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The Future Of Banking
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?? NEWS HIGHLIGHT
When Goldman Sachs and Apple launched their joint savings account in April, Goldman held a town hall at its headquarters, where bank executives talked it up. One executive had a different message shortly afterward.
???? BLOG
In this blog post, Gasim Khasmammadli describes the evolution of the market and the place of BaaS in this evolution. He’ll also provide more information on the difference between BaaS from Open Banking and Embedded Finance.
??INSIGHTS
A day-long outage at Japan's interbank clearing network left 1.4 million money transfers made by customers of the country's 11 largest banks in limbo.
In the UK, about 55 million accounting for almost 100% of the population above 15 years old have a bank account compared to 53 million accounting for 97.9% in 2018.
The study, which polled more than 24,000 adults across 14 countries and regions in 2022, found that 26% of respondents in India owned a digital banking account last year, a rate that stands at 21% in Singapore and 20% in Hong Kong.
?? ANALYSIS
Since 2017, more than half of the FinTechs that applied to the OCC for de novo national bank charter applications later withdrew their applications.
NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS
?? DIGITAL BANKING HIGHLIGHTS
?? Bank of Mauritius to launch digital rupee pilot in ‘Upcoming Months’.
?? SEC head warns AI could cause financial crisis.
?? Metro Bank seeks bids within weeks for ï¿¡3bn mortgage book.
?? FCA imposes customer onboarding restrictions on payments fintech Modulr.
?? Revolut grows financial crime headcount to combat rising fraud levels.
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?? REGIONAL HIGHLIGHTS
UK ????
cahoot has increased the interest offered on its Simple Saver account. cahoot increases interest to 5.12% on Simple Saver account.
Lloyds Bank has accelerated its strategic partnership with FreedomPay, as part of its continued growth strategy to offer clients access to a suite of fast, efficient, and secure payments solutions.
NatWest has become the first UK bank to enable Mastercard's Click to Pay for all of its customers.
The Financial Conduct Authority (FCA) has decided to fine former CEO of Barclays, James Staley, ï¿¡1.8 million and ban him from holding a senior management or significant influence function in the financial services industry.
Monzo breaks into the Kantar BrandZ Most Valuable UK Brands ranking for the first time with its unique offering.
EUROPE ????
Backbase launches Grand Central, its new-gen integration solution, and dedicates $10 million fund to fuel innovation.
USA ????
Zolve has secured a warehouse debt facility of $100 Mn from US-based impact investor Community Investment Management (CIM).
Apple Wallet app integrates balances and transaction history for Discover US credit cards.
Orum announced the launch of Verify, the first ever product built on top of FedNow, the Federal Reserve’s new instant payment rail.
Goldman Sachs has agreed to sell specialty lender GreenSky to a group of investors, a major step in what has become a costly retreat from the Wall Street bank’s grand ambitions to serve the masses.
Wells Fargo is making its digital platform for helping people plan and track their money available to all consumer customers.
LATAM
Belo has introduced a new feature designed to simplify financial tasks for individuals working abroad.
Ualá has introduced two significant enhancements for its users in Mexico.
ASIA
BigPay is now seamlessly embedded into airasia Superapp to enable easy payments across all bookings, plus exclusive rewards and discounts for users.
Revolut becomes first fintech company in Singapore to launch Instant Card Transfers for secure, low-cost and convenient remittances.
AUSTRALIA ????
Up Banking customer numbers will overtake CommBank in the Youth market in 2 years: Up Co-Founder Dom Pym.
AFRICA
TymeBank revealed that it has reached a milestone of eight million customers as of October 6, 2023. This achievement signifies that one out of every five eligible South Africans now holds an account with TymeBank.
MOVERS AND SHAKERS
Tandem has appointed James Streeter as Head of ESG, supporting its drive to keep sustainability at the core of Tandem.