NEWS
IBS Journal December 2017
15
N26 taking applications for UK early access launch
G
erman challenger bank N26 has started taking applications for its early access program in the UK, to launch in 2018. N26 doesn’t maintain physical stores as it is a mobile-first app- only bank, which enhances its agility when expanding
“Our expansion to the UK represents a big leap for us. Since our founding as a Berlin-based fintech startup, we have rapidly grown into a global banking player,” said the firm in its website statement. “Expanding to one of Europe’s main financial hubs is a natural next step for us. We’re excited to bring the same banking experience that more than 500.000 European customers already love to the UK.”
N26 combines financial tools into a lightweight, all-in-one app to control all of your finances. By partnering with companies who
offer financial products, N26 is able to offer fully-fledged financial services like savings and investment plans directly in the app
Thanks to the bank’s full European banking license, individual deposits are insured up to €100.000.
“We also want to change the way customers think about banking. Part of this is a renewed emphasis on fairness and transparency.” “Fully efficient remediation requires a holistic view of the customer or prospect. Only when financial crime compliance teams have access to the full picture are they able to make the robust and timely decisions required to expedite remediation activities, meet compliance obligations, maintain the customer experience, and of course, combat financial crime effectively.”
Bahrain plans largest fintech hub in Middle East
T
he Bahrain Economic Development Board (EDB) and FinTech Consortium (FTC) have announced the launch of “Bahrain FinTech Bay” (BFB), the largest dedicated fintech hub in the Middle East and Africa, as reported by DTNews. This new hub aims to aid Fintech firms as well as in the interaction between the different players in the industry.
BFB will cover an area of over 10,000 square feet of space and is scheduled to open in February 2018. It hopes to be the ideal hub for local and international corporate innovation labs and FinTech start-ups.
FinTech Consortium Bahrain has been appointed as the operator of Bahrain FinTech Bay. FTC will apply physical and digital solutions to manage the hub, and integrate BFB into its numerous FinTech platforms, including blockchain, insurance technology, regulatory technology (RegTech), and others.
The bank will also be using integrated solutions from Fiserv to upgrade the bank’s fraud protection, replace branch capture with a more efficient teller capture solution, and add wire transfer and document management capabilities to support its commercial and industrial business.
BFB will open as part of FTC’s global network of locations,
including New York and Singapore. The hub is collaborating with a number of regional and international partners, and it is enjoying strong support from the Central Bank of Bahrain and from other entities.
“Bahrain FinTech Bay will promote innovation, entrepreneurship and foster collaboration between our partners,” commented Gerben Visser, co-founder of the FinTech Consortium. “With the strong support from the Bahraini government and Central Bank and a world-class infrastructure, we are confident that Bahrain FinTech Bay will contribute to the future-proofing of Bahrain’s financial centre.”
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