Open Banking Unlocks Your Dream BMW
Future of Fintech - Edition #111 (19th-25th Mar)
Your Fintech Fix is in! ☕
Permits Granted, Pockets Pocketed, & Canada Captures the Fintech Crown! Explore the forces charting a new course for fintech 👇
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What’s on the fintech menu today?
📖 Today’s Must Read: Revolut’s eSIM Travel Tech Upgrade
🌟 Fintech Fiesta: The Week's Hot 10!
🌐 ‘Byte’ Buzz: Fintech highlights, sorted by segment!
🔗 Link Up: Your gateway to resourceful links!
Fin-teresting Stories in Fintech 📰
Revolut’s eSIM Travel Tech Upgrade 📶
Revolut has recently launched its own eSIM (embedded SIM) for mobile data packages, enabling its customers to conveniently order and manage mobile data while travelling abroad. This new feature, initially introduced in the UK and now available for German customers as well, allows users to install a virtual SIM card on their smartphones.
Here's the scoop:
Ⓐ No More Physical SIM Hassle
➥ Download a virtual SIM card right on your phone. Revolut's eSIM can activated right in the app within minutes - which means no waiting for deliveries!
Ⓑ Data Everywhere You Go
➥ Choose from a variety of data packages for different regions – from a quick 1GB for a weekend trip to a hefty 20GB for a month of exploring. Prices start at just €4 for 1GB in the US!
Ⓒ Global Coverage
➥ Feeling adventurous? Revolut's got you covered with a "Global" plan that works in a whopping 108 countries.
Ⓓ Super Speedy
➥ Works with LTE and even 5G networks where available, thanks to partnerships with major operators like Vodafone and Telefónica.
This strategic move by Revolut further strengthens its position as it expands its offerings to become a global financial superapp.
Curious to learn more about Revolut's journey to building a global financial superapp?
Dive into our captivating blog post "Revolut's Playbook to Build a Global Financial SuperApp” and discover the strategic insights behind Revolut's expansion, revenue diversification, and its vision to offer a one-stop solution for all your financial needs.
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Edition #111 is a double espresso shot of financial headlines, ready to zest up your week with much-needed intel >>>
The Week's Hot 10! ♨️🔟
Product Enhancements to Empower Payments
↳ Amazon tapped Stripe to provide payments for retailers using its ‘Just Walk Out’ technology in Australia and Canada, so shoppers can purchase products without having to wait in line at checkouts.
↳ At the same time, Galileo Financial Technologies expanded its BNPL offering for banks and fintechs to offer post-purchase instalment payment options.
Licensing Landscape Transforms
↳ Zodia Custody was granted a Trust or Company Service Provider (TCSP) licence in Hong Kong, offering custody services for digital assets to local and international institutional investors.
↳ Kuda Microfinance Bank, an African neobank, also secured payment licences in Tanzania and Canada, allowing it to offer remittance and multi-currency wallet services to Africans living in Canada.
Tailoring Finance for Diverse Crowd
↳ European credit information provider CRIF partnered with BMW Financial Services to provide open banking-powered credit checks and lending services to BMW Financial Services’ automotive retailers.
↳ Additionally, paytech Volopa partnered with with ClearBank to expand the services it can offer its growing portfolio of SME clients.
Cracking the Credit Code
↳ Canadian technology provider Caspian One partnered with credit unions First West, Prospera, Meridian, Affinity and Libro, to deliver a tailored Credit Union System Open Banking solution.
↳ On the other hand, money-saving app Snoop launched a free credit score service in partnership with Equifax, combining money management and credit scoring in one app.
Funding Flows & Acquisitions Fuel Innovation
↳ Embedded finance platform Solaris raised ~$104M (€96M) in a Series F funding round to onboard the ADAC (Allgemeiner Deutscher Automobil-Club) credit card program.
↳ Not just that, but NCino also announced plans to acquire DocFox to create a single platform that will enable financial institutions to manage the entire client lifecycle.
Now, for the ‘byte’-sized fintech buzz –
The world of Embedded Finance was turbocharged with fintechs teaming up to unlock a universe of payment options and banking solutions.
Global mobility fintech Moove raised $100M in a Series B funding round, valuing the company at $750M. The round will enable Moove to expand its customer-focused revenue-based vehicle financing offering to 16 markets worldwide by the end of 2025.
ClearBank got selected by Poundtoken to provide banking services, allowing it to hold its fiat-backed stablecoin reserves at the Bank of England.
The realm of Open Finance gets a global glow-up! Fintechs around the world unite, streamlining financial processes with openness at the core.
Canada's Competition Bureau recommended that the Department of Finance “swiftly adopt” an open banking framework to improve competitiveness in the financial sector. The recommendation is part of Competition Bureau Canada’s submission in response to the Department of Finance’s public consultation on strengthening competition in the financial sector.
Trustly partnered with global fintech MoneyGram to introduce cardless payments to MoneyGram users across Europe. MoneyGram Online users can now send international transfers directly from their bank accounts, skipping manual card entry on the app.
Digital Finance gets a double dose of innovation with non-stop launches signalling a dynamic future for financial services.
Fidelity Bank launched ANDI - Powered by Helix. ANDI is a digital banking solution for Louisiana communities that offers a suite of services, including debit accounts, savings accounts, credit cards, and personal loans, along with financial wellness solutions such as account aggregation, wish list management, and rewards programs.
YC-backed digital bank Onyx Private announced that it is terminating its bank operations, shifting to a 'B2B white-label platform-as-a-service model for community banks, regional banks, and credit unions.' Onyx Private aims to leverage its existing financial institution partners and technology to scale more efficiently.
Fintech Infrastructure moves spanned continents last week as players put much focus on financial inclusion and upgrading digital banking through tech prowess.
Ethiopia-based Cooperative Bank of Oromia partnered with Temenos to launch innovative digital banking solutions. This strategic partnership addresses Ethiopia’s low financial inclusion rates by offering user-friendly, accessible banking services online and through mobile applications.
Moroku and GCI Consulting launched BaaS for Australian Community Banks and Credit Unions. This solution leverages the robust foundation of the Temenos Australian Community Banking Solution, seamlessly integrating it with Moroku Money’s digital channels solution.
The DeFi realm witnessed regulatory win-wins, custody solutions gained traction, and established players entered the crypto space.
Kraken Digital Asset Exchange rolled out its custody solution for institutional investors, offering enhanced security and full-service capabilities. Kraken Financial, a state-chartered bank in Wyoming, provides a secure and regulated platform, ensuring all deposits are held in full reserve.
Global financial company WisdomTree secured the New York State Department of Financial Services’ approval to operate as a New York limited-purpose trust company charter. This development allows WisdomTree to engage in digital asset activities, including custody of digital assets and stablecoin issuance.
Green finance goes global as empowering businesses and consumers on a sustainable journey becomes the ultimate goal.
CASHIN KSA, a Saudi Arabia-based POS and digital payments fintech, joined forces with Fils, a climate-positive transaction company, to ‘redefine’ the approach to climate action in the financial sector. CASHIN KSA aims to empower its network of merchants across Saudi Arabia to embed the Fils payments platform, enabling them to accurately track their environmental impact and mitigate their carbon footprint with high-quality carbon credit.
Doconomy and CTBC Bank launched carbon footprint service '“Green Carbon Detective” in Taiwan. "Green Carbon Detective" allows CTBC Bank customers to see the carbon footprint of their transactions, helping them understand their monthly environmental impact.
And that's a wrap 👋
We hope you enjoyed this edition of the Weekly Fintech Brew!
As a reward for making it all the way here, enjoy a curated list of awesome fintech resources to keep your curiosity cup full to the brim. Cheers to continuous learning!
🔗 Link Up! –
Open and Embedded Insurance 2024 Report - Open & Embedded Insurance Observatory
The Global Payments Report 2024 Report - Worldpay
The essential guide to ecommerce payment gateways Blog - TrueLayer
Open Banking 101: The Latest from South Africa Blog - Envestnet | Yodlee
Adyen Beyond Payments – Embedded Finance Playbook Blog - WhiteSight
Reimagine the Future of Financial Industry with Open Core Report - Brankas X WhiteSight
Hungry for more fintech insights? Check out some of our other work at WhiteSight.
If you're someone who likes to read think pieces, you will likely love our monthly blog, Fintersections, where our team members analyse the convergence of fintech with the world.
Fintech research is in the WhiteSight DNA, so if you'd like to get in touch for features, sponsorships, and content marketing services, reach out to us at hello@whitesight.net.
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