Spain’s second-largest bank, BBVA, has announced plans to roll out a new digital bank in Germany in a bid to boost customer numbers BBVA, the second-largest bank in Spain, has announced plans to introduce a new digital bank in Germany, to mirror its success in Italy and boost its customer acquisition rate. Its digital model […]
Fintech
Wealth Management in China Faces Increasing Regulation
The Chinese government is continuing its efforts to control and standardize the country’s sizable bank wealth management sector, aiming to curb financial risk for investors—and keep their money within China. The banking regulator has given small banks a 2026 deadline to stop selling wealth management products unless they establish a separate wealth subsidiary to handle […]
BNPL Contender Zilch Gets $125 Million Boost
Buy now, pay later upstart Zilch secured $125 million through a debt agreement with Deutsche Bank. Previously, Zilch received credit from Goldman Sachs, but its rapid growth required a credit plan that could match its increasing demands. Zilch asserted that the deal with Germany’s largest bank will help the company triple its sales in the next […]
NatWest to acquire Sainsbury’s Bank
NatWest is to acquire the retail banking assets and liabilities of the banking arm of UK supermarket chain Sainsbury’s. UK retail giant Sainsbury’s announced in January that it was to wind down its banking division, having already offloaded is mortgage book to Co-operative Bank in the summer. Under the deal with NatWest, the UK bank […]
Vipps MobilePay launches P2P payments between Denmark, Norway and Finland
Millions of Vipps and MobilePay users can now send person to person payments between Denmark, Norway and Finland using only a phone number. The new service means that Vipps users in Norway and MobilePay customers in Denmark and Finland can ditch Iban numbers for money transfers between the countries. Cross-border transfers cost four per cent […]
eBay to Accept Venmo in Play for Younger Demographic
Online marketplace eBay will now accept payments from Venmo, the second most popular U.S. payments platform, in a strategic move to attract younger consumers. In 2023, Venmo boasted 90 million users, with 28% of them falling within the sought-after 18 to 29 age group. eBay expects the addition of Venmo will lead to more sales and […]
Mastercard to End Manual Card Data Entry in EU by 2030
By 2030, Mastercard plans to phase out the manual entry of card information in European e-commerce transactions. Digital buyers who have become accustomed to entering their 16-digit card number and personal data will now be able to make purchases with a single click. The foundation for the credit card giant’s new process is tokenization, and […]
Wholesale, not retail, CBDCs more likely to be issued in near-term – BIS
There has been a sharp uptick in experiments and pilots with wholesale central bank digital currencies over the last year, according to the Bank for International Settlements. In recent years, almost all central banks have begun exploring CBDCs – 94% of 86 surveyed by BIS in late 2023. Now, there is a shift away from […]
Visa: 66% of Remittance Users Prefer Sending Money Digitally
In its third annual “Money Travels: 2024 Digital Remittances Adoption” report, Visa finds digital apps are preferred by two-thirds of remittance users Visa has released its latest Money Travels: Digital Remittances Adoption report for 2024, revealing that for more than two-thirds of remittance users, digital applications are the preferred way to move money globally. What’s more, […]
Klarna rival Zilch raises $125 million with aim to triple sales and accelerate path to IPO
LONDON — British fintech firm Zilch said Wednesday it’s raised $125 million in debt financing from German banking giant Deutsche Bank in a deal that will help the company triple sales in the next couple of years and move closer toward an initial public offering. The company, which offers shoppers the ability to purchase items and pay […]
