Asia’s first full reserve digital bank, ORO Bank, launches in Bhutan powered by Finastra
The bank has partnered with Finastra to leverage its Essence solution in the cloud.
UK
PSR names David Geale as new interim managing director after Chris Hemsley steps down
The PSR will commence the recruitment process for a new permanent MD after the UK general election.
New digital-only bridging lender Morpheus launches in the UK
Morpheus will initially provide bridging loans of up to £750,000.
FintechOS bags $60m in Series B+ investment round
The start-up claims it is “on track” to achieve break-even in 2024.
Allpay and The Bank of London partner to streamline payments for the UK social housing sector
Allpay provides a range of payment channels to approximately 90% of the UK’s leading 200 housing associations.
Monzo records first full year of profitability as it eyes international expansion
Monzo has reported a profit before tax of £15.4 million, compared to its £116.3 million loss in FY2023.
Funding Circle to cut 120 jobs in £15m cost savings drive
Oliver White, Funding Circle’s CFO, has also announced his intention to step down from his role.
Millennial wealth building platform Belong launches in the UK
The start-up launches with stocks and shares ISAs, GIAs, and a five-year amortising “Boost” loan option.
Saxo welcomes back Andrew Bresler as new UK CEO
Bresler previously held the position of deputy head of sales trading in Saxo’s Singapore office from 2016 to 2018.
European FMIs Clearstream, DTCC and Euroclear unveil tokenised asset framework
The framework also highlights the controls which will help firms mitigate governance and asset management risks.
ICYMI fintech funding round-up: Landytech, Frich Money, Swiipr and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
XYB announces Derek Joyce as new CEO ahead of Monese split
Joyce previously advised XYB on its upcoming split from Monese as well as its latest fundraising endeavours.
Intelligent Money enters administration with key assets sold to digital savings platform Quai
Richard Heis and Edward Boyle of Interpath Advisory were appointed as joint administrators on 28 May.
Paymentology hires former Superscript exec Tim Joslyn as new CTO
Joslyn brings over 25 years of tech experience to the role and succeeds interim CTO James Letley.
UK challenger SilverRock lands banking licence with restrictions from PRA following £50m raise
The new bank says it plans to start lending “later this year”.
Stephen Bird to exit Abrdn after four years as group CEO
Jason Windsor, who joined Abrdn last year as group CFO, is to step in as interim group CEO.
LGT in Liechtenstein taps Finastra for instant payments
Finastra says the move will enable LGT to meet the EU instant payments regulatory timeline.
FE fundinfo snaps up wealth management fintech Dericon
The deal marks FE fundinfo’s seventh acquisition in three years.
ICYMI fintech funding round-up: Kudos, Teal, WeMoney and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Payments fintech Vitesse raises $93m Series C funding to fuel US expansion efforts
Vitesse has also appointed former 10x Banking chief Curt Hess as its new US executive president.
Citi fined £61.6m by UK regulators for “failures in its trading systems and controls”
The total penalty consists of a £33,880,000 fine from the PRA and a £27,766,200 fine from the FCA.
UK’s PSR says Visa and Mastercard face “no effective competition” for core scheme and processing services
The findings are from the regulator’s newly published interim report on scheme and processing fees for cards.
UK challenger Chetwood Financial acquires lender CHL Mortgages for Intermediaries
Chetwood states that the purchase will complement its forthcoming ModaMortgages proposition.
JP Morgan Chase commits additional £40m to boost economic growth in the UK
The investment aims to “help connect young people and underserved communities to economic opportunities”.
UK challenger GB Bank lands £85m investment
The bank projects that the new investment will allow it to increase its lending to £500m over the next year.
Interview: How Project Nemo is working to accelerate disability inclusion in the UK fintech industry
We chat with Joanne Dewar, head of Project Nemo, about the need for greater disability inclusion in UK fintech.
ICYMI fintech funding round-up: Ekko, Layer, MNZL, Panax and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
HSBC UK partners accounting software provider Ember for My Business Finances tool
The tool aims to help small businesses comply with the UK’s upcoming Making Tax Digital initiative.
AI-powered regtech Cube acquires global regulatory intelligence enterprises from Thomson Reuters
Through this acquisition, Cube aims to “set a new bar for the industry in regulatory automation”.
The UK’s digital identity crisis
The UK needs to prioritise and accelerate digital identity adoption to avoid falling behind.
UK challenger Tandem appoints Suavek Zajac as new CTO
Zajac’s most recent positions include serving as CTO at Blackberry and the UK-based fintech Railsr.
Avidbank partners Corserv to launch commercial credit card programme
The bank will utilise Corserv’s Account Issuer solution to power its new credit card offering.
Marine financing fintech Salt granted FCA approval and names new CRO
In addition, the fintech revealed it was on the hunt for additional investors for its ongoing seed funding round.
Adam Dodds to step down as CEO of stock trading app Freetrade
Freetrade COO and co-founder Viktor Nebehaj is poised to assume the CEO role moving forward.
What are the strengths, weaknesses and concerns around open banking?
The industry must ensure that open banking tech serves the strategic needs of consumers and institutions.
How UK building societies are finding balance amid the rise of digital
It’s estimated that the UK’s 43 active building societies serve approximately 26 million people.
Suffolk Building Society taps Finova to power mortgage offering
The mutual is to integrate Finova’s Apprivo mortgage originations banking platform.
TerraPay appoints network head amid new partnership with MultiPass
Hassan Chatila has been named as VP and global network head, joining from Western Union.
Basware acquires invoice management and statement reconciliation platform AP Matching
The acquisition will also see Basware integrate AP Matching’s managed services division.
UK lender Abound secures £800m in mix of equity and debt financing
The London-based firm previously secured £500 million in equity and debt financing last year.
