Fidor Bank acquired by Groupe BPCE
German digital challenger bank Fidor is to be acquired by French banking group BPCE. Fidor Bank will remain an independent business after the agreement, with founder and CEO Matthais Kröner remaining as chief executive. The challenger bank’s internal structure will be adjusted, with the new ‘Fidor Holding Group’ acting as a parent company for the bank and the rest of the firm’s future.
AXA & Alibaba sign ‘strategic partnership’
AXA has inked a deal with Alibaba, which will see the insurer sells its products and services through marketplaces run by the Chinese e-commerce giant. The ‘strategic partnership’ between AXA, Alibaba and its affiliate Ant Financial Services will also see the companies work together to co-innovate and develop products and services, as well as mutually support each other in developing and exploring new markets and segments.
State Bank of India installs new raft of ATMs
State Bank of India (SBI) has worked with OKI to install 600 new sets of cash recycling ATMs – the bank’s second large-scale deployment of the technology. In 2015, SBI initially deployed the cash recycling ATMs in four of its designated regions across India. After a sustained trial and verification of technological stability, the bank also decided to install these ATMs outside of its branches to provide around the clock services.
Lloyds announces further 3,000 job cuts
Despite reporting a 101 per cent increase in pre-tax profits, Lloyds Banking Group has announced it will be axing a further 3,000 roles and closing an additional 200 branches . This follows the announcement in 2014 that 9,000 employees will be made redundant and 200 High Street branches will be closed. The bank aims to save £400 million by the end of 2017 to protect earnings and dividends against the effects of lower-for-longer interest rates.
DBS to create hybrid cloud via AWS
Singaporean bank DBS has signed an agreement with Amazon Web Services (AWS) to leverage its cloud technology. Through the deal, DBS will create a hybrid cloud environment designed for rapid changes of capacity and functionality. The new cloud services will allow the bank to better experiment digitally and bring new applications to market rapidly.
PSR calls for UK payments reform
The Payments Systems Regulator (PSR) has announced that the UK payments infrastructure needs to undergo reform in order to increase competition and to better meet consumer needs. The announcement follows PSR’s market review into ownership and competitiveness of the infrastructure that supports three payment systems – Bacs, Faster Payments Service and LINK.
Six new firms join the Hyperledger Project
Six new companies have agreed to join Hyperledger, a collaborative cross-industry effort to advance blockchain technology. BNP Paribas, Bubi, Colu, Korea Securities Depository, Libra and TMX Group will join more than 60 existing members, including Intel and Accenture. The project is working to enable organisations to build and run robust, industry-specific applications.
Wing to provide mobile payments in Cambodia
Mobile payment service provider Wing has signed a deal with end-to-end mobility firm DMI to enable mobile payments in Cambodia. The app enables both individual and business customers to transfer, deposit and withdraw money anywhere in Cambodia, via any Android or iOS device at low cost. Only 1.5 million people in Cambodia are in possession of bank cards amongst a population of 15.5 million.
Indian digital payments ‘worth $500b by 2020’
Total digital payments conducted in India will be worth $500 billion by 2020 – 10 times the current value, according to a new report from Google and Boston Consulting Group. The ‘Digital Payments 2020’ study identifies four key factors that will help push the Indian payments landscape: the ongoing digital and technological revolution, led by the penetration of smartphones and internet on mobile.
An expert panel, including Lloyds, Metro and Dell, discuss how banks can grow their business in the digital age
Michelle Stevens talks to Carl Churchill, the MD of NetPay, about technology trends in the payments industry and the company’s expansion plans