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Hello all!

Here are some of the news regarding Silicon Valley Bank ??

MUFG Americas Capital Markets Strategy's assessment of the impact of SVB on financial stability and global markets.

Check the timeline of the Shocking Collapse of Silicon Valley Bank (SVB) ??

HSBC bought the UK arm of SVB for a symbolic one pound, rescuing a key lender for technology start-ups in Britain .

Anthony Watson, the Bank of London CEO, calls SVB sale to HSBC a “missed opportunity” for innovation , leading to further consolidation of power among big banks.

SVB failed just 14 days after KPMG LLP gave the lender a clean bill of health . KPMG’s knowledge about the financial situation will likely be the subject of regulatory scrutiny and lawsuits.

SVB gets a new boss - Tim Mayopoulos , as former CEO and CFO are sued for fraud. He claims that SVB is not only open but conducting business as usual.

If you want to stay up to date with the latest SVB, and other FinTech news, please sign up for my daily newsletter here ??

Enjoy this week’s other FinTech news!

Cheers,

Marcel

REPORT

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Download the full #fintechreport "Global State of Open Finance 2023" by twimbit and F5 here . ??

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?? NEWS HIGHLIGHT

Credit Suisse reports ‘weaknesses’ in financial controls , as they were first flagged down by the bank’s own auditor PwC. A conclusion was drawn by the bank that has unsatisfactory internal financial reporting controls as of 31 December 2022.

Credit Suisse shares rose over 30% at the market open after the bank said that it will borrow up to $54 billion from the Swiss National Bank.

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?? INSIGHTS

The U.S. Federal Reserve unveiled details about its ‘FedNow’ instant payments system. The central bank announced that the service will start operating in July.

?? ARTICLE

The majority of banks globally are investing in modern payments technology with 94% of respondents considering varied levels of investment in the next 24-36 months, says a research study.

Aite-Novarica Group research reveals that payments is an important area of growth and innovation within the commercial banking space, and legacy systems cannot support end-user demand for better payment capabilities.

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Open up your agendas! The 2nd Open Banking Afterwork is just around the corner.

Join?Christoph Stegmeier?from?Simon-Kucher,?Jens Frederik Natelberg?from?Solaris SE, and?Daria Berdnikova?from?Klarna Kosma?in a workshop to learn and exchange ideas on ways to steer product & commercial strategies in tough market conditions. Secure your spot?here .???

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Varo Bank: The Future of Digital Banks After Silicon Valley Bank Collapse

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

?? DIGITAL BANKING HIGHLIGHTS

?? NatWest imposes restrictions on customers buying cryptocurrency .

?? Bunq surpassed €2.3bn in user deposits , neobank revealed that its balance sheets are up 91% year-over-year.

?? Atom Bank kicked off a search for a new chair as preparations for a public listing of its shares gather pace.

?? Sparxpres teamed up with Tuum and IT firm Trifork on a bespoke card and financing platform.

?? REGIONAL HIGHLIGHTS

UK ????

Hokodo partners with BNP Paribas to increase B2B payments. The partnership comes at a time when B2B digital sales are growing and demand for streamlined purchasing experiences rises.

Kroo ups its current account interest to 3.33 % , claiming it is committed to disrupting the legacy banking system by passing on fair interest rates to its customers.

USA ????

HMBradley eliminated its waitlist and is now open to new users after securing a new sponsor bank .

Mercury expands Federal Deposit Insurance Corporation insurance up to $3M through new Vault product.

Ibanera raised $18.5m in a funding round to enable itself to keep supporting its BitLine business line.

ASIA

livi bank announced the full launch of livi Business , its game-changing service designed to empower small and medium enterprises.

MariBank is now available to the public on an invite-only basis as it is in the midst of rolling out its services progressively.

TNEX was named “Best Digital-only Bank in Vietnam” by The Asian Banker for the second year in a row.

MIDDLE EAST

Kuwait International Bank will be offering its KIBPay service to its corporate clients as part of the bank’s strategy to provide its customers with access to digital banking services.

AFRICA

Bank of Africa UK migrated its core banking systems to Oracle Cloud Infrastructure. OCI will provide access to secure and high-performance computing resources previously not available with its on-premises systems.

Zemen Bank and Netcetera join forces. Netcetera’s Access Control Server allows Zemen to authenticate cardholders online with multi-factor authentication.

African Rainbow Capital pumped close to R2 billion into TymeBank . ARC holds an effective 57.7% stake in TymeBank.