ChainCatcher news, the Hong Kong Association of Banks published an article in the Hong Kong media outlet Ta Kung Pao titled "Digital Banking Integrates into the Web 3.0 Wave," revealing that Hong Kong digital banks have completed over 100 "Fintech Regulatory Sandbox" tests through the Monetary Authority in the past four years, accounting for more than 40% of the total sandbox test cases.In addition, some Hong Kong digital banks have begun to provide reserve banking services for stablecoin issuers, and there are also digital banks capable of acting as settlement banks for licensed virtual asset trading platforms, offering services such as timely processing and settlement of transactions.

ChainCatcher news, UK digital bank Revolut announced that it has expanded its cryptocurrency exchange Revolut X to an additional 30 European countries. The company launched Revolut X in May this year, primarily targeting retail customers in the UK.The platform stated that existing Revolut customers can convert between fiat and cryptocurrencies within the Revolut ecosystem.

ChainCatcher news, FV Bank announces the launch of new debit cards and corporate expense cards.FV Bank is regulated by the Office of the Commissioner of Financial Institutions of Puerto Rico (OCIF) and is a global digital bank and digital asset custodian. The company offers deposit accounts, payment services, digital asset custody, and VISA card issuance services.FV Bank CEO and co-founder Miles Paschini stated, "We are very excited to introduce our new Visa debit card to FV Bank's international client base, which will enable our clients to easily access funds globally and enhance payment flexibility. This marks an important milestone in our commitment to providing innovative and integrated digital banking solutions for both traditional and digital assets."

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, 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 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, according to FinanceFeeds, the CEO of digital bank Revolut, Nikolay Storonsky, will cash out part of his multi-billion dollar stake in the company through a $500 million stock sale.Last month, Revolut was working with bankers to sell shares, including those held by employees, which would value the company at over $40 billion. The scale of Storonsky's stake in the company remains unclear, and the size of any sale will depend on the valuation Revolut receives from new investors and the company's final allocation decisions.The company plans to go public, but interim CFO Victor Stinga declined to comment on any IPO timeline earlier this month.

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 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, today, OKLink announced a partnership with iPeakoin to fully safeguard iPeakoin's address-related business through technologies such as KYT (Know Your Transaction) and KYA (Know Your Address).iPeakoin is a forward-looking fintech startup aimed at emerging market enterprises, serving as a digital bank for traditional finance and digital currency. By integrating OKLink's advanced Onchain AML products, it conducts real-time transaction monitoring and analysis, flags suspicious activities, and ensures compliance with global regulatory standards.Regarding the currently concerning regulatory issues, OKLink stated that it is closely monitoring compliance policies in Hong Kong, Singapore, Dubai, and other regions in Asia and Europe and America. Through various tools, it aims to prevent risks and protect the on-chain security and compliance of all participants, promoting the compliance process of the Web3 industry through technological means.

ChainCatcher news, according to Bloomberg, Nigeria has allowed banks to open accounts for cryptocurrency companies.Previously, the Central Bank of Nigeria had ordered financial institutions accepting deposits to immediately close accounts that trade or operate on cryptocurrency exchanges, stating that such transactions are prohibited.

ChainCatcher news, UK digital bank Revolut announced that due to the constantly changing regulatory environment and uncertainty in the US cryptocurrency market, it will suspend cryptocurrency services in the US starting September 2, 2023. US customers will no longer be able to purchase cryptocurrencies on the Revolut platform. Additionally, Revolut will implement more comprehensive restrictions starting October 3, completely prohibiting US customers from accessing cryptocurrencies through Revolut, and they will no longer be able to buy, sell, or hold any cryptocurrencies.

ChainCatcher news, according to Cointelegraph, digital bank Revolut has partnered with cryptocurrency tax solution Koinly to integrate automatic cryptocurrency tax reporting services for users. Revolut users can sync their cryptocurrency transaction history with Koinly to expedite tax calculations. (Source link)

ChainCatcher news, the digital bank Zeeves based on the Zilliqa blockchain will launch its digital banking products and the first Zilliqa debit cards in May 2023. Users who register to test the Zeeves digital banking platform will receive a free debit card and three months of service after the launch. (source link)

ChainCatcher news, digital bank Revolut has now listed Alchemy Pay (ACH), allowing users to purchase ACH with fiat currency in the Revolut App. Revolut has over 25 million users worldwide, primarily offering digital bank accounts and a variety of other financial services.

ChainCatcher news, digital bank Revolut's Chief Financial Officer Mikko Salovaara stated that the company achieved its first annual profit in 2021, with a revenue growth of 33% last year.Salovaara mentioned that although cryptocurrency is a key part of the company's business, its revenue grew to over £850 million ($1.03 billion) in 2022, supported by payments, subscriptions, and business accounts. However, due to the downturn in the cryptocurrency market, the company's crypto business revenue shrank in 2022. The crypto business accounted for 5% to 10% of total revenue last year. (source link)

ChainCatcher news, according to techcabal, the digital banking platform BoundlessPay has announced the completion of its pre-seed funding round, with the specific amount not disclosed. Cardano ecosystem accelerator Adaverse and EMURGO Africa participated in the investment.BoundlessPay aims to establish a sustainable Web3 digital banking platform for cross-border transactions, built on the Cardano blockchain, supporting services such as cross-border collections, remittances, payments, settlements, and instant foreign exchange through USD stablecoins like USDT and Cardano USDA. (source link)

Chain Catcher News, digital banking infrastructure provider Signzy announced the completion of a new funding round of 2.1 billion Indian Rupees (approximately 26 million USD), led by Gaja Capital, with continued participation from Vertex Ventures and Arkam Ventures.It is reported that Signzy provides a digital KYC solution for biometric identification through blockchain smart contracts and utilizes blockchain technology to digitize banking documents and business processing workflows, such as identity verification, background checks, and electronic bank policy issuance. Currently, Signzy has partnered with over 240 financial institutions globally, including India's four major banks, Mastercard, and Microsoft. (Source link)