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Home » Daily Briefing » Daily briefing - 09 November 2018

Daily briefing - 09 November 2018

Deutsche-Bank-7

As it watches young upstarts such as N26 steal its customers and grab lots of publicity, Deutsche Bank looks to get back in the game this week as it launches a new digital banking and mobile wallet service called Yunar. According to Deutsche Bank, Yunar will be a standalone brand with its own infrastructure and staff. "The free app launched this week, initially focusing on making loyalty schemes easy to use, with customers able to collect points from up to 200 providers widely used in Germany," notes Finextra. "Deutsche says that Yunar will be continually upgraded with new banking and non-banking services, functions and products — such as mobile payments, multibank aggregation and digital ID." Despite its woeful performance and general air of shrinkage, Deutsche Bank already has a decent mobile banking app which allows logins via digital ID Veremi, but the development of a standalone mobile wallet is a sign that Deutsche anticipates mobile apps and wallets as having different functionalities.

Network International, which has lately turned its focus towards Africa, looks set to test market appetites for payment processors as stories emerge today of a possible IPO. According to reports from Reuters and Bloomberg, the Dubai-based processor has selected several investment banks as coordinators and bookrunners for the listing of Network International in London. "The IPO could see shareholders sell a combined 25 percent to 30 percent of the company, the people said. Warburg Pincus and General Atlantic jointly own a 49 percent stake in Network International, while Emirates NBD PJSC, Dubai's biggest bank, holds the remaining 51 percent," reports Bloomberg. With Africa remaining a largely cash-driven continent, Network believes there is enormous scope for expanding its cards and digital payments processing business. Demand for shares in processors has been robust. Dutch-based payments processor Adyen floated earlier in 2018 on the Amsterdam exchange, with an initial sale that valued the company in the range of $8 billion, at 240 euros per share. Today, the shares are trading for over 570 euros. Evo Payments also issued an IPO earlier this year.

International banks based in Mexico are briefing against moves by the ruling party to ban common commissions on banking services, reports Reuters. Shares in several top banks fell by around ten percent as the Morena party of incoming president Andres Manuel Lopez Obrador, who will be sworn in on 1 December, announced plans to stop bank charging commissions on withdrawals, checking a balance, or requesting statements of past financial transactions. "The bill referenced a study by Mexico's financial products watchdog Condusef that said 30 percent of Mexican banks' revenue on average comes from commissions," reports Reuters. "It would prohibit financial entities from charging clients for checking a balance, withdrawing cash and requesting past bank statements, among other things. The plan would also require the Bank of Mexico and Mexico's banking regulator to create a plan to annually lower commissions on bank transfers."

LAFFERTY BENCHMARKING

Deutsche Bank scored three stars. Emirates NBD scored four stars. The maximum score in the 2018 Lafferty Banking 500 report is five stars.

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