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Persons: Jennifer, Read Organizations: Credit Union, of Oklahoma, GreenState Credit, Credit, Mint, FDIC, Chevron, Crescent, Crescent Bank, Reading Chevron, Savings, Western Alliance, Bank, CIT Bank, UFB, Business, Black Enterprise Magazine, CNBC, Forbes, Twitter Locations: of, Louisiana

☆ Digital banking in Italy's industrial heartland at over 75%, Bank of Italy says
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

Digital banking in Lombardy has grown 20 percentage points since 2015, the central bank said in a report on the region's economy, which grew 3.8% in 2022, slightly above the national average. The number of bank branches in Lombardy fell 4% in 2022, bringing the total decline since 2008 to 39%, compared with 41% for the European Union, the Bank of Italy said. Even with the reduction, Lombardy has 41 bank branches per 100,000 residents, against a national average of 36, it added. To cut costs and upgrade its IT infrastructure, Italy's biggest bank Intesa Sanpaolo (ISP.MI) this month launched its digital-only bank Isybank. Citing Eurostat data, the Bank of Italy said 67% of Lombardy's population in 2022 accessed banking services online.

Persons: Andrea Orcel, Valentina Za, Richard Chang Organizations: MILAN, Bank of, Digital, Banco, European Union, Eurostat, Thomson Locations: Lombardy, Italy's, Bank of Italy

☆ Morgan Stanley adds this beat-down energy stock to its list of best up-and-coming ESG plays
▼ + stars: | 2023-06-27 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

It's also growing capacity for renewable energy three-fold through 2027, giving it one of the largest renewable pipelines in the world. Byrd pointed to the company's leadership in new technology, including energy storage and carbon-free electricity. The energy stock has tumbled more than 28% this year after sidestepping 2022's bear market and finishing the year more than 18% higher. AES YTD mountain AES, year to date The other stocks in his top ideas list for the Americas — Deere , Eastman Chemical , New Fortress Energy and Nu Holdings — remained. AI and real-time sensing could help improve decision making around food distribution and waste, Byrd said.

Persons: Morgan Stanley, Stephen Byrd, It's, Byrd, Nu Holdings —, Deere, That's, Nu, — CNBC's Michael Bloom Organizations: AES, Americas, Deere, Eastman Chemical, New Fortress Energy, Nu Holdings Locations: Brazil

So what's hot in fintech right now? One area fintech companies are getting excited by is an improvement to online checkout tools. Callan Carvey, global head of operations at Cleo, said the firm's AI connects to a customer's bank account to get a better understanding of their financial behavior. "A job that typically would take around one or two weeks can now be completed in 30 minutes, right. Several fintech executives CNBC interviewed spoke of how they're not interested in launching products tailored to crypto as the demand from their customers isn't there.

Persons: MacKenzie Sigalos, hasn't, they've, Starling, Richard Davies, Davies, Niklas Guske, —, B2C fintechs, David Singleton, Guske, dazzled, Cleo, Callan Carvey, Carvey, Teo Blidarus, Taktile's, Hiroki Takeuchi, Takeuchi, Changpeng Zhao, they're, Jack Zhang, Zhang, Prajit Nanu, cryptocurrencies, Banks, Nanu Organizations: Bank, fintechs, CNBC, Business, Allica Bank, B2B, Tiger, Schroders Capital, Atom Bank, Schroders, U.S . Securities, Exchange Commission, SEC, U.S, cryptocurrencies Locations: Amsterdam, MacKenzie Sigalos AMSTERDAM, Netherlands, British, Atomico, U.S

☆ Fintech firm Wise's shares fall after announcing CFO is resigning, CEO to go on leave
▼ + stars: | 2023-05-22 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Shares of British fintech firm Wise slipped Monday, after the company announced its CFO Matt Briers is leaving the company next year, while its CEO Kristo Kaarman will go on paternity leave starting September. Wise shares were down around 4% as of 9:45 a.m. London time. Briers will step down as Wise CFO in March 2024, once Kaarman has returned from a sabbatical break, the company said in a press release Monday. In his time as CFO, Briers took Wise from a scrappy money transfer upstart to a publicly-listed financial technology giant. Briers is the second CFO of a major U.K. fintech firm to announce his departure this month — on May.

☆ TipRanks reveals the top 10 financial sector analysts of the past decade
▼ + stars: | 2023-05-14 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +10 min

To create this list, TipRanks analyzed every recommendation made by financial sector analysts in the past decade. Top 10 analysts from the financial sector The image shows the most successful Wall Street analysts from the financial sector, in descending order. 3 on TipRanks' top 10 financial analysts list. To create this list, TipRanks analyzed every recommendation made by financial sector analysts in the past decade. 3 on TipRanks' top 10 financial analysts list.

JPMorgan thinks Alkami is poised for long-term growth despite ongoing concerns in the banking industry. Analyst Alexei Gogolev initiated coverage on Alkami with an overweight rating and a $15 price target, which implies shares gaining 21.4% from Monday's close. Alkami provides software to regional banks and credit unions to facilitate online banking. JPMorgan said said Alkami's potential addressable market is at $11 billion in the U.S. as the modernization of digital banking for credit unions and regional banks continues. To be sure, Gogolev acknowledged that the uncertainty surrounding the U.S. banking sector has put downward pressure on valuation multiples on stocks in the sector.

May 5 (Reuters) - The Monetary Authority of Singapore on Friday imposed additional capital requirement on DBS Bank, the banking arm of the country's largest lender DBS Group (DBSM.SI), following the disruption of its banking services in recent months. "Together with the additional capital requirement imposed on DBS in February 2022, this translates to approximately S$1.6 billion ($1.21 billion) in total additional regulatory capital," MAS added. The additional capital requirement for DBS is now a multiple of 1.8 times to its risk weighted assets for operational risk, an increase from the multiple of 1.5 times MAS applied in February 2022 following the November 2021 disruption, according to MAS. MAS has now required a comprehensive review it directed DBS to conduct in March to cover the May incident, MAS said. "The additional capital requirement imposed at this time underscores the seriousness with which MAS treats this matter," she said.

☆ Fanatics moves one step closer to IPO, hiring Meta's head of investor relations
▼ + stars: | 2023-04-27 | by ( Ian Thomas | ) www.cnbc.com time to read: +7 min

While an IPO is not on the immediate horizon, the company is taking a step in the direction of preparing for one, hiring Meta's investor relations head to further build out its engagement with current and future shareholders. Deborah Crawford, who has served as Meta 's vice president of investor relations for more than eight years, is being appointed as Fanatics' head of investor relations, a new position at the company. Prior to Meta, Crawford was head of investor relations for Netflix, where she helped initiate the streaming company's first formal investor relations function, according to Fanatics. Schiffman declined to comment on the potential timing of a Fanatics IPO but confirmed the company has a goal of going public. Fanatics has seen its valuation and investor roster drastically expand in recent years, which has also helped to fuel IPO chatter.

☆ Allianz picks acceptable time to quit N26
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 19 (Reuters Breakingviews) - Allianz (ALVG.DE) is striking a blow for forlorn investors of privately held startups. While that would be a 68% discount to N26’s $9 billion valuation as of October 2021, Allianz’s exit route looks agreeably straightforward. N26 has enough cash to finance its operations until the end of 2024, when it is expected to reach profitability. The fight between banks for consumer deposits will force N26 to offer better interest rates for its customers, limiting its profit margin going foward. More to the point, Allianz doesn’t have to inform N26 of an intention to sell.

☆ We have senior peer groups to help the older generation with digital banking, DBS Bank says
▼ + stars: | 2023-04-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe have senior peer groups to help the older generation with digital banking, DBS Bank saysCNBC's Sam Vadas speaks to Karen Ngui, head of group strategic marketing and communications at DBS, about the bank's strategy of targeting customers of all backgrounds.

☆ Investing app Acorns acquires kid-focused fintech GoHenry to expand in Europe
▼ + stars: | 2023-04-03 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

LONDON — American micro-investing platform Acorns acquired GoHenry, a digital banking startup focused on educating kids about money, for an undisclosed sum. Founded in 2012, GoHenry offers a spending card for children aged six to 18, linked to an accompanying money management app. However, Noah Kerner, Acorns' CEO and co-founder, insisted market conditions had no effect on the timing of the acquisition as talks between the two companies started as early as 2021. Acorns looked at more than 100 deals globally before landing on GoHenry, Kerner said, adding a $55 million cash infusion into GoHenry last year and its buyout of rival firm PixPay in France made the deal more attractive. "We pioneered kids and teens with GoHenry, and Acorns very much pioneered investing and saving and bringing mental wellness to the up and coming, to everyday America," Louise Hill, co-founder and chief operating officer of GoHenry, told CNBC in an interview.

☆ Elon Musk Revives Old Banking Dream in Pursuing $250 Billion Twitter Valuation
▼ + stars: | 2023-04-01 | by ( Tim Higgins | ) www.wsj.com time to read: 1 min

Behind Elon Musk’s gamble to turn Twitter Inc. into a company worth more than $250 billion is a beloved idea he has hung on to for more than two decades: digital banking. The billionaire entrepreneur has talked in dribs and drabs about what Twitter 2.0 might ultimately look like under his control. But late last week, he gave employees a taste of how grandiose his plans are, telling them he envisions Twitter being worth more than 10 times its current value of around $20 billion.

☆ Wall Street analysts love these emerging market stocks that all trade in the U.S.
▼ + stars: | 2023-03-30 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

While U.S. and European investors continue to navigate a banking crisis, high inflation and slower earnings growth, a host of emerging markets stocks beloved by Wall Street analysts are expected to surge higher. Emerging markets equities had an optimistic start to the year as China reopened its economy, and as high inflation showed signs of easing. In 2023, the iShares MSCI Emerging Markets ETF (EEM) is up 4.4% through Thursday's open. In fact, some emerging markets stocks that are also listed in the U.S. could be due for huge upside. These names are included in exchange traded funds such as the the iShares MSCI Emerging Markets ETF, Vanguard FTSE Emerging Markets ETF, iShares Core MSCI Emerging Markets ETF, the Schwab Emerging Markets Equity ETF or the SPDR Portfolio Emerging Markets ETF.

☆ SVB's collapse was fueled by 'people on iPhones' and won't spread across the US banking sector, Blackstone CEO says
▼ + stars: | 2023-03-30 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Silicon Valley Bank failed because of the "interim issue" of high interest rates, Steve Schwarzman said. Rapid withdrawals "by people on iPhones" also fueled SVB's collapse, he told Bloomberg Thursday. "The banking system is not in any type of conventional crisis," the billionaire businessman said. Silicon Valley Bank's collapse earlier this month sparked a selloff in stocks of regional US banks, fueling fears that its failure would develop into a broader crisis. Read more: Silicon Valley Bank's spectacular implosion shows how digital banking can decimate a lender in 24 hours

☆ Tapping into the future of finance: 3 experts discuss the ways frictionless payments will revolutionize digital banking within the decade
▼ + stars: | 2023-03-29 | by ( Elizabeth Wood | ) www.businessinsider.com time to read: +5 min

Experts share their insights into how frictionless payments are changing the way people engage with online banking. Carter Johnson, senior finance reporter at Insider, spoke with Douglas and other financial experts about frictionless payment systems. Rajan agreed that building loyalty and trust in banking technology and frictionless payment systems requires due diligence. The future of finance is digitalThe experts agree that in the next decade, digital wallets and frictionless payments will be the banking rule, not the exception. Rajan noted that each person is going have a unique way of engaging with frictionless payment systems.

☆ This fintech enables banks to offer charitable giving services. Check out the 13-slide pitch deck Spiral used to raise $28 million.
▼ + stars: | 2023-03-28 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Spiral, a fintech startup that helps banks offer charitable giving services, has raised $28 million. The startup believes it can help banks differentiate their brand and attract Gen Z customers. Check out Spiral's 13-slide Series A pitch deck below:A startup that enables financial institutions to embed charitable giving into their services has raised $28 million in fresh funds. New York City-based Spiral has developed a system it calls "impact-as-a-service" that it offers to banks, credit unions, and other financial service providers. The startup believes it can help banks differentiate their brand, attract Gen Z customers who are keen on more sustainable products, and increase customer loyalty and retention.

☆ 'The first bank crisis of the Twitter generation': The pressure on banks is very different from 2008
▼ + stars: | 2023-03-27 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +6 min

It is "unlikely" that European banks will undergo anything as serious as in 2008, according to economists. But a banking crisis today would look very different from 15 years ago thanks to social media, online banking, and huge shifts in regulation. This is "the first bank crisis of the Twitter generation," Paul Donovan, chief economist at UBS Global Wealth Management, told CNBC earlier this month, in reference to the collapse of Credit Suisse . watch nowRegulators shuttered Silicon Valley Bank on March 10 in what was the biggest U.S. bank collapse since the global financial crisis in 2008. Risk in the banking system today is significantly less than it has been at any time over the last 20 or 30 years.

☆ Bitcoin is poised to blow up Africa's $86 billion banking system
▼ + stars: | 2023-03-26 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +16 min

Then there's mobile money, which has been around since the early 2000s. Africa's mobile money transactions rose 39% to more than $700 billion in 2021, according to data from the GSM Association, a non-profit representing mobile network operators worldwide. That cash network was extraordinarily difficult and expensive to build, which is why there aren't a lot of direct competitors. Bitnob is SMS-based and piggybacks on the mobile money system, making it easier for people to send money directly into bank accounts and mobile money wallets in African countries. "We're able to settle into bank accounts or mobile money accounts, without the recipients having to interact with bitcoin themselves," Parah tells CNBC.

☆ How this 26-year-old went from running bitcoin trading desks in Taco Bells to creating the largest crypto exchange in Africa
▼ + stars: | 2023-03-25 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +28 min

Yellow Card CEO Chris Maurice just before meeting with the Securities and Exchange Commission in Accra, Ghana. Chris MauriceFrom there, Yellow Card users can send or receive digital cash in eligible markets. Zoom In Icon Arrows pointing outwards Yellow Card CEO Chris Maurice in Accra, Ghana loading cash onto his Mobile Money account, MoMo. Yellow Card has facilitated $1.75 billion in transactions since launching in 2019 and has about 220 employees – mostly in Africa. A resident checks his phone outside a mobile money kiosk in the Kibera district of Nairobi, Kenya, on Monday, Aug. 1, 2022.

☆ Give us your nominations: CNBC is ranking the world's top fintech companies
▼ + stars: | 2023-03-22 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

In 2022, the fintech world took a beating, with some of the world's most richly valued companies seeing their valuations slashed. CNBC and independent research firm Statista are working together to identify the world's top fintech companies, to be named in a published CNBC report in August. In 2022, the fintech world took a beating. That has made the need for a transparent overview of the top fintech companies more important than ever. As part of the research, we are inviting entries from eligible fintech companies to register their interest in being considered for the list.

Virgin Money (VMUK.L), Britain's sixth largest bank, said in a statement it had also seen "net business deposit inflows in recent days". That means SVB UK's customer deposits are safe and their loans supported, HSBC's top bosses have said. Franklin told Reuters a number of CEOs and startup execs had started researching other banks with which to park cash in addition to SVB UK this week, citing Barclays as a favourite among some. But the collapse of SVB has intensified scrutiny of the business models of all lenders, including specialists with smaller balance sheets to fall back on. "The UK banking system remains safe and continues to operate as normal."

☆ Sea Group's digital bank launches in Singapore to a select group of individuals
▼ + stars: | 2023-03-15 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

MariBank, Singapore tech giant Sea Group's digital bank, has launched in Singapore to select members of the public as it rolls out its services progressively. Singapore tech giant Sea Group has launched its digital banking services to select members of the public. "We are rolling out our services progressively on an invite-only basis," MariBank said on its new website that was launched on Tuesday. It is the latest online lender to join a slew of others in Singapore since the city-state issued four digital bank licenses in December 2020. MariBank has been rolling out its services progressively the third quarter of 2022, and was previously only available to employees of Sea Group.

☆ SVB collapse was driven by ‘the first Twitter fueled bank run’
▼ + stars: | 2023-03-14 | by ( Jennifer Korn | ) edition.cnn.com time to read: +4 min

New York CNN —The massive amount of customer withdrawals that led to the collapse of Silicon Valley Bank had all the hallmarks of an old-fashioned bank run, but with a new twist befitting the primary industry the bank served: much of it unfolded online. Customers withdrew $42 billion in a single day last week from Silicon Valley Bank, leaving the bank with $1 billion in negative cash balance, the company said in a regulatory filing. “It was the speed, fueled by zero distribution costs for both rumors and withdrawals, that was so destabilizing.”Silicon Valley Bank was arguably uniquely susceptible to those factors given its tech-focused customer base. The next day, the US Federal Deposit Insurance Corporation stepped in and took control of the bank, which only added to the viral panic on Twitter. “THAT IS THE PROPER REACTION.”Hours later, the Biden administration stepped in and guaranteed the bank’s customers would have access to all their money starting Monday.

☆ CNBC’s Andrew Ross Sorkin says covering the SVB meltdown is like ‘walking a tight rope’
▼ + stars: | 2023-03-13 | by ( Oliver Darcy | ) edition.cnn.com time to read: +4 min

New York CNN —Andrew Ross Sorkin woke up early Monday morning, long before the crack of dawn, after managing to sneak in a handful of hours of sleep. The New York Times columnist had been up late into the night working on his DealBook newsletter. And now he needed to rise for a special edition of “Squawk Box,” the CNBC program he has co-hosted since 2011. It is a story Sorkin described covering as “a balancing act, a little bit like walking a tight rope.” On one hand, he said, journalists must avoid sparking panic and causing a catastrophic run on the banks. “If you scream ‘fire,’ everyone runs out of the theater,” Sorkin said.

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