Nubank’s reported preliminary talks to acquire Monzo could give it an established UK banking franchise and a platform for European expansion. The potential GBP 8 billion–10 billion ($10.6 billion–13.3 billion) valuation is roughly double Monzo’s 2024 valuation. Revolut also advanced through acquisition, receiving approval to buy Banco Cetelem Argentina ahead of a future public launch.

Regulators tightened the conditions for distributing consumer credit and operating digital banking models. China barred non-bank payment institutions from listing loans as payment options, while the Philippines required banks operating like digital banks to meet the same minimum capital threshold.

Read more on the week’s key developments:

1. Nubank explores acquisition of Monzo at GBP 8 billion–10 billion valuation

Nu Holdings, the parent of Brazilian digital bank Nubank, entered preliminary discussions over a possible acquisition of UK digital bank Monzo, Sky News reported on 26 September. A potential transaction could value Monzo at GBP 8 billion–10 billion ($10.6 billion–13.3 billion). Monzo was also considering alternative funding options. It served around 15 million personal banking customers and one million business customers. Neither company confirmed the talks.

A Monzo acquisition would give Nubank an established UK banking franchise and, through Monzo’s Irish banking licence, a platform for EU expansion. However, TABInsights notes that the UK does not offer the same mass-market opportunity to serve underserved customers that drove Nubank’s growth in Brazil. With the reported price roughly double Monzo’s GBP 4.5 billion ($6 billion) valuation in October 2024, the strategic question is how much value Nubank could generate from Monzo’s UK business and wider European expansion.

2. China restricts consumer credit promotion through payment apps

China’s Administrative Measures for Online Marketing of Financial Products, issued by the People’s Bank of China and seven other agencies, came into effect on 30 September. The rules prohibited non-bank payment institutions from listing loans as payment-tool options or providing marketing services for lending products. They also prohibited misleading loan promotions and algorithm-driven practices that encouraged excessive consumption.

The restrictions target the distribution of consumer credit through payment interfaces. Payment institutions will have to keep lending products out of payment-tool menus and stop providing marketing services for them, limiting a channel through which consumers encounter borrowing options while paying.

3. Revolut receives approval to acquire Banco Cetelem Argentina

Argentina’s central bank approved Revolut’s acquisition of Banco Cetelem Argentina from BNP Paribas Personal Finance, Revolut announced on 24 September 2026. Following completion, the bank will become Revolut Bank Argentina, with Agustín Danza as chief executive, subject to regulatory approval. It will not initially offer products to the public while it meets remaining regulatory, capital and operational requirements. More than 150,000 consumers have joined its local waitlist.

The acquisition would give Revolut an existing regulated entity in Argentina. In Colombia, it secured its operating licence on 15 September but had yet to launch publicly. In Mexico, its first fully licensed bank outside Europe already served more than 500,000 retail customers, showing the different stages of its regional expansion.

4. Swift develops international transfers using phone numbers and email addresses

Swift announced on 28 September 2026 that it was working with 14 banks, payment organisations and technology providers to extend payment identifiers, such as mobile numbers and email addresses, to international transfers. Participants included DBS, Commonwealth Bank of Australia, IDFC FIRST Bank, BBVA, Bradesco, Bizum and Australian Payments Plus. The initiative was at proof-of-concept stage and built on Swift’s consumer payments framework.

Cross-border alias payments already operated regionally and bilaterally. Bizum, Portugal’s MB WAY and Italy’s Bancomat Pay began rolling out interoperability in March 2025, while Singapore’s PayNow connected bilaterally with Thailand’s PromptPay and India’s UPI. Swift’s model must operate across currencies, payment systems and regulatory environments. The group was smaller than the more than 100 banks in Swift’s broader consumer payments framework.

5. UK banks complete live consumer transactions using tokenised deposits

UK banks completed live customer transactions using tokenised sterling deposits under UK Finance’s Great British Tokenised Deposit initiative, UK Finance announced on 24 September 2026. The initiative involves Barclays, HSBC UK, Lloyds Banking Group, Monzo, Nationwide, NatWest and Santander. The initial pilots comprised two remortgage completions and a consumer marketplace transaction, with funds automatically released when specified conditions were met. The platform was developed by Quant. The pilots showed that tokenised deposits from different banks could operate on shared infrastructure.

Conditional settlement could make property purchases and other complex retail transactions more predictable, potentially reducing settlement delays and fraud risks. For mortgage transactions, the technology can also allow customers to continue earning interest on funds held in their accounts until completion. Similar tokenisation experiments, including Hong Kong’s Project Ensemble, are testing applications beyond payments.

6. Sainsbury’s launches NatWest-powered loans, with savings to follow

UK-based Sainsbury’s Money launched personal loans powered by NatWest Boxed on 28 September 2026. Nectar members can apply at a representative annual percentage rate of 6.3% for borrowing between GBP 7,500 ($10,050) and GBP 19,999 ($26,800), subject to status and eligibility. The wider loan range runs from GBP 1,000 ($1,340) to GBP 35,000 ($46,900), with repayment terms of up to 10 years depending on the amount and purpose. An instant-access savings account will follow in October, and a NatWest Nectar credit card later this year. Nectar has more than 24 million members.

The launch extended Sainsbury’s shift from bank owner to partner-led distributor. In 2024, Sainsbury’s agreed to transfer its personal loan, credit card and retail deposit portfolios to NatWest, with GBP 125 million ($167.5 million) payable to NatWest under the announced terms. The transaction completed in May 2025. NatWest Boxed provides the banking capability, technology and operational infrastructure, while Sainsbury’s Nectar distribution could help NatWest expand unsecured lending.

7. BNY enables cross-border payments directly into retail wallets

US bank BNY announced on 28 September 2026 that it had enabled Pay-to-Wallet, allowing banks to send cross-border payments from bank accounts to participating retail digital wallets using existing Swift messages and correspondent banking infrastructure. BNY named South Korea’s KB Kookmin Bank among its initial Asia-Pacific users. The capability uses BNY’s US dollar clearing network and 24/7/365 processing, allowing banks to access wallet payments without building their own wallet integrations.

BNY said wallets were becoming increasingly important for cross-border payments in Asia-Pacific markets, where consumers often receive and spend money through digital wallets. Its memorandum of understanding with KB Kookmin Bank at Sibos focused on cross-border digital payments and remittances, including potential use cases for foreign residents and international students. The initiative coincided with Swift’s pay-by-alias work involving payment providers such as TerraPay.

8. Philippines strengthens capital requirements for banks adopting digital models

The Bangko Sentral ng Pilipinas issued Circular 1240, dated 21 September 2026, requiring thrift, rural and cooperative banks determined to be operating like digital banks to meet the PHP 1.0 billion ($16.0 million) minimum capital requirement applicable to digital banks. Covered banks have six months from receipt of notification to comply with the relevant prudential requirements. The same capital threshold applies at the application stage to acquisitions intended to transform such banks into technology-driven models. The circular also allows banks to convert into licensed digital banks.

The rule changes the pathway for fintechs seeking to reach retail customers through lower-capital banking licences. Salmon illustrates the use of a rural-bank structure to expand digital lending and deposit services, although it already reported PHP 1.6 billion ($25.6 million) in equity capital in March 2026. The higher threshold raises the resources required for other entrants pursuing similar models.

9. VEON and Square Group receive initial approval for Bangladesh digital bank

Bangladesh Bank issued a letter of intent on 24 September for a proposed digital bank backed by VEON Digital Financial Group and Square Group. VEON announced the approval on 25 September 2026. The proposed bank is expected to integrate with Banglalink’s mobile ecosystem, alongside its Mukto Pay payments service. VEON committed an initial $250 million towards a wider $1 billion foreign investment ambition for Bangladesh’s digital economy.

With proposed digital banks also backed by bKash and Robi Axiata, competition will centre on acquiring and retaining consumers through payments, deposits and lending. Banglalink’s mobile reach and Mukto Pay’s payment ecosystem provide an existing customer channel. The letter of intent does not constitute a final banking licence, and the venture must meet further conditions before beginning operations.

10. Egypt requires consumer lenders to prepare direct data links with regulator

Egypt’s Financial Regulatory Authority issued Decision 2684 of 2026, effective 24 September, requiring licensed consumer-finance companies to put in place the technological infrastructure needed to link their databases with the regulator’s, with implementing rules to be issued within six months. The data will cover customers on approval of financing, purchases of goods and services on a real-time basis, their repayment records and companies’ solvency indicators.

The move comes as Egypt’s consumer-finance market expands, with licensed providers lending EGP 96.3 billion ($1.9 billion) to more than 10.8 million customers in 2025. The planned data links would give the regulator more timely visibility into financing activity, repayment records and providers’ solvency.