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Mobile banking firm Varo Money is now set to receive the first "de novo national bank charter" ever given to a fintech startup, with approval from the Federal Deposit Insurance Corporation for deposit insurance. The Office of the Comptroller of the Currency first awarded Varo preliminary approval in September 2018. Varo Bank is now on track to obtain its final national bank charter pending completion of organizational requirements and meeting the conditions of both the OCC's and FDIC's Federal Reserve membership. Upon full charter approval, Varo plans to expand to additional types of services including credit cards, loans, and additional savings products. https://www.fdic.gov/regulations/laws/bankdecisions/depins/varo-bank-na-draper-utah.pdf

A subscription-only digital bank promising to use AI to help customers maximise their money, has launched in Belgium. Called Aion, the new venture is the latest iteration of Banca Monte Paschi Belgio, which private equity giant Warburg Pincus bought from Italy's Banca Monte dei Paschi last year.

In late March, ZA Bank-backed by ZhongAn Online P&C Insurance Co., Ltd.-became the first of eight newly licensed virtual banks to formally launch after concluding its pilot trial in the HKMA's FinTech Supervisory Sandbox on December 18, 2019.

Nearly two-thirds of the 511 Singaporean respondents polled would adopt a digital-only bank. However, 84% said they were keen to use digital banking services provided by an existing bank. Even so, 20% said they would move all their services to a neobank without hesitation.

Malaysia's virtual banking framework will be ready for public consultation by end of 2019 and the final framework along with applications will be open by the first half of 2020.

British-based digital banking app Revolut is in talks with investors to raise at least $500 million next year to fund a global hiring spree as it expands in markets including the United States and Japan.

A drove of virtual banks is preparing to launch across Asia - Singapore plans to award up to five new licences by the middle of next year. And established lenders want to exploit their potential as a test bed for their own risk management practices - from credit risk management to fraud monitoring capabilities.