The career of an elderly billionaire lies in tatters after he decided that a meeting to address sexism in the fintech industry was the right time to wolf whistle at the crowd and boast about his sexual exploits. David Blooperman, CEO and founder of identity and internet of things service provider ID-IOT, was invited to […]
The Central Bank of Bahrain (CBB) has announced new regulations to create a regulatory sandbox for fintech start-ups and firms to test and experiment their banking ideas and solutions. The framework provides a “virtual space” and it is open to existing CBB licensees and other local and foreign firms. The testing duration is nine months, […]
The Hong Kong Securities and Futures Commission (SFC) and Australian Securities and Investments Commission (ASIC) have signed a co-operation agreement for financial innovation. Both parties play up their “already close ties” and the Australia-Hong Kong trade and investment relationship “more broadly”. ASIC says Hong Kong is Australia’s seventh most important destination for services exports, valued […]
Misys and DH Corporation (D+H) have joined forces to create Finastra, the third largest financial services technology company in the world. As reported in March, D+H was acquired by Vista Equity Partners for $3.6 billion. The venture capital firm, which owns UK-based banking software vendor Misys, beat rival Advent International to acquire D+H. Finastra will […]
Fintech zeitgeist! Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week, Antony Peyton, Banking Technology’s deputy editor, with the help of many “expert comments” (bless you for those), briefly mulls over the aftermath […]
In today’s seemingly financially connected world, where we can send money to one another via our smartphones, and manage our spending habits via apps, it’s pretty hard to believe that financial exclusion is still a reality in the UK. Yet, a shocking 1.7 million adults in the UK still don’t have access to financial services.
A new law in New Zealand is being readied with plans to bring in more innovation and accountability to credit unions. Called the Friendly Societies and Credit Unions (Regulatory Improvements) Amendment Bill, the new legislation will update the law for credit unions and their associations. It has been read for the first time in Parliament. […]
Japanese tech conglomerate SoftBank continued its drive to take centre stage in the evolution of the tech industry with the acquisition of Boston Dynamics from Google/Alphabet. Telecoms.com (Banking Technology‘s sister publication) reports that Boston Dynamics has been a fairly high profile robotics pioneer in recent years, specialising in humanoid and quadrupedal machines apparently designed to […]
An inevitable consequence of the recent spate of terrorist incidents has been calls for greater access to private data and now the European Commission has joined in, reports Telecoms.com (Banking Technology‘s sister publication). According to a Reuters report the European Union (EU) wants to make it easier for authorities to get hold of private data […]
French bank Crédit Mutuel Arkéa has chosen Moneythor’s analytical engine to be at the heart of “Max”, a personal finance assistant app for its new start-up Nouvelle Vague. Max is a mobile-only initiative of Nouvelle Vague, which operates in several cities in France (Paris, Bordeaux, Brest, Rennes etc). It will be available on 1 September […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Fair play is on its way as Hong Kong’s Private Wealth Management Association (PWMA) has adopted the “Treat Customers Fairly Charter for Private Wealth Management Industry”. Developed by the Hong Kong Monetary Authority (HKMA) and the PWMA, the charter has five “high-level principles” and examples of measures to guide PWMA members in their implementation. These […]
With just under 12 months to go until the European Union (EU) imposes new data protection regulations, there seems to be a growing sense of unpreparedness throughout the industry, reports Telecoms.com (Banking Technology‘s sister publication). Perhaps it’s because of the timeframes which were involved for the General Data Protection Regulation (GDPR), or a misunderstanding of […]
San-Francisco based RocketSpace, with the support of Royal Bank of Scotland (RBS) and NatWest, has opened its campus in London for fintech and tech start-ups. Housed in NatWest’s (a subsidiary of RBS) Regents House in London, the campus is the “first of its kind” in the capital and RocketSpace’s only international location. The campus occupies […]
The humans at the Monetary Authority of Singapore (MAS) have laid down some guidelines and want opinions on providing robo-advisory services. In a consultation paper released today (7 June), MAS says it seeks to support innovation in financial services by recognising the unique characteristics of digital platforms. MAS states that financial institutions (FIs) regulated under […]
Fintech funding can be an intense blur of money, jargon and unerringly similar expansion plans. Here’s a round-up that gets to the heart of the matter. Features Plynk, IHS Markit, Barclays, Goldman Sachs, HSBC, Morgan Stanley and Wahed. Ireland’s Plynk, a money messaging app, has revealed a Series A raise of €25 million. Led by […]
German fintech incubator FinLeap’s digital insurance platform Element is partnering with financial services group Signal Iduna for new products and services. Element is currently in the process of applying for a life insurance licence under Germany’s Insurance Supervision Act, and plans to offer services in property, accident and liability, and cybersecurity. It will provide “Insurance-as-a-Platform” […]
HSBC Commercial Banking has launched its Connections Hub, a digital platform to connect buyers and sellers around the world. Businesses in Canada, China, Hong Kong, India, Mexico, Singapore, the UK and the US can sign up to the multi-lingual hub for free. The service will be available to customers in France in the coming weeks […]
After 18 months of development, UK-based online saving and investing service Moola has launched. The firm says there are 5.4 million “mass affluent people in the UK who have no access to financial advice, but disposable income and a desire to save and invest”. It wants to tap into that market by doing the “hard […]
Consulting firm EY will acquire Australian cybersecurity and identity and access management (IAM) provider Open Windows. EY says Melbourne-based Open Windows’ expertise and tools will form the basis of a new Asia-Pacific regional IAM advisory platform within EY, to help assess, design, build and operate solutions. Lynn Kraus, Oceania managing partner advisory, EY, says it […]
Fintech zeitgeist! Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week, we sum up the predictions made by Google’s illustrious chief futurist, Ray Kurzweil, on what awaits us this century. 2019 Farewell cables. […]
Six graduating start-ups from Startupbootcamp FinTech Mumbai have secured pilots with banks and corporates such as RBL Bank, ICICI Bank and State Bank of India (SBI). At Startupbootcamp’s demo day at the Royal Opera House in Mumbai, 11 start-ups showcased technologies in financial services to more than 400 guests. Propositions included SME banking, blockchain, digital […]
Securities processing software vendor GBST has migrated the back and middle-office operations of Deutsche Bank from the legacy GBST Shares platform to GBST Syn for processing the bank’s equity market trades in Australia. This is GBST’s fourth live Syn installation in the country. Other users are Macquarie Bank, Citi Australia and brokerage and investment firm […]
HSBC is entering the robo-advice market with the launch of a new online service for wealth management advice The service will use data and algorithms and will make personal recommendations based on an individual’s circumstances. It is expected to be available by the end of the year. The bank says this will “open up wealth […]
Deloitte has acquired design consultancy firm Market Gravity as it looks for a lift and the chance to moisten its creative juices. Founded in 2009 and headquartered in London with teams in New York, Edinburgh and Toronto, Market Gravity works across multiple sectors including financial services, retail, energy, telecoms and automotive. It recently helped UK-based […]
The First MicroFinance Bank in Afghanistan (FMFB-A) has chosen Accuity for regulatory compliance screening of its customer accounts and cross-border transactions. Accuity says it will help FMFB-A enhance the performance of its compliance operations by eliminating manual procedures and speeding up the end-to-end process with its automated regulatory list updates and real-time screening of transactions […]
R3 and four Japanese financial institutions (FIs) have joined forces to use blockchain in a derivatives prototype test. Nomura, Daiwa Securities Group, Mizuho, Sumitomo Mitsui Banking Corporation and R3 have tested a prototype developed using Corda, R3’s distributed ledger technology (DLT) platform based on blockchain, to streamline International Swaps and Derivatives Association (ISDA) Master Agreement […]
Article 50, triggered just nine months after Brexit was officially announced, will give the UK exactly two years to strike a deal with the EU concerning its departure from the economic and trading bloc. What will be the impact of the referendum on the square mile? Will it cease to be the major financial hub this side of the Atlantic?
With an intended jolt and volt of energy, Yolt, a new money platform backed by ING, has launched its open beta for iOS and Android in the UK. The app has been tested in closed beta since October last year, and is now ready to invite more people to the platform. Yolt enables users to […]
ABN Amro, ING, Rabobank and Geldservice Nederland (GSN) have teamed up to explore a potential initiative to ensure the availability of ATMs in the Netherlands. These discussions are being conducted in consultation with the nation’s central bank, De Nederlandsche Bank (DNB), and draw upon “successful initiatives” in Sweden and Finland. With the rise of digital […]
A consortium of Spanish companies has created Red Lyra, the “first multisector technology platform in the world based on blockchain”. Lyra comprises fintech and non-fintech companies, professionals, and experts in blockchain. Its founding members include Banco Sabadell, Banco Santander, Bankia, BBVA, Bolsas y Mercados Españoles (BME) and consulting firm Grant Thornton. In fact, just last […]
Bank Negara Malaysia (BNM), the nation’s central bank, has approved four fintech start-ups to operate within its regulatory sandbox. As Banking Technology reported last month, BNM called out to fintech start-ups for ideas to improve the financial services sector. The bank’s Financial Technology Enabler Group (FTEG) announced it was open to concepts through its “Fintech […]
Astana International Financial Centre (AIFC) has chosen Nasdaq to power Kazakhstan’s nascent stock exchange, the AIFC Exchange. The exchange is targeted to launch in late-2017 and will initially trade equities and fixed income with other asset classes for future phases. Within the framework of the agreement, the Nasdaq Matching Engine will be implemented and go […]
Estonia has launched an e-residency programme to let anyone apply to join its new digital nation and register a global EU company that can be managed online from anywhere in the world. This means e-residents don’t have to travel to Estonia in order to access business banking. An EU company with a fully digital EU […]
A lack of understanding and trust in technology is stalling mainstream adoption of innovative new fintech services, according to HSBC’s research. The bank’s report, “Trust in Technology”, shows that technologies such as fingerprint recognition, voice recognition and robo-advice “hold enormous potential” for uses from bank security to mobile payments and investment advice. John Flint, global […]
Chile’s central securities depository (CSD), Depósito Central de Valores (DCV), has chosen Nasdaq to revamp its technological infrastructure. Under the agreement, Nasdaq’s CSD solution will include trade and instruction management, settlement, custody, corporate event management and registry capabilities; and full coverage for all types of securities and multi-currencies. In addition, it will support settlement with […]
Should you hear a vehicle trundling down your litter-strewn UK street don’t all rush out assuming it’s an ice cream van. Calm yourself and your desires for a gigantic calorie-drenched concoction, and instead prepare for Gemalto’s GDPR Clinic. Before you ask WTF? (i.e. what the fintech) – this is payments firm Gemalto and its double […]
The Dubai Financial Services Authority (DFSA) will allow firms to apply for a financial services licence as it seeks to boost innovation in the region. As reported in March, DFSA issued a new consultation paper and proposed its licence plans. The licence, known as an Innovation Testing Licence (ITL), will allow qualifying firms to develop […]
FIS will sell off its majority ownership stake in Capco to private equity investment firm Clayton, Dubilier & Rice (CD&R), establishing Capco as an independent company. FIS will sell approximately 60% equity interest in Capco, the public brand for its management consulting offering, and receive net cash proceeds of $477 million. Upon closing, FIS will […]
International Finance Corporation (IFC) and the Monetary Authority of Singapore (MAS) are working together to establish and develop their ASEAN Financial Innovation Network (AFIN). IFC, a member of the World Bank Group, and MAS have signed a memorandum of co-operation. Through AFIN, they plan to establish a regional network to help financial institutions, fintech firms […]
