In today’s top news in digital-first banking, Lumin Digital is collaborating with Jax Federal Credit Union (JAXFCU), while J.P. Morgan predicts a record eCommerce holiday shopping season. Plus, a new Singaporean online financial institution created in a joint venture between Grab Holdings Inc. and Singapore Telecommunications Ltd. is planning a 2022 rollout.
Lumin Partners With JAXFCU on Digital Banking Integration
Lumin Digital is teaming with Jax Federal Credit Union (JAXFCU) to provide mobile and online banking offerings for more than 23,000 users, when the credit union goes live with Lumin in April 2021. JAXFCU, which is based in Jacksonville, Florida, was established in 1935. Lumin Digital frequently teams with credit unions to provide tailored integrations. It recently collaborated with Los Angeles Federal Credit Union (LAFCU) and Interra Credit Union.
JPMorgan Forecasts Record Online Holiday Shopping Season
J.P. Morgan Chase said that brisk Cyber Monday and Black Friday sales are probable signs of a record-busting eCommerce holiday shopping season. J.P. Morgan Merchant Services’ combined online shopping and in-store payments were up 15 percent over 2019’s Black Friday weekend, “a sign that the pandemic did little to curtail spending as the holiday shopping season began,” Doug Smith, executive director of J.P. Morgan, wrote in a post.
Grab-Singtel Ramps up Hiring for Singapore Bank, Plans 2022 Launch
A new Singaporean online financial institution created in a joint venture between Singapore Telecommunications Ltd. and Grab Holdings Inc. will bring 200 individuals on board before rolling out publicly in 2022. The announcement comes after the joint venture attained one of two licenses for complete digital banks that the Monetary Authority of Singapore awarded last week.
Citigroup Chief: CBDCs Are ‘Inevitable’ in the Future of Currency
Citigroup will assist governments around the globe with establishing sovereign cryptocurrencies or central bank digital currencies (CBDCs), CEO Michael Corbat says, per a published report. The executive said the development of such cryptocurrencies was probably inevitable given the way money has been trending. He said Citigroup would use its status as a multinational banking company to work with governments on the “creation and commercialization” of such tokens.
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