JPMorgan Notches Record Profit On Visa Gain, Dealmaking JumpJPMorgan Notches Record Profit On Visa Gain, Dealmaking Jump

?? NEWS HIGHLIGHT

• Banks in Synapse mess make progress toward releasing deposits of stranded FinTech customers.

There may be relief for the thousands of Americans whose savings have been locked in frozen FinTech accounts for the past two months.

Banks involved in the mess caused by the collapse of FinTech intermediary Synapse have made progress piecing together account information for stranded customers that could result in a release of funds in a matter of weeks, according to a person briefed on the matter.

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?? INFOGRAPHIC

• Monzo Bank ?? Starling Bank ?? Revolut.

??ARTICLE OF THE WEEK

• The US ???? Digital and Neobanking Landscape by C-Innovation.

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

?? DIGITAL BANKING HIGHLIGHTS

?? Germany Threatens FinTech Solaris With Fines Over Slow Fixes.

?? JPMorgan Notches Record Profit on Visa Gain, Dealmaking Jump.

?? Inter Taps Alexandre Riccio to Lead Brazil Operations.

?? Dosh seeks licence to become country’s first pure digital bank.

?? REGIONAL HIGHLIGHTS

UK ????

Africhange, a global remittance services provider, has launched its operations in the UK, offering more efficient, cost-effective and reliable solutions for individuals to send and receive money internationally.

Ethos, a financial services company dedicated to ethically minded consumers in the UK, has partnered with Thought Machine, the cloud-native banking technology company, to launc h a Shariah-compliant digital service.

HSBC Partners With Visa to Develop Zing International Money App. The app successfully launched in the U.K. in January 2024 and will expand to additional markets in the near future.

Griffin earns B Corp certification, reinforcing its commitment to build a business with a positive impact on the world. This milestone reinforces Griffin’s dedication to embedding sustainable and ethical business practices into its operations at all levels.

Revolut has just filed a change of share class document with companies house. This could be the merging of all classes to one ordinary stock type as stipulated by the BoE as a hurdle to obtain the Banking License.

EUROPE ????

N26 Launches Stocks, ETFs Trading and Investment Management in Ireland and The Netherlands. This new offering allows customers to manage their investment portfolio directly through the N26 app, alongside their personal bank accounts, savings accounts, joint accounts, and crypto holdings.

Finastra completes Swiss Interbank Clearing instant payments readiness project. All active participants in the Swiss customer payment transactions system via SIC are expected to be capable of processing incoming customer payments instantaneously by the end of 2026.

USA ????

Galileo Financial Technologies Helps FinTechs Meet Demand for Fast, Secure Money Movement With Wire Transfer Capabilities. This service is in high demand for businesses and consumers that need immediate and secure transactions, for example, large transactions such as a home sale, tuition payments or vendor.

Cross River and MassPay Broaden Domestic Instant Payment Access, Simplifying Complex Real Time Payment Operations. The collaboration is set to significantly benefit industries facing complex real time payment requirements including the gig economy, independent contractors, restaurants.

MoneyLion doubles down on AI to bolster customer experience. The FinTech is integrating AI to increase efficiency while ensuring security and data privacy.

TBC Bank Uzbekistan Secures Record US$ 38.2 Million Equity Investment From Shareholders to Leverage Growth Momentum. This is the largest tranche to date, following previous injections totalling US$ 130 million, highlighting the ongoing commitment of the digital bank’s shareholders and passion for its mission.

Galileo Financial Technologies has begun offering wire transfer capabilities to FinTechs. The So-Fi-owned company announced the new offering, saying it provides FinTechs with another option for fast and secure money movement.

LATAM

Mexican digital bank Now, from Invex Partners, has partnered with Belvo to better analyze users' credit history and review employment information to better evaluate credit applicants.

ASIA

Commercial Bank of Dubai signs exclusive strategic partnership agreement with Visa. The new partnership agreement was signed by Khaled Al Hammadi, General Manager, Personal Banking Group at CBD and Salima Gutieva, Visa’s VP and Country Manager for UAE.

Paysys Labs Partners with Raqami Islamic Digital Bank Pakistan to Revolutionize Digital Payments in Pakistan. The collaboration aims to develop an innovative digital payment solution integrating real-time payment systems such as RAAST.

MOVERS AND SHAKERS

TymeBank has announced the appointment of Karl Westvig as its new CEO. The bank’s current CEO, Coenraad Jonker, will turn his full attention to his role as Executive Chairman of Tyme Group, where he will drive the growth of the multi-country digital banking group. The changes are effective 1 October 2024.

Revolut promotes Antoine Le Nel to the role of chief growth and marketing officer and Fiona Davies is promoted as the head of growth for the UK, Ireland, and Nordics.