Startup bank Monzo is a ‘unicorn’ after raising another £85m

October 31, 2018 Digital Banking

        Fast-growing UK startup bank Monzo is now worth £1bn ($1.2bn), just three years after launching, making it a “unicorn.” A unicorn is a term used in the venture capital industry to refer to any tech startup that reaches a $1bn market value, which is determined by private or public investment. The app-only bank announced on Wednesday that it...Continue reading


SWIFT launches new service to block suspicious payments

October 23, 2018 Payments

        SWIFT announces the introduction of Payment Controls, an intelligent new in-network solution to combat fraudulent payments, and to help strengthen its customers’ existing security. The commercial availability of the service marks an important milestone in SWIFT’s Customer Security Programme (CSP) – a community initiative launched in 2016 that has increased security and trust across the global financial community....Continue reading


UOB opens Singapore lab to enhance digital banking experience

October 18, 2018 Digital Banking

        United Overseas Bank (UOB) today announced the launch of its pan-regional Engagement Lab (eLab), which will enable the Bank to personalise the way in which it converses and serves its Digital Bank customers. UOB’s eLab is the first dedicated unit set up by a bank in Southeast Asia focused on using the latest technology and behavioural insights to...Continue reading


Al Baraka launches Islamic digital bank in Germany

October 2, 2018 Digital Banking

        Bahrain’s Al Baraka Banking Group has launched a digital banking service in Germany with plans to offer its interest-free financial services across Europe, the Islamic lender said on Sunday. The lender, which has operations in the Middle East, Asia and Africa, launched its branch-free “insha” service through its Turkish subsidiary Albaraka Turk. The digital banking service would be...Continue reading


Over 75 New Banks: JPMorgan Expands Blockchain Payments Trial

September 27, 2018 Blockchain

        A major blockchain payments trial launched by JPMorgan, Australia’s ANZ and the Royal Bank of Canada has just gained over 75 new banks as participants. As reported by CoinDesk, the three banks set up the project in October 2017, aiming to slash both the time and costs required for interbank payments using traditional methods. Called the the Interbank...Continue reading


Digital challenger bank Monzo hits one million customer mark

September 25, 2018 Digital Banking

        Digital challenger bank Monzo over the weekend welcomed its millionth customer. 20,000 new customers are signing up for Monzo every week, and the bank sends out thousands of new hot coral cards each day. Monzo now accounts for 15% of all new current account openings in the UK. 80% of the bank’s growth comes through word of mouth...Continue reading


DBS Wealth clients can now use WhatsApp and WeChat for banking services

September 11, 2018 Wealth Management

        DBS announced the launch of DBS Wealth Chat, a service that will allow DBS’ wealth clients to interact, exchange ideas and transact with their relationship managers (RMs) via popular instant messaging platforms WhatsApp and WeChat. The bank is the first in Southeast Asia to enable this service for its clients. Developed in partnership with regulatory technology (regtech) start-up...Continue reading


HSBC plans digital bank to counter online rivals

September 3, 2018 Digital Banking

        HSBC is close to launching a new digital bank known internally as “Project Iceberg” in a move to sink new competition from online upstarts. Europe’s largest lender has recruited more than 100 people to the secret project, based in offices in the Aldwych area of central London. A source close to HSBC said the stand-alone digital bank was...Continue reading


Standard Chartered Hong Kong sets up new entity for its virtual bank

August 31, 2018 Digital Banking

        Standard Chartered Bank (Hong Kong) Limited (“Standard Chartered Hong Kong”) has set up a new entity for its virtual bank and has submitted its application for a virtual banking licence to the Hong Kong Monetary Authority. Deniz Güven has been appointed as the Chief Executive Officer of the new entity and will lead a team to build a...Continue reading


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