The business banking service is set to be a standalone business meant to offer small businesses payroll and pensions, according to a Sunday Times report.
The digital-only banking service set up by the large financial institution aligns itself with other players on the market, such as The Royal Bank of Scotland (RBS), who invested in a digital platform with separate management and Virgin Bank. However, another traditional bank, France BCPE, acquired an established smaller digital banking platform, Germany-based Fidor, rather than build one from scratch.
Banks have witnessed the fintech industry grow, and many are establishing partnerships with fintechs, or even taking stakes in them. Moreover, some have developed startup programmes, in which they help fintech startups to develop their products.
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