Monzo takes on VodafoneThree & EE; Are Rivals Nervous?
Hey Digital Banking Fanatic!
Monzo is in the early stages of rolling out its own digital SIM and monthly mobile contracts. Why? The neobank is aiming to fix the pain points customers flagged in traditional mobile plans.
With 13M UK users, Monzo joins Revolut and Klarna in pushing FinTech deeper into telecoms. The move would likely make Monzo a mobile virtual network operator (MVNO), piggybacking on existing networks.
The real shake-up for UK telecoms is just below👇 Read the full story because I will ask questions on it in my FinTech quiz next week.
See you tomorrow! Stay tuned.
Cheers,
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NEWS
🇬🇧 Monzo reclaims top spot in banking league table. Monzo has dominated the league tables, but was briefly dethroned by Chase UK in the last update. It has, however, returned to the number one ranking for both personal and business account providers. Additionally, Monzo plans a UK mobile service as competition intensifies for big phone groups. The London-based digital bank is exploring launching its digital SIM and offering monthly contracts.
🇪🇬 Misr Digital Innovation gains Central Bank approval to transition into onebank, the country’s first fully digital bank, which will deliver all services exclusively through digital channels. The bank aims to reach underserved segments and unbanked populations, aligning with Egypt’s national digital economy agenda.
🇦🇪 UAE employees can now receive salaries in digital wallets as du launches new platform. Through the multilingual du Pay platform, UAE residents can transfer money globally, pay bills, recharge telco accounts, order a debit card, and make card payments.
🇦🇪 Wio Bank launches direct integration with Xero to simplify accounting for UAE businesses. The integration with Xero enables Wio Business customers to simplify their accounting processes with seamless bank feeds, automated reconciliation, and real-time financial insights, all within a few clicks.
🇺🇸 PowerPay partners with Synovus Bank and Nearwater Capital. The partnership is expected to provide PowerPay with the capital needed to continue scaling its originations and serve its growing network of over 12,000 contractors, merchants, and medical professionals nationwide.
🇺🇸 Ninth Wave launches ‘Portal’ to help US FIs monetise Open Finance data sharing. The new Portal, which can be used along with Ninth Wave’s Open Finance direct connection platform, monitors and measures Open Finance data to give financial institutions insights into security and usage patterns by FinTechs and other third parties.
🇩🇿 Bank of Algeria joins Pan-African Payment and Settlement System. This development is expected to further support cross-border payments and enhance the regulatory framework governing intra-African trade. Read more
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