Days after the chaos, newly appointed CEO of the SVB bridge bank urges customers to hold deposits. Meanwhile regulators investigate the fall.
This week we sat down with Michele to talk about the outlook for financial institutions an innovation in the wake of the SVB crisis.
Welcome back to the Fintech Blueprint / Rebank podcast series hosted by Will Beeson and Lex Sokolin. In this episode, we talk through a few recent events that are indicative of the Fintech world right now. Brex raised an additional $150 million at a slightly improved valuation vs. its last round just as Monzo is reportedly looking at a 40% down round. Why? Shopify launched bank accounts for its merchants and announced the Shop app, basically an Amazon competitor plus Klarna, just as it worked with Facebook to support the launch of Facebook Shops and joined the Libra Association. Lots going on. Lastly, we discuss why Goldman’s M&A activity over the past couple years leads to the natural conclusion that they should buy Schwab.
Silicon Valley Bank has a joint venture partnership with Shanghai Development Bank Co. Ltd; the partnership led the bank to open its first Chinese branch in Shanghai in 2012 and the firm has now announced their second location in Beijing; the banking branch in Beijing has 14 employees and will offer services for companies in technology, private equity and venture capital which are a key focus for Silicon Valley Bank globally. Source
The week has ended in a bank run caused by the SVB's "classic balance sheet restructuring" actions. Some are asking, "who is next?"
American Banker takes a close look at how APIs are being used at some of the world’s leading banks and...
The British Business Bank (BBB) has approved The Bank of India and Silicon Valley Bank to deliver the Coronavirus Business...
It was one of the most tumultuous weekends in the history of fintech, as federal regulators and government agencies took swift action to stop the bleeding after Silicon Valley Bank suddenly collapsed.
BBVA Compass, Capital One, Silicon Valley Bank, Citi, CBW Bank are some of the early adopters of open APIs that are beginning to transform how banking operates; the big question is how open will banking become and will it be mandated by legislation or will banks work with only those they trust; the one thing all banks are starting to do is make bigger investments into digital products, whether through partnerships or development as they see that the old way of banking will not survive. Source.
This panel of experts will examine where we are headed and how a similar event can be avoided in the future.