Scotiabank Partners With Nova Credit To Improve Digital Credit Access

?? NEWS HIGHLIGHT

• Scotiabank partners with Nova Credit to improve digital credit access .

Scotiabank has revealed its collaboration with Nova Credit a cross-border credit bureau to increase digital credit access for newcomers to Canada.

Through this collaboration, Scotiabank offers newcomers from specific countries the chance to obtain higher credit limits. This is achieved by allowing them to use their credit history from their home country when applying online for increased credit limits.

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

?? DIGITAL BANKING HIGHLIGHTS

?? Citi joins hands with Apollo for $25 bln private credit program .

?? Due Network, a global international payments FinTech, announces start of operations in Mexico .

?? Bank of England to form AI consortium .

?? bunq has introduced an eSIM for frequent travelers .

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?? REGIONAL HIGHLIGHTS

UK ????

Santander banking app is back online following a three-hour outage that left thousands unable to access their accounts. According to Down Detector, the problems started around 07:00 BST on Monday , and affected customers across the UK. Santander has apologized for the outage, stating that it has been resolved.

Bud Financial launches agentic AI banking capabilities for financial institutions: a consumer agent that can be embedded in its GenAI and customer-facing products to help individuals optimize their finances. The consumer agent is currently able to move money between accounts, such as current and savings accounts.?

FinTech Mambu partners with Interbridge Mortgages. Together, the firms aim to deliver competitive “customer-centric mortgage products through a seamless, technology-driven approach.” Find out more

EUROPE ????

BNP Paribas to buy HSBC’s German private banking arm aiming to expand its presence among wealthy entrepreneurs in Europe’s largest economy. While financial terms remain undisclosed, the bank plans to double its wealth assets under management in Germany to over €40 billion, with the deal expected to close next year.

bunq, the second largest neobank in Europe, launches Stocks, a new investment product tailored for digital nomads. This comes as bunq actively gains trust in Europe, reaching ????.?? ?????????????? users Unlike traditional brokerages, bunq Stocks simplifies investment for beginners .

French FinTech unicorn Qonto expands to four new markets and eyes M&A opportunities. Qonto, one of France’s fastest-growing startups in the sector, is expanding to four new European markets (Austria, Belgium, the Netherlands and Portugal ). The neobank is already present in France, Germany, Italy, and Spain.?

Multitude Bank and Salt Edge join forces to optimise loan repayment. Multitude Bank is enhancing customer experience by leveraging Salt Edge’s open banking technology to optimize repayment processes. Through the Pay-by-Link method, customers will receive timely notifications about upcoming installments for a more convenient repayment experience.

USA ????

Nasdaq expands digital bank presence in Latin America. Nubank has chosen Nasdaq’s AxiomSL regulatory reporting system for its operations in Latin America. This expands their existing partnership, with Nasdaq already providing technology support for Nubank’s treasury, fixed income, and money market activities.

BIS’ Project Agorá to commence design phase with private sector participants confirmed. Convened by the Institute of International Finance (IIF), the participants set to take part in the project include industry heavyweights such as Standard Chartered, Lloyds Banking Group, Mastercard, Euroclear, BNP Paribas and JP Morgan Chase.

LATAM

Ualá launches a secured credit card designed for individuals without credit history or those looking to rebuild it. It requires a security deposit from the customer, which yields up to 5% interest in their Ualá account. Read more

Revolut aims to launch its operations in Mexico in the first half of 2025, according to Juan Miguel Guerra Dávila, CEO of the company in Mexico. Juan Guerra also indicated that they already have over 100,000 people on the waiting list to become customers. Read on

ASIA

Five applicants officially submit bids for Thai virtual bank licenses, says Central Bank. The submission window, which closed on 19 September 2024, followed a call from the Ministry of Finance and the BOT for interested parties to apply. Read more

Egypt's SETTLE raises $2 Million pre-seed to revolutionize B2B payments. The investment, led by Shorooq Partners, will fuel the company’s expansion and platform enhancements. SETTLE aims to streamline financial operations for businesses by providing real-time insights and automating payment processes.

Mubadala acquires stake in Revolut in a bid to focus its efforts on deploying capital in Europe, having been involved in nearly 28 European deals in the last five years . Through this share sale, Revolut received a minimum of USD 200 million.?

Temenos partners with Bahwan CyberTek. BCT is set to develop further and market Temenos Country Model Banks, providing enhanced and secure local functionality and service capability for financial institutions in India, Sri Lanka, Nepal, Bangladesh, Cambodia, the Philippines, and Taiwan.?