Latest news with #DigitalBank
Arab News
07-07-2025
- Business
- Arab News
STC Bank named Kingdom's ‘best digital bank'
STC Bank has been awarded the title of the 'Best Digital Bank in Saudi Arabia' at the second edition of the Best in Business Awards, organized by Inc. Arabia Magazine in Riyadh. STC Bank started off as a wallet in 2018 and serviced 14 million users before it launched as a full-fledged bank earlier this year. It saw 2 million users shift from its earlier wallet version to its banking version in just three months, witnessing unmatched customer loyalty. STC Bank's broader mission since its incorporation has been to build a banking experience that is not only digital and efficient, but also rooted in the behaviors, needs and expectations of Saudi society, and it is through such innovations that it continues to shape the future of financial interaction in Saudi Arabia for a large number of the Kingdom's tech-savvy and young population. Today, users across Saudi Arabia are used to the ease that STC Bank has brought about with it and the solutions innovated by the bank continue to see its popularity rise among corporate and retail banking customers across various segments of Saudi society. The Best in Business awards saw its inaugural edition last year in Dubai before it moved to Riyadh this year. Organized by Inc. Arabia Magazine, a platform that is highly regarded by more than 150 million of its readers who are founders and entrepreneurs across the GCC, the awards highlight and recognize the most successful companies in each field.
The Independent
23-06-2025
- Business
- The Independent
The new current account that offers cashback and 7 per cent savings interest
Digital bank Zopa has officially entered the current account market with the launch of its new offering, "Biscuit," promising customers high interest rates and cashback rewards. The move sees the online lender aiming to disrupt traditional banking by offering 2 per cent interest on current account balances and a linked savings account boasting a 7.10 per cent rate. The "Biscuit" account provides a 2.00 per cent AER (annual equivalent rate) on balances held within the current account itself. Beyond interest, customers can also benefit from a 2.00 per cent cashback on household bills, applicable to up to £1,500 of direct debits annually. The account is linked to a regular saver option, allowing customers to earn a substantial 7.10 per cent interest on deposits of up to £300 per month. After a 12-month period, this regular savings account transitions into an easy access savings account, currently offering a 3.50 per cent rate. Zopa Bank has confirmed that customers will then have the flexibility to open another regular saver to continue benefiting from the higher rate. Merve Ferrero, chief strategy officer at Zopa Bank, shared the strategic intent behind the new product, stating that "Biscuit aims to deliver great value across everyday spending and saving." A survey commissioned by Zopa indicated that nearly a quarter (24 per cent) of people chase cashback offers while nearly a fifth (19 per cent) have multiple bank accounts and financial products in a bid to find value, sidestep fees or to be rewarded for their loyalty. A third (33 per cent) of people surveyed said they prefer the bulk of their bills and significant outgoings to leave their account on or close to payday, so they know how much money they have left to spend. One in eight (12 per cent) people have some 'no spend' days during the week and more than a third (37 per cent) use mobile banking to stay on top of their finances. The research was carried out by OnePoll, among 2,000 people across Britain who are in employment, in June. Rachel Springall, a finance expert at said: 'It is exciting to see another challenger bank launch a current account into the fray for consumers hoping to make their money work harder for them. Digital banks are offering some lucrative benefits and are a refreshing alternative to the major higher street banks. 'The perks of traditional current accounts do tend to vary depending on how a customer uses it.' She said the Zopa account 'may be suited to consumers who don't want the hassle of opening a variety of accounts to cover different needs'. Ms Springall said it is vital that customers work out how much they will fully earn from any account.
Khaleej Times
01-04-2025
- Business
- Khaleej Times
Rise of super apps: Can the UAE build its own WeChat for finance?
The global financial technology landscape is undergoing a significant transformation, with super apps emerging as powerful digital ecosystems that seamlessly integrate payments, banking, e-commerce, and mobility services. While China's WeChat Pay and Alipay have dominated this space in Asia, and GrabPay and GoTo have gained traction in Southeast Asia, the UAE is now positioning itself as a leading fintech hub with platforms such as Careem Pay, Noon Pay, and YAP leading innovation. According to Chris Skinner, a global fintech expert and author of Digital Bank, said: 'A Super-App is an app ecosystem that allows everyone to put functionality onto the app, enriching its capabilities. The term has emerged from China, where WeChat became one of the first Super-Apps. it is one app to rule them all.' As the UAE's fintech ecosystem evolves, the question arises: Can the country develop its own financial super app, on par with global giants like WeChat Pay? With platforms like Careem Pay and Noon Pay making strides in financial technology, the UAE is on the path to creating an all-encompassing financial ecosystem. However, achieving the level of integration and market penetration that WeChat and Alipay have mastered requires a combination of technological innovation, regulatory alignment, and consumer adoption. 'Apart from many other features of WeChat, one of its key advantages is the widespread acceptance across various merchants and establishments in China and beyond. From small street vendors to large retailers, WeChat Pay has become a ubiquitous payment method, offering users a convenient and cashless way to transact. WeChat Pay also offers several features and functionalities to enhance the user experience and ensure security including fingerprint or facial recognition authentication, transaction notifications, and encryption technologies to protect users' financial information,' says Thibault Alcorani, Co-Founder and CEO at DFC Studio, China. One of the leading contenders in the UAE's race towards a financial super app is Careem Pay, which is already reshaping digital payments and remittances in the region. Beyond remittances, Careem Pay is also integrating subscription-based financial benefits through Careem Plus, where users can enjoy zero-fee remittances and exclusive discounts on financial services. While talking to BTR, Mohammad El Saadi, VP of Careem Pay, said the company's vision is to provide seamless financial solutions that integrate with users' daily lives. 'At Careem, we focus on solving our customers' biggest pain points by building products that simplify their daily life. We started with ride-hailing and expanded into food delivery, groceries, and payments, making Careem an 'Everything App'. With Careem Pay, we are taking this vision further creating a financial ecosystem that empowers users to send money, pay bills, and conduct transactions effortlessly,' he explains. Careem Pay's success has been driven by its approach to financial inclusivity. The platform started with peer-to-peer (P2P) payments and bill payments before expanding into cross-border remittances, addressing one of the most critical financial needs of the UAE's expatriate population. 'The UAE is home to millions of expats who send money back to their families regularly. Traditional remittance services are expensive and slow. Careem Pay enables instant transfers to over 30 corridors, including India, Pakistan, the UK, and Europe. Our rates are 50% lower than banks, and some transactions are completed in as little as 11 seconds,' El Saadi adds. 'We are not just enabling transactions; we are building a holistic financial ecosystem that simplifies life for millions. Careem Pay has successfully tackled key pain points such as affordability, transparency, and speed, making digital payments more accessible to a wide customer base,' said El Saad. Transforming the Global Financial Landscape A super app is a platform that consolidates multiple services — including digital payments — into a single ecosystem. Unlike standalone fintech applications, super apps enhance user engagement and retention by providing seamless access to diverse financial services without requiring users to switch between different platforms. China's WeChat Pay and Alipay have set the benchmark for financial super apps by integrating digital wallets, investment tools, and payment solutions into social media and e-commerce ecosystem with Southeast Asia following the suit with GrabPay and GoTo, embedding financial services within ride-hailing, food delivery, and online shopping apps. Consequently, these apps became the need of people by offering everything at one platform. As one of the UAE's most promising fintech players, Careem Pay is at the forefront of the super app evolution. Originally launched to streamline ride-hailing payments, Careem Pay has rapidly expanded into a comprehensive financial platform offering P2P Money Transfers, Utility and Bill Payments and Cross-Border Remittances. Currently, Careem Pay facilitates transfers to over 30 international corridors, including India, Pakistan, the UK, and Europe. With Egypt as the latest addition, some transactions are processed in as little as 11 seconds. 'We are continuously improving our services, from streamlining cross-border transactions to integrating AI-driven financial tools. Our goal is to create a financial ecosystem that empowers millions of users,' El Saadi. Strengthening the Digital Finance Ecosystem While Careem Pay dominates mobility-linked fintech, Noon Pay and YAP are also making significant contributions to the UAE's financial super app ecosystem: Noon Pay is seamlessly integrating with the Noon e-commerce ecosystem, allowing users to make digital payments for shopping, utility bills, and in-store transactions. YAP, a digital-only financial platform, offers multi-currency wallets, AI-driven budgeting tools, and personalised banking experiences, targeting a growing market of mobile-first banking customers. According to some fintech experts it is believed that the UAE doesn't need to replicate WeChat; it needs to develop its own financial super app tailored to regional market dynamics. Careem Pay, Noon Pay, and YAP are creating an interconnected ecosystem that enhances digital payments and banking services. Opportunities in Developing a Super App While the UAE's fintech sector is expanding rapidly, several challenges like Ecosystem Fragmentation, Regulatory Compliance, and User Trust and Adoption must be addressed. However, the opportunities include: AI-Driven Financial Services: UAE fintechs are integrating AI-powered fraud detection, predictive analytics, and automated financial management tools. Open Finance & API Integrations: Government-backed initiatives supporting API-based financial services will enhance fintech-banking collaborations. Strategic Partnerships: Collaborations between super apps, banks, telecom operators, and retail ecosystems will drive adoption and scalability. A Defining Moment for the UAE's Fintech Future The UAE is making significant progress toward building a WeChat-style financial super app, with platforms like Careem Pay, Noon Pay, and YAP at the helm of innovation. With advanced fintech infrastructure, regulatory support, and a digital-first population, the UAE is poised to become a global leader in financial super apps. As El Saadi concludes: 'The future of fintech in the UAE is bright. Our goal is to go beyond payments and create an all-encompassing financial ecosystem that serves the evolving needs of our customers.' With a strong regulatory framework, high digital adoption rates, and a thriving fintech sector, the UAE is well-positioned to develop an integrated financial super app that enhances both consumer experience and economic growth. The UAE is on track to redefine digital finance and payments in the region and beyond with continuous technological advancements and strategic investments. Key Drivers of the UAE's Financial Super App Evolution Several factors contribute to the UAE's growing potential in developing a super app: Rapid Fintech Innovation and Digital Payments Growth: The UAE's fintech sector is projected to grow at an annual rate of 15%, fueled by mobile-first financial solutions, digital banking services, and AI-driven financial tools. Careem Pay, Noon Pay, and YAP are pioneering innovations in digital wallets, instant remittances, and real-time payments. The UAE-based fintech companies are leveraging AI to enhance fraud detection, personalise user experiences, and automate financial planning. Changing Consumer Habits and Digital Payment Preferences: UAE consumers are increasingly opting for mobile-first payment solutions, with digital wallets now being the preferred method for online transactions. The demand for seamless, one-click payments, instant remittances, and integrated financial services is shaping fintech strategies in the region. Contactless and digital payments now account for over 75% of all transactions in the UAE, signaling a shift toward a cashless economy. Strong Regulatory Support and Open Banking Initiatives: The UAE Central Bank's open finance framework is driving interoperability between fintech firms and traditional banks, fostering an environment where super apps can thrive. Regulatory initiatives such as fintech sandboxes and digital banking licenses are enabling startups and established players to experiment with innovative financial solutions. Dubai and Abu Dhabi's financial free zones - Dubai International Financial Centre and Abu Dhabi Global Market — are accelerating fintech investments and collaborations.
Associated Press
21-02-2025
- Business
- Associated Press
PagBank closes 2024 with record net profit of R$2.3 billion
Digital Bank records consistent growth across all business lines, with an increased customer base, TPV, and deposits. ROAE reaches 15.2% SíO PAULO, Feb. 21, 2025 /PRNewswire/ -- PagBank (NYSE: PAGS), a leading digital bank offering a comprehensive suite of financial services and payment solutions – always searching to make the financial lives of people and businesses easier – closed the fourth quarter of 2024 (4Q24) with a net revenue of R$5.1 billion, an increase of 18% compared to the same period of 2023. It also recorded net revenues of R$631 million, reflecting a 21% YoY surge, reaffirming its ability to achieve sustainable growth and its resilience in a challenging macroeconomic environment. Moreover, the return on average equity (ROAE) reached 15.2% in 2024, reinforcing the strength of the results. 'PagBank's performance in the last quarter of 2024 proves our ability to navigate different economic cycles consistently. Even facing challenges such as high interest rates and exchange rate volatility, we maintained our growth strategy, expanded business, acquired new customers, and strengthened our financial services platform,' said PagBank's CEO Alexandre Magnani. In 4Q2024, PagBank reached 33.2 million customers, a rise of 2.1 million customers in the year. Meanwhile, the total payment volume (TPV) reached R$146 billion, representing a 28% increase compared to 4Q23. TPV totaled R$518 billion throughout the year, reflecting 32% YoY growth. In 2024, the company invested R$2.3 billion in technology, launched new products and services, improved the quality of service to our customers, and expanded business. Another highlight was the expanded credit portfolio, which reached R$48 billion, reflecting 46% year-over-year growth. The total deposit volume amounted to R$36,1 billion, an increase of 31% YoY, demonstrating customers' confidence in the institution. 'PagBank is a comprehensive digital bank, offering our customers access to a diverse portfolio of financial and payment products and services, from acquiring solutions to credit products, investments, insurance, and more. We are present all over the country. Currently, we have the largest payment solutions acceptance network, with 6,3 million merchant costumers. The robustness of our financial ecosystem is also evidenced by the nearly 18 million active customers who choose PagBank as their primary banking platform,' said Gustavo Sechin, PagBank's Director of IR, ESG, Market Intelligence, and Economics. Financial discipline and the pursuit of greater operational efficiency resulted in a 74 basis-point expansion in operational leverage for the quarter. The share buyback program, which totaled R$784 million in 2024, reinforces PagBank's commitment to creating value for shareholders. 'We remain focused on maximizing returns for our investors, combining solid growth with disciplined financial management. In this sense, PagBank grows in scale and strengthens its profitability consistently', said Artur Schunck, PagBank's CFO. Outlook for 2025: Monitoring Market Trends and Focusing on Growth PagBank maintains a positive outlook for 2025. The bank expects to continue expanding its customer base, broadening its product offerings, and increasing its market share, always guided by financial solidity and innovation. 'We remain committed to making financial life easier for individuals and businesses, delivering an experience that consolidates and simplifies our customers' financial relationships. In 2025, we expect to expand our market presence, reinforcing our commitment to our customers, shareholders, and business partners', said Magnani. Beyond its business expansion, PagBank keeps advancing its ESG initiatives de ESG, consolidating itself as a reference in the finance industry for its good environmental, social, and governance practices. To access PagBank's full 4Q2024 balance sheet, click here. About PagBank PagBank promotes innovative solutions in financial services and means of payment, automating the process of buying, selling, and transferring to promote the business of any person or company simply and securely. PagBank, a company of the UOL Group - Brazil's Internet leader - acts as an issuer and acquirer, offering digital accounts and complete solutions for online and in-person payments (via mobile and POS devices). PagBank also offers a wide variety of payment methods, such as credit and prepaid cards, bank transfers, boleto payments, account balances, and more. PagBank (PagSeguro Internet Instituição de Pagamento S.A.) is regulated by the Central Bank of Brazil as a payment institution, issuer of electronic money, issuer of post-paid instruments, and acquirer, with partnerships with the main card brands. Its parent company, PagSeguro Digital, is publicly traded in the United States (NYSE: PAGS) and regulated by the SEC (Securities and Exchange Commission). The distribution of mutual funds is carried out by BancoSeguro S.A., authorized by the Central Bank of Brazil, the Securities and Exchange Commission, and affiliated with ANBIMA.
