The Devil is in the details, isn’t he? Go straight to the fintech details of this week with the help of the DashDevs team and enjoy your Friday evening to the full! New banking merges, countries' and companies' remarkable liftovers, and more than that are waiting for you below.
Weekly Heads Up on Finance: 07.05 - 07.09
The Swiss Are Still Paying by Cash: Can You Believe It?
Compared to the other well-developed countries, where the e-payments, digital assets, and apps usage are at their highest peak after the COVID-19, Switzerland continues to amaze with its devotion to cash. The 2020’s research by the Swiss National Bank revealed that 43% of transactions in supermarkets, restaurants, and online were held with cash. This is the country where cash and physical debit cards are on the way to level off, and that’s the post-pandemic outcome, pushing the consumers to resort to debit card ownership. However, contactless payment remains an incomprehensible rarity, so all changes come gradually, as Swiss people place the immediate money availability higher than the speed or convenience of transactions. Perhaps, that’s the reason why the country has issued the 1000-franc note — easier storage at home?
Would Paraguay Be the Number 2 Bitcoin Legal Tender?
El Salvador’s initiative to legalize Bitcoin on the national level starts to resonate with the other countries. The possible second one is Paraguay, and Carlitos Rejala has already confirmed this aspiration in his Twitter, stating that the country is planning to open its gate for foreign crypto investors. Meanwhile, the advocates of environmental sustainability criticize this race for innovation and remind the public about the example of China. Notably, China is now blamed for the enormous electricity consumption caused by crypto mining. And even El Salvador has the solution for this problem by establishing a geothermal company to extract renewable energy from volcanoes, not everyone can allow such an eco-friendly measure backed by the state.
Mobile’s Planning to Hire 300 New Employees For Business Growth
Is it the partnership with BXG that brings so much self-confidence in the future company’s expansion across Europe? Who will be the next target markets after the UK and Germany? After raising its worth in the market by €780m, Mobile’s Series C announced their incentive to grow from 480-person staff to 780 in 6-9 months. And though this plan of the new CEO Shane Happach seems ambitious, the new investors can make it true at the flick of a switch.
New Banking Partnerships of July 2021
JPMorgan Chase & C6: Is Brazil a New Fintech Lode?
Though the deal isn’t officially closed, being at the stage of regtech inspection, JPMorgan Chase already informed the public about a 40% stake in C6. What for did this Brazilian digital bank deserve so much trust on the part of the largest world banking provider? Probably, the reason lays in the increased project’s market valuation by $2bn in December 2020. In addition, the case with Nubankl adds more belief in Brazil’s repaying as the new geo platform in fintech. Namely, 60% of banking transactions are already executed online, so Latin America tangibly surpasses Switzerland in this relation. In this light, JPMorgan Chase’s investment is more than valid, isn’t it?
CBK & TSC BaNCS: A Fresh-Baked Kuwait-Indian Collaboration
One of the oldest banks in Kuwait, CBK, is going to benefit from TCS' treasury solutions and improve its risk management, regulatory compliance, and variety of cash products. It’s a pleasure to see how the 61-year old bank moves to the fintech betterment to provide excellent banking service to their Middle East market customers, isn’t it? Is it a right prerequisite for the future-long existence of CBK?
Tide & RBL Bank: What Does It Bring for Both Partners?
The UK and India will unite their efforts in trade and economic reinforcement in 2022. As a result, 1,000 new jobs are to be created in India within the next 5 years. In its turn, the UK is striving to swell its ranks through intense talent-hiring and a stronger bank account infrastructure. But is £100 million investment coming from Tide sufficient for this generous aim?
Climbing the Fintech Mountain: Cases to Go Over
Tom Blomfield’s Experience Sharing on Digital Banks Operation
Could the C-level executives be sick and tired of management and nonstop work almost without any pauses for the qualitative rest? Tom Blomfield’s story proves the high probability of this phenomenon. After gaining relevant work experience at Starling Bank, he founded his own digital bank, Monzo. The latter was doing so well that turned into one of the biggest UK digital banks, but then the pandemic brought its corrections to the company’s well-being. The first lockdown cut Monzo’s revenue to half, and because of the constant stress, Blomfield finally reached the tough decision to resign from the CEO position and then quit the company. What’s he doing right now? And will he leave the fintech industry forever? Find it out below!
Smart Gets $165m in the Latest Funding Round
Smart is the investment company known for its exquisite retirement technology serving the needs of users across the US, the UK, Australia, and the Middle East. No surprise, the pace of its marketing expansion is really astonishing: now the platform connects 1m of customers and doesn’t intend to lose the scope of its influence. On the contrary, in its plans, there’s a clear goal to raise five times till the end of 2023.
Are You Waiting for the New Mobile Wallet? Nordic Guys Anticipated This!
Vipps, MobilePay, and Pivo set a good example to end the local competition for the sake of broadenings its marketing borders wider. In other words, why not focus on the global fintech arena instead of ripping each other apart in one region? These companies joined their diligence and hard work for the creation of the single payments app for Finish, Danish, and Norwegian users. Sound smart, isn’t it? Especially if it comes to an 11 million customer base and 300,000 merchants.
Who did impress you the most — Brazil, Paraguay, Kuwait, or the UK? Which piece of news resonated with your experience? And do you have any business aspirations to be fulfilled with the team of professionals right here and right now? If yes, contact DashDevs without any hesitation, and we’ll make your idea real!