ChainCatcher news, the digital banking network Metallicus announced the completion of its testing and certification phase, and launched its services on the Federal Reserve's FedNow instant payment platform. The Federal Reserve announced on October 22 that Metal Blockchain has integrated with FedNow, a partnership that was initially announced before the FedNow launch in mid-2023, aiming to onboard thousands of financial institutions to the platform over time.Metal Blockchain is an L0 network developed by Metallicus based on the Avalanche branch. Its developers claim that the project is designed to be secure and can theoretically scale infinitely. Information provided on the official website indicates that its design "allows for the deployment of an unlimited number of subnets, each capable of processing 4,500 transactions per second." The platform supports multiple programming languages and has built-in support for DApps and smart contracts.The Federal Reserve launched the FedNow payment service in July 2023, aimed at facilitating instant payments and replacing the previously outdated FedACH system.

ChainCatcher news, the Hong Kong Monetary Authority has released a summary of the consultation on the proposed renaming of virtual banks, stating that virtual banks will be renamed as "digital banks," and guidelines will be revised to implement the new name as soon as possible.During the consultation period, a total of 26 submissions were received, including from industry or professional organizations, virtual banks, and citizens. Respondents generally supported the renaming proposal, with most also agreeing to the suggested new name "digital banks." The Monetary Authority will revise the guidelines on the "Recognition of Virtual Banks" to implement the new name digital banks as soon as possible.

ChainCatcher news, Brazilian digital bank Nubank has recently reduced its cryptocurrency trading fee from 0.8% per transaction to 0.6%. The platform allows the purchase and sale of 15 different cryptocurrencies, including BTC, ETH, SOL, and the USDC stablecoin.

ChainCatcher news, according to Bloomberg, UK digital bank Revolut Ltd. is spinning off its €8.5 billion ($9.5 billion) wealth management products into a standalone app called Revolut Invest, seeking to compete with companies like Robinhood and eToro for a larger share of the retail investor market.The Revolut Invest app will initially offer nearly 5,000 assets, including US and European stocks, exchange-traded funds, commodities, bonds, and new products such as contracts for difference.Rolandas Juteika, Revolut's head of regional wealth and trading, stated in an interview that the app is currently being tested in Greece, Denmark, and the Czech Republic, and will launch in other European Economic Area countries by the end of this year, with plans to double the number of assets available for trading.

ChainCatcher news, Hong Kong virtual bank WeLab announced a consortium with Thai fintech company Lighthub Asset and has submitted an application for a digital banking license to the Bank of Thailand, with the results expected to be announced in the first half of 2025.It is reported that Lightnet Group has obtained licenses from the Bank of Thailand as well as four other central banks in Asia and Europe. It utilizes artificial intelligence and blockchain technology to provide global payment solutions in 150 countries, including cross-border remittances, e-wallets, and multi-currency digital bank accounts. The company has also received strategic investments from UOB Venture Management, Seven Bank, Hanwha Investment & Securities, Uni-President, and Raffles Family Office.WeLab founder and Group CEO, Ronny Tong, expressed his anticipation of the opportunity to establish the third digital bank in Asia and to make it the leading digital bank in Thailand.

ChainCatcher news, according to Coindesk, London-based fintech company Revolut, which offers cryptocurrency trading, plans to issue its own stablecoin. (Revolut was valued at $45 billion earlier this year)According to two insiders, the company obtained a banking license in the UK in July and has made significant progress in creating the stablecoin.

ChainCatcher news, according to Portal do bitcoin, Brazil's largest digital bank Nubank announced that trading of its own cryptocurrency Nucoin will stop this Tuesday. This action marks the end of the cryptocurrency business launched in March 2023. Customers holding at least 100 Brazilian reais worth of Nucoins will be able to exchange them for Bitcoin or USDC (a stablecoin pegged to the US dollar). Users have up to 90 days to make this conversion, until December 9. If Nucoin holders do not make a choice by the deadline, the cryptocurrency will be retained for accumulation and "to benefit from the rewards program in the future."

ChainCatcher news, ZA Bank's acting CEO Wu Zhonghao stated that the expansion of the customer base has led to operational efficiencies, resulting in revenue growth. Additionally, about a year and a half ago, the bank adjusted its business strategy, no longer relying solely on high-interest deposits to attract customers, which contributed to achieving monthly profitability in July this year, making it the first virtual bank to successfully achieve monthly profits.Given that the market conditions remain unclear, Wu Zhonghao is not yet willing to assert whether profitability can be maintained in the second half of the year, but he is confident in achieving sustainable profitability in the long term.

ChainCatcher news, according to market news, the Central Bank of the Philippines has lifted the ban on establishing digital banks, and it will allow up to 10 digital banks to operate.

ChainCatcher news, the Hong Kong Monetary Authority today published a review report on virtual banks. According to the review results, the development of virtual banks has now achieved the three policy objectives set for the introduction of virtual banks in Hong Kong. In addition, the technology-driven innovative banking business model of virtual banks has been widely accepted in the Hong Kong market. As of the end of 2023, the number of virtual bank account holders has reached 2.2 million. The market response to the products and services offered by the eight virtual banks has been positive. Meanwhile, the Monetary Authority also launched a one-month public consultation today on the proposal to rename "virtual banks" to "digital banks." It is expected that the proposed new name will more effectively reflect the current banking business model of virtual banks.

ChainCatcher news, cryptocurrency-friendly bank Revolut has obtained a banking license in the UK after more than three years of application.Revolut stated that the London-based company has entered the "mobilization phase" of the Prudential Regulation Authority (PRA), which is designed to allow new banks to operate under restrictions. This approval means it is becoming a mature bank in the UK that has also obtained a license to provide cryptocurrency services.It is reported that Revolut has allowed buying and selling of cryptocurrencies for several years and launched a separate cryptocurrency exchange for experienced traders earlier this year.

ChainCatcher news, according to Bitcoin Magazine, Brazil's largest digital bank Nubank will integrate the Bitcoin Lightning Network, with approximately 100 million customers.

ChainCatcher news, WeLab founder and Group CEO Ronny Tong stated that the corporate restructuring has been completed, and WeLend is now a wholly-owned subsidiary of WeLab Bank, planning to expand its business in Hong Kong to the next growth stage.WeLab Bank CEO Li Ka Tat stated that they are accelerating business planning and enhancing profitability, currently serving over 650,000 users, and expect to generate an additional HKD 800 million in net profit over the next five years, with hopes of achieving profitability by 2025.

ChainCatcher news, according to Bitcoin.com, the UK digital bank Kroo has banned its customers from participating in cryptocurrency trading due to the increasing number of cryptocurrency fraud incidents. According to the bank's latest terms, starting from May 30, 2024, Kroo will refuse bank transfer requests or card transactions related to cryptocurrencies.Previously, UK banks Starling Bank and Chase UK have also implemented similar measures.

ChainCatcher news, cryptocurrency payment solution provider Alchemy Pay will launch a brand new Web3 digital bank, providing global Web3 enterprises with a compliant, convenient, and reliable way to open and operate multi-currency accounts, simplifying cash flow within a single account and facilitating seamless conversion between fiat and cryptocurrencies.

ChainCatcher news, according to CNBC, the UK-based neobank Monzo has announced that it has raised another $190 million, bringing its total fundraising this year to $610 million. The new round of financing includes investments from Hedosophia and CapitalG, the independent growth fund of Alphabet. The Singapore government investment company GIC also participated in this financing. After this round of funding, Monzo's valuation has reached $5.2 billion.It is reported that Monzo plans to use this funding to develop new products and accelerate its international expansion plans. Monzo CEO TS Anil stated that the company will launch its first pension product in the next 6 to 9 months, directly competing with traditional banks such as Barclays and NatWest. In addition, Monzo is also exploring entry into the US market and has hired a senior executive from Block's Cash App to serve as the US CEO.

ChainCatcher news, according to Semafor, as the Central Bank of Nigeria (CBN) is about to introduce a new round of cryptocurrency trading regulations, several Nigerian fintech startups are warning users to stop cryptocurrency trading, or they will face the risk of account closure and being reported to law enforcement.Lagos-based startup Moniepoint informed users on Monday that it will close all accounts engaged in cryptocurrency trading to comply with CBN regulations. The Chinese-funded digital bank OPay also issued a similar warning to its users.The Nigerian Securities and Exchange Commission (SEC) met with several local cryptocurrency exchanges on Monday, expressing concerns about "peer-to-peer cryptocurrency traders and their impact on the naira exchange rate." SEC director Emomotimi Agama stated that Nigeria hopes to delist the naira from cryptocurrency trading platforms and requires exchanges to comply with new regulations that will be released "in the coming days."

ChainCatcher news, according to the Hong Kong Economic Journal, the Hong Kong Monetary Authority (HKMA) has initiated a consultation on renaming "virtual banks" to "licensed digital banks" on April 30, targeting 8 virtual banks, the Hong Kong Association of Banks, the Hong Kong Association of Restricted License Banks, and the Deposit-taking Companies Association, lasting for 1 month.HKMA Vice President Yueng Kwok-hang stated in an interview that the initial naming considered the characteristic of having no physical bank, hence the name "Virtual/虚拟." However, in recent years, there have been reflections that "virtual" brings a sense of unreality, and now is an opportunity to consult the industry.

ChainCatcher news, Layer1 public chain Masverse announced a partnership with Asia Digital Bank to leverage advanced technologies such as artificial intelligence, cloud computing, and blockchain to enhance the Web3 ecosystem in Malaysia.It is reported that Masverse and Asia Digital Bank are committed to enhancing digital financial solutions in ASEAN and Islamic alliance countries, setting new standards in legal compliance and financial technology services.