Singapore Bank UOB Names Leong Yung Chee as Group CFO
The Future Of Banking
𝕒 𝕞𝕦𝕝𝕥𝕚-𝕞𝕖𝕕𝕚𝕒 𝕡𝕝𝕒𝕥𝕗𝕠𝕣𝕞 𝕕𝕖𝕕𝕚𝕔𝕒𝕥𝕖𝕕 𝕥𝕠 𝕥𝕙𝕖 𝕗𝕦𝕥𝕦𝕣𝕖 𝕠𝕗 𝕓𝕒𝕟𝕜𝕚𝕟𝕘
👀 NEWS HIGHLIGHT
The U.S. watchdog agency for consumer finance on Thursday adopted new regulations capping the amount banks can charge for overdrafts, saying the rule would save depositors $5 billion annually.
The new regulation, adopted over the banking industry's vocal opposition, closes what the U.S. Consumer Financial Protection Bureau described as a 1960s "loophole" from the era when checks were still in widespread use and that banks had since turned into a profit center.
📊 INFOGRAPHIC
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ Singapore bank UOB names Leong Yung Chee as group CFO.
⭐️ Current Announces Record-Breaking Growth in 2024; Secures Additional Capital to Accelerate Scale, Product Innovation.
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🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
GFO-X announces ABN AMRO Clearing, IMC, Standard Chartered Bank and Virtu Financial as strategic partners ahead of launch in Q1 2025. GFO-X has been working closely with these partners to deliver the requirements necessary to grow the institutional digital asset index futures and options market.
118 118 Money partners with D•One for open banking services. 118 118 Money, specializing in loans and credit cards for the near-prime market, will use open banking data from D•One to assess borrower affordability on its site and through the ClearScore marketplace.
Monzo takes its “mission into Europe in 2025.” In Monzo’s 2024 annual report TS Anil, Monzo CEO, said: “We believe every part of the world needs a Monzo so we’re focused on expanding our offering, building strategies to disrupt the US with a first-class leadership team in place."
Monzo’s power players: the leadership team behind the neobank. Monzo serves over 10 million customers and holds £11.2bn in deposits. Starting as a prepaid card in 2015, it has expanded into stocks, buy-now-pay-later, and pensions. Click to explore the visionaries driving Monzo’s growth, its cultural evolution, and its global expansion efforts!
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Habib Bank Zurich (HBZ UK) partners with nCino to power an enhanced digital experience for its Buy-to-Let lending business. The partnership aims to streamline processes, enhance risk management, and improve loan origination and management through digital web, mobile, and intermediary channels.
UK’s Salad Money secures first AISP licence given to a CDFI lender. This allows direct access to applicants' banking data for fairer, data-driven lending decisions. The company announced it has been registered as an official AISP by the UK’s FCA, marking an industry first for a consumer Community Development Financial Institution (CDFI).
Everyday Loans signs multi-year licence agreement with Jaywing. The partnership focuses on Jaywing's explainable AI platform, Archetype, which uses deep learning to improve decision-making. This technology enables organisations to build sophisticated models while maintaining transparency and regulatory compliance.
EUROPE 🇪🇺
Tietoevry Banking joins BIAN to set new global banking standards. This strategic move supports Tietoevry Banking’s international expansion and commitment to modernizing the banking sector through global standards and multi-vendor collaborations.
Kameo chooses Neonomics' NelloPay for Open Banking services. By connecting Kameo users to their bank accounts, Neonomics’ Nello Pay will enable faster and more efficient payments that reduce costs while optimising conversion. Read more
CloudPay & Banco Santander bring on-demand pay to SMEs in Spain. CloudPay's partnership with Banco Santander has brought Pay On-Demand to businesses of all sizes across Spain, enabling Santander’s SME customers to offer a service typically reserved for larger enterprises.
Lunar unveils personalized app update. The platform has released its latest app update, version 5.0, introducing a range of new features designed to make financial management more user-friendly and personalized. The update focuses on customization and streamlined functionality.
Revolut’s Irish customer base rises to more than three million. Revolut now has over 3m customers in Ireland. 3/4 of adults and 1/3 of children in Ireland now have Revolut accounts. Business customers are up 30% YoY to 27,500. Read on
ABN AMRO starts Achteraf Betalen (‘Pay Later’) pilot for business clients. Under this new feature, ABN AMRO guarantees payment and also takes over the merchant's debtor management. ‘Pay Later’ has been developed in collaboration with Two, a B2B tech company that provides payment solutions.
USA 🇺🇸
MobiFin and INETCO partner to deliver cutting-edge digital banking and payments security. This partnership will enable financial institutions to maximize the security of their digital banking services while providing a seamless, unified digital banking and payment experience to the customers.
Marygold launches newest feature of mobile FinTech banking app—Cash Management Account with up To 6% return. The launch of this new feature represents an important step in Marygold’s mission to streamline and organize clients’ financial lives, in one user-friendly mobile app.
Gen extends its financial wellness offerings with the acquisition of MoneyLion for $82.00 per share in cash payable at closing, representing a cash value of approximately $𝟭 𝗯𝗶𝗹𝗹𝗶𝗼𝗻. With the addition of MoneyLion, Gen builds upon its mission, now empowering people to grow, manage, and secure their digital and financial lives.
Santander goes National in the United States with Openbank. The initial offering brings high-yield savings opportunities to more Americans. By launching Openbank, Santander extends its nationwide reach, grows deposits as a cost-effective funding source, and bolsters its Auto lending business.
CANADA 🇨🇦
RBC opens up trading around the world to online investors. RBC Direct Investing clients can now trade online through London, Hong Kong, Frankfurt and Euronext Paris exchanges, and hold and trade in eight global currencies - including the British pound, Hong Kong dollar and Euro.
ASIA
First Abu Dhabi Bank partners tokenization Firm Libre for blockchain collateralized lending. The collaboration aims to transform collateralized lending by using real-world asset (RWA) tokens as collateral. The MoU sets the stage for FAB to pilot a credit line for stablecoin lending secured by these tokenized assets.
Revolut launches joint accounts in Singapore to simplify financial management for various types of duos including partners, family members, housemates, and even domestic helpers to simplify spending on groceries and household essentials.
HongShan, Peak XV back stablecoin-powered neobank KAST, a dollar-denominated, neobank-like platform that lets customers hold and spend stablecoins via traditional payment methods, and issues credit cards allowing users to spend stablecoins at merchants who don’t support crypto transactions.
MNT-Halan has entered the UAE market, marking a key milestone in its rapid expansion across the region. MNT-Halan will offer innovative financial solutions, starting with Halan Advance, a secure salary financing option in the UAE, with more services to come.
AUSTRALIA 🇦🇺
Revolut is now available in Ukrainian language. This change will make it even easier for over half a million Ukrainian customers in Europe to use our services, and communicate with us in their native language.
MIDDLE EAST
audax and Tuum partner to accelerate digital transformation for financial institutions. Initially focused on the Middle East, the partnership will deliver rapid digital banking capabilities, incremental core modernization, and scalable BaaS solutions, with plans to extend these benefits to other regions.