Why is "Neobank" NG in France?Overseas digital bank trends summary serialization: Shuichi Omata's digital banking monthly report ｜ FinTech Journal
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Why are “neobanks” prohibited in France? Summary of Overseas Digital Bank Trends
Series: Shuichi Omata's Digital Banking Monthly Report
In relation to digital banks, three areas of "neobanks", "challenger banks", and "digitalization of traditional financial institutions" continue to be reported. This paper summarizes these reports and the current situation of banks and FinTech companies in each area. The trends of overseas financial institutions will reveal what kind of responses Japanese financial institutions should consider.
Shuichi Omata
Shuichi Omata
In 1979, graduated from Keio University Graduate School. After working in the planning department of a regional financial institution, he worked at Compaq Computer and NTT Software, and in 2005 served as President of Akamai Technologies, Vice President of the US headquarters, and Chairman of the Japanese subsidiary. Appointed Nikkin Special Advisor in 2016 and Outside Director of Minna no Bank in December 2008. He is well versed in the situation of digital banking in Europe and the United States. Received numerous requests for seminars on the theme of digital strategy from domestic financial institutions.
| Date | News content |
| April 5th | Overseas Filipino Bank (OF Bank) Receives First Digital Bank License in the Philippines |
| April 6 | British challenger bank Tandem Bank migrates to cloud accounting system "MAMBU". System Cutover |
| April 7 | Fidelity Securities, mobile payment Square, cryptocurrency exchange Coinbase (Fidelity, Square, Coinbase) establishes cryptocurrency industry group |
| Swedish central bank publishes early research results on digital currency | |
| April 8 Japan | Citi and Inter-American Development Bank team up to experiment with blockchain-based cross-border remittances |
| Money app UK's Jigloo ( Ziglu), opened an interest-bearing bitcoin account | |
| Australian fintech company AfterPay, embedded finance and international payment Adyen | |
| April 12 | French central bank sets rules for using the term "neobank" Fintech Industry Notified |
| April 13 | Russia Pushes Digital Ruble Forward |
| Barclays Bank closes popular smartphone payment and money transfer app Pingit on June 30 | |
| April 15 | < td> Challenger Bank's N26, started handling insurance products.|
| April 16 | JP Morgan and Taiwanese Banks Use Blockchain to Transfer Money Overseas Test |
| April 20 | KEB Hana Bank completes system migration to Oracle Cloud |
| April 22nd | Norway Central Banks Prepare to Test CBDC (Central Bank Digital Currency) |
| April 28 | Barclays US partners with US digital financial platform startup Amount |
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Confirmation of definitions of "neo" and "challenger" banks
As mentioned above, in April 2021, the Bank of France will issue a warning against the use of the term "neo-bank" and Hokkoku Bank's complete system migration to Microsoft Azure. , The general opening of Minna no Bank was reported. In looking at these, we will first organize the positioning of neobanks and challenger banks in relation to "digital banks" and the definition of basic terms. A digital bank is "a bank that can provide financial services that correspond to the value chain of the Internet economy". The author recognizes that there are three types of digital banks: (1) An unlicensed “neobank” that redesigns a “bank” digitally and provides financial products and services with excellent UI/UX by combining with traditional financial institutions, (2) a new bank A “challenger bank” that has acquired a license, redefines the banking business itself in a form different from that of conventional Internet banks, and creates new functions as a bank with a digital native approach; (3) traditional finance; Although it is an institution, it is an “existing bank that has become a digital bank” by changing its core banking system to a cloud-native digital platform.Actuality of "neobanks + traditional financial institutions"
Actually, there is no definite definition of neobanks. The web is also littered with various commentary articles on "what is a neobank?" It is often talked about in combination with Challenger Bank, and I suspect that each is understood as a separate form of "digital bank." However, it should be noted that it is often confusing to see neobanks and challenger banks being used synonymously. The commentary article that I think is the easiest to understand is the "Definition and Examples of Neobanks" contributed by Justin Pretchard to thebalance.com. In it he explains: “Neobanks are online-only, non-store-like financial institutions similar to banks. They offer low fees and high interest rates on deposits through a streamlined management style,” “They do not have a bank license, and they provide efficient apps designed mainly for smartphones. They partner with financial institutions to protect deposits and deal with asset management including foreign exchange and PFM, and (apart from fintech companies such as SoFi and Lending Club, which are derived from loan handling), credit transactions are not handled very much.” In Japan , iBank Marketing, a subsidiary of Fukuoka Financial Group (FFG), claims to be a neo-bank. After obtaining permission to act as a bank agency, he has been working as a front desk for each of the banks to which he belongs. is progressing. The results of SBI Sumishin Net Bank's neo-bank business are beginning to lead to the provision of BaaS to bank agents. Many overseas neobanks are fintech companies that are managed with the expectation of transaction volume, and some fintech companies have been forced to change their businesses or close down due to the situation where they cannot expect to raise funds from funds due to the corona crisis. . Moven, a mobile banking service provider, gave up its BtoC business at the end of April 2020 and downsized its business amid poor performance, and many of its customers transferred to Varo Money. The news that the online payment app “Simple” was shut down by a bank (BBVA) neo-bank was reported with shock because both companies were well-known cases in the early days of neo-banks. [next page] What is the current state of challenger banks and "traditional financial institutions"Recommended article
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