The Future of Banking newsletter powered by Marcel van Oost
Weekly news up to Monday, 2nd of October 2023

The Future of Banking newsletter powered by Marcel van Oost

REPORT

?? France ???? has witnessed a transformative surge in digital banking, catapulting user numbers from 8 million to a staggering 25 million between 2018 and 2022:


?? NEWS HIGHLIGHT

Atom Bank is to assess the climate risks of its mortgage book using profiling technology from Kamma.



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

?? DIGITAL BANKING HIGHLIGHTS

?? XYB collaborates with Google Cloud for generative AI input .

?? Neo passes €10bn in processed cross-border payments since launch .

?? SEC brings in $218 million in a day but still faces shutdown .

?? Ualá CEO sees positive impact on lending amid Argentina’s dollarization debate .


?? REGIONAL HIGHLIGHTS

UK ????

Plum has launched a new ‘Plum Interest’ product, allowing customers to benefit more quickly and directly from higher central bank rates .

Kraken announced it has received authorization from the Central Bank of Ireland as an E-Money Institution (EMI) .

Chase UK has become the latest bank to ban crypto-related transactions from its mobile app in the face of escalating fraud fears .

Konsentus has teamed up with Brankas to enable financial institutions, central banks, and regulators to accelerate their open finance journeys .

Monzo notes that gambling charity GamCare has revealed that more people are reaching out for support with problem gambling this year than ever before .

Lloyds Bank takes on business spend management with Visa Commercial Pay .

Perenna raises $52m funding round ahead of mortgages launch .

Perenna has announced an exclusive partnership with L&C Mortgages as it begins lending this month.

Apple Wallet app will now be able to show UK users’ current account balance from their bank, as well as a history of deposits and payments.

Coinbase CEO slams JPMorgan for banning crypto payments in UK, suggests government should act.

Revolut attracts UK watchdog scrutiny over red-flag accounts .

UK challenger Redwood goes public on reverse takeover of R8 Capital.

EUROPE ????

Qred is thrilled to announce that the banking license the company acquired in May is now activated and the company is officially a bank .

USA ????

J.P. Morgan announced that it has been designated by the United States Treasury Department under a financial agency agreement to provide account validation services for federal government agencies.

JPMorgan Chase names new investment-bank boss and sets up digital bank in flurry of personnel moves.

CANADA

Interac is broadening access to its e-Transfer service beyond regulated banks and credit unions, with Wealthsimple the first new player to join.

LATAM

Nubank says it has received a significant increase in the A/B loan provided by the International Finance Corporation (IFC) – part of the World Bank.

Nubank announced its entry into the exchange-traded fund (ETF) market , aiming to expand its product offerings and diversify its customer base.

ASIA

Tonik has announced its partnership with Finastra in order to improve its end-to-end core banking capabilities with Finastra Essence.

Fi has laid off 10% of its workforce or 30 employees citing strategic restructuring. With this, it has become the second neobank after Open to conduct layoffs this year.

MIDDLE EAST

Papara will continue to focus on M&A as part of its European expansion strategy , Chairman Ahmed Karsl? is set to tell FinTech Magazine.

AFRICA

Discovery Bank enters home loan market with competitive rates offer . Clients will be able to access home loans, insurance for their homes and family, access additional financing and exclusive solar solutions.


MOVERS AND SHAKERS

YES BANK announced the appointment of Mr. Pankaj Sharma as Chief Strategy and Transformation Officer .

Cashplus has found a new chief financial officer with Leigh Bartlett being appointed

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