Digital Banking | 2022 #34

REPORT

Banking as a service explained:

??Check out this very interesting Deloitte report here.

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?? SPONSORED CONTENT

An Open Banking-powered payments solution allows merchants to retain complete control of the money flow, deciding how to route the flow of cash and which banks to route it through. Are you curious about the numerous benefits you can have by taking control of payments?

Check out our latest?Klarna Kosma?blog.

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?? ARTICLE

The competitor landscape is becoming increasingly diversified and the choice of savings products available to customers is growing steadily.?

C-Innovation identified three types of segments to which savings products are targeted depending on the number of wealthy individuals who have to save.?

??Read the full article with more stats and figures here.

?? ?? BLOG

The embedded banking space is increasingly crowded, but over the next few years, we will see a wave of specialization followed by consolidation.

?? Read this full great article by?Julia Hubo?and?Zeynep Yavuz?here.

?? INTERVIEW

Many small businesses are feeling the pressure as news from the Bank of England warns of a looming recession, interest rates hiked up to rates not seen in 27 years and the economy is looking as bleak as it did in 2008.

Speaking to iwoca CEO Christoph Rieche, open banking might be one solution that will help small businesses stay on track through this economic downturn.

??Find his top three benefits for open banking for SMEs by reading the full Altfi article here.

??INSIGHTS

Banking and insurance customers are increasingly growing dissatisfied with the services they receive from their traditional financial services providers.?

?? Read the full Fintech News Singapore article here.

?? ANALYSIS

The world’s top 20 countries reliant on cash in 2022.

?? Read the full Trending article here

NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS

?? DIGITAL BANKING HIGHLIGHTS

?? Revolut gets approval to offer crypto services throughout Europe. Link here.

??UK Finance Payment Markets report finds Faster Payments volumes increased by 23% to 3.6 billion from 2020 to 2021. Link here.

?? Starling and Monzo beat big banks in a customer satisfaction survey. Link here.

?? Arc has raised $20 million in a Series A round of funding. Link here.

??Anne Boden: Starling’s return on equity will be 30%. Link here.

??Banking as a Service fintechs coming to the age to fuel integrated finance needs. Link here.

?? REGIONAL HIGHLIGHTS

UK ????

NatWest's Payit hits the ￡1bn open banking payment processing milestone. Link here.

Revolut adds social enterprise Beam to the Donations feature. Link here. Users under the age of 18 will now be able to personalize their Revolut card and transact with friends as the service rebrands. Link here. Revolut’s playbook to build a global financial SuperApp. Link here.

Perenna opened its waiting list after being awarded a restricted banking license by UK regulators. Link here.

Lloyds Bank has done the first transaction in the U.K. making use of a digital promissory note purchase. Link here.

Virgin Money launches new bank account switching incentive offering joiners 25% cashback on supermarket shops and petrol. Link here.

GB Bank receives full banking licence. Link here.

EUROPE ????

OKEO goes live with multi-currency payments on Mambu. Link here.

Revolut rolls out consumer loans in Romania. Link here.

USA ????

UnionBank allows select customers to buy and sell bitcoin within the app. Link here.

Zolve launch of a campus ambassador program. Link here.

WebBank announced an agreement with American Express. Link here.

Remitly Global signed a definitive agreement to acquire Rewire. Link here.

United Credit Union and Eastex Credit Union have partnered with Access Softek’s Access Digital. Link here.

BankProv and Republic partner to offer escrow accounts to capital-hungry firms. Link here.

Bankjoy signs up UMe Credit Union. Link here.

LATAM

The introduction of Brazil's digital real and the challenges and opportunities of open finance were among the issues brought into focus as industry experts gathered last week for the Febraban Tech event in Sao Paulo. Link here.

CARIBBEAN

North International Bank selects Temenos to modernize digital banking services. Link here.

ASIA

Faysal Bank and SimpliFi Pakistan partner to offer Innovative Digital Financial Services. Link here.

GCash enables users to pay their bills via its micro-lending facility GCredit. Link here.

India’s Fincare Small Finance Bank launched two digital banking units as part of a larger push in the country toward digital banking. Link here.

Digital lenders shake up the Philippine banking market. Link here.

TheNoor aims to raise RM5 million through platform Ethis. Link here.

AUSTRALIA ????

Up now has over 550,000 customers and $1b in deposits. Link here.

Boomer Home Loan collapsed just a few months after launching. Link here.

Bank of Queensland goes live on Temenos Banking Cloud. Link here.

OCEANIA

Bank of New Zealand rolls out SoftPOS app. Link here.

MIDDLE EAST

E-payments exceed cash transactions for 1st time in Saudi Arabia. Link here.

Bahrain Islamic Bank launches ‘end-to-end’ mobile accounts for corporates. Link here.

AFRICA

Binance wants to open a South African bank account. Link here.

Telkom muscles into banks’ turf with business loans. Link here.

MOVERS AND SHAKERS

Nubank named Youssef Lahrech to the newly created role of president, reporting directly to Chief Executive Officer David Vélez.?Link here.

OakNorth?appointed Timo Boldt as a Non-Executive Director. Link here.

StanChart Malaysia appoints Mak Joon Nien as First Local CEO. Link here.?