This week in BFS: PayPal insulates the future of cryptocurrency through a strategic acquisition

Latest Industry Insights from Draup Braindesk

Banking and Finance organizations are on a mission to enable digitalization and innovation within their organizations.  

  • Sun Life Asia Service Center launched Nina, a chatbot for resolving employees’ queries, and partnered with ComPsych to offer a digital toolkit for business enhancement. 
  • Citigroup launched API- enabled payment app for quick actions to attractive personal loans with flexible repayment options. 
  • Nordea Acquired SG Finans and pension portfolios from Frende Livsforsikring AS to strengthen its finance business and provide digital banking solutions. 
  • Deutsche Bank partnered with BNY Mellon to reduce the transaction time for customers and launched PromptPay to accelerate the secured and private transaction. 
  • ABN AMRO Bank N.V. is committed to enhancing its digital capabilities, such as a launch of a pilot to provide gig-workers with instant payments that accelerate digitization and innovation in line with the bank’s strategy. 
  • ING Groep N.V. focuses on enabling digital banking operations, product innovation, services and provides financial support for SMEs to enhance their customer experience while improving its trade finance operations. 
  • Hodge Bank partnered with Equiniti Credit Services to integrate its digital, API-led platform into Hodge’s existing mortgage system to bring servicing and collections under direct control and provide Hodge mortgage customers to make payments and manage their accounts online. 
  • Citizens Financial Group focuses on developing its business through Mobile Based Application Platforms to reach more consumers. 

Real-time intelligent data integration through AI, advanced analytics and cognitive computing, and the use of APIs for the transformation to an open banking platform are the key drivers of the BFS market.  

  • ABN AMRO Bank N.V. implemented Artificial Intelligence in activities related to risk analysis and fraud detection, which enables to detect of small changes in patterns. 
  • ING Groep N.V. leverages blockchain, Data & Analytics, and Deep Learning for product innovation, investments, and partnerships, which enables the easy banking experience. 
  • Prudential plc continues to develop AI-powered tools and personalized health services to empower people to control their health at any time. 

Customer-centric perspectives and the elimination of friction from the customer journey are significant focus areas for Banking and Finance organizations. 
  • Citigroup partnered with Mastercard and Wayfair to develop Credit products for the customers, such as customized credit cards and private label cards to make transactions easier. 
  • Deutsche Bank partnered with Hashstacs Pte Ltd. to accelerate the digital bonds between customers and QPLIX to provide enhanced solutions to access digital platforms. 
  • PenFed Credit Union introduced an interactive financial education platform to provide members with the tools and personalized knowledge to make informed financial decisions. 
  • Barclays PLC recently unveiled advanced features to its applications like Smart Pension, invoice finance, digital advice service, payment transaction to enhance the customer experience. 
  • Charles Schwan acquired TD Ameritrade Holding Corporation to invest in better client experience capabilities and further its financial success to benefit clients, employees, and stockholders. 
  • State Street partnered with SimCorp and Glenmede Investment Management L.P. to provide real-time financial solutions to accelerate banking services. 

Latest Reports Published in Draup

The Charles Schwab Corporation Account Intelligence Report: Charles Schwab utilizes AI, ML, IoT, and virtual assistants to make banking and financial services easier. Read More>>
NatWest Group Account Intelligence Report: Natwest has supplemented strong organic growth and continues to achieve in mortgages through its acquisition while strengthening the group’s business strategy. Read More>>

Key Funding Alert

Stripe Becomes Most Valuable US Startup. 
Its main competitors are Paypal and Square, while some of the company’s top customers include Amazon and Lyft. Like other payment providers, a shift towards online shopping fuelled Stripe’s growth and attracted more investors. Read more>>

Startup Spotlight

Company – Codat
HQ Location – London, United Kingdom
Total Funding – USD 19.61 Mn
About: Codat is a London-based technology company that lets banks and fintech plug into their small businesses and the software they use, giving them seamless access to real-time customer data. Read more>>

Key Insights and Signals in Banking & Financial Services 

MoneyGram joins Pay+ mobile wallet in Middle East digital push
This partnership will allow customers to transfer money near real time thanks to access to the MoneyGram global network. Read More>>
Africa’s largest payment infrastructure, Flutterwave, integrates with PayPal
This partnership now means that businesses across the African continent can now accept PayPal for payment for goods and services, easily and seamlessly, and get access to over 377 million PayPal users. Read More>>
Black Knight completes integration of Optimal Blue with Freddie Mac’s loan selling advisor
The integration enhances efficiencies and secondary marketing processes by fully automating the pricing of Freddie Mac loans. Read More>>
Partnership enables easier access to First American data
Consumers in Snowflake’s Data Cloud now have direct and near-real time access to First American’s curated data packages. Read More>>
Solace powers mobile payments on Standard Chartered Bank Korea’s digital banking platform
The bank can now provide an elevated customer experience on S2B and help businesses manage large volumes of domestic and international online transactions. Read More>>
Mergers and Acquisitions
ICICI Venture and Morgan Stanley PE Asia lead a Rs 525 Crores transaction in Magma HDI
The transaction is subject to shareholder and regulatory approvals, including the Insurance Regulatory and Development Authority (IRDAI) and the Competition Commission of India (CCI). Read More>>
Trading platform eToro takes aim at the stock market with a $10.4billion Nasdaq listing after deal with Spac Fintech V
As part of the arrangement, the firm will receive $250million from Fintech V, along with $650million from institutional investors such as Softbank Vision Fund 2, Wellington Management, and Fidelity Management & Research. Read More>>
PayPal buys Curve to save cryptocurrency
This acquisition will serve as a catalyst for a new soldier to the payment platform and to accelerate PayPal’s support efforts for cryptocurrencies and other digital assets. Read More>>
DBS becomes first major Asian bank to finalize trade financing transaction via AntChain’s Trusple platform
By leveraging emerging technologies such as blockchain, DBS is lowering the barriers for SMEs to participate in Asia’s post-pandemic economic revival as cross-border trade activity in the region picks up. Read More>>
Executive Movement
Al Rajhi Bank Malaysia appoints John Roger Winfield as chairman
Winfield brings with him a wealth of experience in commercial banking, trade finance, project finance, financial institutions, wholesale market risk and private banking. Read More>>
Barclays has appointed Mark Stuckey To lead the mid-corporate market for the south of the UK
The role will see Mark work to deepen existing and new client relationships, operating between £6.5 million and £50m turnover and being responsible for managing a team of more than 80 colleagues.
Read More>>
State Street strengthens leadership team with appointment of Ann Fogarty
Fogarty joins from BNY Mellon where she was most recently Executive Committee member responsible for leading the Global Operations organization and supporting every stage of the client investment lifecycle and overseeing a team of more than 20,000. Read More>>
Freddie Mac names Mark Grier interim CEO
The Prudential Financial vet served on Freddie Mac’s board of directors for about a year before being named the company’s interim chief executive officer. Read More>>
Deals & Deal Renewals
AxiomSL wins tech deal from Nordea Bank
Nordea Bank will deploy AxiomSL’s RegCloud, a managed risk and regulatory reporting platform to calculate, and reconcile large volumes of disparate data to comply with complex and evolving regulatory requirements. Read More>>
Global Payments signs multi-year payments agreement with UMB Bank
Under the agreement, TSYS will provide a range of processing and support services for UMB Bank’s consumer and commercial credit, debit and healthcare card portfolios. Read More>>
Nasdaq to deliver execution platform to Pure Stream
PureStream will offer brokers and their institutional clients greater bandwidth to get more liquidity faster, more cost-effectively and with greater security. Read More>>
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