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Tag: digital bank

  • Revolut Unveils Ambitious Multi-Billion Expansion Plan to Revolutionize Retail Banking

    Revolut Unveils Ambitious Multi-Billion Expansion Plan to Revolutionize Retail Banking

    Revolut Embarks on Bold Expansion Journey

    The British fintech giant Revolut marked a significant milestone this Tuesday with the unveiling of its new global headquarters in London, paired with an ambitious growth strategy that promises to reshape the financial landscape.

    Over the next five years, the company aims to channel a remarkable 11.5 billion euros into its operations, a move set to create 10,000 new jobs worldwide. This investment includes a substantial 3.4 billion euros earmarked for the United Kingdom and an additional billion for France, signaling a strong push in key European markets.

    Europe and Latin America: A Dual Focus

    Revolut is reinforcing its foothold in Europe with a newly established hub in Paris and plans for new branches in Portugal and Belgium. This strategic expansion marks an exciting phase for the fintech, effectively connecting it to a larger audience across the continent.

    Turning its gaze to Latin America, Revolut is gearing up to operate as a bank in Mexico by early 2026, with intentions to extend its reach to Colombia and Argentina soon after. The company is also actively seeking new banking licenses in the Asia-Pacific, Middle East, and African regions. Recently, it secured approval to provide payment services in the United Arab Emirates, a noteworthy step in its global ambitions.

    Innovative Marketing and the Buzz Around Switzerland

    Beyond its financial endeavors, Revolut is making waves in the marketing arena with its newly announced collaboration with the Audi F1 Team. This partnership, which includes plans for limited edition co-branded cards, is likely to create a buzz among motorsport enthusiasts and financial fans alike — imagine driving down the track with your banking details at the speed of light!

    However, the company remains tight-lipped about its plans for the Swiss market. Despite ongoing speculation over the past few years about obtaining a banking license in Switzerland, there’s still no official confirmation from Revolut on this front.

    Questions & Answers

    What is Revolut’s total investment plan over the next five years?
    Revolut plans to invest a staggering 11.5 billion euros worldwide over the next five years.

    Which new markets is Revolut targeting in Latin America?
    In Latin America, Revolut aims to begin banking operations in Mexico by early 2026, with future expansions planned for Colombia and Argentina.

    What marketing partnership is Revolut pursuing?
    Revolut has partnered with the Audi F1 Team, planning to roll out limited edition co-branded cards as part of its marketing strategy.

  • Thailand Unveils Three Winning Bids for Exciting New Virtual Banks!

    Thailand Unveils Three Winning Bids for Exciting New Virtual Banks!

    In a significant move for Thailand’s financial landscape, the Bank of Thailand (BOT) has approved three applicants to launch virtual banks. This recent development heralds a new era of banking innovation as the country shifts towards digitalization.

    Meet the New Players in Thailand’s Banking Scene

    The approved entities include AMC Holding Company Limited; a consortium made up of Krung Thai Bank, Advanced Info Service, and PTT Oil and Retail Business Public Company Limited; and another group featuring SCB X, WeTechnology Limited, and Kakaobank Corp.

    Leading the charge is SCB X, the parent company of Siam Commercial Bank (SCB), the oldest bank in Thailand. Alongside them, KakaoBank, a thriving digital bank from South Korea, and WeTechnology, the Hong Kong arm of WeBank—the first digital bank in China—are set to make waves.

    Partnerships That Spark Change

    The consortium formed by Krung Thai Bank—a state-owned institution—teams up with Advanced Info Service, Thailand’s largest mobile operator, and PTT Oil, a key state-owned oil and gas player. This diverse mix signals a push towards integrating financial services with existing consumer bases and technology.

    Countdown to Launch: June 2026

    The clock is ticking for these virtual banks, which must commence operations within one year following the Thai Finance Minister’s approval on June 19, 2025. The BOT emphasizes that these companies need to structure themselves as public limited entities and successfully undergo assessments to qualify for their banking licenses.

    Setting a New Standard in Banking

    As part of their qualification process, the BOT and the Ministry of Finance will evaluate each applicant’s business strategy and capacity to introduce “new value propositions” to financial services. The aim is clear: enhance existing processes and deliver improved service via digital channels—the bank of the future is just around the corner!

    So, who’s excited about virtual banks in Thailand? These innovative players are sure to shake up the status quo in banking. Who knows, maybe your next transaction will involve a banking chatbot powered by AI!

    Questions & Answers

    What is the deadline for the new virtual banks to begin operations? They are required to start business operations by June 2026.

    Who are the approved applicants for virtual banking in Thailand? The BOT has approved AMC Holding Company Limited, a consortium including Krung Thai Bank, Advanced Info Service, and PTT Oil, as well as a group consisting of SCB X, WeTechnology Limited, and Kakaobank Corp.

    What must applicants demonstrate to qualify for a virtual bank license? Applicants must showcase their business plans and ability to deliver innovative financial services that improve efficiency through digital channels.

  • Cake digital bank cooperates with VinFast to support e-bike buyers

    Cake digital bank cooperates with VinFast to support e-bike buyers

    Cake by VPBank and VinFast are working together to provide e-bike purchase loans at 0% interest, benefiting both customers and promoting environmental protection in line with green consumption trends.

    With this loan package, the customer experience will be simplified. They can sign up for loans without visiting a bank branch and receive approval results on the Cake app within a few minutes.

    The first priority group of customers to experience the development is Be Group’s tech drivers, who are familiar with consumer loan services on Cake.

    According to statistics from the Ministry of Industry and Trade, e-bike sales in Vietnam have increased by about 30–35% recently, making the country the largest market for e-bikes in ASEAN, and the runner-up in the world, just behind China.

    There is ample potential for electric vehicles, including e-bikes and electric cars, given that the world in general and Vietnam in particular are promoting green transformation trends in transportation and other fields.

    Ho Thanh Huong, CEO of VinFast Vietnam, said that the partnership agreement gives customers the opportunity to own and use smart, modern, and environmentally friendly e-bikes at optimal costs through simple and convenient procedures.

    This partnership offers customers access to a safe and civilized transportation alternative, contributing directly to the government’s net-zero carbon emission target by 2050.

    In the current context, the collaboration between the large-scale EV manufacturer and the digital bank Cake by VPBank is expected to bring benefits to the mass of customers on both sides.

    While Cake will expand its digital financial product line to include vehicle installment payment services, VinFast offers customers a “Buy Now, Pay Later” payment experience quickly, conveniently, and securely.

    Furthermore, this is also an opportunity to promote digital financial inclusion. Specifically, Cake by VPBank boasts a large and diverse digital ecosystem, while VinFast owns a nationwide distribution network with a diverse lineup of two-wheeler and four-wheeler models.

    According to Nguyen Huu Quang, CEO of Cake, in the coming time, Cake by VPBank will keep working with VinFast to research different financing packages tailored for customers looking to acquire electric vehicles across several channels.

    “We are in discussion to develop more diverse products to bring practical benefits to customers, thereby contributing to promoting comprehensive digital finance and green energy in Vietnam,” he said.

    The handshake between VinFast and Cake by VPBank digital bank will promote comprehensive digital services, popularize EVs, and foster environmental protection.

    Cake by VPBank is a testament to the trend of innovation in consumer finance products. Before venturing into the electric vehicle market, the digital banking app has already enabled its tech drivers to borrow cash online within a few minutes.

    Cake has rolled out niche lending products such as “Ung tien nhanh” with instant approval.

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  • StanChart Announces Details on Digital Bank Venture with NTUC

    StanChart Announces Details on Digital Bank Venture with NTUC

    A StanChart veteran has been appointed to lead its digital-only bank in Singapore. Standard Chartered Singapore’s head of consumer, private and business banking, Dwaipayan Sadhu, has been appointed CEO of the bank’s new digital venture with NTUC Enterprise, details of which were released on Monday.

    Sadhu, who has more than two decades of experience across wealth management, payments, deposits, consumer lending, and digital banking, will hold both roles concurrently while transitioning to his new position by the end of the year.

    Standard Chartered will take a 60 percent stake in the venture, worth S$144 million ($107.28 million), with the NTUC’s enterprise arm taking the remaining 40 percent stake, worth S$96 million.

    Singapore is Standard Chartered’s second-largest market after Hong Kong. The bank announced plans for the digital venture with NTUC about a year ago, soon after it obtained the Significantly Rooted Foreign Bank (SRFB) status in Singapore, which gives it significant advantages such as the ability to set up a digital-only unit, lower amounts in paid-up capital and a greater number of places of businesses.

    Four other digital banks, which obtained licenses under a different process, are set to be launched in the republic in the coming year.

    With the new digital bank, Standard Chartered will be the only entity to operate a virtual bank in the region’s two largest hubs. In Hong Kong, it runs Mox – jointly owned with telecom firms PCCW and Hong Kong Telecom, and online travel agency trip.com.

  • Fintechs Challenge Traditional FIs in Malaysia Digital Bank Race

    Fintechs Challenge Traditional FIs in Malaysia Digital Bank Race

    A crowded field of contenders are vying for the five licenses on offer by Bank Negara Malaysia. The race for digital banking licenses digital banking license is heating up, with more than a dozen applications involving over 50 companies submitted before the closing date on Wednesday.

    With the exception of a few players, most of the digital banking aspirants have not publicized their aspirations. However, a Grab-Singtel joint venture and Singapore-based investment solutions firm iFAST Corporation confirmed their applications on Thursday.

    The notification on the grant of the license will be made by the first quarter of 2020, Bank Negara Malaysia said.

    Among the contenders are also Malaysian conglomerate Sunway, which teamed up with Tencent-backed Chinese firm Linklogis and Bangkok Bank. Likely applications also include e-commerce giant Sea Group, gaming company Razer Fintech and telco Axiata, which previously expressed an interest in the license.

    At least five banks — CIMB Group Holdings, Affin Bank, Hong Leong Bank, AMMB Holdings and Standard Chartered Bank Malaysia — had signaled their interest in pursuing a digital banking licence in Malaysia.

    AirAsia’s fintech unit BigPay also announced its bid for a license on Thursday. The company is partnering with Malaysian Industrial Development Finance – a unit of the country’s largest asset manager Permodalan Nasional – and Singapore-based private equity firm Ikhlas Capital.

    BigPay was launched in 2018 by AirAsia as an e-wallet, hoping to leverage the low-cost carrier’s dominance in regional air travel in Southeast Asia.

    BigPay Bank will allow us to execute deeper on our mission to build a connected financial future for Malaysian consumers and entrepreneurs, Salim Dhanani, CEO and founder of BigPay, said in the announcement.

  • Singapore’s Shopee to Launch Digital Bank in Indonesia

    Singapore’s Shopee to Launch Digital Bank in Indonesia

    Shopee, the e-commerce arm of Singapore’s Sea Group, is planning on transforming Indonesian lender Bank Kesejahteraan Ekonomi (Bank BKE) into a digital bank, according to a «Reuters» report on Thursday.

    An Indonesia’s Financial Services Authority (OJK) official said that Shopee has yet to make an official application with the banking regulators, but is «currently preparing the infrastructure» for the transformation.

    The bank, which began operations in 1992, was acquired by Shopee in January from the Jakarta-based lender’s existing shareholders Danadipa Artha Indonesia and Koin Investama Nusantara through its subsidiary Tubro Cash Hong Kong.

    Indonesia is in the midst of preparing regulations for new digital banks, which is expected to be released in mid-2021. A digital lender like Bank BKE would be expected to prepare 3 trillion rupiah ($213.64 million) in capital, the official said.

    Sea – Southeast Asia’s most valuable startup – raised close to $3 billion in a stock offering in December 2020. The company was also one of two to be awarded a license to operate a full digital bank in Singapore.

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  • Google Pay continues to expand in the US, nearly 90 new banks now supported

    Google Pay continues to expand in the US, nearly 90 new banks now supported

    Google Pay is pretty big in the US, and starting this week it will get even bigger. Currently, thousands of banks and financial institutions offer customers support for Google Pay, so the 89 names added this week will probably feel like a grain in the sand.

    The list of 89 banks that now support Google Pay is below, so if you didn’t find yours among the 3,000 supported banks listed on Google’s support site, you can look for it here. The list is ordered alphabetically for easier reading

    1st Trust Bank, Inc. (KY), Algonquin State Bank, Alliance Bank Central Texas (TX), Bank of Advance (MO), Bank of Herscher (IL), Bank of Newington (GA), Bank of Old Monroe (MO), Bossier Federal Credit Union (LA), Buckeye State Bank (OH), Central Valley Community Bank, Clean Energy Federal Credit Union (CO), Clearwater Credit Union, Community Partners Savings Bank (IL), Dover Federal Credit Union (DE), E-Central Credit Union, Exchange Bank of Northeast Missouri (MO), Families and Schools Together Federal Credit Union, Farmers – Merchants Bank of Illinois (IL), Farmers and Drovers Bank, Financial Horizons Credit Union, First Century Bank (TN), First Federal Savings Bank (IN), First Financial Bank, NA.

    First Nebraska Bank, FirstCapital Bank of Texas, Fort Davis State Bank Franklin Mint Federal Credit Union, Gateway Metro Federal Credit Union, Genoa Community Bank, Gowanda Area Federal Credit Union, GreenState Credit Union (IA), Greenville Heritage Federal Credit Union, Gulf Capital Bank (TX), HNB First Bank (AL), Hardin County Savings Bank (IA), Harris County Federal Credit Union (TX), Heartland Credit Union (IL), Heartland Credit Union (MI), Honolulu Fire Department FCU (HI), Hurricane Creek Federal Credit Union (AR)

    Jersey State Bank (IL), Jolt Credit Union (MI), KSW Federal Credit Union, Lakeview Federal Credit Union, Latrobe Area Hospital FCU (PA), Live Life Federal Credit Union, Magnolia Bank (KY), Martha’s Vineyard Savings Bank (MA), Millyard Bank (NH), Minnwest Bank (MN), Mountain Credit Union (NC), Mt. McKinley Bank, Needham Bank (MA), Northwest Christian Credit Union, One Community Bank (WI), One Source Federal Credit Union (TX), Partners Bank of California, Pawtucket Credit Union, People’s United Bank, National Association (CT).

    Peoples Bank & Trust Co (MO), Plains Commerce Bank Raritan Bay Federal Credit Union Rio Grande Valley Credit Union, Rollstone Bank & Trust (MA), SPE Federal Credit Union (PA), Sabine Federal Credit Union, Saco Valley Credit Union, Safra National Bank of New York (NY), San Luis Valley Federal Bank, Savings Bank of Walpole (NH), Secured Advantage, Federal Credit Union, Sentry Credit Union (WI), Southbridge Credit Union (MA).

    Springfield First Community Bank, St. Louis Bank, Susquehanna Valley Federal Credit Union, Taunton Federal Credit Union, Telcomm Credit Union (MO), Texas Regional Bank, The Bank of Salem (MO), The New Orleans Firemen’s Federal Credit Union, Treasury Department Federal Credit Union (DC), TruStar Federal Credit Union (MN), United Credit Union, Varo Bank, National Association, WESLA Federal Credit Union, WESTcoasin Credit Union (WI), Wells River Savings Bank (VT), and WestStar Bank (TX).

    Ok, 3,000 is a big number, but there’s a chance that many Google Pay users won’t find their banks on this huge list. Well, judging by the constant wave of banks and financial institutions that are getting Google Pay support each month, sooner or later we’ll be able to use the mobile payment service across all America.

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  • Ant Financial to support Shanghai Pudong Development Bank’s digital transformation

    Ant Financial to support Shanghai Pudong Development Bank’s digital transformation

    Ant Financial Services Group (“Ant Financial”) has signed a strategic cooperation agreement with Shanghai Pudong Development Bank Co., Ltd. (“SPD Bank”) to support the bank’s digital transformation with Ant Financial’s technological capabilities. The agreement is the third of its kind announced this month between Ant Financial and established banks, following partnerships with Huaxia Bank and China Everbright Bank.

    Ant Financial and SPD Bank will partner in online risk management, including fraud prevention, with the former providing technological support to help the latter prevent loan, transaction and marketing fraud. The partnership will also leverage Ant’s financial-grade technologies in AI, supply chain finance, biometric identification and risk management.

    “Ant Financial and SPD Bank share the same vision for the future. With this partnership, we will explore how to improve efficiency in banking operations, as well as how to leverage technology to create greater value for our users,” said Eric Jing, Executive Chairman and CEO of Ant Financial.

    In addition to sharing technological capabilities, the partnership will allow Ant Financial and SPD Bank to strengthen collaboration on a broad range of inclusive finance initiatives, from improving user experience while using online and offline payment services, to providing secure, convenient and efficient financial services for small and micro businesses.

    Last year at the 2017 Ant Fortune Open Platform Conference, Mr. Jing indicated that Ant’s technologies would be opened up to current and potential partners, with the only criterion being whether the partnership is innovative enough to deliver value to users.

    The partnership with SPD Bank is just one example of how Ant Financial’s technologydriven solutions are enabling financial institutions to deliver inclusive services efficiently and at scale. In addition to the bank partnerships announced this month, also in May, Ant Financial’s consumer finance service Huabei announced that it would partner with financial institutions to provide consumer financing solutions, while Alipay added two new third-party money market funds to the Yu’e Bao spare cash management platform.

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  • Singapore’s DBS offers 7% rate on digital bank accounts

    Singapore’s DBS offers 7% rate on digital bank accounts

    Singapore’s DBS Bank aims to be a disruptor in India even as it awaits the RBI’s nod to upgrade its branch to a subsidiary which will have unrestricted access to the country. The bank is offering digital bank accounts with zero balance requirements, 7% interest rate on savings and unlimited access to ATMs. These accounts can be opened by anyone with a smartphone, an Aadhaar card and a PAN card.

    Speaking to TOI, Piyush Gupta, CEO, DBS, said, “We are trying to be a disruptor. There is no question for us that this channel allows us to expand into retail consumer business and provide a different kind of banking, which is a much bigger scale than the typical niche banking done in the past.” The bank has set a deposit target of Rs 50,000 crore in five years and Rs 10,000 crore of retail loans.

    The reason why DBS is going full steam in India even as other multinationals are being cautious on retail is that DBS is primarily an Asian bank. Also, the bank sees India as ideally positioned for this kind of disruption.

    “We are creating the Digibank in India as a global first because the digital infrastructure in India is better than anywhere else. The whole India infrastructure – the JAM (Jan-Dhan, Aadhaar and mobile) trinity – and the India stack is under-appreciated.” The India stack refers to four government initiatives – the biometric authentication, digital records, cashless transactions and digital consents where acceptance can be acknowledged without a ‘wet’ signature.

    A DBS Digibank account can be opened by downloading an app and providing a fingerprint authentication at any one of the 500 designated Cafe Coffee Day outlets across the country. The bank is in talks to have more centres for biometric authentication.

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