Today In Digital-First Banking: Brex Seeks Bank Charter; MYBank Enrolls In Digital Yuan Test Drives
In today’s top news in digital-first banking, Brex has filed to open an industrial bank in Utah, while MYBank is getting in on China’s moves toward launching a cryptocurrency. Plus, LINE Corp. and Mizuho Financial Group have agreed to strengthen their investment in LINE Bank Preparatory Co.
FinTech Brex Applies For Bank Charter
Brex, which produces financial management software for companies, announced that it has filed to open an industrial bank in Utah. Industrial banks are different from other kinds of banks in the United States in that they don’t have to be owned by bank holding companies. If given the green light, Brex’s bank would be based in Draper, Utah, and would be named Brex Bank.
MYBank, Backed By Ant Group, Signs Up For Digital Yuan Test Drives
Ant Group’s MYBank is getting in on China’s moves toward rolling out a digital currency. The digital bank said it will now be among the participants in the country’s digital yuan research effort. MYBank intends to “advance the trial pursuant to the overall arrangement of the People’s Bank of China,” a representative for the bank said.
Mizuho, LINE Increase Investments In Bid To Launch ‘Smartphone Bank’
LINE Corp. and Mizuho Financial Group have agreed to bolster their investment in LINE Bank Preparatory Co. and to make modifications to its management structure as part of making a new bank in Japan. The firms said that the aim is to create a “a user-friendly ‘smartphone bank’ connected to the LINE app” in fiscal year 2022, subject to the go-ahead by the pertinent authorities.
Stripe Adds Former Bank Of England Governor Mark Carney To Board
The former governor for the Bank of England and Bank of Canada, Mark Carney, will now be on Stripe’s board of directors. Carney will assist Stripe with his expertise in international financial systems and governance. “Stripe has been at the forefront of enabling this new digital economy, providing innovative and resilient global payment solutions to businesses large and small,” Carney said in a statement.
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