RETAIL BANKING UPDATE
Australian Banking Giants – CBA and NAB – introduce no interest payment Credit Cards
National Australia Bank(NAB) launched Australia’s first no interest credit card, NAB StraightUp Card, last week. The credit card includes features such as credit access of up to AUD 3,000, used anywhere Visa is accepted, higher minimum repayments and completely waives off charges such as interest payments, annual fees, foreign currency fees, etc. The card can be used across contactless pay options such as Apple Pay, Google Pay, NAB Pay, etc, however cash advance and gambling is prohibited. NAB StraightUp Card aims to help customers take control of their spending habits while effectively competing with the growing “Buy Now Pay Later” services.
Commonwealth Bank of Australia (CBA), also announced that it is launching a no interest credit card – CommBank Neo. This credit card, apart from having a credit access of AUD 3,000 and low minimum monthly repayments, will waive of any interest payments, foreign currency charges, cash advance and gambling. A value-add feature of CommBank Neo is customers have access to CommBank Rewards which has tie-ups with 80+ retailers. CommBank Neo will be available to individual in late 2020 and will also attract small business customers through its CommBank Neo Business Card in early 2021.
DIGITAL BANKING NEWS
Credit Suisse set to launch digital offering “CSX” next month
Credit Suisse, a Zurich based bank, recently announced that it will roll out its digital offering “CSX” next month. The bank’s recent announcement comes when challenger banks are poaching Swiss customers. CSX will compete with these banks to provide a plethora of online services such as digital onboarding, debit card – both virtual and physical, waive off foreign exchange fee, mortgage loans, among other self-services functions. Credit Suisse plans to provide a digital experience which will further tie in with revamped services at the physical branches.
PARTNERSHIPS IN WEALTH TECH
Templeton Asset Management and Razer Fintech sign MoU
Templeton Asset Management,a Franklin Templeton subsidiary based in Singapore, and Razer Fintech, the financial arm of Razer Inc, announced that they had signed a Memorandum of Understanding. Through this MoU the two companies will work together to develop “a next generation digital wealth management platform” primarily targeting youth and millennial customers. Key market for their product and services will be Singapore, Malaysia, Philippines and Vietnam with plans to expand as Razer Fintech’s operation expand.
Thunes raises USD 60 million in Series B funding round
Thunes, a Singaporean headquartered global B2B cross-border payments Fintech, recently announced a Series B funding round of US$60 million. Leading the funding round was Africa-focused Helios Investment Partners, followed by other investors such as Checkout.com and existing investors GGV Capital and Future Shape. With this round of investment, Thunes aims to grow its global network and accelerate expansion in Africa, Asia and Latin America. Peter De Caluwe, CEO of Thunes said, “We expect transaction volumes on our platform to double annually, through the expansion of our network. For the five billion people and businesses in the growing emerging market economies, we enable cross-border payments seamlessly, faster, and at more competitive rates.”
Groww raised $30 million in Series C funding round
Groww, an India investment platform, recently raised $30 million in its Series C financing round led by YC Continuity. Existing investors Sequoia India, Ribbit Capital and Propel Ventures also participated in this round. According to the company’s press release, the funds raised in this round will help “strengthen Groww’s technology infrastructure, expand their product suite and hire top talent across engineering, product and growth divisions. A part of the funding will be utilised to further fuel their pan-India financial education initiative.”