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In its seventh annual Internet-bank "beauty contest," Global Finance Magazine <gfmag.com> named Bank of America the best consumer Internet bank in the United States and Citigroup the best corporate Internet bank. Apparently, the magazine loves Citigroup's work, naming it the best corporate Internet bank in 46 countries and best consumer Internet bank in 11 countries Read more…
The U.S. Treasury’s U.S. Money Laundering Threat Assessment, published last December, says that many types of stored-value cards have the potential to become major avenues for money laundering, suggesting—although not saying explicitly—that stringent anti-money laundering regulations are in the offing for the card products. Industry groups are preparing what amount to pre-emptive negotiations to Read more…
Venture capitalists have reason to love the remittance business: Official estimates of overseas money-flows from the United States range upwards of $30 billion a year and are growing. The World Bank's estimate of overall remittances to developing countries is $167 billion for 2005, up 73 percent since 2001. As a result, investment capital has Read more…
This week, Finovate Global looks at recent fintech developments in France. French start-up Lydia announced the launch of a new digital banking brand this week. Named Sumeria, Lydia plans to invest more than €100 million in the new initiative, as well as hire 400 people over the next three years. Sumeria, according to a post Read more…
Empower, a fintech helping to extend credit to underserved consumers, announced plans to acquire underserved credit card provider Petal. Financial terms of the deal, which is expected to close later this quarter, were not disclosed. New York-based Petal was founded in 2018 to offer underserved consumers access to credit cards. To better help marginalized consumers Read more…
This week’s edition of Finovate Global takes a look at recent fintech developments and news from Sweden. Over the years, Finovate has been proud to showcase a number of fintechs from Sweden, a country with a population of more than 10.5 million and the twelfth largest economy as measured by GDP. Last month at FinovateEurope, Read more…
Digital banking solutions provider Finshape announced a strategic collaboration with Arab National Bank (anb). The partnership will enable anb to leverage Finshape’s personalization and data analytics platform to enhance its digital banking services. The bank will also be able to take advantage of Finshape’s latest offering, Money Stories. This new solution categorizes spending and provides Read more…
Our final Finovate Global column of 2023 celebrates the conversations we’ve had this year with fintech innovators from around the world. Stay tuned in 2024 for more interviews with some of the most interesting founders, entrepreneurs, and thought leaders in fintech and financial services. “We developed BehaviorQuant because every financial decision is ultimately made by Read more…
U.S. President Joe Biden and Chinese President Xi Jinping are meeting in California this week. With that in mind, Finovate Global turns to China for the latest fintech news from the world’s second most populous country. For context, the People’s Bank of China (PBOC) released its Fintech Development Plan for 2022-2025 almost two years ago. Read more…
London-based fintech and digital wallet HyperJar announced a partnership with digital gift card network, Tillo. The announcement makes HyperJar the first spending app to integrate instant Cashback Gift Cards. The cards enable customers to earn instant cashback of up to 15% from more than 50 top brands including Ikea and Amazon. In a statement, HyperJar’s Read more…
Identity verification and compliance solutions provider Jumio has expanded its strategic partnership with data services provider NextWealth. The move comes as the risk assessment company seeks to add to its ability to combat increasingly sophisticated fraud and financial crime challenges. Via the enhanced relationship, NextWealth will provide identity verification services for Jumio. This will include Read more…
Lithuania is one of those countries that punches above its weight in terms of fintech innovation. With a population of less than three million, the country boasts more than 260 fintech companies. It is the largest fintech hub in the EU when it comes to licensed companies. These fintechs, numbering nearly 150, represent the majority Read more…