1. Revolut granted AFSL
Revolut now has its own Australian Financial Services Licence (ASFL) after the grant of an exemption by the Australian Securities and Investments Commission ASIC till June 1, 2020. However, the change will not make a difference to existing Australian customers. Moreover, they can use existing services of deposits, credit cards, global remittances, and trading options as per normal.
2. MSB, Vietnam’s commercial bank to float its digital bank in Q4 of 2020
Maritime Commercial Joint Stock Bank(MSB) has selected Mambu’s cloud-native banking platform as its key technology solution. Consequently, to help the business go through radical digital transformation.
Bryan Carroll, CDO, MSB states, “There is no denying that the future of banking is digital, and we want to be a big part of it. We are investing heavily in our digital transformation and have assigned significant resources to ensure we have improved product offerings for our valuable customers.”
3. 86 400 launches ‘Pay It Forward’ feature
Under ‘Pay It Forward’, the neo-bank will settle approximately 2,000 customer bills within 16 weeks and will pay over 100 upcoming bills at random, every week. Consequently, by linking other bank accounts to the 86 400 applications using the neo-bank’s connected accounts feature. It will get a transparent view of their money and a better sight of bill payments and upcoming subscriptions in the ‘Coming Up’ option.
Travis Tyler, CPO, and CMO of 86 400 mentions it will continue adding to its ‘Coming Up’ feature, thereby improving the algorithm to forecast spending patterns of customers and enable them to be on top of their regular expenses.
4. HayPay moves on to Hay app after its banking license was suspended
Hay was in the process of transitioning to become a neo-bank, however, its banking license APRA decides to suspend it for at least six months. Instead, Hay comes up with its in-app money transfer feature, called HayPay. It allows Hay users to instantly transfer money without an account number, a BSB number, or PayID.
5. Mambu partners with NetGuardians for Financial Fraud Mitigation
The banking platform Mambu announced a strategic partnership with swiss Fintech NetGuardians. The new partnership will focus on digital payment fraud, which means that the fraud-mitigation software by NetGuardians. Above all, it will now be available to Mambu’s customers for seamless integration into the core banking platform. Digital payments take seconds to complete, providing banks with a limited time frame to check their validity and stop the fraudulent ones.
6. Philippines to Launch another Digital Bank
The Philippines government has confirmed that it will launch branchless bank offering services to Filipinos living and working abroad. Additionally, The digital bank will be testing the issuance of electronic receipts. Finance Secretary Carlos G. Dominguez III noted that the banking institution, called the Overseas Filipino Bank (OFBank), was preparing relaunch as a digital bank.
7. Axiata Group reveals the plan to bag digital banking license
Axiata Group, Malaysia’s largest telecommunications company plans to bid for a digital banking license. The telco giant is in talks with 11 suitable partners regarding a license proposal. The potential partners include a variety of e-wallet operators and banks. As a result, a virtual bank may be launched by the second half of 2021, if Axiata manages to land a license. The bank will be open to both conventional and Islamic banking businesses.
8. South Korea’s fintech sandbox lands $110m and creates 380 jobs
The sandbox was set up by South Korea’s regulator, the Financial Services Commission (FSC), with an initial $3.5 million (KRW 4 billion) investment to initiate the program. The evaluation is based on the potential contribution to consumer convenience, level of innovativeness, and the feasibility and soundness of the business plan – the regulator’s report read. Moreover, 36 fintech services were launched through the sandbox after being monitored for a year, as claimed by FSC. 66 services are still going through the final stages and are expected to be introduced in 2021.
9. Myanmar’s Wave Money lands US$75.3 mn from Ant Financial
With this investment Ant Financial becomes a substantial minority stakeholder, alongside existing shareholders. Certainly, the strategic partnership is a part to promote financial inclusion for the underbanked and unbanked in Myanmar, claims Ant Financial. This collaboration will also allow Wave Money to leverage the technology behind Ant Financial’s Alipay.
10. WeChat to offer credit scoring to its 600m users
The digital e-wallet announced that it will be providing all 600 million of its users a credit rating based on payment points which will decide a trust value for each of them. Hence, enabling a robust risk management system that will help Webank extend consumer and SME lending services. Higher payment points represent the user as trustworthy. Further, WeChat intends to make up Tencent’s personal information credit system, which will offer credit rating services to commercial institutions, including banks.