Key Points: Acquisition Details: Morgan Stanley has acquired a significant stake in Sokin, a UK-based business payments start-up. Transaction led by Morgan Stanley Expansion Capital. Total investment in Sokin reported to be $31 million by Business Insider. Additional Investors: Investment also includes contributions from Aurum Partners. Gary Marino (former Chief Commercial Officer of PayPal) and ..read more

Key Points: Launch Objective: Enable foreign investors to invest in and purchase US residential real estate in 30 days or less. Service Features: Online platform for easy access to the US real estate market. Eliminates expensive currency conversion fees and unpredictable exchange rate fluctuations. Establishes LLC and EIN for investors. Provides assigned agents and pre-approval ..read more

Key Points: Partnership Objective: Simplify payment processes for HSBC’s business customers in India. New Offering: Launch of HSBC’s FinConnect in India. Described as a central finance operating system aimed at empowering CFOs and business teams. Features of FinConnect: Connects HSBC accounts with over 300 enterprise resource planning (ERP) software systems. Automates Accounts Receivable and Accounts ..read more

Key Points: Objective: Ensure “reasonable access” to cash deposit and withdrawal services for personal and small business current accounts. Implementation Date: New guidelines take effect from 18 September. Requirements for Banks and Building Societies: Evaluate cash access and determine if additional services are required when altering local services. Respond to requests from local residents and ..read more

Key Points: Market Exit: Shares is set to exit the UK market after two years of operations. The decision was made to focus on the French and EU markets. Closure Timeline: UK account holders were informed in June about the closure. Operations in the UK will cease completely by 30 August 2024. Users were given ..read more

Key Points: Acquisition Agreement: UniCredit has signed a binding agreement to acquire Aion Bank and Vodeno for approximately €370 million. Strategic Benefits: The acquisition introduces next-generation core banking technology and enhanced embedded finance capabilities to UniCredit. Eliminates dependencies on third-party core banking providers. Existing Partnership: Aion Bank and Vodeno have a close partnership within the ..read more

Summary of Diamond Trust Bank (DTB) and Network International Partnership Entities: Diamond Trust Bank (DTB, Kenya) and Network International (digital payments company serving MEA region) Key Points: Partnership Announcement: DTB has partnered with Network International to expand its digital payment product range and reinforce its digital-first strategy. Scope of Collaboration: Network International will provide DTB ..read more

Key Points: Partnership Announcement: Rabobank has partnered with Zafin, a Software-as-a-Service (SaaS) solutions provider, to upgrade its pricing, billing, and invoicing capabilities. Objective: The partnership aims to provide Rabobank’s internal teams with a consistent view of product, billing, and invoicing information across all channels. It is expected to reduce the cost of creating, changing, and ..read more

Key Points: New CEO Appointment: Stefan Bollinger appointed as CEO, starting “no later than 1 February 2025”. Bollinger is currently an executive at Goldman Sachs. Interim CEO: Bollinger will replace interim CEO Nic Dreckmann, who has been in the position since February this year. Chairman’s Statement: Romeo Lacher, chairman of Julius Baer, stated that under ..read more

Key Points: Lifted Restrictions: The FCA has lifted the temporary partner onboarding restrictions imposed on Modulr last October. Original Order: Modulr was ordered to stop onboarding new agent and distributor (A&D) partners due to regulatory concerns. Enhancements Made: Modulr has made several improvements to its A&D Partner onboarding and oversight processes. These changes included extensive internal and external testing and assurance. Agreement with FCA: Modulr can now recommence onboarding new A&D partners. Must provide “prior written notification to the Authority of ..read more