Digital bank Tandem has lost its banking licence over concerns regarding funding

UK-based Tandem, originally set to launch in the coming months, was set to receive £29m ($36m) from House of Fraser, owned by Chinese conglomerate Sanpower Group.

However, the bank said the second wave of investment was not completing due to ‘the increasing limitations placed on Chinese firms investing money abroad’.

The bank is adamant that this will not delay its launch into the market, but has delayed its plans to offer savings accounts to customers. In addition, it will remain in collaboration with House of Fraser.