Neobank Weekly: Help Wanted at Revolut

digital bank

FinTech startup Revolut isn’t wasting any time getting aboard the cryptocurrency train, reported. The London-based company has issued a call for engineers to lead the development of blockchain technology. Recent job posting seek applicants to design and deliver blockchain solutions.

Last fall, Revolut said it planned to launch its own token. A later report revealed the $33 billion startup was also building an in-house crypto exchange.

Banks Losing Favor To Digital-Only FinTechs

Traditional retail banks are losing their dominance as digital banks outperform them in customer satisfaction, according to a survey by consumer group Which?’s customer score table, according to Yahoo News.

The top challenger banks include Starling Bank, Monzo and Triodos. The trio were ranked highly for their customer service and mobile apps. Digital challenger bank Starling was tops with an 85% rating. Monzo was a close second place with 83%.

Report: German Digital Bank N26 Execs Face Investigation

Four executives at Germany’s $9 billion Digital Bank N26 are reportedly under investigation over allegedly fraudulent client accounts, the Handelsblatt newspaper reported.

Several large accounts have opened to operate fake online shops or engage in money laundering activities, the news outlet reported. Customers complained that many of the faux accounts had not been blocked in a timely manner. A representative for N26 declined to comment.

Dutch FinTech Bunq Offers Investment Tool

Bunq, the Dutch FinTech, has launched a feature that allows customers to invest through a partnership with Birdee, the investment company regulated by the Luxembourg financial watchdog, Open Banking reported.

The tools allow Bunq customers to invest in via three diversified portfolios screened for environmentally friendly criteria.  The new feature is part of an update to its app that will also see 10 more foreign currencies supported. As a result, users can receive, hold, convert, and spend in 15 different currencies.

UAB Central Bank Approves Digital Banking Platform

The Central Bank of the United Arab Emirates has approved a digital banking platform backed by state holding company ADQ. Reuters reported ADQ and investment holding company Alpha Dhabi will own a 65% stake in the bank, known as “Wio.”

ADQ said the bank will soon launch a beta version, initially targeted to small and medium-sized businesses (SMBs).

Read more: UAE Approves New Digital Bank Wio