reuters reports Santander is making at least 50 new hires in a push to become a major investment banking player.
Standard Chartered exits several markets in Africa through sale of subsidiaries to Access Bank
Access Bank will acquire Standard Chartered’s subsidiaries in Angola, Cameroon, The Gambia and Sierra Leone.
Spend management platform EnKash launches Olympus solution for businesses
The solution targets MMEs that lack experience and accessibility of financial and non-financial products.
Global fintech investment falls over H1 2023 amid economic turbulence but sector remains resilient
According to Innovate Finance data, $27.3bn was injected into the industry globally during H1 2023 through 1,714 deals.
FinTech Futures: Top five stories of the week – 14 July 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
DBS Bank to sell majority stake in AXS to Tower Capital Asia
The bank has struck an agreement this week to sell a 77.8% stake in AXS to the private equity firm.
The Bank of London formally submits application for EU banking licence
The firm is setting up a new base in Luxembourg and will invest €200m in the country and across the wider EU.
Citi launches new digital commercial banking platform
Citi Commercial Bank (CCB) says the new platform has been created “in close collaboration” with its clients.
Grow Finance joins Pismo as its first Australian client for card issuance
Launching this September, Grow seeks to provide businesses with better cash flow, management and capital.
Silverbird announces Stu Bailey as new CPO
Bailey’s appointment will seek to assist Silverbird in “liberating cross-border trade” for SMEs.
FIS confirms deal to sell majority stake in Worldpay to GTCR for $11.7bn
The transaction is expected to close by Q1 2024, subject to regulatory approvals and closing conditions.
UniCredit enters next phase of transformation with leadership restructuring
The appointments signal a shift into the next phase of UniCredit’s development.
Video: Strands and Akbank at Money20/20 Europe – Business financial management for SMEs
Strands and Akbank discuss how they are working together to support SMEs with their banking needs.
DBS launches e-CNY merchant collection solution in Mainland China
With the solution, corporate clients of DBS China will be able to collect payments from their customers in e-CNY.
Former Goldman Sachs partner joins Clowd9 as CFO
Christian Channell joins the cloud-native platform following a 25-year career at Goldman Sachs.
Mbanq’s BaaS offering supports US debut of SME-focused Cheqly
Cheqly’s services include business accounts, physical and virtual Visa cards, ACH payments and wire transfers.
ICYMI fintech funding round-up: Mypinpad, Navadhan, TransBnk & more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Citi TTS taps Pismo to strengthen demand deposit account solutions
Citi will initially deploy Pismo’s cloud-based core solutions in the US market.
Congratulations to the Banking Tech Awards USA 2023 winners!
Take a look at the 2023 Banking Tech Awards USA well-deserved winners.
US banking giants JP Morgan Chase and First Citizens cut 500 jobs each
Both banks laid off around 500 employees last week, according to media reports.
Cambodia’s Sathapana Bank taps Finbots.ai for enhanced credit risk management
CreditX will enable Sathapana Bank to build “high quality” credit risk scorecards and accelerate client onboarding.
HSBC unveils AI Markets for institutional investors and corporates
AI Markets “has been built from the ground up with user experience in mind”, HSBC says.
BKN301 Group taps Finastra for digital payments solution Essence
BKN301 Group’s long term strategy is to bring a BaaS payments solution to corporates in the MENA region.
UBS announces leadership team shake-up following Credit Suisse takeover
Credit Suisse CEO Ulrich Körner will join UBS’s executive board upon completion of the acquisition.
Banking on SMBs: How Rauva aims to bridge the business app gap in Portugal
FinTech Futures speaks with Rauva founder Jon Fath about the company’s launch and future plans.
Deutsche Bank acquires Numis in £410m deal to build out UK investment banking arm
Deutsche Bank plans to fold its UK and Ireland corporate finance business into Numis.
Morgan Stanley reportedly set to cut 3,000 jobs by end of Q2
A dearth of deal making is to blame, Bloomberg reports, with a 32% decline in the bank’s merger advisory arm.
JP Morgan Chase snaps up troubled First Republic from FDIC in $10.6bn deal
JP Morgan has assumed all deposits – insured and uninsured – worth approximately $92 billion from the FDIC.
HSBC triples quarterly profits following SVB UK acquisition and interest rate hikes
The bank also intends to begin a new share buyback of up to $2 billion.
JP Morgan taps Sharegain for digital securities lending solution
Sharegain’s SLTech solution allows investors to generate revenue through loaning out their financial assets.
