In today’s top news in digital-first banking, Mexican neobank albo has integrated Acuant’s Trusted Identity Platform, while British FinTech Revolut has submitted its draft application for a U.S. banking license. Plus, bank loans continue to drop even with a rise in assets.
Mexican Neobank albo Integrates Acuant’s Trusted Identity Platform
albo has integrated Acuant’s Trusted Identity Platform to provide a digital know-your-customer (KYC) experience for customers to achieve compliance with anti-money laundering (AML) rules put in place by Mexico. “Without compromising its AML/KYC needs, addressing regulatory compliance was a significant obstacle we have helped albo overcome,” Acuant President and CEO Yossi Zekri said in an announcement.
Revolut Expands Its Digital Banking Services In The US
Revolut has sent in its draft application for a U.S. banking license while also rolling out Revolut Business in every state. The application was provided to the California Department of Financial Protection and Innovation and the FDIC. Revolut is a United Kingdom-based financial technology firm that bills itself as a “financial super app.” It has raised almost $1 billion in investments as of its 2015 rollout and was recently valued at $5.5 billion.
Bank Loans Continue To Fall Despite Increase In Assets
As banks stay cautious about providing loans over concerns pertaining to defaults, lending in the U.S. by financial institutions (FIs) is lower than ever even as bank deposits keep increasing. Total loans and leases fell to 62.8 percent of total bank deposits in the week concluding March 10, while total assets climbed 0.7 percent to $21 trillion.
Fed Chief: Cryptocurrencies Remain A ‘Speculative Asset,’ Much Like Gold
Jerome Powell, the Federal Reserve chairman, referred to digital currencies as “speculative” investments on Monday (March 22), and therefore not dependable. He also noted that the Fed is moving slowly on the matter of making a digital dollar, even with the with the astronomical rise in the price of bitcoin in recent months.
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