UBS to pay $388m in fines relating to Credit Suisse’s doomed dealings with Archegos
The US Federal Reserve has fined Credit Suisse $269 million, with the UK’s PRA issuing a further $119 million fine.
Investment, Asset & Fund Management
ICYMI fintech funding round-up: Anduin, Thunes, Portrait Analytics & more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
FusionIQ integrates with wealth management platform Blueleaf
The integration seeks to provide wealth managers with the tools needed to boost their digital transformation.
Global fintech investment falls over H1 2023 amid economic turbulence but sector remains resilient
According to Innovate Finance data, $27.3bn was injected into the industry globally during H1 2023 through 1,714 deals.
DBS Bank to sell majority stake in AXS to Tower Capital Asia
The bank has struck an agreement this week to sell a 77.8% stake in AXS to the private equity firm.
US fintech start-up MerQube lands $22m Series B funding
The round was led by Intel Capital, with participation from new investor Allianz Life Ventures, and existing investors.
The Bank of London formally submits application for EU banking licence
The firm is setting up a new base in Luxembourg and will invest €200m in the country and across the wider EU.
Platform One appoints former SEI operational director Terry Leavy as new COO
Leavy joins the company following a decade-long stint at US financial services firm SEI.
Rimes supports digital transformation of Jana with Matrix solution
Jana has gone live with the solution in an effort to streamline and automate its operational processes.
Silvr secures up to €200m credit facility to close European SME funding gap
The new transaction is backed by Citi and Channel Capital, and the initial facility will be for €67 million.
Digital asset firm Laser Digital snaps up Elysium Technology Group
Laser says the deal will help bring cross-asset post-trade capabilities to institutional digital asset investors.
Robinhood reportedly laying off 7% of staff in fresh round of job cuts
The news marks Robinhood’s third round of layoffs since April 2022.
Digital banking tech provider Backbase acquires wealthtech Nucoro
Nucoro’s offering will be incorporated into the Backbase Engagement Banking platform.
New CEO of Pipe builds “fintech dream team”
Pipe makes new hires across technology, innovation, product, risk, and operations.
HSBC unveils AI Markets for institutional investors and corporates
AI Markets “has been built from the ground up with user experience in mind”, HSBC says.
FinTech Futures: Top five stories of the week – 5 May 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Deutsche Bank acquires Numis in £410m deal to build out UK investment banking arm
Deutsche Bank plans to fold its UK and Ireland corporate finance business into Numis.
UK fintech Revolut marks Latin America debut with Brazil launch
Revolut will initially offer a multi-currency account and crypto investing for customers.
Tradeweb in advanced takeover talks with Aussie trading platform Yieldbroker
The AUD 125 million ($84m) deal remains subject to Yieldbroker stockholder approval.
Deutsche Börse to acquire Denmark’s SimCorp in €3.9bn deal
SimCorp will sit within a newly created investment management solutions segment, Deutsche Börse says.
FinTech Futures: Top five stories of the week – 28 April 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Pakistan’s UBL Fund Managers taps Codebase for digital onboarding solution
The omnichannel digital onboarding solution has been built using Codebase’s Digibanc platform.
Bunker taps InvestCloud to launch digital investment platform in LatAm
Bunker will make it easier for LatAm consumers to open and manage US investment accounts.
South Korea’s Kakao Pay eyes majority stake in Siebert
Kakao Pay has acquired a 19.9% stake in the US firm and plans to buy an additional 31.1%.
OWIN23: Key takeaways from the Objectway user conference
Wealthtech and banking technology provider Objectway sets out its strategy.
Platform One snaps up £1bn worth of assets from SIPP operator Gaudi
The acquisition takes Platform One’s total assets under administration to £2.7bn.
Allianz reportedly mulls sale of its shares in N26 at a discount
The Financial Times reports Allianz could be looking to sell its 5% stake in the digital bank.
Schroders slashes valuations of UK neobanks Revolut and Atom Bank
Schroders has marked down its Revolut shareholding by 46%, and its stake in Atom Bank by 31%.
BMO Financial Group names Darrel Hackett as new US CEO
Hackett was most recently president of BMO’s wealth management division in the US.
FinTech Futures: Top five stories of the week – 21 April 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Goldman Sachs mulls potential sale of BNPL fintech GreenSky
GreenSky was acquired by Goldman in 2021 for $2.24bn to furnish its Marcus banking app.
Wealth app Chip appoints Gina Silvester as new COO
Silvester replaces outgoing COO Sharon Miles, who is joining OakNorth Bank as its new group COO.
Clearstream launches new bank in Luxembourg for institutional fund investors
The new entity, named Clearstream Fund Centre, operates under a Luxembourgian commercial banking licence.
Virgin Money partners FNZ to launch new digital investment platform
The new offering will provide Virgin Money customers with three investment funds to choose from.
Investment platform Altruist raises $112m in Series D funding
The new funding follows a previously undisclosed $110 million Series C round in November 2021.
FCA orders closure of WealthTek, joint special administrators appointed
The FCA ordered WealthTek to cease all operations last week, citing “serious regulatory and operational issues”.
FinTech Futures: Top five stories of the week – 7 April 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
French private bank Milleis completes core banking tech revamp with ERI
Milleis, which stems from Barclays’ wealth management business in France, embarked on the project in 2018.
Sergio Ermotti returns to UBS as group CEO to help manage Credit Suisse takeover
Ermotti was previously group CEO of UBS for nine years between 2011 and 2020.
Kiatnakin Phatra Securities taps Temenos for wealth management tech
The Thailand-based wealth management firm will deploy the Swiss vendor’s Temenos Wealth solution.
