Virtual Banking

Volt Becomes Second Australian Neobank to Shutdown as Funding Dries Up

Australian neobank Volt announced that it will be shutting down its deposit-taking business, return all deposits to its customers and turn in its banking license. The neobank has advised its account holders to transfer any balances in their Volt accounts

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Less Than 5% of the World’s 400 Neobanks are Profitable

Neobanking has been one of the most talked-about fintech segments of the past decade, a buzzing industry that’s seen an average of 68 new ventures being launched each year since 2017, data from consulting firm Simon-Kucher show. But despite the

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Ant Group Soft Launches Its SME-Focused Digital Wholesale Bank ANEXT

ANEXT Bank, a digital wholesale bank incorporated in Singapore and a wholly-owned subsidiary of Ant Group, announced its soft launch today. The bank said in a statement that the soft launch follows its receipt of MAS’ approval to commence business

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Singapore’s First Wholesale Digital Bank GLDB Goes Live

The Green Link Digital Bank (GLDB), one of the winners of Singapore’s digital banking licenses, has officially commenced its operations. The consortium behind GLDB comprising Greenland Financial Holdings and Linklogis Hong Kong was awarded one of the two digital wholesale

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Indonesian Lender Investree Set to Acquire 18.4% Stake in Bank Amar

Investree, an Indonesian B2B marketplace lending platform for Micro, Small and Medium Enterprises (MSMEs), is set to acquire an 18.4% minority stake in PT Bank Amar Indonesia, a licensed commercial bank with the backing of Singaporean conglomerate Tolaram. By acquiring

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Indonesia’s Incumbent BRI Pushes BRImo Mobile App as Part of Its Digital Banking Drive

Bank Rakyat Indonesia (BRI), one of Indonesia’s oldest and largest financial institutions, has embarked on a major digital transformation plan by embracing data, innovative technology and industry partnerships to address changing customer expectations. BRI’s big digital push takes the form

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Funding Societies Makes Co-investment in Indonesia’s Bank Index

Funding Societies, Southeast Asian SME digital financing platform also known as Modalku in Indonesia, announced its investment into Indonesia’s Bank Index alongside Carro, a Southeast Asian automotive marketplace platform. This move signals Funding Societies’ entry into the neobanking space. With

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Virtual Banking and Security in the Post-Cash Age

Virtual banking is one of the fastest-growing financial innovations, with a quarter of adults in some countries now having a digital-only bank account. The global total of virtual banking customers will pass 2.5 billion by 2024, with the number of

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Southeast Asia is Among The Highest Adopters of Mobile Banking

Over the past decade, Southeast Asia has undergone a significant technological transformation, a shift that’s been enabled by the region’s highly adaptable digital consumers. Consumers have leapfrogged to mobile devices, skipping personal computers altogether. Southeast Asia’s mobile-first digital ecosystem can

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FinAccel Snaps up 75% Stake in Bank Bisnis to Bolster Its Digital Banking Plans

FinAccel Teknologi Indonesia, a directly controlled subsidiary of FinAccel which is the parent company of Kredivo, has announced the acquisition of a majority stake in Bank Bisnis Internasional, an Indonesia Stock Exchange-listed entity. At the end of the acquisition process,

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