Cover story: INVESTING IN THE FUTURE – Putting money in the right places.
Welcome to the autumn edition of the Banking Technology Magazine! With so much happening in the fintech sector across the globe, here is a snapshot of the latest arrivals to, and departures from, the industry.
In the UAE, Wio Bank, which describes itself as “the region’s first platform bank”, has launched. Its first product, Wio Business, is an app for SMEs, entrepreneurs and freelancers. Wio wants to partner with other fintech start-ups to offer customers a “fully digital banking experience” through its mobile app, and embedded finance and Banking-as-a-Service (BaaS) products.
In Singapore, Trust Bank, backed by Standard Chartered Bank and FairPrice Group, has opened its virtual doors. The challenger offers a savings account, credit cards, family personal accident insurance and a rewards and loyalty programme integrated with FairPrice Group. Its numberless card – a “market-first” in Singapore – and will work as a dual credit and debit card.
In the US, Oklahoma-based Citizens Bank of Edmond is launching a new financial brand catering exclusively to newly enlisted members of the US military, in partnership with tech provider Nymbus.
Also, check out this issue’s Trending section on p7 for other interesting bank challengers entering the fray!
And what of the exits? UK-based Bank North is winding down its operations having failed to raise the funds needed for a full banking licence. Founded in 2018 and initially operating as a lender for small businesses in the UK, Bank North went crowdfunding last November, following a £24 million Series A earlier that year.
Also in the UK, open banking app sync. has gone into administration. The start-up launched in beta in August 2020 aiming to help users budget, manage and track their money in one place. The firm had big plans, partnering with TrueLayer and Railsr, raising £5.5 million, and intending to double its workforce to 60 people.
UK mobile payments service Paym is to shutter next year, nine years into its existence. Pay.UK (the operator and standards body for the UK’s retail interbank payment systems) and 15 banks and building societies made the decision to wind down the service after declining payment volumes and fewer sign-ups over the past three years. Pay.UK chief payments officer Dougie Belmore says the emergence of new products and services means it’s time for consumers and businesses to switch to faster, better systems.
For many more juicy stories please head over to the news section on our website, updated daily!
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Image and article originally from www.fintechfutures.com. Read the original article here.