Singapore's Grab agreed to acquire a 60% stake in Atome Financial for $1.49 billion, combining Atome's buy now, pay later (BNPL), consumer lending and insurance products with Grab's ecosystem. Digital banks also pushed into new markets: Nu opened early access to its US offerings through partner Lead Bank, Revolut secured its Colombia banking licence ahead of a 2027 launch, and RBC Royal Bank digitised pre-arrival account opening for newcomers to Canada.

Elsewhere, India's Global Fintech Fest kept generating retail launches through the week, including Bank of Baroda's AI-powered bob World 2.0, Yubi's multi-lender borrowing marketplace, and YES Bank's AI system to pre-empt failed recurring payments. South Africa's First National Bank (FNB) expanded AI-driven digital lending with Optasia, the European Central Bank (ECB) opened its digital euro pilot to merchants, and KBC rolled out a fraud-protection feature to more than four million customers in Belgium.

Read more on the week’s key developments:

1. Grab agrees to $1.49 billion deal for controlling stake in Atome Financial

Singapore-based Grab agreed to acquire a 60% stake in Atome Financial for $1.49 billion in cash, with an agreement to acquire the remaining 40% roughly two years after completion at a valuation linked to Atome’s future performance. Atome provides consumer cash loans, BNPL cards, digital lending and insurance products, with a gross loan portfolio of approximately $1 billion as of mid-2026. Grab targets a combined financial services loan portfolio of more than $6 billion by 2028.

The acquisition moves Grab deeper into consumer lending, where growth must be balanced against credit quality and profitability. Grab said Atome’s delinquency rates were improving or stable, although it did not disclose standalone profitability. The challenge will be converting Grab’s ecosystem data and distribution advantages into sustainable lending returns as the platform scales beyond payments.

2. Nu expands US banking offerings beyond deposits

Latin American digital banking platform Nu opened early access for its US operations on 10 September, expanding beyond its initial deposit-account offering into a broader retail banking proposition. The launch includes a deposit account offering a variable 3.50% annual percentage yield, debit cards, a metal card and a no-annual-fee Mastercard credit card with 1.5% cashback. The US offering is currently delivered through Federal Deposit Insurance Corporation-insured partner Lead Bank, while Nu’s own national bank charter remains subject to further regulatory approvals.

The launch tests whether Nu’s low-cost, app-first model can translate from Latin America into the more mature US banking market. US consumers already have established digital banking options and rewards-based credit products, making customer acquisition more difficult than in some of the markets where Nu built its base. While the company has scaled rapidly across Latin America, it has not disclosed US customer acquisition targets or expected deposit growth, leaving adoption, engagement and product usage as the clearest measures of whether it can build a sustainable retail banking franchise.

3. Revolut secures Colombia banking licence ahead of 2027 launch

UK’s Revolut secured its banking licence in Colombia on 15 September, allowing the digital bank to prepare for a 2027 launch offering deposits, savings products, credit cards and consumer loans. The company will invest an additional $62 million in local digital banking infrastructure, doubling its total committed investment in Colombia to $124 million, and said around 200,000 Colombians have joined its waiting list ahead of the public launch.

The licence advances Revolut's strategy of operating as a full-service digital bank rather than a payments-led fintech, following earlier licences in the UK, Australia, Lithuania and Mexico. Colombia offers a growing digital finance market, but success will depend on customer acquisition, deposit growth and credit performance against established banks and local digital challengers such as Nubank, which already have significant consumer recognition.

4. Bank of Baroda launches AI-powered bob World 2.0 mobile banking platform

India’s Bank of Baroda launched bob World 2.0, an AI-enabled mobile banking platform that introduces conversational banking, personalised services and voice-enabled transactions. The platform allows customers to use voice commands to access banking services and initiate payments, alongside AI-driven navigation, financial tools and a unified digital experience across customer segments. The launch builds on Bank of Baroda’s existing mobile banking platform as the public-sector lender expands AI capabilities across its retail banking services.

The introduction of voice-based banking shifts AI from a behind-the-scenes tool into a direct customer interaction channel. For a bank with a large and diverse customer base, including users who may find conventional app navigation challenging, voice interfaces could reduce barriers to digital banking adoption. However, the impact will depend on whether customers use AI features beyond initial experimentation. Transaction volumes through voice banking, repeat usage and improvements in digital service adoption will provide clearer evidence of whether AI is changing retail banking behaviour.

5. Yubi launches retail lending marketplace and credit-health app

India-based fintech Yubi Group launched Pye, a multi-lender platform for retail borrowers, and TopScore, a consumer credit-health app, on 9 September at Global Fintech Fest 2026. Pye connects borrowers with multiple lending partners through a single application journey, while TopScore provides consumers with credit scores, reports and guidance to better understand and manage their credit profiles. The platforms extend Yubi’s lending infrastructure into consumer-facing credit distribution.

The launch expands Yubi’s role from providing technology solutions for lenders to participating more directly in the retail credit journey through borrower discovery and financial health tools. Pye addresses a key friction point in consumer lending by connecting borrowers with multiple lenders through a single journey, while TopScore aims to improve credit awareness before borrowing decisions are made. The commercial impact will depend on whether these tools translate into higher borrower engagement, stronger lender conversion and better credit outcomes as adoption grows.

6. YES Bank and Open launch AI-powered i-Mandate for recurring payments

India’s YES Bank and Open Financial Technologies launched i-Mandate on 10 September, an AI-enabled recurring payments platform designed to identify potential payment failures before scheduled debits occur. The platform uses transaction patterns and payment signals to predict risks and allows customers to take authorised actions, such as changing payment dates, switching repayment accounts or using alternative payment methods. Initially focused on loan repayments and equated monthly instalment collections, i-Mandate can also support recurring payments such as investments, subscriptions and other collections.

The platform applies AI to a specific retail banking pain point by addressing failed recurring payments that create friction for borrowers and additional collection costs for lenders. Rather than addressing failed transactions after they occur, i-Mandate attempts to intervene earlier in the repayment journey by predicting payment risks and offering corrective actions. The impact will depend on whether these interventions improve repayment success, reduce collection friction and deliver a smoother experience for customers managing recurring payments.

7. FNB expands digital lending with AI-powered cash advances

South Africa’s FNB expanded its digital lending offering through cash advance and airtime advance products developed with Optasia’s AI-driven decisioning technology. The products allow qualifying customers to access short-term credit through FNB’s eWallet ecosystem and FNB Connect, with Optasia providing decisioning, technology integration and managed-service capabilities while FNB remains the lender and customer relationship owner.

The development extends FNB’s digital lending model into smaller-value credit delivered through everyday banking services rather than standalone loan applications. By combining FNB’s customer relationship and lending balance sheet with Optasia’s AI-driven decisioning capabilities, the model aims to make faster credit decisions using behavioural and transactional data. The key question is whether this approach can improve access to short-term liquidity while maintaining repayment quality as the products scale beyond early users.

8. RBC digitises pre-arrival banking for newcomers to Canada

Canada’s RBC Royal Bank launched a self-service Pre-Arrival Account Open capability on 10 September, allowing eligible newcomers from markets including Hong Kong, China and India to open an RBC Advantage Banking account before arriving in Canada. The digital process can be completed in 15 minutes or less and allows customers to transfer up to CAD 75,000 (approximately $54,000) before arrival, enabling them to access funds once they activate their account in Canada.

The launch digitises an existing newcomer banking journey by moving account opening from a more assisted process toward a self-service model before customers arrive in Canada. By engaging customers earlier in their relocation journey, RBC is using digital onboarding to reduce acquisition friction and establish banking relationships before newcomers enter the Canadian market. The longer-term value will depend on whether early account opening leads to deeper adoption of deposits, cards and other retail banking products after customers settle.

9. ECB invites merchants to test digital euro retail payments

The European Central Bank opened a call for e-commerce and mobile-commerce merchants across the euro area to participate in the digital euro pilot, allowing selected businesses to test beta digital euro payments in online and mobile checkout environments. The 12-month pilot, expected to begin in the second half of 2027, will involve merchants, payment service providers and Eurosystem participants to assess payment journeys and user experience.

The initiative moves the digital euro closer to practical testing but remains focused on infrastructure validation rather than consumer adoption. Merchant participation will be important in determining whether a potential digital euro can become a meaningful retail payment option alongside cards, wallets and existing account-to-account payment methods. The impact will depend on whether it offers clear advantages in convenience, cost or acceptance for consumers and merchants.

10. KBC rolls out fraud protection feature to 4 million retail customers

Belgium-based KBC Group launched Guardian Angel on 15 September, making the fraud protection feature available to more than four million customers in Belgium following a pilot involving more than 2,000 users earlier in the summer. The service allows customers to appoint a trusted person who can review suspicious payments before they are executed, adding an additional verification layer against scams involving social engineering and manipulation.

The feature addresses a growing fraud challenge where criminals persuade customers to authorise payments themselves rather than compromise banking systems. KBC’s approach combines transaction monitoring with human verification, but its effectiveness will depend on customer adoption and whether interventions prevent fraudulent payments without creating unnecessary friction. The wider rollout will provide clearer evidence on whether the model reduces fraud losses while maintaining a smooth customer experience.

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