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.
North America
JP Morgan to deny fintechs data access if they don’t sign new deal
One fintech said they were “surprised” by the strict deadline.
Report: The digital drive to replace the passport in financial services
FinTech Futures publishes its latest industry report, on digital identity and fraud.
Flywire secures unicorn status with $120 million Series E funding round
Goldman Sachs led the latest round.
Video: Top fintech stories this week – 14 February 2020
FinTech Future’s weekly news round-up.
Wells Fargo cuts 700 jobs, overhauls exec suite and invests $5m in crypto start-up
The bank is splitting its three-part structure into five.
TransPecos Bank signs up Nymbus for core banking transformation
Texan bank already deploys Nymbus at its digital subsidiary.
Varo Money enters final stage of becoming nationwide bank
Mobile banking firm Varo Money has gained approval from the Federal Deposit Insurance Corporation (FDIC).
How Canada’s Wealthsimple is building a whole financial suite
“We’re building a lifestyle brand,” says the fintech’s Europe CEO.
Transparent Systems comes out of stealth mode with $14m funding
Ivestors: “The financial industry is ready for new technology to improve the way people pay for goods and services.”
Kasisto increases Series B funding round to $22m
The additional $7 million came from Napier Park Financial Partners.
Majority launches digital banking products for immigrants
It’s relying on two drivers: physical meetup spaces and brand ambassadors.
Digital bank Stori raises $10m in Series A2 funding
Mexican challenger bank has also launched its credit card.
Service models: The future of fintech
FinTech Futures talks to two BPC senior VPs about the company’s new processing business.
Video: Top fintech stories this week – 03 February 2020
FinTech Future’s weekly news round-up.
Fintech M&A: Prioritising growth and resilience
There is still runway for further consolidation.
Paystand raises $20m in Series B funding
The round includes new investment from DNX Ventures, Battery Ventures and more.
Standard Chartered signs Infor Nexus trade finance deal
Bank to offer Infor data matching service to clients.
British & European fintechs set sail for the US
A wave of British and European fintechs are seeking a foothold in the US finserv market.
US neobank North Loop partners with Aussie edtech Cohort Go
The neobank can extend its list of international payee countries to one 33 times the size.
Hong Kong’s virtual challenger Za Bank selects Fiserv for card payments
Fiserv’s VisionPlus will power Za Bank’s entire card payment lifecycle.
Goldman eyes financial cloud as new revenue stream
The bank promised investors in January that it would find new revenue streams.
US paytech Finix raises $35m to rival Stripe and Square
Finix will free up more revenue for businesses.
US challenger Bask Bank launches with AA miles saver scheme
Customers get one ‘AAdvantage’ (AA) mile for every dollar they save.
Top executives at SoftBank’s $100bn Vision Fund set to leave
Top of the list is Michael Ronen, the managing partner of the Vision Fund’s US investments.
Bankable and Visa extend partnership with US collaboration
Bankable also plans to open New York office.
GoSave to launch digital piggy banks in UK before Christmas
Co-founder tells FinTech Futures: “We’re fighting the inertia of kids not saving.”
Citi suspends “one of its most senior” bond traders for canteen theft
Paras Shah was Citi’s head of high-yield bond trading for Europe, the Middle East and Africa.
Robotic process automation: A real boon for financial services organisations
It’s a great tool for automating repetitive back office processes & increases efficiency.
Video: Intellect Design Arena at MoneyLive London – an age of open infrastructure
Banesh Prabhu talks on FinTech Futures about open banking, legacy tech and CX.
Edison Financial reboots itself to launch Canadian digital mortgage start-up
Founder Hash Aboulhosn restarts company to found new venture.
Nasdaq names HKEX’s Roland Chai as its new CRO
Chai was previously head of post-trade at HKEX.
Citi deploys Cobalt post-trade infrastructure
US investment bank installs tech to reduce duplication.
Goldman Sachs to offer SME loans on Amazon lending platform
The product could go live as soon as March this year.
SaaS fintech Rimilia raises $15m from SVB and other investors
The investment brings the fintech’s total funding raised to $40 million.
Cybercrime in financial services: Work together to win the war
We need is a smart, flexible way of working together anticipate and respond to threats.
A culture of innovation
Morgan Stanley is making waves with three wins at the Banking Tech Awards 2019.
BIS fintech report: More harmonised standards and less TPP reliance
BIS has published a cross-country review on the fintech regulatory landscape.
Scotiabank donates CAD 750k to University of Ottawa AI research
Canadian bank launches research fund to develop AI and ML.
Flywire CEO talks payments platforms, consolidation and fragmentation
Fragmented payments industry may thwart firms’ platform plans.
