3 Proven Monetisation Models For FinTech
October 26, 2018. FinTech News
A report indicates that more than 70% of Americans struggle financially. At the same time, these same households pay roughly $175 billion annually in fees and interest for financial products and services, yet most of such instances don’t improve their financial situation.
Sibos 2018: How blockchain makes banks catch up with FinTech
October 23, 2018. Banking Tech
Richard Buckle, founder and CEO of Pyalla Technologies, looks at how banks can not only catch up with FinTechs but to some extent overwhelm the less mature entities – all thanks to distributed ledger technology (DLT).
Business banking, the final fintech frontier
October 23, 2018. Finextra
Ever since the establishment of Banca Monte dei Paschi di Siena – first bank in history-, banking is all about helping businesses grow. This principle is vital in today’s banking system, followed by laser focus challenger banks who aim to strategically grow their portfolio.
FinTech Now Takes Up 33% of Revenue Share in Financial Services
October 22, 2018. FinTech News
New entrants to the banking market — including challenger banks, non-bank payments institutions and big tech companies — are amassing up to one-third of new revenue, which is challenging the competitiveness of traditional banks, according to new research from Accenture.
More Than 3/4 of UK Consumers Unsure of FinTech, According to TopLine Comms Survey
October 22, 2018. FinTech Times
More than eight out of ten people in Britain (83 percent) are ‘unsure’ of FinTech, according to a survey of 2,000 UK consumers commissioned by TopLine Comms.
Cyverse: Celebrating Female FinTech Leaders
October 22, 2018. FinTech Times
This month, we chatted to Shira Kaplan – founder, CEO & owner of CyVerse, a Zurich-based cyber-security firm which provides best-in-breed cyber-security solutions made in Israel to global and local corporations.
FinTech the most appealing industry for investors as African start-ups bridge the financial gap
October 18, 2018. Biz Tech Africa
We are fortunate to witness a period of monumental progress in Africa. The changes are visible across all sectors. African start-ups have raised a record breaking $560 million in 2017, an increase of 53% from the previous year.
UK FinTech funding is on course to reach new heights in 2018
October 17, 2018. Fintech Global
UK FinTech investment this year is on track to outperform 2017 as size of deals keeps increasing. So far this year the value of FinTech Investments in the UK has reached $2.8bn across 145 deals. The capital raised is already 93.1% of last year’s level.
Jewel Paymentech Teams Up With one of Malaysia’s Leading FinTech Payments Firm
October 15, 2018. FinTech News Singapore
Jewel Paymentech a local financial risk technology company recently signed a partnership with Soft Space, one Malaysia leading payments FinTech firm, who despite having their co-founder recently step down is showing no signs of slowing down.
Hong Kong is Rocking FinTech
October 15, 2018. Crowdfund Insider
Later this month, Hong Kong will host their annual FinTech Week. This year’s event is being billed as the “world’s first” cross-border FinTech event. The multi-faceted conference will straddle Honk Kong and Shenzen – the relatively new metropolis that links Hong Kong to China’s mainland. Macao is being rolled into the event as well, according to organizers.
Opinion | The challenges for FinTech adoption in India
October 15, 2018. Live Mint
FinTech means a great many things to a great many people. In such a broad, fast-moving space, risk and uncertainty are par for the course. Late last week, the International Monetary Fund and World Bank attempted to create a framework within which the tradeoffs between risk and potential should be made.
IMF, World Bank Announce Bali FinTech Agenda to Help Member Countries Harness FinTech Power
October 13, 2018. Jakarta Glob
The International Monetary Fund and World Bank Group announced the so-called Bali FinTech Agenda, which intends to help member countries harness the economic advantages of fast-growing financial technology, while at the same time assisting in managing the inherent risks.
Indonesia and Singapore strengthen cooperation in finTech
October 12, 2018
The Monetary Authority of Singapore (MAS) and the Financial Services Authority of the Republic of Indonesia, Otoritas Jasa Keuangan (OJK) today signed a Memorandum of Understanding (MOU) to strengthen cooperation in FinTech and foster innovation in financial services between Indonesia and Singapore.
A Guide to FinTech Lending Licences
October 12, 2018
The world of FinTech is constantly evolving, introducing new and exciting products, ideas and other financial improvements. As it grows though, more regulation is being put in place to make sure everything is done above board. While further regulation and guidance can be beneficial to help start-ups in finTech stay on the right track.
Why the FinTech Sector is Struggling to Find the Right Talent
October 09, 2018. FinTech Times
Not a week goes by when migration to and from the UK isn’t talked about. Ward Hadaway’s immigration expert Flora Mewies explains why recruiting and retaining talent is essential to the FinTech sector.
Financial Technology sector enjoys M&A boom
October 08, 2018. Finextra
The financial technology sector reported 141 M&A transactions in the first half of 2018, with a total disclosed value of nearly $40 billion, more than 26% up from the prior half year.
5 Canadian FinTech Companies to Watch
October 08, 2018. Investopedia
Although Canada does not receive the same kudos for innovation and technological development as the United States, it punches above its weight when it comes to emerging financial technology (FinTech) companies.
FinTech hubs in Switzerland and Luxembourg meet up
October 05, 2018. Finextra
The Swiss Finance + Technology Association and the LHoFT Foundation are pleased to announce the signature of a new Memorandum of Understanding (MoU) at the FinTech+ Conference in Zurich on Monday, 1st October.
The Rise of Venture Capital Investment in FinTech
October 05, 2018. Startupbootcamp
Over the last two years we’ve seen the largest jump in FinTech funding in Europe, with growth in excess of 120%. This includes a sharp upturn in corporate investment in later-stage FinTechs (nearly 50% of total deals) alongside increased interest by VC Funds in the FinTech space.
How to succeed in FinTech and influence people
October 04, 2018. Banking Tech
One of FinTech’s original opinion formers shares his thoughts on what makes a successful FinTech, the risks threatening this growing sector and avoiding “innovative solutions”.
FinTech’s outpacing banks in payment systems
October 01, 2018. FinTech Business
The Roy Morgan Digital Payment Solutions Currency Report has found that non-bank contactless mobile payment systems are now being used by more Australians than bank-owned solutions.
15 FinTech Influencers in Vietnam You Have to Know
September 24, 2018. FinTech News
In the last five years, Vietnam has witnessed the establishment of over 40 new FinTech companies, such as online payment platforms Moca or MoMo, as well as the country’s first digital banking platform Timo, highlighting Vietnam’s nascent yet rapidly growing FinTech industry.
UK seeks Asian FinTech ties post-Brexit
September 24, 2018. Banking Tech
John Glen, UK’s Economic Secretary of the Treasury, has set off to promote the financial services industry throughout his tour in Indonesia, Malaysia and Japan. He will promote economic collaborations, focusing on the areas of Islamic finance, green finance and FinTech.
Vietnam to set foreign ownership limit in FinTech sector
September 22, 2018. English Vietnam
Experts have said that it is good for Vietnam as foreign investors are interested in the country’s FinTech industry thanks to its high growth potential. As Vietnamese FinTech companies are primarily founded and operated by Vietnamese firms, support from global major foreign financial corporations in technology, experience and capital will help the firms further develop, the explained.
FinTech project aims to boost efforts to become Europe’s technology capital
September 21, 2018. Irirsh Examiner
The Government’s vision of Ireland becoming the tech capital of Europe has received a boost thanks to a €5m programme which will look at how financial technology is transforming business.
Two of Asia’s Biggest FinTech Hubs will Deepen Relationship in 2019
September 21, 2018. FinTech News
Singapore has shown massive support for the Belt and Silk Road initiative by the more recently economically open Chinese government, which has impacted many industries in Singapore including FinTech.
Research partnership aims to establish Ireland as FinTech leader
September 21, 2018. RTE
Could Ireland become a global leader in the financial technology, or FinTech, space? A group of academics and industry players think so. They’ve got together and launched a new research partnership aimed at strengthening Ireland’s competitiveness in the industry.
China’s FinTech giant turns to Singapore
September 21, 2018. Tech in Asia
The FinTech unit of China’s top insurer is now in business in Singapore. Its Lu Global wealth management app is seeking crazy rich Asians with money to invest. Its minimum entry of US$1,000 doesn’t sound too steep, but it’s only open to accredited investors in Singapore.
Is Open Banking forcing FinTech banks to evolve again?
September 20, 2018. Fintextra
FinTech banks are tapping into the huge cultural shifts created by the internet and creating new desires and expectations in the financial services industry. They’re putting huge pressure on the high street retail banks and delivering results in exciting new ways.
Africa’s FinTech startups are innovating out of need and global investors are backing them
September 20, 2018. Quartz Africa
It is hard to miss news of the several funding rounds recently raised by FinTech startups in Africa. After pulling in almost a third of total funding raised by startups on the continent in 2017, the hot streak for African FinTech businesses has continued this year.
The Hottest FinTech, InsurTech Startups in Berlin
September 10, 2018. FinTech News
Berlin, Germany’s largest FinTech hub, is rapidly making a name for itself in the European FinTech space. Today, the city hosts some of the region’s most exciting, fast-growing FinTech ventures. These cover all aspects of financial services, from banking and payments, to lending and insurance, and are quickly expanding across Europe.
FinTech: From threat to ally
September 10, 2018. Finextra
Hugo Bongers, head of ABN Amro’s Digital Impact Fund, explains the bank’s criteria for selecting and investing in FinTech startups.
Consumer protection key to FinTech
September 10, 2018. The Teipei Times
Experiences with Chinese mobile payment services, such as Alipay of e-commerce giant Alibaba Group Holding and WeChat Pay in Tencent Holdings’ popular messaging app, have prompted many Taiwanese to praise the rapid development of financial technology (FinTech) in China.
More Fintech words enter the dictionary
September 10, 2018. Banking Tech
With the word “FinTech” finally included in the Oxford English Dictionary, it’s time for a new wave of industry terms to enter that hallowed hall of linguistic fame.
UAE introduces framework for FinTech pilot licences
September 09, 2018. Gulf Business
The UAE’s minister of economy has issued a decree adopting a regulatory framework for financial technology (FinTech) firms conducting operations under experimental licences.
“Bank of Amazon” is Disrupting the Financial Landscape
September 06, 2018. FinTech News
Amazon is attacking the financial services industry, but rather than building the next-generation bank, the American e-commerce giant is focusing on building financial services that support its core strategic goal of increasing participation in the Amazon ecosystem, according to a report by CB Insights.
FinTech: Democratising ESG investing
September 04, 2018. The Edge Markets
The use of artificial intelligence (AI) has made it easier for retail investors to access investments that adopt environmental, social and governance (ESG) principles. It could provide them with more stable and potentially higher long-term returns, says Omar Selim.
Bangkok FinTech accelerator announces second stage
August 31, 2018. Finextra
Following the success of Bangkok Bank InnoHub in 2017, the first global FinTech accelerator in Thailand, Nest and Bangkok Bank announce today season 2 of the programme and are now accepting applications from around the world.
How FinTech is benefiting the Small Businesses around the Globe
August 31, 2018. FinTech Times
When it comes to maintain a healthy cash flow for small business as well as to manage other business dealings effectually, there are a million ways to do so and implementing latest FinTech solutions is one of them. No doubt, financial technology has totally changed the way that business owners run their business operations and processes.
FinTechs eye Hong Kong digital banking market
August 30, 2018. FS Tech
Banks, FinTechs and telecom firms are reportedly considering bids to join the first generation of virtual banks in Hong Kong, as the territory’s regulator prepares to issue its first online-only banking licences.
How FinTech is using voice and chat to revolutionize customer experience
August 30, 2018. Venture Beat
Leaps in conversational technology are changing consumers’ expectations, and financial service companies need to keep up. Learn how flexible, contextualized voice and chat can optimize user experiences, drive digital engagement, and streamline customer communications when you join this VB Live event.
Blockchain, or the modern Frankenstein?
August 30, 2018. FinTech Times
All this buzz regarding how blockchain, cryptocurrencies, ICOs, and asset-tokenisation will change the world, needs sorting out. In my humble opinion, all those leading the buzz – including industrial experts and opinion leaders – intermix a lot of different and independent things together, freely assign their properties to each other, and from this, we have a plethora of prognoses, recommendations, and in some cases, dramatic investment advice.
UK offers FinTech expertise to Nigeria
August 30, 2018. Banking Tech
As the UK prepares to leave the European Union (EU), the nation’s government is looking to Africa’s FinTech sector for more action.
The UK Prime Minister Theresa May has been in Nigeria shaking hands, dancing (badly), and promoting all manner of business activities.
FinTech Agreement Between Singapore and Dubai Financial Services Authorities
August 30, 2018. FinTech News
The Monetary Authority of Singapore (MAS) and the Dubai Financial Services Authority (DFSA) have signed a FinTech Agreement that allows referrals of innovative businesses between the two authorities.
Switzerland relaxes AML rules for small FinTech firms
August 29, 2018. Banking Tech
The Swiss parliament has taken a chill pill and relaxed the anti-money laundering (AML) rules for “small” FinTech firms.
For the purposes of its “draft ordinance”, “small” institutions are those with gross revenues of less than CHF 1.5 million ($1.53 million).
FinTech: How Banks Can Use Intelligent Biometrics to Reduce Customer Fraud
August 26, 2018. FinTech Times
With fraudsters rapidly growing in sophistication, the Financial Ombudsman has said “it’s not fair” to automatically blame customers for falling victim to banking fraud. With more and more stories surfacing where scammers have been able to bypass simple security checks and move a victim’s money around freely, what can banks do to better protect their customers from the risk of fraud?
4 ways in which blockchain technology will address the problem of cybercrime
August 26, 2018. Tech Bullion
There has been much news lately on new cybercrimes and malicious online activities. How can blockchain technology as the new internet, help address these problems?
FinTech: Study Finds More and More US Buyers Descending on Thriving UK Tech Sector
August 25, 2018. FinTech Times
Research from Buzzacott reveals a UK technology market which has attracted the eye of US businesses and seen a huge increase in transactions, with acquisitions of UK technology companies up 386% in 2017 than there were in 2009.
For FinTech, life after disruption is a question of identity
August 24, 2018. Banking Tech
Challenger bank Starling has recently launched what it calls a “ground-breaking” new bank card design intended to bring the brand into line with the way people use debit cards today. This move poses an interesting question for the cohort of disruptive FinTech brands, including Starling of course: what does it take for a disruptor-leader to keep growing in a world where dominance is never guaranteed?
Contractors, get ready to put FinTech to work for you
August 23, 2018. Contractor UK
With its unparalleled day rates, finance was always the profitable ‘go-to’ sector for contractors wanting to make themselves richer, but Financial Services is changing in ways that will make your life easier too, writes Ivo Weevers, CEO of bookkeeping app Albert.
UK government preps banking and FinTech for no Brexit deal
August 23, 2018. Banking Tech
The UK government has unveiled its contingency plan for banking, insurance and other financial services in case there’s a no Brexit deal after 29 March 2019. The government explains: “A scenario in which the UK leaves the EU without agreement (a ‘no deal’ scenario) remains unlikely given the mutual interests of the UK and the EU in securing a negotiated outcome.
What the US Can Learn from London’s FinTech Success
August 23, 2018. FinTech Times
America: land of hope and glory; land of the free. Except, on the latter point for fintechs, the US regulatory landscape seems anything but free. It looks to me a slow-moving behemoth where ‘harmonisation’ rarely features in regulatory lexicon.
Are Singapore’s FinTech startups hoarding capital?
August 22, 2018. Singapore Business
Homegrown FinTechs are more likely to access later-stage funding that are out of reach for startups in other verticals. Despite a massive pool of available capital fueling the ambitions of homegrown startups in Singapore, FinTechs may be more likely to snag investor attention and score growth-stage funding rounds than other less fortunate startups who are stuck at seed funding.
Thomson Reuters and Singapore FinTech group join to fight cybercrime
August 21, 2018. Finextra
The Singapore FinTech Association (SFA) and Thomson Reuters are to collaborate on projects to promote the country’s FinTech industry and strengthen its fight against cybercrime.
FinTech is Changing how Coffee is Consumed, Bought, and Managed
August 20, 2018. FinTech Times
Coffee is the third most consumed drink worldwide and is the favorite drink of Americans. The drink has been shown when consumed correctly to have positive impacts on productivity and most commercial districts worldwide have a place where you can buy a cup of coffee.
Why ‘Chat Banking’ is the future of financial services in Africa
August 20, 2018. IT News Africa
Numerous reports indicate that messaging has overtaken social media in popularity, with the combined users of the top four chat apps outnumbering the combined users of the top four social networks. WhatsApp alone reports that users send 65 billion messages per day.
10 Exciting FinTech Startups Based in Geneva
August 20, 2018. FinTech News
Switzerland, a world renowned banking and financial hub, has witnessed a growing FinTech ecosystem in the past years fueled by supportive regulations, a large pool of available tech and finance talent, and banks’ desire to innovate.
Get your patents IN: India – the next hotbed of FinTech innovation
August 20, 2018. Banking Tech
With e-commerce making up just 4% of the retail market, most of the population still yet to be exposed to digital disruption, and a start-up ecosystem only a decade old – India might seem like an unlikely location for FinTech innovation.
Banks going the FinTech M&A route
August 19, 2018. Vietnam Net
Foreign investors that are unable or unwilling to wait for the foreign ownership threshold (currently capped at 30 per cent) in the banking sector to gradually increase to enter the market are now taking detours to get into the industry, by seeking opportunities to partner up with FinTech companies in the country.
FinTech Company’s Motion to Dismiss CFPB’s Tribal Lending Lawsuit Denied
August 17, 2018. JDSupra
A Montana federal judge recently denied a FinTech company’s motion to dismiss a CFPB lawsuit against the company and its subsidiaries alleging that sham tribal lenders were used to collect from consumers on small dollar loans for which payments were not legally owed.
Cambodia establishes FinTech association
August 17, 2018. Finextra
Cambodia has become the latest country to launch a national body designed to foster more FinTech collaboration with the launch of the Cambodia FinTech Association (CFA).
Why the FinTech Bubble Hasn’t Burst
August 16, 2018. Blockchain Domain
Alarmists are busy drawing parallels between FinTech and the dot-com bust of 2000. But, here’s why FinTech has immeasurably more sticking power than the investment craze over Internet-based companies.
Why Belgium Can Be A Good ‘Test Market’ For FinTech Firms
August 16, 2018. PYMNTS
Belgium, which is home to many European Union (EU) institutions, is also a burgeoning FinTech hub. The country has the fifth-highest number of FinTech deals in Europe, according to an analysis from Belgium-based European FinTech platform B-Hive.
Are FinTech firms and consumers ready for data protection regime?
August 14, 2018. Livmint
Prima facie it looks that financial services companies, especially FinTechs, will be impacted. I will expect enough time be provided for organisations to build mechanisms and processes to ensure compliance.
How people-first branding is giving FinTech start-ups the edge
August 14, 2018. Banking Tech
Amazon is right up there in the race to become the world’s first trillion-dollar company. So why haven’t more businesses cottoned on to the secret of its success: its dedication to becoming “Earth’s most customer-centric company”?
Why this FinTech startup split its team across 3 countries
August 13, 2018. Tech in Asia
Like most startups and their founders, Chun Dong Chau began with a problem. When he and his co-founders looked at China’s financial tech industry, they saw a relatively mature market that was helping Chinese consumers and financial institutions alike. When they looked at Southeast Asia, they saw something else. They saw big problems.
Manchester bids for FinTech status
August 13, 2018. Finextra
Manchester is positioned to take a major role in the FinTech revolution, which has seen the UK outstrip the US in investment in the last six months, says one of the city’s top lawyers.
Regulators Across the Globe Team-Up to Launch a Global FinTech Sandbox
August 13, 2018. FinTech News
As one of the most regulated industries in the world, FinTech companies face one big obstacle in scaling: expanding into different regions. Each nation not only comes with its own quirks and market conditions, it also comes with a strict set of regulations that could break your entire business upon entry.
FinTech group supports Philippine ID system
August 13, 2018. Bworldline
“Millions of Filipinos are denied access to financial services because they unfortunately lack an identification card to show to banks. The recently signed Philippine Identification System Act effectively gives unbanked and uncarded Filipinos the legal recognition they need to be able to live fully as citizens such as having easier access to financial services,” Mr. Villanueva, managing director of FINTQnologies Corp. (FINTQ), was quoted as saying in the statement.
FinTech innovators to take centre stage in Abu Dhabi
August 13, 2018. Tahawultech
Abu Dhabi Global Market (ADGM) has opened the second edition of the FinTech Abu Dhabi Summit. Building on the success of the 2017 inaugural event that attracted close to 3000 local and global registrations, the 2018 event will comprise two full days of world-class exciting activities with world-class speakers, designed to unite the FinTech community and support the growth of financial services industry in Abu Dhabi and the MENA region.
Singapore Provides ‘Springboard’ To Asian Markets For FinTech
August 10, 2018. PYMNTS
Singapore’s FinTech scene is booming: Funding for the burgeoning sector in the island country topped nearly a billion dollars in 2017, reaching $983.6 million that year. Hong Kong, by comparison, saw $596.8 million in funding for FinTechs at the time.
Chinese FinTech professionals expect up to 30% pay rise
August 10, 2018. Enterprise Innovation
The EY-DBS report, The Rise of FinTech in China, attributes the growth of the FinTech sector in the mainland as driven by multiple factors – “the scale of unmet needs being addressed by dominant technology leaders, combined with regulatory facilitation and easy access to capital.
FinTech: Robo-advisors developing a better value proposition
August 10, 2018. The Edge Markets
As robo-advisory platforms become more common around the world, the focus of these service providers has shifted to creating a robust investment framework rather than just providing a convenient and affordable way to invest, says Michele Ferrario, co-founder and CEO of Singapore-based robo-advisor StashAway.
New Report Explores FinTech Patent Race
August 10, 2018. Fintech News
The FinTech landscape is quickly evolving with new services, business models and providers, but as the industry matures, however, providers will need to deal with attention from regulators, a wave of mergers and consolidations and a slow-down or drop in valuation, and they will need a more pragmatic approach to business development, with a stronger focus on intellectual property (IP) management and exit strategies.
FinTech Frenzy: Hype or Reality? A Closer Look at 6 Key Sectors
August 08, 2018. Fortune
For eight years running, I’ve predicted that FinTech investment is going to plateau. Based on the start of 2018, it hasn’t yet. In fact, we saw more than $5.4 billion invested in FinTech during the first quarter of the year, with no signs of slowing momentum. For perspective, FintTech investment for all of 2014 was just under $4 billion, so that’s “5x” growth in four years. In 2001, per data from Venture Scanner, it was something like $300 million.
The Great ‘Detokenization’: Are FinTech Firms Abandoning Crypto?
August 07, 2018. Finance Magnets
It seems that tokenization is “eating the world”, much in the same way that Marc Andreessen said that software was “eating the world” in 2011. ICOs and blockchain are everywhere, and a growing number of platforms are appearing to bring off-chain assets on-chain.
FinTech: the driving force behind financial inclusion and empowerment in developing economies
August 07, 2018. Banking Tech
“FinTech innovation” means different things to different markets. In some, we are seeing app-driven challenger bank gain traction among customers who are increasingly used to paying for their morning coffee with a tap of their smartphone. Barely a day goes by without some update on cryptocurrencies and the potential impact of blockchain.
FinTech Firms Are Getting Closer to Being Banks in Everything But Name
August 06, 2018. Barrons
There was a time when well-funded FinTech companies would talk about how unbank-like they were. That never really matched up with the reality of what was going on. “SoFi uses its balance sheet much like a bank to originate loans,” The Financial Times noted back in 2015. Then SoFi just went ahead and applied for an industrial loan charter, which it later pulled.
Connecticut’s FinTech Village Pays Attention to Cryptocurrency and Blockchain
August 04, 2018. BitCoin News
The cryptocurrency industry attracts attention from all kinds of places. Seven Stars Cloud is not a name people would associate with Bitcoin or altcoins. Its CEO, Bruno Wu, however, is working on building his FinTech Village in Hartford, Connecticut. It will be a hub that supports cryptocurrency, robotics, and machine learning-oriented initiatives.
New York Finance Watchdog ‘Fiercely Opposes’ Sandboxes for FinTech Firms
August 03, 2018. Coindesk
The chief of New York’s financial regulatory body said Tuesday that the agency is “fiercely opposed” to the U.S. Treasury Department’s recent endorsement of regulatory “sandboxes” for FinTech firms. The strongly worded comments come after the Treasury Department released a report Tuesday describing how non-banking entities, including FinTech firms and data aggregators, should be regulated, recommending the creation of regulatory sandboxes “to promote innovation.”
Federal Charters May Remove Interest Rate Uncertainty for FinTech Firms
August 03, 2018. CEI
The July 31 policy statement by the Office of the Comptroller of the Currency (OCC) announcing that it will now grant “special purpose national bank charters” to non-depository financial services firms is likely a game-changer for FinTech in the U.S. This is because case law stemming from the Supreme Court’s decision in Marquette National Bank of Minneapolis v. First of Omaha Service Corp has established that any firm deemed a “national bank” by the OCC is exempt from interest rate caps outside of the state where it is domiciled.
U.S. regulators falling behind in supporting FinTech innovation
August 03, 2018. Investment News
Regulators in the U.S. are struggling to keep up with the rate of technology innovation sweeping financial services. Between technology startups, traditional firms looking to use emerging products like blockchain and nontraditional companies entering finance, regulators around the world are reassessing existing frameworks and rules.
FinTech: Nigerians acquire loans using mobile app
August 02, 2018. Ghana Business News
With more than half of Nigerians obtaining credit from informal sources, especially from family and friends, Paylater mobile app is revolutionizing credit acquisition by issuing instant loans up to one million naira to customers without seeing or speaking to them. No collateral or paperwork is needed to obtain the loans using the app.
Alternative data seeks to fill in gaps for the FinTech industry where big data proves inadequate
August 03, 2018. e27
Though tech companies in Asia seeking to hire data scientists do mention soft skills in their job descriptions, the one most crucial to the role yet rarely even listed is creativity, given how much our world is changing in the extreme. In 2015, DOMO produced an infographic on how much activity happens every minute across some of the world’s most popular products, including 4,166,667 likes on Facebook, 110,040 calls on Skype, and 51,000 app downloads on Apple devices. In this kind of data-rich era, data scientists.
OCC Announces it Will Accept Applications for FinTech Charter; Treasury Department Releases FinTech Report
August 03, 2018. JDSUPRA
The OCC announced on Tuesday, July 31, that it would begin accepting applications for special purpose national bank (SPNB) charters from FinTech companies engaged in the business of banking. The agency released a Policy Statement and a Supplement to its Licensing Manual addressing how it would consider applications from FinTech companies seeking to operate through an SPNB charter—or so-called FinTech charter.
FinTech Report Card: July 2018
August 03, 2018. Wealth Management
Riskalyze CEO Aaron Klein gives the thumbs up or thumbs down on the biggest news to hit advisor technology in the previous month.
The new dawn: How the rise of FinTech is transforming the Middle East
August 02, 2018. Tahawultech
The last few years have seen a sharp increase in the number of FinTech startups establishing a presence in the region, which many put down to the benefits of its location and private investment appeal. How will this growth cement the Middle East’s position as a FinTech hub for years to come?
FinTech Startups Take Advantage Of Talent Pool In Dublin
August 02, 2018. PYMNTS
Dublin, the capital of Ireland, is a burgeoning hub for startups in the technology sector. The city is home to European offices for multinational technology companies, as well as banks and startups. Trezeo, a FinTech startup that seeks to smooth out income for self-employed workers, is one of the innovators that call Dublin home. The idea behind Trezeo is to give these workers a consistent paycheck each month, which can be a challenge as their income can depend on how much work they complete.
Apple is becoming a formidable FinTech company
August 01, 2018. QZ
A growing anxiety for bank executives is how and when big tech companies will encroach on their turf. During its quarterly earnings call yesterday, Apple CEO Tim Cook gave some insight into the company’s progress in becoming something of a FinTech player: Apple Pay transactions tripled from a year earlier, to more than 1 billion. Cook said that was more than Square and exceeded mobile transactions via PayPal.
The Treasury’s FinTech Report: Key Takeaways
August 01, 2018. Cato
Today was a busy day for financial regulatory policy. In the morning, the Department of the Treasury released its long-awaited report on nonbank financials, FinTech, and innovation. A few hours later, the Office of the Comptroller of the Currency announced that it will start taking applications for a special purpose charter for “FinTech companies engaged in the business of banking.”
FinTech Companies Can Now Apply for US Banking Licence
August 01, 2018. Finance Magnets
The Office of the Comptroller of the Currency, the US’ banking regulator, announced on Tuesday that it will be accepting applications from FinTech companies to receive a National Bank Charter. A National Bank Charter means that a company will function as a member bank of the Federal Reserve.
What the disruptive rise of FinTech startups means for your business
August 01, 2018. IT Pro
Payments are the foundation of financial services. Having reliable, secure and flexible payment options for customers and commercial partners is critical for all businesses. Payments and other financial services are transforming thanks to the rapidly developing FinTech sector. These dynamic companies are offering new platforms and services that all businesses can take advantage of.
UK overtakes US on FinTech investment for first half of 2018
July 31, 2018. BM Magazine
The UK has overtaken the US in terms of FinTech investment for the first half of the year, and taken the top spot in Europe to attract $16.1bn (£12.3bn) out of the EUs $26bn total. Four of Europe’s top 10 FinTech deals happened in the UK, which included a $250m raise by Revolut, $100m by eToro, $60m by Flender and $54m by Moneyfarm. Data provided by KPMG’s pulse of FinTech report has allayed fears that Brexit would hurt the UK’s startup scene, as venture capital firms have cemented the UK’s position as a funding hot spot.
European Parliament Releases Study on Competition Issues in FinTech
July 31, 2018. FinTech News
The European Parliament (EP) has published a new study on the competition challenges arisen from the increasing number of FinTech services provided by newcomer startups, traditional financial institutions and Big Tech companies. According to the paper, factors such as network effects derived from the use of online platforms, access to customer data, standardization, interoperability and the use of algorithms could potentially result in anticompetitive behaviors.
CySEC to Establish FinTech Innovation Hub with Focus on Blockchain
July 27, 2018. Finance Magnets
Regulatory financial technology (FinTech) initiatives have been springing up across the globe over the past few years. This Friday, the main Cypriot regulator, the Cyprus Securities and Exchange Commission (CySEC), announced that it would also be creating an innovation hub.
Bureau of Consumer Financial Protection to create FinTech “Regulatory Sandbox” for cryptocurrencies and blockchain technologies
July 27, 2018. JD Supra
On July 18, 2018, the Bureau of Consumer Financial Protection (the “Bureau”) ( announced the appointment of the head of its newly-created Office of Innovation,1 which will have as its first order of business the creation of a “regulatory sandbox” for financial technology – or “FinTech” – companies.In an interview with the Wall Street Journal, the Bureau’s Acting Director, Mick Mulvaney, stated that this new regulatory framework will allow FinTech companies to develop new products and services, particularly those involving cryptocurrencies, other blockchain technologies, microloans, and loans by individuals.
UK – New Zealand: a FinTech bridge too far?
July 27, 2018. Banking Tech
While Australia and the UK have established a “FinTech bridge“, New Zealand FinTech companies looking to expand into Britain and vice versa don’t yet have an equivalent link. George McLellan and James Walsh from law firm Fieldfisher look at how Kiwis and Brits are exploring other ways to participate in each other’s markets. Numerous New Zealand-founded FinTech firms are eager to establish divisions in the UK in order to scale up their operations in Britain’s much larger market.
5 FinTech trends that will revolutionise business
July 25, 2018. BM Magazine
FinTech was treated as both an opportunity and a threat since it appeared in the society and it started being used at a greater level. In reality, the benefits it brings are far more numerous compared to the downsides. The global investment in FinTech tripled in the past year and this is a sign that it started to expand to the business sector. Actually, businesses are the ones who can benefit from financial technology the most.