This week in BFS: Banks invest in virtual debit cards and virtual workforce marketplace

Executive Movement
Goldman appoints Swati Bhatia, David Stark to lead roles in consumer banking
Bhatia, formerly the chief payments risk officer at digital payments company Stripe, will serve as the head of the bank’s direct to consumer business. Stark, a Goldman Sachs partner since 2018 and who has played a crucial role in the launch of the company’s consumer banking unit Marcus, will lead large partnerships. Read More>>

Partnerships
Global Payments and Google form strategic partnership to reimagine digital payments
Global Payments’ merchant customers will be able to digitally access a robust value stack of software-as-a-service offerings, including data and analytics, omnichannel ordering, payments, collaboration suite, email marketing, online presence and reputation management, loyalty, gift card, point-of-sale, capital access and payroll solutions. Read More>>
Standard Chartered taps Gloat to create virtual internal marketplace for workforce

This partnership marks a significant milestone in its ambition to create an internal virtual marketplace for colleagues that offers diverse types of career and development opportunities across the organization and where its leaders can identify, develop, and deploy talent quickly. Read More>>

Mergers and Acquisitions
PacWest Bancorp acquires non-QM lender Civic

Pacific Western Bank hailed the acquisition as a strategic move into specialized areas of the non-QM market. Read More>>
NAB to spend AU$220 million to take control of 86 400

NAB will offer its customers an enhanced experience, by combining UBank’s existing brand and customer base, with the technology platform and experience of 86 400 and NAB’s capital and balance sheet strength. Read More>>
White & Case advises Deutsche Bank and UBS on debt financing for acquisition of nThrive Technology Solutions Group

nThrive’s Technology Solutions Group is the software revenue cycle management division of nThrive, Inc., and will now operate as a stand-alone entity. Read More>>
Paypal to shut domestic payments business in India

PayPal will focus all its attention on enabling more international sales for Indian businesses, and shift focus away from its domestic products in India. Read More>>

Allianz to acquire full ownership of China life insurance venture

The purchase of the stake comes a month after China and the European Union reached a China-EU Investment Agreement to promote cooperation. Read More>>

Product Launch
HSBC launches virtual debit cards for UAE businesses

HSBC’s Virtual Debit Cards, which operate on the Visa platform, generate single-use card numbers, or ‘tokens’, for each transaction, with the payment debited directly from the corporate cardholder’s current account. Read More>>

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