Deutsche Bank is gearing up to combine its Wealth Management and Private & Commercial Business International units to form a new international private bank, Yahoo Finance reports.
The bank hopes to target 3.4 million clients through the new entity, merging its global wealth management clients across Germany, Europe, the Americas, Asia and the Middle East and Africa, along with private clients and small and medium-sized enterprises (SMEs) in Italy, Spain, Belgium and India.
The new global private bank will likely hold roughly €250 billion in assets under management, with revenues estimates to hit around €3 billion.
The bank’s global head of wealth management, Claudio de Sanctis, is set to lead the new venture as its CEO of EMEA, whilst Deutsche’s president, Karl von Rohr, will head up the overall operations.
“This exciting combination is the next step in the private bank’s transformation announced last July,”says von Rohr in a statement.
De Sanctis adds that the international private bank will allow Deutsche to “create a truly global organisation with a unique focus on serving entrepreneurial individuals and families with European connectivity as well as a personal banking powerhouse in major Eurozone markets”.
The aim is to develop the bank’s market share within and across its global markets, and provide better access to wealth management for private banking clients through a more personalised digital offering.
In 2019, Deutsche was hit with a net loss of €5.4 billion, and a global pandemic made it harder to bounce back to profitability. In a virtual conference, chief financial officer (CFO), James von Moltke, says the bank was reserving roughly €800 million in the current quarter for problem loans, according to Bloomberg.
Swiss investment bank UBS is taking a similar approach to wealth management in its Asia-Pacific operations. The bank is planning to build a digital banking platform, pending its Chinese digital bank licence, South China Morning Post reported.
“We need scale, and I’m going to get that scale for UBS, working together with the Chinese authorities,” adds Edmund Koh, the bank’s head of Asia-Pacific.
Koh says acquiring a wealth management client currently costs UBS $25,000 per client, but he thinks the bank could cut this down to $60 if it launched its own digital, branchless bank. This is likely in line with Deutsche’s own thinking, as many firms in the space try to cut their customer acquisition margins.
HSBC leans into APIs to expand Cash Flow Forecasting tool
HSBC is expanding its Cash Flow Forecasting tool across its global footprint, and leveraging APIs to do so with minimal impact to existing systems. Cash Flow Forecasting is an API-enabled tool that gives businesses an accurate picture of their future finances to manage liquidity. It launched in London in June, and is slated to roll […]
Canada Partners with Swiss, U.S. Fintechs; Neobank Raises Millions in Mexico
When it comes to taking advantage of the best that the world’s fintech has to offer, you won’t find financial services companies in Canada sleeping on the job. This week in the country’s payments space, Toronto, Ontario-based Versapay announced its acquisition of Solupay, a contactless payments company based in Ohio. We also learned that FinovateEurope alum unblu, which offers a digital conversational platform for FIs from its headquarters in Basel Switzerland, had teamed up with Calgary, Alberta-based digital technology solutions provider Celero.
By the end of the week, Canada’s largest credit education company, Borrowell, announced that it was partnering with multiple Finovate Best of Show winner MX. Borrowell, the first company in Canada to offer free credit scores via its partnership with Equifax, has launched a new bill tracking feature called Boost on its app. The company will use MX’s data cleansing technology to improve Boost’s analysis of user spending behavior to help users make better financial planning decisions.
“With MX, Borrowell is giving its customers greater clarity into how they can become more financially strong as a means to increasing credit strength,” MX Chief Customer Officer Nate Gardner said. “It is exactly this kind of innovation, partnership and money experience that MX loves to enable through our powerful data platform.”
Last week we featured an extended Q&A with Eric Rosenthal, Vice President and Managing Director for the Americas with Rapyd. If you’re interested in learning more about the fintech ecosystem in one of the most overlooked regions of the world, our conversation with Eric Rosenthal is a great place to start.
With that in mind, congratulations to Mexican challenger bank Klar, which raised $15 million in Series A funding in a round led by Prosus Ventures this week. Founded in 2019, Klar now has approximately $72 million in total debt and equity financing, and noted that the new capital will help the company build its engineering capabilities in its hubs in Berlin and Mexico.
“Klar is making credit accessible to all Mexicans, including those with no credit history,” Klar co-founder and Chief Financial Officer Daniel Autrique said. “We help people build credit by looking at how and where they spend their money, instead of being stuck with traditional credit scores that are backward looking and obsolete.” The company said that, since inception, it has issued more than 25,000 lines of credit among its 200,000 customers.
Here is our look at fintech around the world.
- Stripe makes inroads in Africa with acquisition of Paystack.
- A partnership between Standard Bank, Mastercard, and Google will help SMEs in Africa offer their services online as well as accept digital payments.
- Trading Technologies teams up with Cape Town-based Applied Derivatives, which will distribute the TT platform from South Africa.
Central and Eastern Europe
- PayRay, a factoring company based in Lithuania, receives banking license and begins banking operations in its home country.
- Lithuanian online payments firm Interpaylink partners with iDenfy to provide remote user identification.
- Advapay, a digital core banking platform provider based in Estonia, teams up with U.K.-based identity verification platform Sumsub.
Middle East and Northern Africa
- Cairo, Egypt-based financial wellness platform NowPay raises $2.1 million in seed funding.
- Central Bank of Bahrain launches the region’s first digital fintech lab, FinHub 973.
- Commercial Bank of Dubai introduces cards and accounts for low-income consumers courtesy of partnership with Now Money.
Central and Southern Asia
- Indian payments processor Razorpay secures $100 million in Series D funding, earning a valuation just over one billion.
- Mastercard announces partnership with Indian regtech Signzy to bring the company’s video KYC technology to its banking customers.
- Indian fintech Open partners with Equitas Small Finance Bank and Visa to offer business debit card.
Latin America and the Caribbean
- Brazilian payment solutions provider Ebanx announces expansion of operations into five countries in Central and South America.
- Venio, a mobile app that provides financing to the unbanked, goes live in Mexico.
- Chile’s third largest bank, Banco de Crédito e Inversiones (BCI), partners with Temenos to launch new corporate bank in Peru.
- The People’s Bank of China holds lottery to distribute millions in digital yuan valued at $1.5 million.
- Vietnamese online payment portal AppotaPay scores payment intermediary license from State Bank of Vietnam.
- PayMaya, a mobile payments platform based in the Philippines, launches new mobile payment device PayMaya One Lite, that enables acceptance of a range of digital payment types.
Ditching the branch is a mistake, Forrester predicts
Banks that go fully digital as a result of COVID-19 could regret the move. “Banks shouldn’t abandon the branch but instead refocus it to drive customer and employee engagement,” according to Forrester’s “Predictions 2021: Banking” report. “They can reduce branch costs by being smarter about their footprint and technology as well as shifting to paperless […]
Top 10 Blockchain-as-a-Service (BaaS) Providers
Where to Find the Electirizer and Magmarizer in Pokémon Sword and Shield’s The Crown Tundra expansion
How to get Electabuzz and Electivire in Pokémon Sword and Shield’s The Crown Tundra expansion
Cloud9 terminate contracts of JT, motm, Sonic, T.c
How to get Absol in Pokémon Sword and Shield’s The Crown Tundra expansion
Loops Esports’ Federal named MVP of the PMPL Americas season 2
Loops Esports win PMPL Americas season 2, 3 teams qualify for the PMGC
How to evolve Tyrunt and Amaura in Pokémon Sword and Shield’s The Crown Tundra expansion
Here are the scores and standings for the PUBG Mobile EMEA League 2020 Finals
PUBG Mobile Global Championship to highlight player achievements with Esports Annual Awards 2020
Rivals League member Emma Handy on her first top finish at the 2020 Grand Finals
Best moveset for Sirfetch’d in Pokémon Go
How to get Galarian Yamask in Pokémon Go
How to Climb in Fall Guys
Phasmophobia Server Version Mismatch: How to Fix the Error
Animal Crossing Nintendo Switch Bundle Restocked and Available Again
Animal Crossing Joe Biden: Visiting Joe Biden’s Animal Crossing Island
Among Us Matchmaker is Full: How to Fix the Error
How to get the Reins of Unity in Pokémon Sword and Shield’s The Crown Tundra expansion
Apex Legends Season 7 UFO Teaser Arrives In-Game
Bjergsen Retires, Takes Up Head Coach Role for Team SoloMid
Heroic beat Astralis to complete lower bracket gauntlet, reach final at DreamHack Open Fall
How to get Victini in Pokémon Sword and Shield’s The Crown Tundra expansion
How to “head to the Giant’s Bed to find the Mayor” in Pokémon Sword and Shield’s The Crown Tundra expansion
How to complete Legendary Clue? 4 and catch Necrozma in Pokémon Sword and Shield’s The Crown Tundra expansion
TSM Doublelift: “The entire Worlds experience after the first week, we probably had a 10-percent win rate in scrims”
Call of Duty: Warzone players report game-breaking glitch at the start of matches
All Minecraft MC Championship 11 teams
Washington Justice re-signs Decay, acquires Mag
Silver Lining Warzone Blueprint: How to Get
League of Legends pros react to Bjergsen’s retirement announcement
Comstock Warzone Blueprint: How to Get
Concerns Arise as North Korea’s Financial Services Commission Unsure of Its Cryptocurrency Mandate
Genshin Impact Resin System Change Introduced in Latest Patch
Revolution Warzone Blueprint: How to Get and Build
Red Crown Warzone Blueprint: How to Get
Animal Crossing’s Turnip Prices Will Hit All-Time High on ‘ Ally Island’
Black Ops Cold War Playstation Exclusive Zombie Mode Teased
BR Solo Survivor Warzone Mode Recently Added
Blinding Lights Fortnite Emote: How Much Does it Cost?
Techcrunch1 week ago
Original Content podcast: It’s hard to resist the silliness of ‘Emily in Paris’
Startups1 week ago
Solve the ‘dead equity’ problem with a longer founder vesting schedule
Startups1 week ago
Three views on the future of media startups
Blockchain5 days ago
Bitcoinnami Officially Launches on October 21, 2020
Startups1 week ago
Pear hosted its invite-only demo day online this year; here’s what you might have missed
Startups1 week ago
VCs reload ahead of the election as unicorns power ahead
AI1 week ago
How AI Revolutionize the Way Video Games Developed and Played
AR/VR1 week ago
‘Blaston’ is a Fantastically Creative VR ‘Shooter’ That’s All About Making You Move