In today’s top digital-first banking news, JPMorgan Chase plans to roll out a digital bank in the United Kingdom, while The Clearing House (TCH) has introduced a new data sharing evaluation for data aggregators and financial apps. Plus, Albert has raised $100 million in a Series C funding round.
JPMorgan Chase intends to launch a digital retail bank in the U.K. that will have offerings and functions created to satisfy the requirement of British clients via a mobile app. The digital bank is based in London, and its clients will be served by an Edinburgh contact center. Sanoke Viswanathan has been named chief executive of the business.
The Clearing House has debuted an offering to make it easier for financial apps and data aggregators to provide financial institutions (FIs) with assessment data and for every FI to run its own risk assessment. The Streamlined Data Sharing Risk Assessment, which is offered by TruSight and KY3P® by IHS Markit, includes work developed via TCH’s Connected Banking effort.
Albert, the financial services upstart, has landed $100 million in a General Atlantic-led Series C funding round. The infusion brings the firm’s overall funding to date to $173 million. Albert, which is based in California, seeks to build out new financial services to change how individuals manage, save, invest and think about their funds.
Jack Ma will reportedly restructure Ant Group into a financial holding firm, responding to pressure from Chinese finance regulators. The People’s Bank of China (PBoC), the nation’s central bank, will oversee the new entity and will subject the firm to stringent asset requirements, according to a published report that cited unnamed sources. Ant has already provided regulators with a draft of a possible restructuring plan.