1.UK – FinTech
“The bank revealed the move to “wind down Bó as a customer-facing brand” in its Q1 2020 report released this morning.
The digital bank had a rocky journey, at the beginning of February it was revealed that it had to replace customer cards after a Strong Customer Authentication oversight.
The number of cards replaced was initially rumoured to be 30,000 but Bó only had to reissue 6,000 owing to a lack of customers.”
2. UK – FinTech
The alternative sector headhunts from the mainstream. AltFi reports.
“Digital banking giant Monzo has appointed the former head of global merchant services for Europe at American Express, Sujata Bhatia as its new chief operating officer.
The news, first reported by Tech Crunch, comes after an almost six-month gap in the position following the departure of Bhatia’s predecessor Tom Foster-Carter.
Foster-Carter left the London-based digital bank back in November to launch his own grocery-startup.
Before joining Monzo, Bhatia spent 16 years at American Express in several senior management roles and previously has worked at Goldman Sachs and Ernst & Young.
Bhatia’s appointment, which was confirmed by a spokesperson for the bank, is the most recent reshuffle at the top for Monzo.
Pending regulatory approval, Bhatia will join Monzo later on this year and will help the bank navigate the current turbulence it is facing.”
3. UK – AltFi
“High-risk companies advertising on Google are continuing to lure ordinary investors who have no idea of the gamble they are taking with their money.
Allison Leonce-Coley inherited £90,000 from her mother, who died in 2017, and did an internet search to find the best way to invest it.
“I was looking for ‘income from savings’ and ‘best deals’,” the retired accounts manager says. “Two companies, Blackmore and London Capital & Finance (LC&F), came up a lot.”
4. US – FinTech
An order recently signed by the New York District judge requires all concerned parties to provide a schedule, which will request the defendants to submit a response to the complaint by May 8, 2020.
As noted in the court order:
“No later than May 8, 2020, the parties must jointly submit a proposed schedule for Defendants to answer, move to dismiss, or otherwise respond to the Amended Complaint.”
5. International – FinTech
“Customers now have the option of depositing, trading, and accessing credit services using the XRP cryptocurrency.
Headquartered in Switzerland, the FINMA-licensed institution will allow the third-largest (by market cap) crypto asset to be used by customers who may be interested in diversifying their investment portfolios, by allocating a certain percentage to digital assets.”