Malaysia’s biggest telco Axiata reveals plans to bag digital banking license
The country’s central bank announced its plans in December to issue up to five licences.
Banking
The impact of COVID-19 on the Chinese market
The effects of the coronavirus on the local fintech market isn’t all negative.
Wells Fargo agrees to pay $3bn fine for fraudulent account furore
US bank agrees to pay hefty settlement fine on ongoing probe.
Revolut bags $500m from TCV to drive daily account usage
The challenger wants to “accelerate daily usage of accounts”.
Banks rely on big bang system replacements to cope with real-time demand
An evolving customer base demands accelerated time-to-market, says Oracle’s Vikram Gupta.
Mastercard plans to triple Irish workforce with 1,500 hires
Credit card giant leases three new buildings in Dublin.
Sogexia nabs Luxembourg licence, starts migrating 180k UK customers
Neobank mitigates Brexit impact with new EU payment licence.
Data firm Akoya spun out as independent company by FMR
Akoya goes it alone after less than a year under FMR umbrella.
JP Morgan plans launch of digital consumer bank in UK
The US bank has been in discussions with UK financial regulators.
Central bank of Brazil plans launch of QR-based instant payments system PIX
All banks with more than 500,000 customers will have to use the new system.
Credit card start-up Tribal Credit secures $5.5m in seed funding
New firm aims to help start-ups in emerging markets.
Australia’s regulator flags new internal bank stress-testing framework
APRA will consult the industry on the development of the framework in H2 2020.
How APIs overcome the challenges of digital transformation
No transformation is pain-free.
Video: Top fintech stories this week – 21 February 2020
FinTech Futures’ weekly news round-up.
Bank of Singapore appoints new chief data and innovation officer
Celine Le Cotonnec will join the institution in its newly created role.
Bremer Bank aims to revamp digital banking with Backbase
Minnesota bank looks to boost customer experience with Backbase tech.
Priority One Credit Union kicks off conversion to Episys core system
Symitar system will save credit unions “several thousand” per year.
Morgan Stanley to buy E-Trade for $13bn in bid to tap online traders
The Wall Street investment bank is branching out from its wealthy client base.
Sohar International nabs Nordea’s ex-chief digital officer
The banking exec joins the Omani bank at time when profits are looking up.
Barclays spies on staff, CEO investigated for Epstein links
The technology tells staff to mute their phones and avoid breaks.
The trade in human beings: How financial institutions and tech can have an impact
Banks in particular can do a lot to curb sex trafficking.
UK’s new £20 note arrives as campaigners warn cash system could collapse
Access to Cash Review calls for new laws to protect cash as the digital revolution advances.
UBS appoints ING’s Ralph Hamers as next chief executive
Hamers will step down from ING at the end of June and join UBS in September.
US banks debut cloud-based Finastra Phoenix platform
Commerce National Bank & Trust and Commencement Bank deploy Phoenix on public cloud.
Standard Chartered commits $75bn to sustainable development
Infrastructure projects to get $40bn, whilst renewable energy and clean tech to get $35bn.
Aafaq Islamic Finance goes live on Infosys Finacle
UAE institution revamps payments, core, and Islamic functions.
Wirecard and Raiffeisen Bank team up to serve Eastern European markets
Raiffeisen Bank will use Wirecard to process payments across 13 Eastern European countries.
Santander Corporate & Investment Banking picks Bloomberg DLIB
Bank plans to use DLIB to provide structured investment products.
Belfius Bank goes live on SimCorp Dimension
The Belgian bank deploys SimCorp in retail, corporate, and investment banking.
Inaccuracies of facial recognition: security, prejudice, pollution and fashion
The issue of accuracy is one which is often cited but rarely explained.
LendingClub becomes first fintech to buy a US regulated bank
The fintech has acquired the $1.4 billion asset-holding Radius Bank for $185 million.
Standard Chartered snaps up top fintech exec
Kahina van Dyke joins Standard Chartered CCIB from from Ripple.
Opel Bank becomes first European lender to pick FIS Modern Banking Platform
FIS follows up its Union Bank deal with a new partner in Germany.
Aussie challenger Hay launched by UK’s Shawbrook Bank ex-employees
The challenger is headquartered in New South Wales with offices in London and Belfast.
Intesa Sanpaolo makes €4.9bn bid for rival UBI
UBI Banca is Italy’s fifth largest bank.
Mastercard plans its first European cybersecurity centre
The Cyber Resilience Centre will work with European cybersecurity agencies.
HSBC to cut 35,000 jobs in a major restructure to boost returns
Job loss figure more than triple the number expected to be cut by the bank.
FCA: Innovative fintech entrants putting some customers at risk
UK watchdog warns of customer risk exposure from flashy fintech firms.
Pakistani challenger Sadapay preps 2020 launch
New mobile wallet will target Pakistan’s underbanked and freelancer market.
Metro Bank hires new director of technology and engineering
Sailesh Panchal joins the challenger from Orwell Group.
