Today In Digital-First Banking: Ukrainian Bank Teams With FinTech Startup; Oportun Pursues US National Bank Charter

In today’s top news in digital-first banking, Ukrainian financial institution UKRSIBBANK is collaborating with Sweden-based FinTech upstart Dreams, while Oportun Financial is pursuing a national bank charter with the Office of the Comptroller of the Currency (OCC). Plus, N26 is launching a subscription-based online banking suite.

Ukrainian Bank Partners With Swedish FinTech

Ukrainian bank UKRSIBBANK, part of BNP Paribas Group, is collaborating with Dreams, and the over 2 million clients of UKRSIBBANK will have access to the Dreams Platform. The connection will provide clients with the capacity to make automated savings and long-haul goals via special functionalities and shortcuts. Dreams rolled out in Sweden in 2016 and Norway in 2018.

FinTech Oportun Seeks US National Bank Charter

Oportun Financial has sought a national bank charter with the OCC. Oportun CEO Raul Vazquez said the charter would let the firm reach 100 million low or moderate-income (LMI) consumers domestically that the firm desires to reach. The average Oportun client makes approximately $46,000 annually and is supporting a family with that income in many instances.

N26 Introduces New Subscription Money Management Tools

N26 is rolling out a subscription-based online banking suite to help people and companies better manage their expenditures and savings. The N26 Business Smart and N26 Smart premium subscription offerings integrate new money management functionality such as dedicated phone support and Round-Ups. “N26 Smart will put our most popular tools at our customers’ fingertips at a budget-conscious price point,” said N26 Co-Founder and CEO Valentin Stalf.

Singapore Says They’ll Award Digital Banking Licenses By Year’s End

Singapore’s financial watchdog is reportedly keeping with the original plan to award digital banking licenses by the close of 2020, no matter how tight the scrutiny is in the United States and China. The regulatory tightening occurring in China “will not have an impact on the digital banks here,” Monetary Authority of Singapore (MAS) Managing Director Ravi Menon said in a published report.