- Ian Rand, former CEO of Barclays Business Banking, has been appointed Chief Executive Officer of Monument, subject to regulatory approval, and will assume the executive leadership of the bank
- Mintoo Bhandari, Co-founder and current CEO of Monument will transition to the strategic role as Global Head of Corporate Development, leading new opportunity identification, and institutional capital relationship management for Monument
- Monument, the first UK neo bank focused on the needs of ~4.8 million “mass affluent” clients – professionals, entrepreneurs, property investors, and others – had all restrictions on its banking licence lifted in November 2021 and has now launched its initial property investment lending offerings as well as its first suite of saving products to the market
Monument (or the “Bank”) today announces the appointment of Ian Rand as Chief Executive Officer, subject to regulatory approval, taking the reins from Mintoo Bhandari, current CEO and Co-founder, who has led Monument from its inception to the achievement of full banking licence and commercial launch. Bhandari will transition to the strategic role as Global Head of Corporate Development at Monument, which will focus on identifying opportunities to expand Monument’s offerings and continue to cultivate and establish institutional capital relationships to support Monument’s future growth.
Rand will lead the scaling up of Monument as the CEO of Monument Bank Limited. Rand has over 20 years’ experience in banking and most recently was CEO of the Business Banking division of Barclays Bank (and previous COO running day to day operations) with more than £40 billion in assets, serving in excess of 1 million customers representing a large and diverse client base, including high-growth and entrepreneurial businesses. Prior to his 12 years at Barclays, Rand was with JP Morgan, which he joined in 2000, holding MD & COO roles across the Markets business globally. During his tenure at Barclays, he was also Chair of their UK Diversity Council. Ian has joined Monument as CEO designate from 1st January 2022 and will formally assume the CEO role upon receipt of regulatory approval.
Ian joins an experienced team, whose executives and board have held senior roles in HSBC, Barclays, McKinsey & Co, UBS, Goldman Sachs, Apollo Global Management, PWC, Coutts and the UK regulators, amongst others
Ian Rand, incoming Chief Executive Officer of Monument said: “Monument with its unique proposition is an enticing opportunity to take the next step in my career. The Bank aims to fill a much-needed gap in the market – with its deep understanding of the mass affluent community and ability to serve a group who for too long have been left under-served by the market. I am delighted to be leading an incredible team, which has the potential to reimagine the market as it currently stands and fulfil the ultimate goal of helping people save and grow their wealth.
“To date, Monument has had an amazing journey, achieving a number of milestones, more recently receiving its full banking licence and launching property investment lending and savings propositions. Now is an exciting time to help Monument reach new heights as we firmly establish our position in the market.”
Mintoo Bhandari, Co-founder and Chief Executive Officer of Monument said: “It has been a pleasure to have led Monument from its inception, through the pandemic and to the point of commercial launch. I have long held the belief that there would come a point in which a highly experienced, career banking executive, would be most appropriate to take the reins from me to scale the bank. I had formally raised the point of my succession to the Board some months ago and I am very happy that, with the beginning of the New Year, the day has arrived for me to confidently hand over the reins to Ian Rand, who I am certain has the experience and skills to scale Monument Bank from the solid foundation we have in place to take it to new heights. Ian has a wealth of technical and organisational experience as a banking leader; but, most importantly he shares our vision and enthusiasm to make Monument a valuable, impactful, and durable institution in the rapidly evolving financial services marketplace.”
Transact365 launches seamless cross border payments in India
- Transact365 enables merchants to transact locally in India
- Merchants can partner directly with Transact365 without needing to source local partners
- Transact365 offers two local solutions – Unified Payments Interface (UPI), and NetBanking
UK-based fintech Transact365 has added local India payments for merchants. By using Transact365’s gateway solution, merchants can access new opportunities in India without having to form local payment partnerships or establish an Indian company. The move ensures merchants now have access to over one billion Indian-based consumers enabling them to pay faster in a familiar way.
Transact365 offers two local solutions tailored to the needs of the Indian market – Unified Payments Interface (UPI) and NetBanking.
Developed by the National Payments Corporation of India – UPI is an instant, real-time payment system that facilitates inter-bank transactions through smart phone devices, powering multiple bank accounts into a single mobile application of the 274 participating banks. UPI facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.
NetBanking is a unique payment method facilitating online payment transactions in India. When a user makes a payment via NetBanking, the payment is initiated via the Transact365 gateway which allows the user to complete the transaction with the merchant in realtime in local currency.
Transact365 has also established a local payment distribution allowing merchants to pay clients in India in real time with fully automated api connectivity 247 365 Days a year.
Transact365’s launch in India is the first in a series of big market expansions planned for 2022. Having already expanded into Europe, Asia and Australia, Transact365’s payment gateway system ensures merchants of all sizes and sectors can access fast-growing markets seamlessly and quickly.
Dan Fernandez, CEO of Transact365, said: “We are pleased to announce that merchants can now use Transact365 to process payment transactions in India. By utililising local payment solutions, Transact365 ensures merchants can now facilitate payments in India, with users able to confirm their payment in a matter of seconds.
“Our expansion into India comes at an exciting time for the company. With customer and merchant demand for payment gateways rising, Transact365’s revolutionary system ensures more businesses are able to access consumers in rapidly expanding markets. Importantly, our launch in India will soon be followed by similar market expansion announcements throughout 2022.”
Europe’s first blockchain neobank, BENKER, opens for pre-registration
BENKER(http://www.benker.io/) is to become the first officially licensed blockchain neobank launched in Europe following approval by the Bank of Lithuania under the Electronic Money Institution (EMI) category. Now open for pre-registration, it is the first financial services provider in the European Union to operate entirely on blockchain.
The neobank will run on Natrix(https://natrix.io/), a purpose-built hybrid blockchain created for the financial sector to meet all GDPR, bank secrecy and regulatory requirements. BENKER will achieve the highest level of Compliant Client Autonomy, where users have complete control, autonomy and real freedom, assuring sustainability of the market where users and financial market participants are on the same level.
Viktor Bodnár, CEO of BENKER, hopes that the neobank will be a catalyst for fundamental transformation in personal finances, offering customers greater autonomy. On his vision for the future of the market, he said: “We’re introducing a new brand in financial services that can challenge the established order by extending existing legal and regulatory safeguards with the advanced technology-based guarantees achieved through blockchain. In obtaining our EMI licence we have been allowed to radically diminish client exposure to the actors of financial markets, and I see this as a move towards the ‘New World Order’.”
“By adding blockchain to the way in which customer accounts are managed securely, we are offering constant transparency, traceability and complete control over financial matters for our clients, creating the highest level of freedom. This is what we’re calling Compliant Client Autonomy and it’s an idea that is at the heart of BENKER.”
Following a two-year planning, development and application phase, and now with its EMI licences receiving full approval, the neobank will offer services for both individuals and SMEs, and a platform on which to buy and sell gold.
Bodnár finished: “We’ve worked hard to create a fully compliant and secure blockchain neobank, and I’m delighted that it is now going live in 2022. The result is a system in which clients and service providers are finally on the same level, and within all legal and regulatory requirements. This will make managing personal finances in the future more efficient than ever.”
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