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Global

Banks play catch-up in fintech for small-business clients

July 09, 2018
The digital divide between business and retail customers is starting to disappear. Mastercard on Monday announced a partnership with the fintech firm Strands to provide issuing banks with digital cash management and commercial payment tools specifically designed for their small- to midsize-business customers.
American Banker

EU watchdog says some banks too plodding to win fintech race

July 04, 2018
Banks saddled with bad loans risk being left behind by nimbler upstarts and Big Tech in the rapidly evolving fintech race, the European Union’s banking watchdog said on July 3. The European Banking Authority (EBA) looked at the risks and opportunities from fintech and its impact on the business models of long established lenders. Fintech refers to using smartphone technology like apps for financial transactions and payments.
The Star

European banks need to balance fintech strategies

Julu 04, 2018
European banks face a financial technology (fintech) balancing act, according to the European Banking Authority (EBA), because there are potential risks for both fintech pioneers and laggards.
Computer Weekly

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Industry News

Global

Canadian Fintech Industry Set to Witness Strong Grow: Report

July 04, 2018
The Canadian fintech industry has seen tremendous growth in recent years and is expected to continue to expand exponentially as collaborations between fintechs and traditional financial institutions, new and improved regulations, and leadership in the financial services space continue to stimulate fintech innovation in Canada, according to a new report by Global Risk Institute.
Inside Debit Coins

A snapshot of Singapore’s fintech scene

July 04, 2018
Singapore is often hailed as the hub for fintech in Southeast Asia. Here’s a snapshot of its fast-growing financial tech scene.
Tech in Asia

South Africa works on policy as fintech gives rise to innovation

July 03, 2018
South Africa’s complex financial technology (fintech) domain is in flux and morphing into never-seen-before services across every aspect of the financial sector, with regulators and policymakers working on a coordinated approach to policymaking that will leverage fintech innovation in a way that meets the needs of the local market.
Engineering News

Are We Experiencing a ‘Fintech Moment’?

July 03, 2018
There are many analogies between the competitive pressures facing the banking industry and the forces that killed Kodak, Blockbuster, Borders and taxis. These comparisons emphasize the importance of not being complacent, and why banking providers must innovate and respond to consumer expectations.
The Financial Brand

EBA warns banks on being too passive or proactive on fintech

July 03, 2018
As they seek to steer a course through the new fintech environment, financial services firms must beware the risks to their business models of both being too passive and too gung-ho in their embrace of new technologies, says a European Banking Authority report.
Finextra

Investing in fintech potentially offers great returns, but good management remains key

July 02, 2018
Investing in fintech remains popular, with much investment activity and an overall higher valuation of organisations within the field. Who, then, are the investors in fintech, what do they invest in and what is their investment rationale?
Holland Fintech

Hong Kong, Abu Dhabi financial regulators ink fintech pact

July 02, 2018
The Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, has signed an agreement with a financial regulator in the United Arab Emirates (UAE) to boost collaboration on financial technology (fintech) and help innovative companies to expand in each other’s markets.
Asia Asset

Pro-Crypto Nations Fast becoming Fintech and Blockchain Superpowers

July 02, 2018
While many nations are apprehensive of the magical disruptions that cryptocurrencies could pose to their existing financial structures, these five countries have started living in the future by formulating non-draconian laws that support the growth of the burgeoning crypto industry.
Inside Debit Coins

Everything you need to know to join the fintech industry

July 02, 2018
Fintech is one of the fastest growing sectors of the modern economy, not just in Singapore but globally. But most people do not have a clear understanding of how this sector works. Fintech is a combination of the words “financial” and “technology”. According to the World Economic Forum, it involves “the innovative use of technology in the design and delivery of financial services and products” including things like cryptocurrency, blockchain, and mobile and internet banking.
Straits Times

Fintech to remove person from ‘personal finance’

June 23, 2018
Nearly ubiquitous on mobile phones, chat bots are cutting-edge in the financial industry as companies large and small look for ways to leverage talking software and artificial intelligence to their advantage. According the tech news and resource site DZone, Capital One, MasterCard and hundreds of other firms are working on developing virtual financial advisers.
Winniepeg

US Treasury fintech report to make regulatory recommendations

June 22, 2018
A much anticipated report from the US Treasury on regulatory reforms for the fintech sector is set to recommend the use of regulatory sandboxes and fintech charters at both a state and federal level.A preview of the report, the last of a series of studies commissioned by President Trump via executive order, was given by Craig Phillips, counselor to Treasury Secretary Steven Mnuchin.
Finextra

Myanmar Fintech Sector On Route To Growth: Fintech Startup Report and Map

June 22, 2018
Currently, only 5% of the Myanmar population has a formal bank account and 2% has bank card, but Myanmar’s 95% mobile penetration makes it fertile ground for the mobile revolution. The arrival of mobile financial services and fintechs in the past years has opened up new opportunities in the Southeast Asian market.
Fintech News

Fintech execs to old-guard banks: Step aside

June 20, 2018
On the first day of CB Insights’ Future of Fintech conference in New York, executives from the financial industry’s disruptor class rattled off all the things that big banks and Wall Street are doing wrong. Securities brokers have charged exorbitant fees for decades, said Vladimir Tenev, co-founder and CEO of Robinhood.
Information Management

FinTech Firms in Asia Raised $858 Million in May 2018

June 14, 2018
FinTech firms in Asia raised close to $857.7 million across 33 disclosed financing deals, including two ICOs. The total number of FinTech financing deals in Asia in May 2018 was 40. The largest number of deals were made in India (47.5%), followed by Singapore (20%), China (12.5%), Malaysia and Singapore – with 2.5% of deals each.
MEDICI

Europe’s FinTech Firms Raised $3.13 Billion In the First 5 Months of 2018; UK Firms Scored 50% of the Funds

June 13, 2018
Financial technology firms in Europe raised ~$3.13 billion across 150 deals that took place between January 1, 2018, and May 31, 2018. In total, there were 165 deals, out of which 15 were of undisclosed amounts. The UK’s Paymentsense, Revolut, and Atom Bank, and well as French Lendix, were among the firms that raised the biggest amount of financing (counting in hundreds of millions of dollars). They are followed by Atom Bank, N26, PumaPay, eToro, and Oodle Car Finance. Companies from 24 European nations raised funds this year, with the UK having the most representation.
MEDICI

Enterprise Ireland launches fintech fund

June 12, 2018
Ireland’s state-owned economic development agency Enterprise Ireland has announced the launch of a €750,000 Competitive Start Fund for promising fintech startups. The fund, which was announced at the agency’s Future of Fintech event in Dublin, will be directed to ventures using artificial intelligence, machine learning, virtual reality, the internet of things, blockchain and the cloud.
Finextra

Global payment leaders Visa and MasterCard step up fintech game

June 08, 2018
Transnational payments leader MasterCard has unveiled a series of open-banking oriented partnerships and initiatives this week; including inking a deal with fintech superstar Starling bank, who will help the financial institution settle funds sent within the UK via P2P through the Mastercard Send service. Meanwhile, its archrival Visa has just launched the $100 venture investment fund and a fast track programme for onboarding fintech startups to its network.
Holland Fintech

India and Singapore sign fintech MoU amidst ongoing joint projects

June 06, 2018
India and Singapore signed a memorandum of understanding (MoU) to establish a joint working group (JWG) to strengthen cooperation in financial innovation between the two countries. The MoU was signed between the Department of Economic Affairs (DEA) of India and the Monetary Authority of Singapore (MAS).
BankingTech

ING flexes fintech muscles

June 04, 2018
With Money20/20 about to open in Amsterdam, local bank ING is showing its innovation chops with a slew of announcements around SME financing, fintech investments and smart money management. In the SME financing space, ING has partnered with British firm Funding Options to launch a marketplace in the Netherlands that will enable small businesses to pick and choose from a menu of the the bank’s own and competing financing options.
Finextra

Fintech hub H:32 launches in Berlin

May 30, 2018
Today (30 May), representatives from business and politics opened H:32 at Hardenbergstrasse 32, hailed as “Europe’s largest hub for fintech companies”. It will naturally be used to exchange and develop ideas. “A network of companies has emerged in Berlin from which the financial services of the future will emerge,” says Ramin Niroumand, CEO of the company builder FinLeap.
BankingTech

How to Create a Fintech

May 29, 2018
Traditional finance careers are currently in short supply whilst fintech gets more and more interesting. So, if you have a fintech concept, then we’re here to help. We ask how can you create your own fintech? First we assume that you have the skills necessary to create something usable. In start-up land (and Level 39) they call this an MVP or Minimum Viable Product. What should you do next?
Fintech Times

Social media and fintech – what kind of relationship?

May 22, 2018
If social media was the most important marketing and communication trend of this decade, then fintech promises to deliver the most radical changes in the conduct of financial services in the next one. But how will these two powerful technological change agents actually interact? And how significant will an understanding of that interaction be to successful banking in the coming decade?
BankingTech

Dubai fintech accelerator kicks off 2018 programme

May 21, 2018
FinTech Hive at DIFC, a fintech accelerator that was established by the Dubai International Financial Centre (DIFC), announced over the weekend that it is now accepting applications for its 2018 program, kicking off a competitive search for the top fintech and insurtech innovators in the region.
Dubai Forum

Fintech is disrupting big banks, but here’s what it still needs to learn from them

May 21, 2018
Much of the hype around fintech focuses on what traditional banks do wrong: they’re slow to adopt new technology; they don’t center the customer; they’re too big to respond nimbly to change. This narrative is part of why fintech continues to attract massive investment, with $31 billion total flowing into the sector last year, according to KPMG.
The Next Web

Marsh Launches Financial and Professional Protection for US Fintech Firms

May 20, 2018
Marsh, an insurance broking and innovative risk management solutions, in collaboration with Validus Specialty, an underwriter of professional liability solutions, announced the availability of FINTECH Protect, a new efficient, cost-effective financial and professional insurance solution designed to manage US-based fintech companies’ growing risks.
Fintech Times

UK government releases two new fintech envoys into the wild

May 18, 2018
The UK government has unveiled two new regional fintech envoys in Wales and Northern Ireland as part of its quest to promote financial services. With the nation keen to remain strong after Brexit, and with two thirds of financial services jobs based outside of London, the UK’s Chancellor of the Exchequer, Philip Hammond, revealed the news on visits to financial centres in Halifax and Edinburgh yesterday (17 May).
Banking Tech

Why Fintech is vital for SMEs in Francophone Africa

May 18, 2018
After spending 10 years working as a Private Equity investor in the United States at HarvourVest Partners and the Middle-East at the Islamic Development Bank (IsDB), Issam Cheuh is convinced that fintech is the next big thing in financial services in Francophone Africa. In 2014, 2015 and 2016, Forbes Magazine listed Chleuh as one of Africa’s 30 most promising young entrepreneurs.
CNB Africa

How Vietnam’s Fintech Market Could Reach Nearly $8 Billion By 2020

May 18, 2018
Fintech’s influence is growing around the globe. According to PricewaterhouseCoopers, fintech startups attracted more than $40 billion in investments during the past four years, and legacy institutions are warming up to partnerships with agile, digital-first companies. The Asia-Pacific region saw nearly $15 billion in fintech investments between January 2016 and February 2017 alone. Needless to say, the opportunity in fintech is real–and Vietnam is getting in on it.
Forbes

Capgemini Teams Up With Efma To Launch Fintech Platform “FintechVisor”

May 17, 2018
Capgemini, a consulting, technology services, and digital transformation firm, announced on Thursday it has formed a partnership with global non-profit organization, Efma, to launch a new fintech platform, FintechVisor, which is described as a platform that’s designed to bring fintech firms and financial institutions together for collaborations.
Crowd Fund Insider

Government appoints Wales and Northern Ireland fintech envoys

May 17, 2018
Wales and Northern Ireland are getting their own financial technology envoys as part of a government effort to ensure that the UK maintains its position, post-Brexit, as Europe’s top fintech dog. The new fintech envoy for Wales will be Richard Theo, co-founder and CEO of Wealthify, while in Northern Ireland his counterpart will be Georgina O’Leary, director of innovation, research and development at Allstate Northern Ireland.
Finextra

UK regulator knocks out seven shades of fintech hits

May 17, 2018
The UK’s Financial Conduct Authority (FCA) has revealed seven areas where its intervention can have the greatest impact, or where there is the greatest harm or potential for harm to its objectives. In yesterday’s (16 May) speech by Andrew Bailey, FCA chief executive, delivered at the British Insurance Brokers’ Association (BIBA) Conference 2018 in Manchester, he outlined these “cross-sector priority areas” – and mentioned Brexit again.
Banking Tech

Blockchain and fintech can bridge global trade gap, new research says

May 17, 2018
Technology innovations such as blockchain could help cut the costs related to financing global trade by as much as 20 percent, according to new research compiled by the Dubai Multi-Commodities Center (DMCC). The free zone’s report — released on May 15 — said that the cost of global trade stands at approximately $1.8 trillion, and 20 percent of that cost is related to paperwork processed by banks and corporates.
Arab News

Bitcoin is steroids for fintech startups that big banks are afraid to touch

May 17, 2018
Making money by trading bitcoin, whose price has fallen by about 40% this year, has been difficult lately. But startups that provide services supporting crypto markets are faring much better. Companies like Revolut, a payment app, and Robinhood, a mobile broker, scored legions of new customers after they added buying and selling of digital tokens to their services.
QZ

Indonesia set to issue stricter regulations for fintech sector

May 14, 2018
Indonesia is planning to tighten regulation of its vibrant financial technology sector, imposing new rules on companies which it hopes will stand at the forefront of efforts to extend services to more of the country’s 260 million people. The Financial Services Authority, known as OJK, plans to issue new rules by June that will compel fintech firms to be registered with authorities. Unregistered companies won’t be allowed to tap financial markets or raise money from banks, said Nurhaida, vice chairman of the regulator, which also supervises Indonesian banks and the stock market.
Deal Street Asia

This Is Why Dubai Is the Most Efficient for Fintech Firms

May 14, 2018
Starting a financial technology (fintech) business at the Dubai International Financial Centre (DIFC) is much easier and cost-efficient due to low costs, less red tape and better regulatory framework, according to industry players. Speaking to the media in Dubai on Sunday, Mark Chahwan, CEO and co-founder of Sarwa, said that costs of business for startups or fintech firms is 50 to 80 per cent less than the other ordinary businesses. Sarwa is one of the first companies that was part of the DIFC’s accelerator programme for fintech.
Al-bawa

Infographic: Fintech like you’ve never seen it before or ever will

May 13, 2018
FEverything evolves, constantly. Each new breakthrough poses heaps of new questions to which answers are yet to be discovered. One of these breakthroughs happened with Financial Technology (Fintech). Fintech, as a word, is what linguists would call a portmanteau – a combination of two separate words. In the case of Fintech, those two words would be financial and technology. However, as a system or a sector, Fintech is what experts would call the future.
AME Info

Top 15 Fintech Startups In Ireland

May 10, 2018
Fintech in booming in Ireland as the country shows itself to be a key industry hub in the wake of Brexit, with favorable government initiatives and strategies, a large network of accelerators and the all-important convergence of banks and disruptors to aid its financial dominance. Deloitte’s Global Fintech Hub Report for 2017 named Dublin as one of Europe’s fintech hubs with the highest potential, citing the city’s large pool of fund managers, and its high concentration of startups working in regtech.
FinTech News

New South Wales–India fintech exchange calls for start-ups

May 10, 2018
Australia’s New South Wales (NSW) government is offering ten NSW fintech start-ups the chance to go on a one-week business development programme in India. NSW Minister for Trade and Industry Niall Blair says the programme was the first to be supported by a two-year $1.58 million partnership set up between NSW and India to enhance the state’s start-up, technology and manufacturing sectors.
Banking Tech News

Asian fintech leaders to meet in Hong Kong to fight criminal exploitation of regulatory void

May 08, 2018
Facial recognition technology is likely to be among innovations on the agenda when bankers, financial regulators and officials from across Asia gather in Hong Kong on Wednesday for a landmark summit. The high-powered meeting comes as the race to regulate the fintech (financial technology) revolution is intensifying amid fears that a regulatory “vacuum” could be exploited by money launderers, fraudsters and underground bankers whose activities threaten national, regional and international financial stability.
South China Morning Post

Fintech threatens credit unions: Moody’s

May 08, 2018
Moody’s says new digital banks such as Volt, which received an Australian-first banking licence this week, will threaten credit unions and building societies.Credit unions and building societies’ lack of tech leadership means they are under threat from a new wave of digital banks, according to ratings agency Moody’s.
SBS

Company News

Global

Dublin-founded fintech pays out more than €2m over breaches

July 04, 2018
Fast-growing Dublin-founded specialist student lender Future Finance has paid out more than €2 million to customers in compensation after identifying it was in breach of two sections of the UK’s Consumer Credit Act. The company said customers have been refunded a combined €2.17 million, either in the form of credits against their outstanding balance or as cash payments to refund them for any possible interest wrongly charged to them.
Irish Times

Singaporean Fintech Finty Acquired and Positioned for Expansion Across Asia

July 04, 2018
Finty, Singapore’s rewards-based financial marketplace focused on credit cards and personal loans,  announced its acquisition by Australian financial comparison giant, Credit Card Compare (CCC), 15 months after the company was launched in April 2017. The acquisition will better equip Finty to serve Singapore while expanding into other Asian markets.
Fintech News

Sydney fintech breaks into Europe with new London office

July 04, 2018
Sydney-based tech start-up Trade Ledger has already dominated Australia and is off to take on Europe after announcing its new London office. The banking lending platform will expand its operations into Europe from its new London base, which should greatly improve its current international strategy.
Business News

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Global

STC and Ateon sign deal for blockchain services for FinTech

July 03, 2018
STC’s Enterprise Business Unit has signed an MoU with Ateon to promote blockchain in FinTech. Under the agreement, Ateon and STC will jointly develop and market blockchain-based FinTech solutions to assist organisations in their digital transformation. Ateon is a founding member of SAMA’s FinTech Saudi Initiative and one of the first companies to blockchain FinTech solutions in the Kingdom.
ITP

Lithuania stays approachable with remote fintech licence

July 03, 2018
The Bank of Lithuania – the country’s regulator – has introduced a procedure which will allow companies to apply remotely for fintech licences.The aim of this regtech tool is to help the process of submitting and managing applications for e-money and payment institution licences – and make the country “become even more approachable for fintech innovators across the world”.
Banking Tech

Aussie fintech start-up, Trade Ledger, launches in Europe

July 03, 2018
The world’s first corporate open banking lending platform, Sydney-based start-up Trade Ledger, has today announced the opening of its new European operation headquartered in London, and the appointment of two key management positions to help drive the expansion.
Finextra

Focus Financial invests $28M in fintech startup, ahead of prospective IPO

June 22, 2018
Focus Financial Partners invested $28 million in the fintech company SmartAsset more than doubling the firm’s total funding to over $51 million. The New York-based startup specializes in providing personal finance information and tools to over 45 million users per month, according to the firm. Known as the “most-viewed financial technology company” on the internet, the six-year-old company plans to use the new influx of cash to expand its SmartAdvisor platform, which matches consumers to financial advisors.
Financial Planning

Why this VC fintech firm didn’t invest in Coinbase and Ripple

June 22, 2018
Nyca Partners, the third most active venture capital firm in fintech globally, is invested in enterprise blockchain efforts, such as the digital remittance service Abra. But in 2014, Nyca passed on some now valuable blockchain firms, including Coinbase, Ripple and Blockchain.io. There’s no wistfulness about not buying into those opportunities, said Hans Morris, the former president of Visa and a longtime Citigroup banker who heads Nyca.
American Banker

Blue Turtle launches fintech go-to-market for Africa

June 22, 2018
Blue Turtle, a leader in enterprise technology management, has unveiled a new go-to-market strategy that will assist financial services companies to better make use of new technology to drive business. As part of this strategy, Blue Turtle has partnered with a number of exciting new software providers in the fintech space.
IT Web

SenseTime The World’s Biggest AI Startup Raises $1.2 Billion in Months

June 01, 2018
China-based SenseTime recently cemented its position as the most valuable artificial intelligence (AI) startup in the world after raising $620 million in a second financing round in just two months. The firm recently revealed the details by saying that the funds came from well-known investors such as Tiger Global, Silver Lake, Fidelity International, Hopu Capital as well as Qualcomm’s venture capital firm.
AlgorithmX-Lab

Deutsche Börse cuts 350 jobs to invest €270m in fintech

May 30, 2018
Deutsche Börse is cutting jobs to spend big on fintech with a €270 million funding plan to invest in blockchain, big data analyses, cloud computing, robotics and artificial intelligence (AI). There are no specifics yet as the money will be used to “enhance efficiency in the existing businesses” or “boost profits”. But there is a dark side to all this. 350 jobs will be cut, including 50 managers. The target is to reduce structural costs by around €100 million by the end of 2020.
BankingTech

ING and Sri Lankan Central Bank to launch fintech sandboxes

May 29, 2018
Joining the ranks of UK, Brazil, Sri Lanka, Malaysia and Kazakhstan; the Payments and Settlements Department of the Central Bank of Sri Lanka is in the process of scoping its designated fintech regulatory sandbox; and in doing so, is encouraging participation and engagement from stakeholders. The central bank believes that it will provide innovators with an opportunity to better equip themselves to seek regulatory approval.
Holland Fintech

Fidelity and Citizen Bank back MassChallenge fintech accelerator

May 29, 2018
MassChallenge, a global network of zero-equity startup accelerators, will launch its newest vertical accelerator to support and grow startups in the financial technology (FinTech) industry. Headquartered in Boston, MassChallenge FinTech will match later-stage FinTech startups with industry leaders to accelerate the emerging products and services that have the power to transform the financial services ecosystem.
Finextra

Deloitte partners with Fintech Scotland to drive growth across the sector

May 27, 2018
The body representing Scotland’s thriving financial technology community, Fintech Scotland, has announced it has entered a key strategic partnership with business advisory firm Deloitte. The firm has been appointed as global professional services partner and will support Fintech Scotland with considerable experience and connections to drive the sector’s growth across the country and on the global stage through innovation, collaboration and inclusion. The announcement comes at a key time for the sector which, according recent Scottish Government figures, has attracted nearly £37 million of investment in the last decade.
Fintech Times

HPS launches open banking platform

May 22, 2018
HPS, a leading payment software company, has launched PowerCARD Connect-Open API, an open banking platform that enables FinTech firms to build innovative payments applications on banks and other large financial institutions’ existing payment systems.
Finextra

PayPal’s iZettle purchase is likely to be followed by a lot more fintech M&A

May 21, 2018
Despite high valuations for both private and public financial-technology companies, expect to see more deal activity in the payments sector. PayPal Holdings Inc.’s PYPL, recently announced acquisition of Swedish fintech company iZettle “marks a pivot point for increased deal activity, deal sizes, and valuations,” Mitch Siegel, KMPG’s financial services strategy leader, told MarketWatch.
Market Watch

Microsoft acquires Semantic Machines for conversational AI starter

May 21, 2018
Microsoft has bought California-based Semantic Machines as it seeks to improve its technology in conversational artificial intelligence (AI). Not that conversational as financial details were not disclosed.  According to Microsoft, Semantic Machines uses machine learning to enable users to access and interact with information and services in a “much more natural way, and with significantly less effort”.
Banking Tech

Fintech startup Neat to seek ‘Virtual Bank’ license in HK

May 21, 2018
Hong Kong’s financial sector had long been dominated by traditional institutions, but in recent years the city has seen a rising number of fintech startups trying to push their way into the market on the back of innovation and technology development. One such entity is Neat, a startup that provides an alternative to a traditional bank account, offering services to individuals and SMEs that have often been neglected by big banks.
EJ Insight

FinTech Australia appoints Uber policy chief as CEO

May 20, 2018
Brad Kitschke has been appointed as CEO of FinTech Australia. First formed in early 2016, FinTech Australia is a not-for-profit industry association which advocates on behalf of, and connects and promotes, some 243 financial services technology (fintech) companies. These companies are using innovation and technology to deliver improved and new financial services, both for businesses and consumers.
Finextra

A History Of PayPal Acquisitions In Fintech

May 18, 2018
PayPal made its biggest ever acquisition today by buying Swedish fintech startup iZettle for $2.2 billion, the financial technology company that offers payments via smartphones and other financial products in Europe and Latin America.
Forbes

PayPal partners Indonesian VC to back Southeast Asian fintech startups

May 17, 2018
PayPal is extending its Singapore fintech incubator programme to other parts of Southeast Asia after getting financial backing from Indonesian VC firm Alpha JWC Ventures. Launched in 2016, PayPal Incubator offers fintech startups co-working space at the firm’s Singapore development centre, as well as mentorship and access to potential investors.
Finextra

FinTech Scotland recruits Deloitte for expansion plan

May 11, 2018
The body representing Scotland’s thriving financial technology community, Fintech Scotland, has today announced it has entered a key strategic partnership with business advisory firm Deloitte. The firm has been appointed as global professional services partner and will support Fintech Scotland with considerable experience and connections to drive the sector’s growth across the country and on the global stage through innovation, collaboration and inclusion.
Finextra

Pimco takes minority stake in fintech firm Beacon

May 11, 2018
Pimco, a leading global investment management firm, has entered into a strategic partnership with Beacon Platform Incorporated, a financial technology company specialising in the development of cloud-based, end-to-end development and production platforms.
As part of the partnership, Pimco has acquired a minority stake in Beacon and will license the Beacon platform to aid in delivering quantitative research and analytics to Pimco portfolio managers globally.
Finextra

Canadian Fintech Mylo Launches Mobile Fundraising Platform “Round Up to Give”

May 10, 2018
Canada fintech startup, Mylo Financial Technologies (Mylo) announced earlier this week the launch of its mobile fundraising platform, Round Up to Give. The platform, in partnership with CanadaHelps’ online donation platform, is to make it possible for customers to donate spare change directly from their smartphones. Mylo reported that with Round Up to Give, users can support any of 86,000 registered Canadian charities by creating a donation goal in the Mylo app.
Crowdfund Insider

Fintech TransferWise to launch borderless debit card in Canada in 2019

May 09, 2018
European financial technology company TransferWise is planning a Canadian launch next year for its borderless debit card, which allows users to hold balances in multiple currencies and spend it at home and abroad with lower foreign exchange fees than traditional banks. TransferWise CEO and co-founder Kristo Kaarmann says the card, which was launched in the U.K. and the Eurozone two weeks ago, is useful for frequent business travellers, snowbirds and expats who spend lots of time outside of Canada but domestically as well.
Canadian Business

Events

London

FinovateEurope 2018

March 06-09, 2018 – Conference/Showcase
FinovateEurope 2018, will be at the ExCeL in London on March 6–9 with a new, expanded conference. The first two days follow the traditional Finovate format where 70+ innovative fintech companies will have 7 minutes to demo their latest solutions. This year, for the first time in Europe, we’re offering new, expanded content sessions. Expert speakers will give you advice and insights on the trends driving fintech. Turn light-bulb moments into real-world action and leave with new ideas for your future product roadmap and strategic planning.
FinovateEurope

Future Digital Finance 2018

March 26-27, 2018 – Conference/Showcase
The summit for 21st century digital finance leaders. Future Digital Finance is the conference for digital finance innovators who are paving the way forward at America’s largest financial institutions.
Future Digital Finance

Show more

Europe

Gibraltar International FinTech Forum

February 28-March 1, 2018 – Fintech, Conference/Showcase
Featuring some of the leading names in FinTech.
Gibfin

IFZ FinTech Conference 

February 28, 2018 – Fintech, Conference/Showcase
FinTech is considered an innovative solution for the challenges in the financial industry and shows a high growth rate. In addition to the presentation of the results of the IFZ FinTech study, we will be hearing about recent developments in the field of FinTech from our excellent speakers.
IFZ

Crypto Investor Show

March 10, 2018 – Fintech, Conference/Showcase
The UK’s biggest crypto and blcokchain event for investors. The Crypto Investor Show brings together the crypto community with private investors and traders in the UK for the first time. Gain insight into the array of investment opportunities provided by Cryptocurrencies and Blockchain Technology
Crypto Investor Show

TechNOVA Blockchain Summit 2018

March 22, 2018 – Fintech, Conference/Showcase
TechNOVA: Blockchain Summit 2018 will look across sectors at the latest innovations in distributed ledger technology. This Blockchain conference will bring in case studies from banking, insurance, energy, music, healthcare, trade finance and more. The content will cover a number of the key challenges and use cases including how to develop strategy, verifying provenance, disintermediation and peer-to-peer industries, data sharing, smart contracts and the future of cryptocurrency. With decision makers and senior innovation leaders across multiple sectors, TechNOVA: Blockchain Summit 2018 is the event to attend take your understanding of the technology to the next level and kick-start the development of your future.
Fintech World Forum

E-Fintech Show

April 11-12, 2018 – Fintech, Conference/Showcase
The consolidation of decentralized technologies such as Blockchain together with the various FinTech business models that exist today make the financial sector has to reinvent itself more than ever. A new economy decentralized is coming and will forever change the financial services that Today we know.
e-Fintech Show

Fintech Design Summit

April 20, 2018 – Fintech, Conference/Showcase
The financial services sector has entered a new era, with FinTech startups challenging the major FS players by creating powerful new user centric products. The FinTech Design Summit will be exploring how experience led design has disrupted the industry. We will be hearing from the financial companies designing new experiences for users, that will change consumer exceptions forever. The Fintech Design Summit is targeted at Senior Product & Design Professionals, Fintech Entrepreneurs, CTO’s and CEO’s.
Fintech Design Summit

Fintech World Forum

May 30-31, 2018 – Fintech, Conference/Showcase
FinTech World Forum 2018 (FinTech Conference) is based in London UK Europe as one of leading fintech events for global financial, finance and banking technology industry. Its focuses on Mobile Payments, Lending, Insurance, Blockchain, Bitcoin, Investment, InsurTech, RegTech, Money, Mobile Banking and Wealth Management.
Fintech World Forum

London Fintech Week

July 06-13, 2018 – Fintech, Conference/Showcase
Fintech Week is a series of conferences, exhibitions, workshops, hackathons, meetups and parties. Each day we focus on a different topic. We always ensure that there is plenty of time for networking and meeting other innovators. The main conference/exhibition takes place at the Grange Tower Bridge Hotel, but other events take place across the City of London, Canary Wharf and “Tech City.”
Fintech Worldwide Ltd

Asia/Middle East

Blockchain Middle East Forum

February 05-06, 2018 – Conference/Showcase
Unblocking the blockchain Dubai announced its intention to turn itself into the first blockchain-powered government in the world by 2020. These ambitions are part of the emirate’s goal of becoming a global business hub with next-generation technology playing a key role in delivering this vision.As a result, a number of Middle East companies both private and public have made substantial progress on understanding the opportunities, application and preparations of adopting the blockchain technology within their organisation.
IQPC Middle East

Blockchain and Bitcoin Conference Bengaluru

February 22, 2018 – Conference/Showcase
India is a very likely country to become a global cryptocurrency leader. It is one of the most rapidly developing technology markets because of the huge amount of young people. Besides, the Indian online market consists of 333 million users, occupying the second place in the world.This country has a vast number of young engineers and a comprehensive IT market ready to explore all innovative technologies in a very short time. This also includes cryptocurrency technologies: currently, India is a place where blockchain technologies and cryptocurrency services are promoted at the government level. Therefore, the international network of Blockchain & Bitcoin Conferences organized by Smile-Expo, covering more than 10 European and CIS countries, is expanding and holding a new conference in Bengaluru, India.
Blockchain and Bitcoin Conference

Finovate Middle East

February 26-27, 2018 – Conference/Showcase
Finovate events bring together the entire fintech community to showcase cutting-edge banking, financial and payments technology in a unique, short-form, demo-only format as well as insights from global financial service experts.
 Finnovate Middle East

Fintegrate Zone 2018

February 27- March 01, 2018 – Conference/Showcase
Fintegrate Zone is a “fintech thought leadership” conclave focusing on the future of technology and the broader financial services industry within India and beyond its borders. The agenda of the conclave is to highlight the business and technology innovations driving change in the Banking, Financial Services and Insurance industry.Started in 2017 by Zone Startups, a leading FinTech ecosystem enabler, Fintegrate Zone is a multi-format 3-day FinTech conclave, catering to different stakeholders with curated event formats.
Fintegrate Zone

2nd Annual Fintech Week (Tel Aviv)

March 05-07, 2018 – Conference/Showcase
Our first conference is all about Bitcoin, Blockchain and Distributed Ledger Technology (DLT). We’ll be exploring the evolution of Blockchain from Cytpto to ICO and hearing from innovators and influencers in the space.Our second conference focuses on all things Fintech. Hear from Key players from across the fintech ecosystem including banks, VCs, start-ups and innovators.Our third conference is all about the intersection of cyber security and financial services. We’ll talk to experts on both sides and explore how safe your money and data really is.
Fintech Worldwide

4th Annual Blockchain Finance & Fintech China 2018

March 15-16, 2018 – Conference/Showcase
The 4th Annual Block Chain Finance & Fin-tech China 2018 event will gather over 800 participants from around the world, where the leaders of Block Chain & Fintech will present their views on key issues in the industry.
Blockchain Finance & Fintech China

IFINTEC

May 08-09, 2018 – Conference/Showcase
IFINTEC Finance Technologies Conference and Exhibition will be held at Radisson Blu Hotel, Istanbul Sisli on 08-09 May 2018 in Istanbul, Turkey. IFINTEC is one of the biggest and most important conferences in EMEA region on Retail Banking, Banking Technologies, Banking Solutions and Finance Technologies. IFINTEC Conference serves a perfect platform to introduce and demonstrate banking solutions and finance technology solutions including system, hardware, software, consultancy, training and service which are developed for banks and financial institutions.
Finance Technologies Conference & Exhibition

Finovate Asia

October 29-30, 2018 – Conference/Showcase
THE MOST EFFECTIVE WAY TO STAY AHEAD ON FINTECH INNOVATION IN ASIA 450+ Attendees. 30+ Demoing companies. Countless opportunities. Finovate events bring together the entire fintech community to showcase cutting-edge banking, financial and payments technology in a unique, short-form, demo-only format as well as insights from global financial service experts.
Finovate Asia

Americas

The Bitcoin, Ethereum, and Blockchain Superconference

February 16-18, 2018 – Conference/Showcase
Is It Too Late To Get Involved In Crypto? Not at all. Even if you didn’t mine 10,000 bitcoins using your old PC in 2012, bitcoin, ethereum, altcoins and blockchain technology are still in their infancy.99.9% of the world’s population is barely aware of how bitcoin, ethereum, and other blockchain-based tokens are starting to address real use cases.

MIT Fintech Conference 2018

March 10, 2018 – Conference/Showcase
The event will bring together fintech startups, established financial service and technology firms, vcs, investors, and regulators to share their ideas about recent innovations in the financial technology space. Hear the best ideas, examine the latest technologies, and ask the big question at the mit fintech club’s biggest event of the year!
MIT Fintech

Empire Start-up Fintech Conference New York

April 18, 2018 – Conference/Showcase
Hear from those forging new trails in payments, blockchain, lending, robo-advisors, insurance tech, real estate and more. In addition to attracting hundreds of FinTech entrepreneurs, this conference also plays host to the investors and service providers that help accelerate startups. The audience can also look forward to keynotes, panels and demo updates from some of the top FinTech startups in the world.
Empire Starups

STX 18 by Fintech Exchange

April 25, 2018 – Conference/Showcase
A summit for technology startups focused on financial markets & trading brought to you by FinTech Exchange (FTX). FTX is Chicago’s leading fintech event for financial markets and trading technology. FTX has been a sellout since its inception in 2015, with close to 500 attendees each year. This event has featured growth firms as well as world-class companies, including: CME Group, CBOE, IBM Watson, Amazon Web Services, Google, Trading Technologies, and Tableau.
Fintech Chicago

Finovate Spring

May 08-11, 2018 – Conference/Showcase
THE MOST EFFECTIVE WAY TO STAY AHEAD ON FINTECH INNOVATION 1300+ attendees. 70+ companies demoing. Countless opportunities. See the cutting-edge of fintech via a unique, short-form, demo-only format. Plus, new for 2018, get advice and insights from 100+ fintech experts in a newly expanded program. All coming to you live from Silicon Valley, the world’s biggest tech and innovation hotbed.
Finovate

The Payment Canada Summit

May 09-11, 2018 – Conference/Showcase
Join industry leaders, innovators and challengers at Canada’s largest payments conference. The 2018 SUMMIT is the forum to connect the payments ecosystem, offering a broad spectrum of topics that influence payments in Canada and around the world.
Payments Canada

Future of Fintech

June 19-21, 2018 – Conference/Showcase
CB Insights – The Disruption of Financial Services. The Future of Fintech is an exclusive gathering of the world’s largest financial institutions, best fintech startups, and most active venture investors.
CB Insights

Finbat

June 20-21, 2018 – Conference/Showcase
The Annual Conference on Fintech and Banking transformation (FINBAT) aims to bring together researchers, decision makers, and practitioners interested in exploring the many facets of Fintech and banking transformation in the digital age.
Finbat

Finovate Fall

September 24-29, 2018 – Conference/Showcase
THE MOST EFFECTIVE WAY TO STAY AHEAD ON FINTECH INNOVATION 1500+ attendees. 70+ companies demoing. Countless opportunities. See cutting-edge banking, financial and payments technology in a unique, short-form, demo format. Get advice and insights from 100+ fintech experts in an expanded program.
FinovateFall

 

Reports

Global

Fintech decoded: The capital markets infrastructure opportunity (Mckinsey/World Exchange Report)

March 2018
Technology has long been the engine driving capital markets efficiency—both for investors in the markets, and for the capital markets infrastructure providers (CMIPs) that operate the exchanges and other trading venues, central counterparties, securities depositories, index providers, and data and analytics companies. More lately, fintechs are bringing new technologies to market even faster and with a greater impact. Hundreds of fintechs are
focusing their development on capital markets infrastructure (CMI), and while CMIPs recognize that fintech will have a significant influence on the industry, many remain unsure of which technologies to adopt and to what degree, and how best to engage and interact with fintech companies.

FRTB: delivering on the promise of data-driven insights

February 2018
Although the Basel timetable for FRTB implementation may have been postponed, many banks have already formalized their FRTB reporting requirements. According to new research by Chartis Research and IBM Watson Financial Services, almost one-third of respondents are currently implementing new systems and approaches for FRTB reporting. Depending on their size and location, banks are pursuing FRTB reporting with different levels of urgency – yet in our survey all cited technology as a key barrier to implementation.

Sound Practices: implications of fintech developments for banks and bank supervisors

February 2018
The Sound Practices on the implications of fintech developments for banks and bank supervisors assesses how technology-driven innovation in financial services, or “fintech”, may affect the banking industry and the activities of supervisors in the near to medium term.Various future potential scenarios are considered, with their specific risks and opportunities. In addition to the banking industry scenarios, three case studies focus on technology developments (big data, distributed ledger technology and cloud computing) and three on fintech business models (innovative payment services, lending platforms and neo-banks).
Bank of International Settlements

FinTech: Finding the sweet spot

January, 2018

On the 23rd November 2017, Atos and Worldline, in partnership with Finovate, ran a panel discussion and workshop involving digital leaders and innovators from Financial Services institutions and FinTechs.

This report provides you with an overview and consolidation of the discussions that took place at the event and draws out the key conversations, insights and thoughts presented to help, educate and inspire as you pursue your own journey towards getting out of the lab and into the business..

Atos FinTech Program

December, 2017
The FinTech phenomenon has shaken the foundations of the Financial Services sector – offering new ways to create value in an ageing industry. But not every bank or insurer is going to make the FinTech transition. And not every FinTech is going to outlast the initial burst of activity. So how are you going to exploit opportunities to survive and thrive in Financial Services? As a leader in integrating FinTech solutions, answering this question is our primary focus.

Beyond Fintech: A pragmatic assessment of disruptive potential in financial services

August, 2017
This report is from the World Economic Forum (Forum) and Deloitte studies the transformative role of fintech and other disruptive forces on the financial services industry

World Economic Forum

Atos positioned as a Leader in FinTech Services in Banking by analyst firm NelsonHall

July 17, 2017
Atos, has been positioned as a leader in FinTech Services in Banking in the NelsonHall NEAT vendor evaluation study that assesses 14 global vendors that offer FinTech Services as part of their banking BPS portfolio.
Nelson Hall

Industry News

Global

Taking Insurance to the Next Level with InsurTech Partnerships – European Experience

June 20, 2018
When analyzing insurer-InsurTech partnerships, we looked at a total of 95 partnerships established by 25 incumbents with several InsurTech startups and categorized those partnerships across major areas of operations. While the number of integrations, scale, and areas of operations where those integrations are being tested today vary, integrations/technology adoptions are becoming common in every region.
GOMEDICI

Insurtech Investments Hit New High in Q1: Willis Towers Watson

June 04, 2018
Insurtech investment deals reached a new high in the 2018 first quarter, with older insurers and reinsurers increasingly committing financing right along with traditional venture capitalists, Willis Towers Watson found. There were 66 insurtech investment deals during the quarter at an investment volume of $724 million. That’s up 155 percent from the 2017 first quarter and 16 percent from Q4’s collective deal value of $624 million, Willis Towers Watson noted in its new quarterly insurtech briefing produced in collaboration with CB Insights.
Insurance Journal

Regulators challenged by insurtech innovations

May 01, 2018
The pace of innovation and progressive application of new technologies in the insurance sector poses challenges for regulators, according to experts and public officials speaking at a meeting at The New York City Bar on Friday. Members of a panel discussion on the legal implications for insurtech were asked about their concerns during the meeting, which focused on current issues in insurance regulation.
Business Insurance

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Global

Insurtech hub in the works to help industry integrate 

April 26, 2018
The Office of Insurance Commission (OIC) will set up the Insurtech Centre of Thailand (ICT) over the next two months for data collection, technological exchange and insurance product development. The ICT will also be a hub to integrate insurance firms and tech startups to drive the domestic insurance industry forward, secretary-general Suthiphon Thaveechaiyagarn said during a seminar entitled “CEO Insurance Forum 2018”.
Bangkok Post

Insurtech M&A deal volume triples in Asia

April 09, 2018
The total transaction volume of insurtech merger and acquisitions (M&As) in Asia hit $460 million in 2017, more than three times that of 2016, as industry incumbents and new entrants to the market pushed towards greater digitalization, according to the fourth Quarterly InsurTech Briefing from Willis Towers Watson.
Intelligent Insurer 

How can North America compete in global insurtech boom?

April 06, 2018
The global insurtech boom is rolling on. According to a new Accenture report entitled “Fearless Innovation: Insurtech as the Catalyst for Change Within Insurance,” the number of insurtech deals worldwide increased 39% in 2017, with the total value of deals up 32%, to $2.3 billion. North America (primarily the US) is leading the way in terms of the total value and number of deals, accounting for $1.24 billion and 46% of the deals last year.
Insurance Business

Investment in Insurtech Industry Surged in 2017, with Europe Emerging as Key Insurtech Hub

March 23, 2018
Global investment in the insurance technology (insurtech) industry surged in 2017, with Europe emerging as a new insurtech hub outside the U.S., according to new research from Accenture. The research, which includes new analysis of CB Insights data on insurtech deals over the last year, appears in a new Accenture report titled “Fearless Innovation: Insurtech as the Catalyst for Change Within Insurance.” According to the report, the number of insurtech deals increased 39 percent globally in 2017, with the total value of deals up 32 percent, to US$2.3 billion.
The Financial

InsurTech Landscape: Where are we with cybersecurity?

March 16, 2018
Cyber risk and the feeling of cyber vulnerability is definitely in the air. Whether Equifax, Uber or the NHS, from incumbents to high-growth companies, no one seems to be immune to the cybercrime pandemic.While over 143 million consumers saw sensitive personal information exposed through Equifax, Uber had to acknowledge the hack of around 600,000 drivers and 57 million users around the world and recover the data by settling a ransom, and the NHS attack was coined “the biggest ransomware offensive in history” as it infected more than 300,000 computers globally.
Startupbootcamp

Insurtech challenges Singapore’s largest insurance firms

March 13, 2018
Singapore Business Review’s Insurance Industry Survey saw a reshuffling in the top five companies over the course of 2017. AIA Singapore Private Limited held on to the top spot with assets numbered at around $39b up from an estimated $38b in the previous year. Second placer NTUC Income Insurance Cooperative Limited fell to fourth place with a total number of assets rounded off at $7b. Meanwhile, Prudential Assurance Co. Singapore (PTE) Ltd steps up one notch from third place in 2016 to second place, hitting $33b estimated total assets, a little over a 10% increase from an estimated $29b assets in the previous year.
InsurtechNews 

UK Insurtech Flock Launches Pay-As-You-Fly Drone Insurance

March 13, 2018
Flock, a London based startup, has launched Europe’s first “pay-as-you-fly” drone insurance solution. The “Flock Cover” smartphone app provides on-demand insurance for commercial drone pilots in the UK, with policies starting from just £5 ($7) for up to eight hours of liability and hull cover. Mirroring the ease and speed of ordering a ride with Uber, the Flock Cover app takes drone pilots just a minute to set up a profile and purchase fully compliant hull and liability insurance, said Flock in a statement announcing the app’s launch.
InsurtechNews

February 2018 FinTech Funding – InsurTech, Lending Topped the Charts

March 12, 2018
In February 2018, FinTech startups around the world raised $1.4 billion worth of VC investments across 125 deals, a 17.21% YoY growth in the total funding raised when compared to February 2017. However, in terms of MoM growth, in February 2018, the funding value was 45.3% lower than the $2.56 billion raised in January 2018. The US heavily dominated the funding charts with $961 million, which was a whopping 69% of the global FinTech funding in February. India was a distant second with a 9% ($130 million) contribution, with Canada and Japan contributing 6% ($81.5 million) and 3% ($41.3 million) respectively.
MEDICI

Introducing the InsurTech Capitals of the World

March 07, 2018
Not so long ago, Hartford, Conn., was widely known as the insurance capital of the world. Today, interest has shifted to technology-led insurance firms, or InsurTechs, raising the question: Where is the InsurTech capital of the world? With insurance technology companies starting up in the U.S. from Silicon Valley to New York and globally in London, Shanghai and elsewhere, which city or cities can lay claim to the title “InsurTech Capital of the World”?
Insurance Journal

 

Company News

Global

Bermuda to create an insurtech sandbox

June 22, 2018
Legislation to enable insurtech experimentation and innovation to be trialled in Bermuda is being tabled today by the Bermuda Government. Not everyone will be able to play in the sandbox environment as eligibility criteria has also been proposed. It is for use by licensed insurers or licensed insurance intermediaries.
Royal Gazzete

UK start-up Yulife to bring life to insurtech

June 18, 2018
Yulife claims to be the first lifestyle insurance business in the world, and will launch later in the year offering life insurance plus wellbeing tools for businesses and individuals. The firm uses game design and rewards to “give you the TLC (tender loving care) you need”, but traditional life insurance lacks.
Banking Tech

Insurtech MGA Corvus Insurance Launches ‘Smart’ Cyber Coverage

June 18, 2018
Corvus Insurance, an insurtech managing general agent, has released a new cyber insurance offering for organizations with up to $1 billion in annual revenue. The new Smart Cyber Insurance product includes the features of a conventional cyber insurance policy along with others designed to help brokers and policyholders predict and prevent cyber insurance claims.
Insurance Journal

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Global

Zurich just struck another insurtech partnership

June 14, 2018
Legacy insurer Zurich has intensified its fintech partnership efforts by contributing to a €15 million ($17.6 million) investment in insurtech Digital Insurance Group (DIG). As part of the deal, Zurich will leverage DIG’s solutions and implement them in its own business.
Business Insider

MetLife and Insurtech Start-Ups Ignite Innovation

June 14, 2018
How does a digital start-up get the attention of a Fortune 50 insurer with more than $60 billion in revenue? At MetLife, they walk in the front door and make their pitch. Today, MetLife will host its fourth “Ignition” event at its headquarters in New York City. The “digital speed dating” event brings together global MetLife leaders with cutting-edge start-ups and many of MetLife’s 16 venture capital (VC) partners to explore how disruptive technologies can be applied at MetLife.
Financial Market

Lloyd’s of London launches lab for insurtech innovation

May 11, 2018
Lloyd’s of London has unveiled its new lab as it looks out for insurtech innovation in an “increasingly digital, data-driven world”. Coming in the second half of 2018 the Lloyd’s Lab will focus predominantly on designing technology-driven solutions. As you guessed, the lab will enable new concepts, ideas and products to be tested in a “fast-track, fast-fail environment with the support and active involvement of Lloyd’s market participants”.
Banking Tech

PwC announce the Scale InsurTech cohort of businesses

May 01, 2018
PwC is collaborating with Early Metrics to launch the Scale | InsurTech programme to support high potential scale-up businesses. The programme, which launches this May, will link fast-growth scale-ups and established insurance organisations to generate mutually beneficial commercial opportunities and relationships.
Actuarial Post 

Insurtech will ‘absolutely’ move goalposts on customer service

April 28, 2018
Insurtech could “absolutely” move the goalposts when it comes to customer service, particularly in the area of claims, an expert has said. Clint Kerekes, global chief operating officer at Claim Central, said that he believes insurtech could totally revamp the industry from a customer experience perspective. “Insurtech has the ability to impact and improve customer service at each touchpoint across the insurance value chain,” Kerekes told Insurance Business. “The biggest impact is moving away from a reactive claims service to a proactive service.”
Insurance Business Magazine

AXA partners with insurtech start-up to target less frequent drivers

April 12, 2018
AXA UK has partnered with a pay-by-mile insurtech start-up targeting motorists who drive less often. By Miles measures each journey using a matchbox-sized black box device called a Miles Tracker, with drivers able to access the cost of each trip through a smartphone app. The start-up will launch its first policies and driving app to waiting list members next month, and is aimed at motorists that typically drive under 7,000 miles a year.
Insurance Times

Eos Venture Partners to raise USD100m debut fund for InsurTech

April 12, 2018
Eos Venture Partners (Eos), a specialist venture capital investor in insurance technology (InsurTech), is to raise a USD100 million debut fund, EVP I. The fund will be one of the first global, independent InsurTech investment funds targeting early and growth stage investments.Eos was formed in 2016 and has made eight InsurTech investments, with six going on to successfully raise up-rounds. Notable investments include Neos, a connected home insurance proposition, which raised USD7m from Aviva and Munich Re, and Digital Fineprint, a business that uses social media to enhance the insurance process, which raised USD2.7 million from PenTech Ventures.
Private Equity Wire

GoodData Goes for Insurtech

April 06, 2018
Data analytics and insights company GoodData expanded into the insurance industry this week to simplify claims and underwriting. The San Francisco-based company’s foray into insurtech is marked with the launch of two analytical solutions, Underwriting Insights and Claims Insights. These two products aim to help insurance companies enhance the end customer experience by automating data integration. GoodData leverages machine learning and AI to automate multiple steps in the claims and underwriting process.
Finovate

MetLife to Offer Travel Insurance Via Tencent’s WeSure Platform

April 02, 2018
MetLife and WeSure, digital insurance provider owned by Tencent, announced a strategic partnership to offer insurance solutions to travelers through Tencent’s WeSure online insurance platform. This alliance marries WeSure’s extensive base of 1B monthly active users on Tencent’s mobile social communications platform, WeChat, with MetLife’s global expertise in life and health protection solutions, and enables both parties to collaborate in fields such as big-data analysis, tailor-made and intelligent value-added services to deliver easier to use, more transparent end-to-end protection solutions for Chinese travelers.
Coverager

Events

US

OnRamp Insurance Conference

April 12, 2018 – Insurtech, Conference/ Showcase
The OnRamp Insurance Conference brings together the insurance industry’s leading corporations, investors and startups. The conference highlights innovations disrupting the insurance industry, the leaders making such innovations possible and how new technologies and business models will reinvent the industry. Last year’s event had around 700 attendees and covered a variety of topics such as InsurTech technologies (AI, Blockchain), digital transformation case studies, and best practices in areas such as carrier-InsurTech partnerships.

Global Insurance Symposium

April 24-26, 2018 – Insurtech, Conference/ Showcase
This annual event features renowned industry keynote and panel speakers, as well as numerous opportunities for attendees to participate in roundtable and breakout discussion sessions with global insurance leaders. Speakers include state insurance commissioners, industry leaders, regulatory representatives from various states, national offices and international organizations, and other experts in the insurance industry from around the world.

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Global/US

InsurTech Rising US

May 08-10, 2018 – Insurtech, Conference/ Showcase
Catch the future of insurance in real-time with 50+ insurtech demos. Connect with the leaders driving change. Get to grips with insurtech’s impact

Dig|In

May 14-16, 2018 – Insurtech, Conference/ Showcase
Digital insurance is changing quickly, with every insurer in the market investing in digital strategies and deploying solutions – portals, mobile apps, home or personal devices and more—as they make digital strategy the heart of how they serve markets and customers. Along with this, the number of insurtech startups grows by the week as entrepreneurs and investors seek to capitalize on this rapidly changing market. Join Digital Insurance at this innovative, industry-leading event built to showcase the best aspects of the digital future of insurance. Dig|In will feature keynotes from the industry’s disruptors; we’ll hear from the endemic industry players that are leading the way with digital strategy, and visionaries who are building the future of the industry. And of course the event will bring you fast-paced live demos from a curated list of the industry’s most progressive technology companies.

InsureTech Connect

October 2-3, 2018 – Insurtech, Conference/ Showcase
With over 5,000 attendees expected for this year’s event, this is the world’s largest InsurTech conference.  Last year had over 50 sessions scheduled over the 2 days split into various tracks – pretty much every topic/technology around InsurTech had coverage..

Europe

Connected Insurance Summit Europe 

June 11-12, 2018 – Insurtech, Conference/ Showcase
Join 300+ insurance innovators, who are pioneering connected products and services for insurance. IoT is just a technology. IoT-enabled product and service transformation is where the real opportunity lies. Over 2-days, join 300 of your peers to debate the future of connected insurance. Discover the new products and services that are delivering experiences worth paying for, and delve into the business case for developing a value proposition around connected technologies. With focused workshops on the future of auto, home, health/life and commercial, plus a full 2-days of strategy and innovation sessions, you will leave with a roadmap for connected insurance that is ripe and ready for speedy implementation.

Insurtech Rising Europe

September 10-12, 2018 – Insurtech, Conference/ Showcase

Insuretech Europe Conference 2018

September 25, 2018 – Insurtech, Conference/ Showcase
InsurTech Europe (previoulsy The London InsurTech Conference) returns for a third year running, this time we will be showcasing big industry leaders and how they are innovating with technology as well as the best of InsurTech from around the globe.

Singapore

The Asia Insuretech Summit 2018

April 23-24, 2018 – Insurtech, Conference/ Showcase

 

Reports

Global

Fearless Innovation in InsurTech

2017 was a year of strong headline growth of InsurTech. According to Accenture’s analysis of data from CB Insights, the number of deals rose by 39%. Click to gain more insights.
Accenture

Quarterly InsurTech Q4 Briefing – Willis Towers Watson/ CB Insights

2018 Following another year of record investment, this in-depth report highlights a full year’s worth of 2017 InsurTech activity. By investing heavily in start-ups and technology, (re)insurance companies sent a message to potential disruptive outsiders and assumed a semblance of control over the InsurTech revolution.
Willis Re

The  Future of Insuretech in Germany: Insuretech Radar 2017 – Oliver Wyman

The German InsurTech market continues to develop very dynamically. One can rightfully speak of a start-up boom. But how sustainable is it? We applied the tried and tested InsurTech Radar methodology to evaluate the developments and compare the results to those obtained in 2016. With this, our InsurTech Radar provides orientation for all players in the insurance market.
Oliver Wyman

2018 Insuretech Impact 25 – Oxbox Partners

There are many InsurTech lists and landscape infographics.  What really matters is identifying the winners. Members of Oxbow Partners InsurTech Impact 25 have achieved revenue growth and have a technology-led proposition that can transform incumbents or the insurance industry as a whole.
Oxbox Partners

InsurTech sector quarterly update, Q3 July 2017

With the help of Venture Scanner data, InsurTechNews is now able to offer you a quarterly update on the state of the InsurTech sector.
Insure Tech News

Industry News

Global

RegTech: From Compliance Checkbox To Competitive Cornerstone

July 02, 2018
Bank of America is being sued for $120 million after failing to flag large deposits into small accounts, which were cleared a few days later. Previously, U.S. Bank was fined $600 million for failing to flag and report suspicious activity according to anti-money laundering (AML) requirements. These are big banks making these mistakes, and they aren’t the only ones making headlines for regulatory blunders. According to John Epperson, principal at Crowe LLP, that goes to show that the current approaches to regulatory and compliance technology (RegTech) aren’t working.
PYMNTS

The obstacles of RegTech adoption and what to do about it

June 29, 2018
When you speak regularly about RegTech with both people at banks and start-ups, you can’t help but notice how the tide has turned over the last two years. In 2016 people would often shrug when asked about it, but 2017 certainly was a break out year for RegTech. Sure, technology has been used for many years in one way or the other to support compliance and adhere with regulatory obligations but it wasn’t until last year that RegTech made it into the headlines and has really come to the awareness of boardrooms and decision makers.
Planet Compliance

How European Banks Are Using RegTech Solutions

June 06, 2018
Large US and European banks are spending $20 billion a year on technology to help them comply with newly evolving regulations such as MiFID and PSD2. With regulatory environments becoming increasingly complex, 300+ million pages of regulatory documents will be published by 2020 & 600+ legislative initiatives need to be cataloged by a medium-sized, sell-side institution to have a holistic view of their rulebook – the silos of data generated by various business functions lead to significant resource expenditures on data collection, organization, and analysis.
MEDICI

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Industry News

Global

Australian Regtech Starts Global Rollout in Singapore

May 23, 2018
Australian-based Regtech firm GCS Agile has signed its first international agreement in Singapore for the use of FACS, their FATCA (Foreign Account Tax Compliance Act) And CRS (Common Reporting Standard) Service.FACS is a world leading software program built specifically to manage the complex requirements for the Common Reporting Standard (CRS), for which reports in Singapore and Australia are due for the first time this year.
Fintech News

Regtech to get push of data privacy compliance

May 22, 2018
New compliance regulations concerning digital disruption and data privacy protection are driving opportunities for a new type of startup — regulatory technology (regtech) — in Thailand. 
Bangkok Post

FCA focus areas that drive Regtech innovation trends

May 18, 2018
Regtech has been in the spotlight for the past couple of years, and with the ecosystem warming up to the trend, we see quite a lot of activity around events, awards and regtech forums emerging. Technology solving regulatory requirements has been around for a long time, especially post 2008 when regulators across the world increased the oversight on banks.
Daily Fintech

SupTech – Regulators’ Push to RegTech

May 17, 2018
RegTech as a segment has been witnessing immense interest and activity in the recent past – be it due to the huge fines for non-compliance being imposed by regulators across the world; the reputational damage resulting from these fines, especially for the large, well-known banks; or the realization of the huge potential cost savings and other strategic benefits (RegTech – The Triple Bottom Line Approach). 
GOMEDICI

NSW to support Australia’s RegTech Association with $30K sponsorship

April 30, 2018
Minister for Trade and Industry Niall Blair today announced the NSW Government was backing new events designed to drive growth in the state’s emerging regulatory technology (RegTech) industry with the first event in Sydney this week (on 3-4 May). Mr Blair said the Government was supporting The RegTech Association with $30,000 in sponsorship to run the program of education and industry forums.
Finextra

5 Popular Technologies from the World of RegTech

April 30, 2018
It’s becoming clear these days that a sizeable chunk of the most disruptive innovations being applied within the financial sphere is coming from RegTech. As we mentioned in our previous article, demand for RegTech solutions is expected to skyrocket, as firms intensify their search for ways to effectively deal with the increasingly labyrinthine demands from regulators across such areas as compliance, regulatory reporting, and risk management.
Tech Bullion

The evolution of regtech

April 18, 2018
Since the global financial crisis a plethora of regulation has been introduced and enforced. Whilst the pace of new regulatory initiatives has certainly ebbed, the consequences of such change are vast and remain in play. Many industry commentators question whether this increasing level of regulation will hinder innovation and slow down processes. Contrary to this belief, the opposite trend is emerging with a greater focus on developing technological solutions to new/greater regulatory requirements.
Banking Tech

Understanding MiFID II’s 30,000 Pages Of Regulation Requires RegTech

April 04, 2018
Banks and  regulators need semantically enabled regulatory technology to deal with the huge, and constantly expanding, volumes of regulations, according to a new report by the London-based RegTech Council, “A New Paradigm for Regulatory Change and Compliance.” “it took 30,000 pages and 1.5 million paragraphs to describe the rules in MiFID II…And the problem is only going to get more complicated. Over 50,000 regulations were published across the G20 between 2009 and 2012.
Forbes

Global regulatory compliance – RegTech isn’t a panacea but provides critical tools in the right hands

March 19, 2018
Global regulation has developed like a slow growing but increasingly powerful storm system over the last five years. And whereas big wave surfers welcome such conditions thanks to the epic waves it produces, there are, it could be argued, precious few C-suite executives relishing the equivalent regulatory waves being cast ashore. Asset managers today must contend with complex data aggregation tasks due to reliance on multiple data sets often operated and managed on multiple systems. But whilst this is putting great pressure on internal resources, creating a tug-of-war between compliance departments and the front-office as they compete for additional dollars, there is a way forward; one that uses both top-down and bottom-up approaches to create a more cost-effective, automated regulatory compliance program.
hedgeweek

Regulators to hash out global fintech sandbox

March 19, 2018
The UK’s Financial Conduct Authority says that it will start working with partners in Europe, the Far East and the US on a blueprint for a global regulatory fintech sandbox. Having launched the world’s first domestic regulatory sandbox in 2016, the FCA last month floated the possibility of a global version, enabling fintech firms to carry out tests in different countries at the same time and helping watchdogs to identify and solve common cross-border problems.
Finextra  

Could regtech bridge the trade finance gap in emerging economies?

March 08, 2018
New technologies such as machine learning and blockchain could help solve the de-risking problem among banks globally and widen access to trade finance in emerging markets. That’s according to a new study by Centre for Global Development, which assesses six new regulatory technologies – machine learning, biometrics, big data, know your customer (KYC) utilities, blockchain and legal entity identifiers (LEIs) – and their potential to address the de-risking problem.
Global Tech Review

Examining the ROI & Benefits of RegTech Solutions for Businesses

March 07, 2018
Compared to pre-financial crisis spending levels, operating costs spent on compliance have increased by over 60% for retail and corporate banks. With that, the global demand for regulatory, compliance and governance software is expected to reach $118.7 billion by 2020. Investments and regulatory compliance solutions, however, cannot be seen exclusively as an expense account anymore and proven to be worth the hassle. Estimates suggest that investments in regulatory software can lead to an ROI of 600% or even more with a payback period of fewer than three years.
MEDICI

How Many Regtech Startups in Luxembourgh

Fabruary 16, 2018
“Europe is a hotbed for regtech startups focused on financial services”. That’s according to CB Insights, a data analysis firm. The company’s “2018 Fintech Trends Report”, released on 25 January, counted more than 60 such startups in the EU, including 2 in Luxembourg: Governance.io and TheMarketsTrust.
Banking Tech

FinTech Big 5: RegTech, Blockchain, InsurTech, AI and Financial Inclusion

January 16, 2018
Going in to 2018, we have chosen five areas of interest to focus on. Each represents a vital area of innovation in the financial industry, and has a particular relevance to Luxembourg’s thriving financial technology ecosystem. Each week we will be choosing one of the topics to focus on, both in the content we share on social media, but also in a dedicated newsletter looking at the top five stories from that week.
Banking Tech

When it comes to regtech, going it alone isn’t an option

January, 2018
Why is collaboration important for regtech? (Interview – Chris O’Driscoll, head of disruptive change at PA Consulting Group) – If I think about the word “collaboration” in the context of regtech, it’s not about two similar organisations pooling ideas or resources. For me, it’s about any firm that has a stake in technology as a means to simplify compliance becoming part of an ecosystem. I’d include banks, insurers, asset managers, regulators, tech firms, consultants, accelerators, and academics in that eco-system. They all have something to bring to the table to support the regtech industry.
Banking Tech

The key to unlocking potential from regtech: change the way you think

January, 2018
New regtechs are popping up all the time, and while this may cause some alarm for incumbents, many don’t make much of an impact on the industry.
Banking Tech

Hong Kong’s SFC unveils regtech sandbox

October 2, 2017
Hong Kong’s Securities and Futures Commission (SFC) has launched its SFC Regulatory Sandbox to provide a place for firms to test out their ideas.
Banking Technology

Will regtech kill bank jobs?

October 5, 2017
Technology and regulation are intersecting in ways that create uncertainty in a number of areas, but for those who work in compliance, the big question is whether advanced technologies like artificial intelligence and blockchain will ultimately replace people.
American Banker

Regtech can help national regulators win the race for talent

September 21, 2017
A race for regulatory talent is about to begin. Regardless of the outcome of the Brexit negotiations, it’s almost certain many UK banks will relocate their headquarters or employees, and European financial capitals will swell in size.
Fintech Weekly

Company News

Global

Regtech Firm IdentityMind Shares Insights and Predictions on Cryptocurrency Market, ICOs

July 09, 2018
IdentityMind, a Californian regtech company that serves cryptocurrency exchanges among other clients, believes that these platforms will witness explosive growth in the coming months, the company said on Tuesday. According to Neal Reiter, director of the ICO and virtual currency business unit of IdentityMind, there’s tremendous growth in cryptocurrency exchanges but most people just aren’t seeing it. He expects continued momentum for the months ahead.
Coin Journal

Bank of Lithuania releases new RegTech tool for e-licensing

July 03, 2018
The Bank of Lithuania has introduced an e-licensing tool that makes submission of information necessary to obtain an operating licence quicker, easier and less expensive. Currently the tool facilitates the process of applying for e-money and payment institution licences and new enhancements for applications of other licence types are under way. The solution should eventually become the main platform for information sharing and cooperation between the Bank of Lithuania and financial market participants.
Finextra

Finastra to introduce IFRS 9 Regtech solution in Indonesia

July 02, 2018
Financial technology company Finastra is set to introduce IFRS 9 Regtech solution in Indonesia through a local government accredited data centre. The new IFRS 9 compliance capabilities is expected to assist the regional and medium-sized banks to comply with the new financial reporting standards, scheduled to become effective in January 2020.
Virdict

Show more

Global

RegTech Leader kompany Breaks the Ranks of dun & bradstreet and Bureau van Dijk

June 29, 2018
Austrian-based RegTech firm kompany signed a multi-year contract with RBI for the development and implementation of a fully 4AMLD & MiFiDII compliant and audit-proof Business KYC (Know Your Customer) solution. As the leading global cloud-based platform in its industry, kompany stands out by providing real-time and audit-proof information from government sources, filling the void left by incumbent business information providers. kompany defined the blueprint for Business KYC while taking part in RBI’s FinTech accelerator program, Elevator Lab, thus closing the gap between compliance processes and regulatory institutions.
IT Briefing

IBM Watson expands further into RegTech

June 20, 2018
IBM is expanding Watson further into the RegTech arena, pitching the cognitive computing platform as uniquely placed to help banks deal with an increasingly complex regulatory and risk environment. Current risk and compliance systems are disparate and disconnected, often with varying taxonomies, user interfaces, and skill requirements.
Finextra

BearingPoint’s RegTech Solutions Open up Lithuanian Market

June 04, 2018
BearingPoint’s RegTech platform Abacus has been taken up by Citadele Bank Lithuania. With the Lithuanian commercial bank, the international management and technology consultancy BearingPoint adds a new country to its global footprint. Citadele Bank decided for BearingPoint’s tried and tested platform Abacus360 Banking to meet the European Central Bank’s (ECB) growing requirements on AnaCredit (Analytical Credit Datasets) reporting. As part of AnaCredit, roughly 100 data attributes are required to be reported. Local Lithuanian attributes are currently developed and integrated by BearingPoint to meet local AnaCredit requirements.
4 Traders

smartTrade Technologies Awarded Best Solution for Records Retention by RegTech 2018

May 10, 2018
smartTrade Technologies, a multi-asset electronic trading pioneer, announces that its multi-asset big data analytics solution, smartANALYTICS, won the RegTech 2018 award for Best Solution for Records Retention voted by members of the Data Management Review and Intelligent Trading Technology communities. With the introduction of Mifid II and other regulations, financial firms are now required to keep detailed records of their entire order flow and execution logic for several years. Record keeping and data storage go beyond compliance and allow financial firms to gain market intelligence. Our clients have proactively been leveraging this data recording obligation to analyse and spot patterns and correlations in their trading to improve their execution efficiency..
Business Wire

KPMG Singapore implements RegTech applicaton with Lombard Risk

March 20, 2018
KPMG in Singapore and Lombard Risk, the dedicated global provider of regulatory reporting and collateral management solutions, have today announced the launch of the KPMG Regulatory Integrated Solution (KRIS) through a strategic alliance, to help financial institutions automate and fulfil mandatory regulatory reporting obligations in an agile, accurate and cost-efficient manner.
Finextra

Styles&Wood gains two regtech deals in UK

March 14, 2018
Styles&Wood has gained two new takers of its Arctick governance risk and compliance solution: Go Car Credit Limited and Chetwood Bank. Go Car Credit, a consumer motor finance lender in the UK, has opted for the off-the-shelf version of the system, according to the vendor. Arctick will support audit, compliance and risk management requirements of the Financial Conduct Authority (FCA) under SYSC 7 and the future requirements of the Senior Managers and Certification Regime (SMCR).
Banking Tech

Partnership to Shape the RegTech Ecosystem in Southeast Asia and Japan

February 14, 2018
RegPac Revolution headquartered in Singapore and Japan-based encognize have announced a co-operation agreement to support and accelerate the innovation and adoption of Regulatory Technologies, RegTech, in both countries through a program of joint-initiatives.
Fintech Singapore

Regtech firm Sovos is aggressively hiring programmers

February 13, 2018
Sovos, a financial software and regulatory technology (regtech) firm headquartered in Wilmington, Massachusetts, has been expanding aggressively, both via acquisition and an ongoing hiring push.Sovos, which sells software to the regulatory compliance, risk management and tax groups of the four biggest U.S. investment banks, is in the midst of an extended hiring round in its core markets of Boston, Atlanta and Boulder, Colorado.
efinancial Carriers

‘It’s surreal’: These 20-something Oxford grads just raised $30 million for their fintech startup

September 28, 2017
A “RegTech” — regulation technology — company founded by three Oxford grads all under 30 has raised $30 million (£22.4 million) from investors including Microsoft’s venture capital arm.
Business Insider

RegTech startup Apiax secures $1.5 million in seed funding

September 28, 2017
Apiax, a RegTech startup transforming complex regulations into easy-to-use digital compliance rules, today announced its Seed Round raise of more than $1.5 Million.
Finextra

 

Reports

Global

Financial Crime & Conduct: Exploring Regulatory Technology – A New Approach

In response to pressures from increasingly complex and demanding global regulations, RegTech solutions are achieving the ability to process, analyse and distil enormous volumes of data from disparate sources virtually in real-time. The expanding electronification of global financial markets, as driven by market structure reforms such as Dodd-Frank, EMIR and MiFID II, is very rapidly bringing online vast new streams of information, alongside new processes that need to be monitored systematically for unusual or suspicious patterns.
RT Associates

Fintech Decoded: Capturing the opportunity in capital markets infrastructure

The level of investment in CMI fintech is gaining. For providers, the key is to view fintech not as a strategy in itself but as a means to reach strategic priorities. Technology has long been the engine driving capital market efficiency—both for investors in the markets, and for the capital market infrastructure providers (CMIPs) that operate the exchanges and other trading venues, central counterparties, securities depositories, index providers, and data and analytics companies.
McKinsey&Company

Regtech Special Report

Overview and features of the Regtech landscape and solutions
risk.net

Events

UK

RegTech Capital Markets Conference

March 7, 2018 – Conference/Showcase
The aim of the third RegTech Capital Markets Conference is to see what firms, regulators and their suppliers have been doing about regtech during the previous 12 months and to establish leading practices for regtech. The event is geared towards regulatory SMEs, technology developers and executive.

Regtech Data Summit 2018, Washington DC

March 7, 2018 – Conference/Showcase
Data Coalition is holding first first regtech Data Summit next year to bring together agency leaders, Congress, regulated industries, and tech companies to define this future. Holland FinTech recently spoke to Dutch regtech Axoniq who highlighted the similarity between the GDPR and American privacy law, so much so that American companies use Axoniq’s GDPR module for compliance. There may be much to learn from the American perspective.

Regtech MENA

April 23-24, 2018 – Conference/Showcase
This two day conference in Dubai will draw connections between regtech and fintech and will discuss the transformative effect of technologies such as artificial intelligence, blockchain, big data analytics, biometrics. Another topic for discussion will be the drivers behind the rapid rise of regtech. Last year had international English involvement.

Regtech Summit Europe

September, 2018 – Conference/Showcase
Real-life RegTech applications to streamline regulatory compliance, bring innovative products to market, and benefit consumers.

The art of interpretation: Regtech and intrinsic complexity

The statistics are dizzying: around 170 jurisdictions, 750 regulators, millions of pages of rules and regulations, one revised every seven seconds.  It is no wonder that those charged with keeping their financial institution on the regulatory rails do not always sleep easily at night.  How is Regtech, a convenient shorthand for Regulatory Technology, responding, what has it delivered so far and what is the direction of travel?

Before addressing these questions, we should first perhaps remind ourselves how we got here in the first place.  After all, modern, developed markets of every kind are regulated, particularly those which are vital to economic and societal health. What’s different about financial services?

In short, they’re complicated, carry risk and tend to the longer term.  Add to this the effects of global economic integration, free flows of capital and the ingenuity of the industry to find value wherever and however it can and you have the ingredients for a set of financial instruments requiring careful monitoring and control at every level, firm, national and supra-national.

And in this complex environment, the over-riding goal does not change: to ensure the customer gets what is promised, the provider operates consistently and transparently and in line with internationally accepted principles and practice.

The financial crisis of 2007-08 and its fallout has seen far-reaching regulatory reform in every corner of the sector, not least in the regulatory frameworks and bodies themselves and, with that reform, has come a cascade of regulatory change which shows no sign of diminishing.  In response, risk and compliance departments have mushroomed both with the sheer volume of reporting now demanded and the unending task of consuming, understanding and responding to new rules.

Meanwhile, regulatory fines continue to be levied at persistently high rates for misdemeanours, past and present, intentional and accidental.

All of which has catalysed forward-thinking regulators to turn to their technology markets and encourage them to help ease at least some of the pressure points. Luckily enough, this has coincided with a confluence of high performance computing with machines which ‘learn’.

The result, a set of solutions which ingest and machine-read vast quantities of regulatory data, tag, cross-reference, organise and make it available on demand to the legal, risk and compliance experts who need to consider and interpret it and following those interpretations make recommendations on what needs to be done to stay compliant in the eyes of the regulators.

These are jaw-dropping advances in a short space of time.  Benefits accrue in productivity, cost and quality.  Risk and compliance leaders have more time to think strategically, rather than managing corrective delivery. The firm slowly but surely can get on the front foot.

And there it seems this piece of Regtech music stops, at least today.

For the task of interpretation has not been automated and it is questionable whether in the foreseeable future it reasonably could be, given the intrinsic complexity and volume of assets, transaction types, times, places, actions and jurisdictions when mapped to the number, interdependence and constant revision to which regulation is now routinely subjected.

Equally, just as financial institutions define and manage their risk appetite dynamically, so they can and do decide dynamically how compliant they want to be, influenced by the nature of their business, its culture, the market climate and perceived sources of competitive advantage.

All this perhaps is much more than a rule set or a machine, be they never so cleverly designed, could solve for.

So Regtech has started to deliver real benefits where it best can. Breaking bulk, improving data accessibility, filtering and presenting only the relevant data. Freeing up expert, high value time to do what it should be doing and so, improving the corporate and competitive health of the firm.

And that’s something to celebrate.

Michael Davison
Industry Principal, Financial Services
Atos UK and Ireland

 

Regtech: what’s in a name?

This week’s CSFI (Council for the Study of Financial Innovation) discussion between representatives from the Bank of England, VC Illuminate Financial and Kompli-Global, an intelligent KYC/AML utility, highlighted how elastic a term Regtech still is.

But, more usefully, it enabled a set of common views, attitudes and interests to emerge which did more to create a sense of coherence across the spectrum of work going on under the Regtech banner than the term itself.

Here are some of them:

RegTech is not new. Whilst the term may be newly minted, many of its business problems and responses have clear lineage back 30 or 40 years. What has changed are:

  • the technologies available and their combinative power, particularly cognitive computing.
  • increased operational complexity calling for smarter solutions.
  • the maturing Fintech investment ecosystem.
  • the concentration of specialist regulatory experience in the world’s financial hubs.

Regtech solves problems. Issues and requirements thrown up by regulation call for new solutions. More bodies are not the answer. These new solutions are often very specific to a problem so taking many new services, rather than a single monolithic system, is the direction of market travel.

Regtech is intelligent. Machines learn patterns to detect anomalous behaviour. Standards are set to enable data definitions to be translated into machine code for different uses, enabling automated and accurate data extraction from source systems for analysis and aggregation.

Outside-In is best. It has simply become far more efficient, more flexible and quicker to buy in Regtech solutions than to build them in-house. That in part explains the steady switching of specialists out of Governance Risk and Compliance positions into Regtech start-ups.

RegTech transforms data provision and reporting. The explosion in reporting requirements since the Financial Crisis has stimulated effort to improve data provision and reporting processes between industry, regulators and central banks. Regtech solutions tag and track aggregated and reported data back to the level of original data on a granular level. The EU’s Anacredit project, for example, identifies, aggregates and compares credit exposures and detects associated risks on a loan-by-loan basis.

Regtech is global as well as local. The same thorny issues are faced continuously by businesses and Governments alike, in Developed and Developing Economies:

  • How do we verify the identity of our counterparties?
  • How do we know we can trust them?
  • How do we onboard them, manage them, tax them?
  • How do we identify fraudulent behaviour and how do we act with the customer to stop it?
  • How do we report our numbers to the regulator accurately, on time and at the required level of detail most efficiently?

Even if Regtech has to act globally, it has to engage with local regulators and regulations, jurisdiction by jurisdiction; so there are no short cuts.

Regtech was invented by Regulators. The FCA ran up the Regtech flag in 2014/15, to define what Regtech is, should do and why. The PRA is charged by the UK Government to identify how to support Regtech and stands to be both a prime beneficiary and stimulus to more highly automated data provision. Internationally, the G20 vigorously promotes the pursuit of tax evasion, the exposure of Beneficial Owners and their reflection in tougher national and regional regulations. All this helps to create the climate in which Regtech innovation can thrive.

Each of these factors goes some way to explain why Regtech is culturally a distant cousin to some of the racier parts of the Fintech scene. And why, perhaps, it will deliver even greater benefits over time than they.

So, what matter the label ‘Regtech’? The work going on is the true story. It’s unmistakable when you see it and, though I blush to say it, rather exciting.

Michael Davison
Industry Principal, Financial Services
Atos UK and Ireland

 

Fintech: Here to Stay?

All the signs are that Fintech has planted itself firmly in the global financial services landscape for good. And that, like a vigorous plant, it has propagated itself successfully, creating new variants which are starting to thrive in different parts of that landscape.

Fintech has generated Insuretech which now has its own momentum and quite different character and preoccupations. And now Regtech is getting more fully under way. Common language, assumptions and associations have emerged. The Regulatory community is meeting across the world’s financial hubs – Singapore, Hong Kong, New York, London – to hear about it, talk about it and meet the start ups, entrepreneurs and financiers who are driven to advance the technology and drive down risk. Policy makers and regulators are cheering them on.

A glance at the statistics tell the story. Global Fintech funding continues to grow with $8.4Bn invested in Q2 2017 alone. 64% of global insurers had already made investments in Insuretechs by middle of 2016. Regtech, still in its infancy, attracted $678m of investment into 70 Regtechs in 2016, 38.5% CAGR on 2012.

But how ready are the financial services industries to embrace the ‘’newtech’?

Looking at the story so far suggests that culture and leadership can be tremendously important.

In consumer banking, champions invest continuously to take their bank ‘digital’ from top to bottom, BBVA being a long-standing example. Santander, which recently announced a doubling of its Innoventures fund to $200m is another.

In insurance Aviva leads the charge with its Insurancetech programmes and Digital Garages in London and Singapore.

China’s digital payment and social media leaders, Alipay and WeChat have enjoyed steep growth through a combination of blistering innovation and a captive market of 710 million internet users enthusiastically adopting the new.

Global investment banks are responding to the digital opportunity by launching new digital wealth management offerings, Goldman Sachs being only the latest.

Fintech is, directly or indirectly, playing its part in each of these.

Whilst innovative technology, smart skills and venture capital clearly all drive Fintech forward, Regulation itself has become, unexpectedly a new spur to Fintech growth and innovation.

Regtech dives straight into the hottest technologies – Big Data Analytics, Machine Learning and Cloud Computing – to create solutions which make regulatory compliance easier for financial services organisations through better risk prediction and keeping up with regulatory change.

Payment Services Directive 2 (PSD2) shortly to land in the European Union, places the ball firmly at the feet of banks, telcos, retailers and, yes, fintechs, to radically change the relationship between consumers and their bank.

By forcing banks to share customer and transaction data, with other regulated entities (the ‘Payment Initiation Services Providers’ and ‘Account Information Payment Services Providers’) banks will lose a unique advantage. And a new industry of ‘Concerge’ financial services intermediaries centred on payment transaction instructions will surely rise.

So, is Fintech here to stay? It looks that way. Working well? It depends on your point of view, but look back a decade and it is hard not to notice the difference. Will it run out of stream? I doubt it.

Michael Davison
Industry Principal, Financial Services
Atos UK and Ireland

Atos Fintech Program Video

bluedash

Finding the sweet spot: Getting out of the lab and into the business

On 23rd November 2017, Atos and Worldline, in partnership with Finovate, ran a panel discussion and workshop involving digital leaders and innovators from Financial Services institutions and FinTechs.

Hosted by Dan Cohen, Group SVP, Global Financial Services and Insurance, Atos the event “Finding the sweet spot: Getting out of the lab and into the business”, focused on the exploration of how best to foster and develop real world collaboration between Financial Services and FinTechs.

Remco Neuteboom from Atos’s view on the FinTech industry

Atos, Worldline & Finovate held an event on the 23rd November 2017 on ‘Finding the Sweet Spot: Out of the Lab and into the Business’. Listen to Remco Neuteboom’s (Chief Digital Officer, Global Financial Services & Insurance, Atos) views on whether he believes that both FinTechs and the Financial Services industry need help and if so, how digital services organizations or systems integrators can play a role here.

Dan Cohen from Atos’s view on the FinTech industry

Atos, Worldline & Finovate held an event on the 23rd November 2017 on ‘Finding the Sweet Spot: Out of the Lab and into the Business’. Listen to Dan Cohen’s (Group SVP, Global Financial Services & Insurance, Atos) view on how well equipped he thinks FinTechs have been to date in responding to the complexities within the Financial Services industry.

David Galbraith from Anthemis’ view on the FinTech industry

Atos, Worldline & Finovate held an event on the 23rd November 2017 on ‘Finding the Sweet Spot: Out of the Lab and into the Business’. Listen to David Galbraith’s (Partner, Anthemis) views on whether he believes that both FinTechs and the Financial Services industry need help and if so, how digital services organizations or systems integrators can play a role here.

Matthieu Job from Circeo’s view on the FinTech industry

Atos, Worldline & Finovate held an event on the 23rd November 2017 on ‘Finding the Sweet Spot: Out of the Lab and into the Business’. Listen to Matthieu Job’s (Founder, Shareholder & CEO of the Central European subsidiary Circeo Group) views on how the Financial Services industry has re-organized to take advantage of the pace of change from FinTechs.

Richard Kelsey from Backbase’s view on the FinTech industry

Atos, Worldline & Finovate held an event on the 23rd November 2017 on ‘Finding the Sweet Spot: Out of the Lab and into the Business’. Listen to Richard Kelsey’s (Digital Transformation UK&I, Backbase) views on how the Financial Services industry has re-organized to take advantage of the pace of change from FinTechs.

Oli Harri from J.P. Morgan’s view on the FinTech industry

Atos, Worldline & Finovate held an event on the 23rd November 2017 on ‘Finding the Sweet Spot: Out of the Lab and into the Business’. Listen to Oli Harris’s (Head of FinTech and In-Residence, J.P. Morgan) view on how well equipped he thinks FinTechs have been to date in responding to the complexities within the Financial Services industry.

Panel Interview from Atos, Worldline & Finovate’s FinTech November 2017 Event

Atos, Worldline & Finovate held an event on the 23rd November 2017 on ‘Finding the Sweet Spot: Out of the Lab and into the Business’. Listen to the panel discussion to hear the debate. The panel includes Oli Harris (Head of FinTech and In-Residence, J.P. Morgan), Richard Kelsey (Digital Transformation UK&I, Backbase), David Galbraith (Partner, Anthemis), Remco Neuteboom (Chief Digital Officer, Global Financial Services & Insurance, Atos), Matthieu Job (Founder, Shareholder & CEO of the Central European subsidiary Circeo Group).