Commerzbank to write off €200m after scrapping outsourcing project with HSBC
The bank cites implementation risks and changed market conditions as the reasons behind its decision.
Banking
Former Absa exec joins NAB as new chief security officer
Sandro Bucchianeri announced his departure from Absa at the start of the month.
Fintechs will be at the heart of the next wave of security wars
Hackers are rapidly adapting their tactics to target features of modern fintechs.
Tesco Bank set to close all personal current accounts by November
Bank to close all 213,000 existing accounts as many show “limited activity”.
Starling makes Fleet Mortgages its first acquisition with £50m deal
UK challenger looks to expand into mortgages as an asset class.
UK government plans further sale of state-owned NatWest shares
NatWest plans to be fully private by 2026.
Bank of Ireland to acquire Davy in €440m deal
Davy is also selling Davy Global Fund Management and its shareholding in Rize ETF to other third parties.
How AI can help identify front and shell companies
Detection using AI can help banks and fintechs avoid huge regulatory fines.
ICYMI funding round-up: Credit Fair, Plooto, Xclaim, Weavr & more
Another batch of funding rounds that might have flown under your radar.
Dear Luc: What’s the deal with embedded finance?
This week someone writes in to ask: how can I get on the embedded finance bandwagon?
Santander UK launches cash management platform with Infosys Finacle
Santander Global Connect will roll out in phases through the year.
Revolut picks Equifax as UK data and analytics provider
Revolut’s app is now powered by Equifax cloud-based data in both the UK and US.
Afterpay to launch lifestyle app Money on Westpac tech
BNPL firm aims to make Money a primary account for users.
Open banking myths
We are still at the start of the journey with open banking and have yet to see its full potential.
British Business Bank launches £375m scheme for tech start-ups
The Future Fund: Breakthrough scheme follows on from its now-closed predecessor.
Open banking fintech Yapily lands $51m Series B funding
The funding takes its total raised to $69 million.
UBS pays $8m to settle SEC compliance charges
US regulator found failings in the bank’s handling of exchange-traded products.
The time before things happen
Imagining and creating things is hard, but you don’t have to do it all yourself.
Cambridge Savings Bank launches new digital banking solution
Ivy Bank will act as a digital-only division of CSB.
Video: fintech news pick of the week – Paytm, M1 Finance and US open banking reform
Our top pick of news from the world of finance and tech in bitesize video format, twice a week.
Australian fintech Alex secures banking licence from APRA
It’s the first licence to be handed out by APRA in 18 months.
OneFamily goes live with iPipeline’s SSG Digital
UK-based OneFamily seeks more flexibility and adaptability.
Former EU commissioner joins fintech start-up W1tty ahead of planned launch
W1tty’s finance app is set to launch in Poland and Lithuania this autumn.
FinTech Futures Jobs: Three fintech jobs you need to check out this week
Exciting vacancies at Grant Thornton, Deloitte and BNY Mellon. Apply today!
Nomo launches as UK’s newest Islamic digital bank
The new challenger is a subsidiary of Kuwait-based Boubyan Bank.
New banking service Dion.Money plans August launch in the UK
Fledgling challenger to run paid-for accounts and offer “personalised” service.
How COVID-19 has accelerated the use of digital banking solutions in Africa
The past year has seen a clear trend towards the adoption and acceleration of digital banking products.
Fintech funding deals globally 12 July – 18 July 2021
Featuring insightsoftware, Revolut, Lunar, Quantexa, and M1 Finance.
Finnovex Southern Africa – 27th and 28th July 2021
The event, being organised by Exibex, will be held virtually.
Discover targets BNPL offering with $30m Sezzle investment
The firm plans to launch a BNPL network solution on the Discover Global Network.
ECB agrees to move forward to investigation phase of digital euro project
Work will now focus on functional design and prototyping and will involve focus groups.
Classic product placement has had its day
Product placement is easily recognised by the customer and viewed negatively.
Video: fintech news pick of the week – Revolut, Lunar and the UK fintech sector
Our top pick of news from the world of finance and tech in bitesize video format, twice a week.
M1 Finance secures $150m in SoftBank-led funding round
The firm claims the investment now takes its total valuation to $1.45 billion.
White House backs US open banking reform
The Biden Administration is looking to tackle the slow progress of open banking in the US.
What the hell happened to help?
Banks could do more to provide financial education, guidance and advice to customers.
Revolut hits $33bn valuation with $800m Series E investment
The round was led by SoftBank’s Vision Fund 2 and Tiger Global.
Railsbank lands $70m investment to drive global expansion
The round follows a $37 million fundraise in November last year.
Fifth Third Bank picks FIS to power digital transformation
The bank will deploy FIS’s Modern Banking Platform (MBP) and Unity Wealth Platform.
Aussie challenger bank Volt acquires neolender Australian Mortgage
The two companies had entered into a partnership earlier this year.
