The European Central Bank (ECB) is deliberating whether to release an internal study showing that major EU banks would face a significant increase in capital requirements—potentially by a double-digit percentage—if subjected to US regulatory standards. Several senior ECB officials are advocating for the publication of this report, or at least portions of its findings, to counter the intense lobbying efforts from the banking sector aimed at softening the implementation of the Basel III international capital standards. The pressure from EU financial institutions is expected to mount, especially as the US may abandon or dilute plans to enforce Basel III regulations…
Author: Editorial Team
SG-Forge, the digital assets division of French banking giant Societe Generale, has announced the deployment of its euro-pegged stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL). The move is part of the bank’s strategic push to adopt a multi-chain approach, designed to leverage the strengths of various blockchain networks. Societe Generale-Forge Brings Euro Stablecoin to XRP Ledger First launched on Ethereum in 2023, EURCV entered the market as a highly regulated stablecoin to compete with dollar-linked giants like Tether and Circle. However, with limited traction on Ethereum—currently issuing just €38 million worth of EURCV—Societe Generale is now exploring alternative…
1fs Wealth, a global leader in wealth intelligence solutions, has formed a strategic partnership with Apex Group, a top financial services provider. This collaboration will enable Apex Group clients to leverage cutting-edge digital tools for enhanced wealth management. 1fs Wealth, headquartered in London, offers an AI-powered platform that allows wealth owners to streamline asset consolidation, mitigate risk, oversee asset ownership, and access detailed portfolio insights through data-driven strategies. The company serves a growing international clientele, including wealth owners and family offices, who value its comprehensive support in succession planning. Apex Group, with a workforce exceeding 13,000, caters to diverse clients…
Revolut, the UK-based fintech company, has introduced an innovative debit card vending machine at the National University of Singapore (NUS). This new machine provides Visa-branded Revolut debit cards, aiming to expand financial service accessibility and promote financial literacy among students. Cardholders will benefit from Visa’s extensive global merchant network, ensuring seamless transactions worldwide. Targeting Young Adults This initiative focuses on young adults under 21—a demographic often overlooked by traditional financial institutions. With Revolut, students gain powerful tools for everyday money management, including the ability to send and receive funds, track spending, and explore investment opportunities through a user-friendly platform. Key…
Grasshopper, a digital bank built for the business and innovation sectors, has announced a strategic partnership with EnFi, an AI-powered platform specialising in credit risk management and decisioning. This collaboration underscores Grasshopper’s dedication to leveraging technology to enhance its team’s capabilities, optimise client services, and elevate its digital banking experience. “Empowering talent through technology is central to Grasshopper’s mission, and our partnership with EnFi exemplifies this commitment,” said Mike Butler, CEO of Grasshopper. “With EnFi’s AI-driven solutions, we aim to streamline credit analysis and risk monitoring, allowing our team to focus on providing forward-thinking banking solutions for our clients.” The…
Canadian fintech Neo Financial has raised a substantial C$360 million (US$257 million) in Series D funding, comprising C$110 million (US$79 million) in equity and C$250 million (US$179 million) in debt. The round, led by a group of influential investors, positions Neo Financial as a significant competitor to Canada’s major banking institutions. Founded by former SkipTheDishes executives, Neo aims to expand its AI-powered financial offerings, bridging technology with consumer banking. Strategic Investment from Canadian Tech Leaders The equity portion of the round saw contributions from prominent Canadian tech figures, including Shopify’s Tobi Lütke, Slack’s Stewart Butterfield, Roblox’s David Baszucki, and PointClickCare’s…
Fideuram Intesa Sanpaolo Private Banking (FISPB), the private banking arm of the Intesa Sanpaolo Group, is set to accelerate its Digital Wealth Management growth in Italy and across Europe through a strategic partnership with BlackRock, the global leader in asset management. Carlo Messina, CEO of Intesa Sanpaolo, stated, “This agreement aligns perfectly with our strategy to expand our Wealth Management business and develop innovative digital solutions. Partnering with BlackRock allows us to broaden our European client base with cutting-edge offerings.” FISPB plans to expand its presence with top-tier brokerage services, hybrid advisory, and discretionary portfolio management, all delivered through advanced…
CLOWD9, a cloud-native, B-Corp certified issuer processor, has announced its strategic agreement and certification with Discover® Global Network, a major player in global payments. This partnership marks a pivotal step in enhancing cross-border payment solutions and issuer processing capabilities, promising improved service for global customers. This collaboration, driven by growing customer demand, enables CLOWD9 to offer a third network option for fintechs and program managers, widening the scope for cross-border card issuance. By supporting both virtual and physical card options, CLOWD9 underscores its commitment to delivering comprehensive, versatile payment solutions. Suresh Vaghjiani, CEO of CLOWD9, expressed excitement about the partnership:…
Abu Dhabi Islamic Bank (ADIB) is taking significant strides to democratize sukuk investing by successfully testing fractional sukuk technology within a controlled environment. This move is set to make Sharia-compliant financial products more accessible to retail investors, dramatically lowering the entry threshold from $200,000 to just $1,000. The sukuk market, characterized by bond-like instruments aligned with Islamic finance principles, has historically been limited to institutional or high-net-worth investors due to its high minimum investment requirement. ADIB’s groundbreaking initiative is positioned to change this landscape, opening doors for more diverse investors to benefit from fixed-income opportunities. The pilot was conducted after…
Revolut has released a comprehensive survey revealing that nearly two-thirds (63%) of businesses believe that legacy banks fail to meet modern financial needs promptly. Conducted in partnership with Dynata, this study covered close to 3,000 businesses across seven European countries and highlights the challenges companies face with traditional banks, prompting them to pivot toward fintech solutions for efficiency and innovation. Key Findings of the Study The survey underscores widespread dissatisfaction among business leaders with legacy banks. It found that nearly four out of five (79%) businesses reported various challenges, including high fees, sluggish transaction processes, and inadequate mobile banking experiences.…