Neobank Weekly: Need help at Revolut
FinTech startup Revolut is wasting no time boarding the cryptocurrency train, BlockCrypto.com reported. The London-based company has launched a call for engineers to lead the development of blockchain technology. Recent job postings are looking for candidates to design and deliver blockchain solutions.
Last fall, Revolut announced plans to launch its own token. A subsequent report revealed that the $33 billion startup was also building an in-house crypto exchange.
Banks are losing favor with digital-only FinTechs
Traditional retail banks are losing dominance as digital banks outperform them in customer satisfaction, according to a survey by consumer group Which?
The main challenger banks are Starling Bank, Monzo and Triodos. The trio was highly rated for their customer service and mobile apps. Digital challenger bank Starling was in the lead with an 85% rating. Monzo was a close second with 83%.
Report: Executives of German digital bank N26 under investigation
Four executives of Germany’s $9 billion digital bank N26 are reportedly being investigated over allegedly fraudulent customer accounts, the Handelsblatt newspaper reported.
Several large accounts have opened up to operate fake online stores or engage in money laundering activities, the outlet reported. Customers complained that many fake accounts were not blocked in a timely manner. A representative for N26 declined to comment.
Dutch FinTech Bunq offers an investment tool
Bunq, the Dutch FinTech, has launched a feature that allows customers to invest through a partnership with Birdee, the investment firm regulated by Luxembourg’s financial watchdog, Open Banking Expo.com reported.
The tools allow Bunq clients to invest through three diversified portfolios selected according to environmentally friendly criteria. The new feature is part of an update to its app that will also see 10 more foreign currencies supported. As a result, users can receive, hold, convert and spend in 15 different currencies.
UAB central bank approves digital banking platform
The UAE Central Bank has approved a digital banking platform backed by state-owned holding company ADQ. Reuters reported that ADQ and investment holding company Alpha Dhabi would own a 65% stake in the bank, known as “Wio”.
The ADQ has indicated that the bank will soon launch a beta version, initially intended for small and medium-sized enterprises (SMEs).
Read more: UAE approves new Wio digital bank