Archive News

NatWest is to launch new environmentally-friendly debit and credit cards.They will be made of 86 per cent recycled material, with the move expected to save over 50 tonnes of PVC plastic.
Posted: 15/10/2021
Former Bank of England Governor Mark Carney has emphasised the financial sector's crucial role in the transition to a low carbon and eventually a net zero economy. In the closing keynote of Sibos 2021, Carney also injected a note of cautious optimism on the question of how quickly progress can be made in reducing carbon emissions.
Posted: 15/10/2021
The national roll-out of the new £100 spending limit for contactless card payments begins today. The UK chancellor announced the new limit from £45 this March, in response to wider contactless use among consumers and the pandemic, which saw less use of cash in shops and restaurants, for instance.
Posted: 15/10/2021
Charles Randell is to step down as chair of the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) in Spring 2022. Randell took up the appointment as chair of the FCA and PSR boards in April 2018. The term of his appointment was 5 years.
Posted: 15/10/2021
Representatives from the G7 economies have said that any central bank digital currency (CBDC) must "support and do no harm". The G7 highlighted that though the introduction of CBDCs offers ‘significant benefits’ they also said they raise “considerable public policy and regulatory issues".
Posted: 14/10/2021
Crypto technologies “offer a prospect of radical improvements in financial services”, but could pose financial stability risks in their current form, according to the Bank of England's deputy governor for financial stability. Speaking at Sibos 2021, Sir Jon Cunliffe said: “Although crypto finance operates in novel ways, well-designed standards and regulation could and should enable risks to be managed in the crypto world as they are managed in the world of traditional finance.”
Posted: 14/10/2021
Credit reference agency Credit Kudos has launched Signal, an “explainable” Open Banking credit score to help lenders “serve more customers and reduce defaults”.The scoring system enables lenders to move beyond the limitations of traditional credit data, allowing them to accurately score all applicants, not just those with credit history.
Posted: 14/10/2021
The experience of the past two years has proved the strength and the economic value of banks – and they can retain that role even in the face of unprecedented commercial, technological and environmental disruption during the next decade, according to Societe Generale's CEO. Speaking during an In Conversation session at Sibos 2021, Frederic Oudea, whose 13 years in post make him one of the most experienced CEOs in the sector, outlined key trends that will reshape in the infrastructure of the financial sector during the next few years.
Posted: 14/10/2021
An independent group has launched The Digital Pound Foundation, which will push for the implementation of a digital pound and digital money ecosystem.The forum, which is backed by association members such as Accenture and Ripple, was incorporated on 22 June this year and is chaired by industry veteran Jeremy Wilson, a former vice chairman at Barclays.
Posted: 14/10/2021
The financial sector risks damage to itself and its customers if it doesn't do enough to protect the planet, according to a report from EY, Microsoft and Earth Knowledge. As a core part of global economies, banks, investment firms and insurers have a “great responsibility” to ensure they support activities that are “nature positive” and which protect the air, land, water and animals, says the report.
Posted: 14/10/2021
The Financial Conduct Authority (FCA) has issued new guidance to companies operating a remote or hybrid working model.The guidance acknowledges that many regulated firms have changed the location of their central operations or increased remote working away from them as a result of the pandemic, and that many plan to carry on with a hybrid way of serving their customers.
Posted: 13/10/2021
Standard Chartered and FinTech Atome Financial have struck a $500 million 10-year financial services deal for merchants and consumers across Asia. Atome Financial is a business unit under Advance Intelligence Group, which recently closed a $400 million-plus Series D financing round led by SoftBank Vision Fund 2 and Warburg Pincus, valuing the company at more than $2 billion.
Posted: 13/10/2021
NatWest has pledged £100 billion of climate and sustainable funding and financing by the end of 2025 and has announced plans to launch an SME green loan.The move comes as the banking group released a new report which found that SMEs could create up to 130,000 new jobs, produce around 30,000 new businesses and result in an estimated £160 billion opportunity for the UK economy.
Posted: 13/10/2021
AI technologies could replace or enhance every piece of banking software in use today, according to financial technology veteran and icon Thomas Siebel. The former founder of Siebel Systems, now CEO of AI technology firm C3.ai told delegates at Sibos 2021 that “AI represents an entire replacement market for everything we’ve done in enterprise banking software in the last three decades”.
Posted: 13/10/2021
R3 has acquired the technology and team of the financial asset tokenisation specialist Ivno, boosting its capabilities in the Corda environment and strengthening its digital assets and currency business.Ivno’s smart contract and tokenisation platform is designed for regulated financial services firms. It enables users to rapidly tokenise assets such as gold, cash, collateral and artwork, providing an easier way to increase liquidity and support the speedier and low-cost transfer of assets.
Posted: 12/10/2021
The development of financial services based on private networks has the potential to enable creation of a parallel banking system, completely independent from the official banking system, according to the CEO of the Institutional Clients Group at Citi.In an address to Sibos 2021, Paco Ybarra said the development of crypto-based financial products and services delivered via private networks “could lead to a completely new financial system … a completely new financial architecture with banks not involved."
Posted: 12/10/2021
HSBC has launched a platform that enables clients to access post-trade services and solutions from HSBC and other third party service providers.HSBC MarketSpace,allows clients to choose and connect seamlessly to their preferred service providers, with the ability to select products and services best suited to their needs.
Posted: 12/10/2021
It will take more than new technical standards to enable truly efficient, frictionless cross-border payments, Visa Europe CEO Charlotte Hogg has told delegates at Sibos 2021. Speaking during a panel discussion, Hogg acknowledged progress made in the market during recent years, which she suggested has been driven in part by changing customer expectations of digital services and in part by the changes in online behaviour caused by the pandemic lockdowns.
Posted: 12/10/2021
The financial services industry must improve collaboration with third party suppliers to improve cyber security practices and technology at the build stage, according to speakers at Sibos 2021, which began online yesterday. Tim McNulty, group chief security officer at Barclays said the presence of threats such as the SolarWinds cyber attack made it “obvious” that the sector should “adopt a more collective approach” in sharing security knowledge and expertise with suppliers to improve security and resilience.
Posted: 12/10/2021
Crypto risk management firm Elliptic has raised $60 million in Series C funding to help increase its business with financial markets.The financing round was led by Evolution Equity Partners alongside the SoftBank Vision Fund 2, with existing investors also contributing.
Posted: 11/10/2021
More UK financial institutions are targeting acquisitions and partnerships with FinTech firms to boost their market position, a report from Lloyds Bank has found. According to industry body Tech Nation, UK FinTech firms received $4.6 billion of venture capital investment in 2020, making the UK the top FinTech market in Europe and the second top globally.
Posted: 11/10/2021
As SIBOS 2021 opens today, SWIFT has announced it has joined forces with EBA CLEARING and The Clearing House (TCH) and 11 global banks to design a cross-border payments initiative that aims to be as seamless as the fastest domestic payments options.
The three private-sector, member-owned companies have completed a proof of concept as part of a new initiative, Immediate Cross-Border Payments (IXB), that demonstrates the ability to synchronize settlement in one instant payment system with settlement in the other and convert real-time messages between both systems.
Posted: 11/10/2021
The newly appointed chair of the Open Banking Implementation Entity (OBIE), Charlotte Crosswell has pledged to “acknowledge and learn from past mistakes” after an independent investigation found that leadership failures at the body allowed a “culture of bullying and intimidation to prevail.” Crosswell’s appointment comes after Imran Gulamhuseinwala resigned as OBIE trustee and chair last week following the investigation commissioned by the CMA (Competition and Markets Authority).
Posted: 11/10/2021
Cryptocurrency exchange Binance is considering setting up a headquarters in Ireland, according to sources reported by Reuters. The firm has set up three separate subsidiaries in Ireland this year according to the Irish Independent: Binance (APAC) Holdings, Binance (Services) Holdings, and Binance Technologies.
Posted: 08/10/2021
28 per cent of UK adults do not trust High Street banks, according to research which surveyed 2000 Brits. This number rises to 38 per cent for 25-34 year olds.
Posted: 8/10/2021
JPMorgan Chase has today officially announced the launch of its new digital bank in the UK under the Chase brand. The bank’s opening was first reported in September.
Posted: 8/10/2021
Technological innovation can foster greater efficiency, financial stability, and inclusion, but it can also do the opposite, the head of the BIS Innovation Hub has warned.
Posted: 8/10/2021
Nearly twice as many UK financial services firms consider environmental sustainability and tackling climate change to be a top strategic priority compared to last year, according to a report from Lloyds Banking Group.
Posted: 7/10/2021
NatWest has entered a guilty plea at Westminister Magistrates’ Court to criminal charges brought by the Financial Conduct Authority (FCA) under the Money Laundering Regulations 2007 (MLR 2007.)
Posted: 7/10/2021
Money transfer firm MoneyGram has partnered with the Stellar Development Foundation to enable pay-outs in local currencies for its users using stablecoins. MoneyGram will use US payments firm Circle's USDC stablecoin to settle payments and convert them to user’s local currencies.
Posted: 07/10/2021
Visa is introducing behavioural biometrics and device fingerprinting across its European network of financial institutions, payment service providers, and merchants. The financial services corporation has chosen Callsign as its biometric digital and device intelligence identity provider.
Posted: 7/10/2021
NatWest has acquired children’s banking FinTech RoosterMoney. Launched in 2016, the London-based firm provides an app which aims to help children learn about money in a safe environment.
Posted: 06/10/2021
London-based B2B payments start-up Crezco has raised £3 million in its latest funding round. The company, founded in 2020 by chief executive Ralph Rogge and chief technology officer Igor Pikovsky, provides a free payment API to businesses which uses open banking rails.
Posted: 06/10/2021
FinTech lender Sonovate has surpassed £2 billion in total funding as of September 2021. Sonovate, which offers embedded finance and technology services to businesses that engage contract and freelance workers, said that it provided half of the funding to companies in the past two years.
Posted: 6/10/2021
Tech Nation has announced that 30 companies have been accepted into Fintech 4.0 – the fourth iteration of the organisation’s growth programme for FinTech entrepreneurs to scale their start-ups.
Posted: 6/10/2021
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have published preliminary guidance for public consultation which suggests stablecoins should observe international standards for payment, clearing, and settlement systems.
Posted: 6/10/2021
NatWest Group has announced the launch of private bank Coutts in Scotland. The wealth manager and private bank will open a network of offices in Edinburgh, Glasgow and Aberdeen, led by Alisdair Dewer, formerly relationship director at Royal Bank of Scotland.
Posted: 06/10/2021
Cloud-based clearing bank ClearBank has announced the launch of a new multi-currency solution aimed at reducing friction for financial institutions and FinTechs who offer cross-border payments and FX capabilities.
Posted: 5/10/2021
Experian has launched a data partnership with Handelsbanken to reduce the number of high-carbon emission cars within their current lending portfolio.By combining data sets from both organisations, including information on CO2 emissions, Experian’s data analytics will provide a deeper understanding of what percentage of vehicles within Handelsbanken’s asset finance portfolio are considered high or low in carbon emissions.
Posted: 05/10/2021
Monzo has decided to withdraw its application for a US banking license according to sources reported by the Financial Times, a year and a half after its initial application.

The move follows discussions with regulators at the US Office of the Comptroller of the Currency according to the sources, which informed Monzo that their application was unlikely to be successful.
Posted: 05/20/2021
Microsoft has announced that its cloud offering for the financial sector will be available from next month.
Posted: 5/10/2021
Starling hired a Vikki Williams as its new customer experience officer. Williams will be responsible for leading operations and improving customer experience at the digital bank.
Posted: 4/10/2021
Financial services were targeted the most among reported cloud ransomware incidents in the second quarter of the year, according to McAfee Enterprise’s latest Advanced Threat Search Report.
Posted: 4/10/2021
A Bank of England (BoE) backed-project set to test the IT resilience of the UK’s financial services (FS) sector has now been opened to FS firms of all sizes, according to sources reported by the Financial Times. The initiative will be run by Bristol-based cybersecurity firm Immersive Labs and will be overseen by the Cross Market Operational Resilience Group according to the sources, an industry body co-chaired by the BoE and industry group UK Finance.
Posted: 04/10/2021
Google has reportedly cancelled the launch of its digital checking account Plex. According to reports in the Wall Street Journal, the tech giant is pulling the plug on Plex in order to focus more on “delivering digital enablement for banks and other financial services providers rather than us serving as the provider of these services".
Posted: 04/10/2021
American Express has launched a new digital expense management tool for businesses. The app is available for UK Business Gold and Platinum cardmembers.
Posted: 1/10/2021
Barclaycard Payments has launched a new Foreign Exchange (FX) solution for corporate customers in collaboration with Barclays Corporate & Investment Bank.
Posted: 1/10/2021
Climate change poses material risk to the insurance sector, according to a new report.The research, from the International Association of Insurance Supervisors (IAIS), is the first global quantitative study of how insurance sector investments are exposed to climate change, with data covering 75 per cent of the global insurance sector.
Posted: 01/10/2021
The Bank of England has joined six other central banks to issue a set of reports on the potential design and implementation of retail central bank digital currency (CBDCs).The new reports build on the work of an initial report published in 2020 outlining key principles, with the latest looking at the policy options and practical implementation issues for CBDCs.
Posted: 01/10/2021
New York-based robotic financial advisor Betterment has hit a $1.3 billion valuation after raising $160 million in its latest funding round. The firm, founded in 2008, provides automated goal-based investing to US consumers as well cash management services.
Posted: 30/09/2021
Vulnerabilities in Apple Pay and Visa could enable hackers to bypass an iPhone’s Apple Pay lock screen and make unauthorised contactless payments, according to new research.
Posted: 30/9/2021
Core banking plartform provider Modularbank has announced it is re-branding to Tuum.The company said that the launch of its new corporate brand identity would better reflect its company values and market offering.
Posted: 30/09/2021
Following its launch earlier this month, JPMorgan’s Chase has announced its partnership with UK-based banking technology business 10x Banking.
Posted: 30/9/2021
HSBC has announced the launch of its new scenario risk tool on Google Cloud. The HSBC Risk Advisory tool aims to help manage credit risk more efficiently across its trading portfolio.
Posted: 30/9/2021
Coinbase customers will now be able to receive their paycheck directly into their Coinbase account, either in cash or cryptocurrencies like bitcoin. The cryptocurrency exchange, currently the world’s largest by trading volume, reported revenues of $1.14 billion for its 2020 financial year.
Posted: 29/09/2021
Amazon Business has partnered with InsurTech Superscript to deliver tailored insurance for micro and small businesses, as well as sole-traders, via the company’s membership scheme. Business Prime is a membership programme designed specifically for businesses available only on Amazon Business in the UK.
Posted: 29/9/2021
The Female Innovators Lab by Barclays and Anthemis is expanding to Britain and the rest of Europe. The Lab is a US-based venture fund and studio which aims to invest in women entrepreneurs across the financial services industry.
Posted: 29/9/2021
Citi has launched an integrated Environmental, Social and Corporate Governance (ESG) and multi-currency notional pooling capability offering in Luxembourg.The banking group said the move will allow clients to harness multi-currency notional pooling, automated ESG investments options and wider liquidity management capabilities, including target balancing, multi-bank target balancing, cross-currency sweeps and virtual accounts to meet their Treasury objectives.
Posted: 29/09/2021
Starling has announced plans to expand across Europe during the first half of next year. Subject to regulatory approval, the UK digital bank hopes to make its Banking as a Service (BaaS) solution available in the European Union, including France, Germany, The Netherlands, and Spain.
Posted: 29/9/2021
Mastercard is launching a Buy Now, Pay Later (BNPL) programme for banks, lenders, FinTechs, and wallets across the UK, US, and Australia. Mastercard Instalments will enable financial services providers to offer BNPL at online and in-store merchants.
Posted: 28/9/2021
Human trafficking is now one of the most pressing concerns for compliance professionals across the world, according to the latest anti-money laundering study from BAE Systems. The research surveyed 452 financial professionals working in risk management and compliance within the banking and insurance sector across the UK, USA, France, Germany, Australia, and Singapore.
Posted: 28/9/2021
Revolut reportedly has plans to launch its own crypto token. According to sources at CoinDesk, the FinTech is working on an exchange token similar to Binance’s BNB, rather than a stablecoin.
Posted: 28/9/2021
Santander has discontinued international money transfer service PagoFX 15 months after its initial launch. The High Street bank said the move was part of efforts to refocus PagoFX’s parent division, PagoNxt, on business-to-business payments.
Posted: 28/09/2021
Payments company Worldline has announced the launch of a new account-to-account payment offering which will allow online businesses to launch their own custom-branded payment method.
Posted: 27/9/2021
Global real-time payments company ACI Worldwide has announced that the patent for its incremental learning technology – which it describes as an “industry-first” approach to machine learning – has received full approval.
Posted: 27/9/2021
Twitter is expanding its tipping feature to everyone and including more payment options – including cryptocurrencies. The social media platform said that people already drop links to their payment profiles in their bios and Tweets and that ‘Tips’ makes this easier to do.
Posted: 27/9/2021
The People’s Bank of China (PBOC) has announced all activities related to non-government digital assets are illegal, in a further crack down on cryptocurrencies. The news comes after the nation first banned domestic financial institutions from providing or facilitating cryptocurrency transactions in May this year, though Chinese nationals could still buy from foreign exchanges.
Posted: 27/09/2021
Singapore-based DeFi-as-a-Service (Daas) platform Cobo has raised $40 million in a Series B funding round. Decentralised finance (DeFi) is a blockchain-based form of finance that does not rely on traditional intermediaries such as brokerages, exchanges, or banks, and instead utilises smart contracts on blockchains, the most common being cryptocurrency Ethereum.
Posted: 24/09/2021
Mastercard has announced the launch of Strive UK, an initiative which aims to help 650,000 micro and small companies “thrive” in the digital economy by giving access to free guidance, tools, and one-to-one mentoring over the next three-years.
Posted: 24/9/2021
Lloyds Bank, Halifax, and Bank of Scotland customers will take control of their own contactless card limits next month. The move comes as the contactless limit for card transactions rises from £45 to £100 on 15 October.
Posted: 24/9/2021
PayPal has announced the launch of its new personalised app. New features and services include the UK-based PayPal Generosity Network – a platform where users can create, share, and promote fundraisers – and two-way messaging for peer-to-peer transactions.
Posted: 23/9/2021
The European Central Bank (ECB) has warned that euro area banks could be significantly impacted under a scenario where climate change is not addressed. This comes as the bank publishes the results of its climate stress test, which reveals that financial institutions “clearly benefit" from adopting green policies early on to foster the transition to a net-zero carbon economy.
Posted: 23/9/2021
JP Morgan Chase, the retail banking unit of the US banking giant, is set to transfer its core banking system to a cloud-native solution from UK FinTech Thought Machine. The London-based FinTech was founded in 2014 by former Google engineer Paul Taylor, who headed up the BigTech’s thought-to-speech division, and now has offices in New York and Singapore.
Posted: 23/09/2021
Barclays has announced that Antony Stephen, the current head of Amazon Payments Europe, will become the new chief executive for its partner finance business. Barclays Partner Finance (BPF) works with retailers, offering point-of-sale finance and Buy Now, Pay Later (BNPL) lending.
Posted: 23/9/2021
The 22nd annual FStech Awards are now open for entries, with a deadline of 19 November 2021 to get your company in the running.The black tie gala ceremony will take place on 17th March 2022 at the London Marriott Hotel Grosvenor Square, and will honour the brightest and best of the industry.
Posted: 22/09/2021
The global transaction value of digital bill payment and presentment will exceed $2 trillion by the end of this year, according to a new study. This has increased from $1.9 trillion from 2020.
Posted: 22/9/2021
The level of e-waste generated by bitcoin mining is comparable to the small IT equipment waste produced by a country like the Netherlands, according to new research. As of May 2021, bitcoin’s annual e-waste production adds up to 30,700 tonnes.
Posted: 22/9/2021
Customers who report a better than expected compliance onboarding experience are much more likely to remain loyal, according to research from RegTech firm PassFort. The research surveyed a sample of 500 UK financial services consumers between July and August 2021 who had acquired a new financial product in the past year, from a mix of high street banks, challenger banks, mobile and digital banks, and building societies.
Posted: 22/09/2021
Debit and credit card transactions made up more than four in every five pounds spent in 2021, according to the British Retail Consortium’s (BRC) latest annual Payments Survey. This represents 81 per cent of transactions, up from 78 per cent in 2019.
Posted: 22/9/2021
UK Finance has called for government-coordinated action as it reports a 30 per cent increase in fraud losses during the first half of the year. In total, from January to June, £753.9 million was stolen through fraud.
Posted: 22/9/2021
Six organisations have called on the Basel Committee to rethink its proposed punitive measures for cryptocurrencies.
Posted: 22/9/2021
Open Banking company TrueLayer has closed a $130 million fundraising round. The investment boosts the business’ valuation to more than $1 billion.
Posted: 21/9/2021
Consumer trading app Robinhood is testing new features which will enable users to deposit and withdraw cryptocurrencies, according to sources reported by Bloomberg. Users will be able to sign up to a waiting list to access the new features according to the sources.
Robinhood users can currently trade and buy cryptocurrencies such as Bitcoin or Ethereum on the app, but these cannot be used for withdrawals or deposits.
Posted: 21/09/2021
New research has found that over one in three financial executives expect their institutions to take more than a decade to complete their Open Banking objectives. According to a study from European Open Banking platform Tink, which surveyed 308 executives across 12 countries, a further 40 per cent predict it will take around five to 10 years to finalise their Open Banking plans.
Posted: 21/9/2021
Global technology company Wise, formerly TransferWise, has introduced a new multi-currency investment feature for UK customers.
Posted: 21/9/2021
US authorities are investigating Binance for insider trading and market manipulation, according to sources reported by Bloomberg. The investigation involves the Commodity Futures Trading Commission (CFTC), which is reportedly reaching out to witnesses.
Posted: 20/09/2021
The majority of UK consumers have used credit cards to ‘make ends meet’ during the pandemic, according to new research from card issuing platform Marqeta. The study, which surveyed 1,000 Brits, showed that nearly three-in-five – 59 per cent – have relied on credit during the coronavirus crisis.
Posted: 20/9/2021
London-based FinTech Revolut has announced that it is paying for a new US office in cryptocurrency. As part its wider US expansion, the company is opening a new site for 300 employees in Dallas, all paid for in Bitcoin.
Posted: 20/9/2021
The Dedicated Card and Payment Crime Unit (DCPCU) has prevented £85 million being stolen by fraudsters in the first half of the year. The specialist police unit is funded by the banking and finance industry and is made up of officers from the City of London Police, Metropolitan Police Service, and employees at financial trade association UK Finance.
Posted: 20/9/2021
Curve app customers are being allowed to go back in time and convert past payments from up to a year ago into instalment loans. After receiving FCA approval earlier this month, Curve has launched Curve Flex to “simplify and unify credit”, it says.
Posted: 17/09/2021
Curve app customers are being allowed to go back in time and convert past payments from up to a year ago into instalment loans. After receiving FCA approval earlier this month, Curve has launched Curve Flex to “simplify and unify credit”, it says.
Posted: 17/09/2021
Financial services industry and media businesses are bearing the brunt of increased automated bot network attacks, according to research.LexisNexis Risk Solutions research covering the first half of 2021, reveals that bot attack volumes grew 41 per cent year-over-year, with human-initiated attacks falling 29 per cent.
Posted: 17/09/2021
African payments firm Flutterwave is partnering with Currencycloud to accelerate the launch of its payment network in Europe and the US.Currencycloud will allow Flutterwave merchants quick access to send and receive money transfers at a “significant scale”, said the partners, including allowing merchants to receive payments through channels other than debit cards.
Posted: 17/09/2021
JPMorgan is gearing up to launch Chase, its digital banking operation in the UK next week, according to reports.Chase, a venture which has been in the pipeline for months, is the first overseas retail bank from JPMorgan, and will pit the US investment giant against the UK’s High Street banks and digital banking challengers such as Revolut, Monzo and Starling.
Posted: 17/09/2021
Wells Fargo is set to adopt a multi-cloud strategy and partner with Google and Microsoft for public cloud services. The Wall Street firm said it will combine third-party data centres with cloud services from Microsoft Azure and Amazon AWS, as part of wider digital transformation plans.
Posted: 17/09/2021
Financial services app Revolut is partnering with Watershed to step up its global sustainability efforts around carbon emissions. After confirming its carbon footprint data using Watershed's reporting systems, Revolut’s goal is to develop a programme to manage its emissions “down to the minimum achievable”, in line with the Paris Agreement targets.
Posted: 16/09/2021
Almost two-thirds (61 per cent) of UK children now manage their pocket money with an app, according to research. Personal finance site finder.com commissioned research among 1,000 children aged between ten and 15 to gauge finance app take-up amongst kids.
Posted: 16/09/2021
Fewer FinTechs were founded in the UK in the last two years than in 2015 to 2018, according to new research from Claurus Investments. Claurus surveyed over 1100 FinTech companies founded in the UK since 2009 that had received at least one funding round by 2020.
Posted: 16/09/2021
Open Banking infrastructure provider Yapily has directly expanded into France, opening an office and appointing a French team.Yapily said its goal is to generate more business among French banks and the country’s flourishing FinTech sector with its platform.
Posted: 16/09/2021
Open Banking platform TrueLayer has launched Payouts, an instant payments solution to tackle the issues of slow withdrawals and refunds. TrueLayer said the feature has been designed to cut down the amount of time needed to issue payments, which currently take up to five days with card or Bacs, a delay which can be exacerbated by the need to verify new user’s payment details and identity before issuing a payout, stopping customers mid-flow and making the process even slower.
Posted: 16/09/2021
Goldman Sachs is set to buy US-based speciality lender GreenSky for $2.2 billion. GreenSky was founded in Atlanta, Georgia in 2006, listed publicly in 2018, and provides consumer loans to around 4 million customers.
Posted: 16/09/2021
IBM has struck a new agreement with Caixabank as part of the technology giant’s plans to launch its first IBM Cloud Multizone Region (MZR) in Spain. The decision to onboard IBM’s MZR comes as Caixabank looks to boost its digital capabilities, and follows a 50 year technology partnership with IBM.
Posted: 16/09/2021
To ease customer bill payments, BNY Mellon and Citi have collaborated with telecoms firm Verizon to send request-for-payment messages to consumers who bank with Citi. When using BNY Mellon's new Real-Time E-Bills and Payments functionality, Verizon customers with Citibank accounts can pay their bills immediately at any time, enjoying greater control over their finances and helping to avoid overdraft fees.
Posted: 15/09/2021
UK trading app start-up Lightyear has raised an additional $8.5 million of funding and has begun onboarding customers to its app. The firm - founded by ex-Wise executives Martin Sokk and Mihkel Aamer – offers customer multi-currency accounts with access to global markets.
Posted: 15/09/2021
BigTech companies including Google, Facebook, Amazon and Microsoft, have pledged to support Take Five to Stop Fraud, UK Finance’s anti-fraud campaign.Other companies to join the campaign include social media firms Instagram, Twitter and TikTok.
Posted: 15/09/2021
The FCA has set out a new strategy aimed at tackling investment harm and cracking down on rising levels of scams. The regulator said the consumer investments market accounts for £1.6 trillion held or invested by consumers through the services of over 6,000 wealth managers, advisors and investment platforms.
Posted: 15/09/2021
It's back to the 90s at BBVA, which has adopted hot-desking as its return-to-office model. This month, the bank adopted a 60-40 office/remote working model for its staff, and when they plan to be in the office they have to book a modified desk space.
Posted: 14/09/2021
PassFort, the SaaS RegTech provider, has raised $16.2 million in Series A funding. The London-headquartered firm's platform automates financial crime and compliance processes, and the new cash will be used to drive the company's global growth plans among regulated businesses.
Posted: 14/09/2021
Over 40 per cent of UK adults would make use of Open Banking to apply for credit if it improved their chances of getting an offer, gave them access to better rates or made the application “faster and hassle free”. Digital bank Zopa commissioned research among 2,000 UK adults, and found that despite the above, 80 per cent of consumers have never knowingly used Open Banking.
Posted: 14/09/2021
Almost two-thirds of Brits would now rather pay for things through their phone or smartwatch rather than their physical card – double the figure last year – according to research.Samsung Pay commissioned research among 2,000 UK adults last month and found that mobile wallet payments were clearly taking off.
Posted: 14/09/2021
BigTech providers of cloud services to UK banks may now have to undergo resilience testing to ensure they meet minimum standards according to a senior Bank of England (BOE) official. Victoria Saporta, executive director for prudential supervision at the BoE, called maintaining the continuity of the cloud services banks rely on "a big topic both within the UK and internationally".
Posted: 14/09/2021
Chinese regulators are reportedly considering a break up of Ant Group's Alipay operation.
According to a report in the Financial Times, regulators want to separate Ant Group's Alipay payments app function – which has over 1 billion users – from its lending operation.
Posted: 13/09/2021
Binance US has appointed former Ant Group and Uber executive Brian Shroder to the role of president. Shroder replaces Brian Brooks who resigned in August after just four months in the role, citing “differences over strategic direction”.
Posted: 13/09/2021
Ex-Ripple executives have unveiled a global retail micropayments network for Web 3.0, described as the next development of the internet.The pingNpay network aims to connect developers and smart contracts with high frequency, low value payments (below $20 per transaction) to “unlock new digital services for consumers”.
Posted: 13/09/2021
UK Finance has joined warnings over impersonation scams after cases of fraudulent calls, text and emails more than doubled in the first half of 2021.New figures from the industry body showed that the number of impersonation scam cases hit 33, 115 in the first 6 months of the year, resulting in criminals stealing £129.4 million through this type of fraud alone over this time.
Posted: 13/09/2021
Monzo is set to enter the Buy Now, Pay Later (BNPL) market, according to sources reported by the Evening Standard. The official announcement could potentially come within the next week according to the sources.
Posted: 13/09/2021
After twelve years in the position, Samir Desai is to step down as chief executive of peer-to-peer lending marketplace Funding Circle. Lisa Jacobs, who is currently managing director of the company, will take over from 1 January 2022. She first joined Funding Circle as chief strategy officer in 2012.
Posted: 10/9/2021
UK Buy Now, Pay Later (BNPL) firm DivideBuy has secured a £300 million investment to accelerate its growth. 500 retailers, including Cloud Nine and Simba Sleep, are already using the company’s technology.
Posted: 10/9/2021
PayPal is introducing an additional service fee for international business transactions between the UK and Europe. From 10 November, businesses operating in the UK and the European Economic Area (EEA) will be charged a 1.29 per cent fee for payments issued between the two regions.
Posted: 10/9/2021
Mastercard has agreed to buy blockchain anti-money laundering (AML) start-up CipherTrace for an undisclosed amount. The California-based start-up, founded in 2015, provides tools to help businesses and regulators spot illegal cryptocurrency transactions.
Posted: 10/09/2021
UK drivers considering a switch to electric vehicles (EVs) can find out how much they could save and the car model best suited to them with a new app developed by EV8 Technologies and backed by NatWest Group.
Posted: 9/9/2021
VibePay has announced it is the “first” company in Europe to offer account-to-account voice activated payments in Europe. Customers of the Open Banking payments provider can now pay or request payment from others with their voice directly via Siri from one UK bank account to another.
Posted: 9/9/2021
The FCA has published draft guidance on a new power that allows it to move faster to remove regulatory permissions that are no longer being used by financial services firms. Incorrect or outdated permissions on the Financial Services (FS) Register can mislead consumers about the level of protection offered by a firm or give credibility to a firm’s unregulated activities.
Posted: 09/09/2021
Société Générale Factoring, the bank’s subsidiary dedicated to factoring, has announced the launch of its client-facing web portal. The investment bank has aligned a new API framework from secured-lending platform vendor Lendscape with its “open factoring” scheme.
Posted: 9/9/2021
HSBC, Société Générale, Deutsche Bank and a host of FinTechs were among those to scoop up awards at last night’s FStech awards ceremony. Now in its 21st year, the awards, which celebrate the brightest and best of the financial services technology sector, were celebrated with a glitzy gala dinner at the Marriott in London’s Grosvenor Square.
Posted: 09/09/2021
Car insurance InsurTech Marshmallow has hit a valuation of $1.25 billion after raising $83 million in a Series B funding round. Marshmallow claim they are the second black-founded FinTech in the UK to reach “unicorn” status with a valuation of over $1 billion.
Posted: 9/9/2021
On the first official day that Bitcoin became legal tender in El Salvador, the value of the cryptocurrency dropped as protests and technical glitches were sparked by the launch of the digital asset.
Posted: 8/9/2021
Digital wallets will make up £11 billion worth of online spending by 2026, as new payment methods see surge in popularity post-pandemic, according to new research.
Posted: 8/9/2021
MNT-Halan has raised more than $120 million in funding from global and regional investors. The Egypt-based FinTech said it would spend the money on driving further innovation in its technology, product development, scaling to tens of millions of customers, and expanding to cross-border.
Posted: 8/9/2021
Branch staff at banks, building societies, and Post Offices worked with the police to stop £32 million worth of fraud through the Banking Protocol rapid scam response in the first half of the year.
Posted: 8/9/2021
Yolt is to close its consumer-facing money management app to focus on the growth of its Open Banking technology platform, Yolt Technology Services (YTS). Dutch banking giant ING launched Yolt in the UK in 2017 as one of the first widely Open Banking apps aimed at “helping users to actively manage their personal finances with a one-stop overview of their accounts with the majority of UK banks and other features.”
Posted: 08/09/2021
Mergers and acquisitions of UK firms by foreign companies were worth £27.7 billion between April and June this year, reaching the highest point since the end of 2018, according to new figures from the Office for National Statistics (ONS). The data showed that the value of M&A activity by foreign companies more than doubled compared to £8.3 billion in the first quarter as the economy begins its post-pandemic recovery.
Posted: 08/09/2021
Experian has partnered with FinTech Open Banking Reporting to support lenders in providing business services to lenders and SMEs during the post-pandemic recovery. OBR’s OpenRep solution leverages advanced analytics and robotic automation to connect the SME’s accounting software and banking transactions with commercial credit and macro-economic data to deliver real time monitoring, proactive alerts, and actionable insights to both the lender and the SME.
Posted: 08/09/2021
Revolut has revealed plans to offer Buy Now, Pay Later (BNPL) services to its 16 million customers. The financial technology business, which is currently worth $33 billion, is the latest in a long list of companies joining the fast-growing market.
Posted: 8/9/2021
El Salvador has adopted Bitcoin as legal tender, making it the first country in the world to do so. Businesses will be legally obligated to accept the currency for all goods and services, and it will also be used for taxes.
Posted: 07/09/2021
Mastercard has entered an agreement to buy European Open Banking business Aiia. Aiia’s platform enables companies and financial institutions to integrate financial data and account-to-account payments into their services for millions of European citizens.
Posted: 7/9/2021
Payments platform Paysafe has announced the launch of its new e-commerce affiliate marketplace. The company said that global e-commerce merchants can now utilise the affiliate marketing channel to boost customer acquisition and create new revenue-driving relationships.
Posted: 7/9/2021
While 20 of Europe’s 25 largest banks have committed to net-zero emissions by 250, none of them have matched these long-term pledges with comprehensive plans to avert climate change, new research has found.
Posted: 7/9/2021
CUBE has partnered with Sionic to help accelerate regulatory compliance. The RegTech company aims to combine its AI-powered regulatory data inventory with the consulting firm’s expertise in global financial compliance.
Posted: 6/9/2021
Leading banks in Europe are storing €20 billion, or 14 per cent of their total profits, in tax havens each year. According to a new report from the EU Tax Observatory, the percentage of profits has remained the same since 2014, despite the introduction of mandatory information disclosure.
Posted: 6/9/2021
Confirmation of Payee (CoP) firm Surepay has raised €12.2 million in its latest funding round.
The Utrecht-based start-up, founded in 2016, provides an account checking service to financial institutions. SurePay claims to work with over 150 companies and banks in the Netherlands and mainland Europe, and in February 2020 said it was set to expand into Britain.
Posted: 06/09/2021
The UK financial watchdog has warned that social media influencers are regularly paid by scammers to advertise speculative crypto coins, some of which do not even exist. At the Cambridge International Symposium on Economic Crime, Financial Conduct Authority (FCA) chairman Charles Randell reiterated concerns about fraudulent content on social media.
Posted: 6/9/2021
Almost half (48 per cent) of consumers have some level of confusion about Open Banking, while just 14 per cent of consumers claim to ‘completely understand’ it, according to new research. The studies of 1,002 UK consumers and 500 business leaders conducted by ECOMMPAY and Censuswide also found that one in ten business leaders still don’t understand how Open Banking could help their business.
Posted: 6/09/2021
BBVA’s Swiss subsidiary, which specialises in private banking, is launching a digital investment account that focuses on tech-driven clients. The new account will be accessible only through an initial deposit of $10,000.
Posted: 3/9/2021
Funding Circle, the platform for small business loans, has launched a new Buy Now, Pay Later (BNPL) service. FlexiPay, which enables SMEs to spread UK invoices and supplier payments over three months, is the first payment product offered by the company.
Posted: 3/9/2021
The British public are sitting on £50 million worth of loose change, according to figures from UK Finance. The trade association, which represents 300 companies across the UK financial services industry, has urged people to donate spare change to charity.
Posted: 3/9/2021
One in eight – 12 per cent – of consumers between 18 and 34 have been chased by debt collectors after using Buy Now, Pay Later (BNPL) services. This number falls to one in ten – 10 per cent – for the general consumer population according to research by Citizens Advice.
Posted: 03/09/2021
SWIFT has today announced the appointment of John Hunter as the new chief executive of the UK and Americas region. Hunter was most recently managing director at JPMorgan Chase, leading its global clearing business.
Posted: 2/9/2021
The Bank of England has appointed Huw Pill as the new chief economist and executive director for monetary analysis. Pill, who joins the bank from Harvard Business School, will also become a member of the Monetary Policy Committee.
Posted: 2/9/2021
The chancellor has appointed John Flint as the first permanent chief executive of the UK Infrastructure Bank (UKIB.) Flint will be tasked with leading the UKIB to accelerate investment into “ambitious” infrastructure projects that cut emissions and help “level up” the UK.
Posted: 2/9/2021
The Bank for International Settlements (BIS) Innovation Hub is to test Central Bank Digital Currencies (CBDCs) with the central banks of Australia, Malaysia, Singapore, and South Africa.
Posted: 2/9/2021
Currencycloud has announced the appointment of Mark Ledsham as the firm’s new chief operations officer (COO) and Neil Drennan as its new chief technology officer (CTO.)
Posted: 1/9/2021
UK-based neobank Zopa has launched a broadband comparison and switching service on its app. The new option will be offered alongside the company’s existing energy switching service.
Posted: 1/9/2021
Laybuy has announced the launch of its Buy Now, Pay Later (BNPL) app, which will give UK consumers access to flexible payments across hundreds of brands, including Amazon, eBay, ASOS, and Nike.
Posted: 1/9/2021
A collector paid over $300,000 in cryptocurrency Ethereum for a Non-Fungible Token (NFT) from a fraudster claiming to be UK artist Banksy. An NFT is a unit of data stored on a digital ledger - or a blockchain - that certifies the uniqueness of a digital asset.
Posted: 01/09/2021
The London Stock Exchange Group (LSEG) has announced the launch of a sustainable finance innovation unit in Singapore. The unit, backed by the Monetary Authority of Singapore (MAS), is part of the group’s new LSEG Labs network and will be focussed on creating sustainable finance capabilities to accelerate advanced technology across the country’s FinTech market.
Posted: 1/9/2021
67 per cent of people in the UK would find it easier to view all of their financial information in one place, according to new research.
Posted: 31/8/2021
Embedded finance platform Railsbank has teamed up with personal finance company Status. Money to launch a cashback credit card that automatically invests rewards in cryptocurrency.
Posted: 31/8/2021
Klarna has expanded its Buy Now, Pay Later (BNPL) service to consumers across the US, UK, France, Spain, Italy, and Australia. The Swedish FinTech’s payment option will now be available to all merchants selling internationally via Global-e’s cross-border e-commerce platform.
Posted: 31/8/2021
Sainsbury’s is reportedly in advanced talks to offload its banking division to US-based private equity firm Centerbridge Partners. The move, first reported by Sky News, comes almost a year after the supermarket retailer launched an auction for the banking arm.
Posted: 31/8/2021
PayPal is considering implementing consumer stock trading capabilities, according to sources reported by CNBC. The move comes after the California-based firm hired Rich Hagen to serve as chief executive of unreported new division “Invest at PayPal”.
Posted: 31/08/2021
Investment analytics platform Aumni has raised $50 million in a Series B funding round led by JP Morgan. The Salt Lake City, Utah based firm, which launched its flagship product in 2018, provides data infrastructure for private capital markets.
Posted: 27/08/2021
The new £100 spending limit for contactless card payments will launch on 15 October, UK Finance has announced. The decision to raise the contactless limit from £45 to £100 was made by HM Treasury and the Financial Conduct Authority.
Posted: 27/8/2021
Linktree, the tool that enables users to share multiple website links on social media, has partnered with PayPal to expand its payments service. Launched in March, Commerce Links enables users to take payments directly on their Linktree.
Posted: 27/8/2021
Revolut has revealed plans to file an application for an Australian banking licence. The UK digital banking platform is also reportedly in talks with Australia’s regulator to be allowed to take customer deposits.
Posted: 27/8/2021
Moneybarn, the UK lender of specialist car, van, and motorbike finance, has chosen Credit Kudos as its Open Banking partner. The organisation will use the challenger credit reference agency’s income verification, affordability insights, and report sharing, to help better inform its lending decisions.
Posted: 26/8/2021
Atom Bank has reported an underlying operating loss of £36 million in the year ended March 2021, down from £46 million in the previous year. The UK digital bank also recorded a statutory loss before tax of £62 million, down from £66 million in 2020.
Posted: 26/8/2021
Klarna has reported record losses in the first half of the year, as the company continues its international expansion. In its interim report for January to June 2021, the Buy Now, Pay Later (BNPL) giant revealed an operating loss of £147 million.
Posted: 26/8/2021
The Financial Conduct Authority (FCA) has said it is “not capable” of supervising cryptocurrency firm Binance. The watchdog said that the firm failed to provide adequate information on its business operations, corporate structure, and how retail consumers used its products.
Posted: 26/08/2021
Bank of America has revealed it has patented 227 solutions during the first half of 2021. The number, which includes artificial intelligence (AI), machine learning (ML), information security, data analytics, and mobile banking and payments solutions, represents a 23 per cent year-on-year rise for the bank.
Posted: 25/08/2021
Engagement banking tech provider Backbase has won a contract with eToro to improve its digital onboarding and back-end compliance infrastructure.
Posted: 25/8/2021
SME lender Bank North, previously B-North, has been granted a banking licence. Bank North will open the doors to its first 'lending pod' in Manchester later in the year, before it rolls out across the UK.
Posted: 25/8/2021
New research from Experian has found that bank account fraud has reached its highest level for more than three years. The credit reporting company said that its analysis of data from the National Fraud Prevention Service uncovered an “alarming surge” in fraudulent activity.
Posted: 25/8/2021
NatWest Group has launched a new app called ‘Housemate’ which allows house sharers to split bills. The bank said the platform could also help them build their history with credit reporting company Experian.
Posted: 24/8/2021
Brokerage infrastructure provider DriveWealth has raised $450 million in a Series D funding round at a valuation of $2.85 billion. The firm, founded in 2012, partners with financial technology companies to create trading platforms that would compete with those provided by eToro or Robinhood.
Posted: 24/08/2021
Selecta Group has chosen payments provider and FinTech company Fiserv to roll out cashless payments across Europe. Selecta is a Swiss self-service retailer offering coffee and convenience food solutions for the workplace and public spaces.
Posted: 24/8/2021
Visa has purchased an NFT (non- fungible token), dubbed a “CryptoPunk,” for $150,000 in cryptocurrency Ethereum. An NFT is a unit of data stored on a digital ledger – or a blockchain - that certifies the uniqueness of a digital asset.
Posted: 24/08/2021
IBM is set to launch a new chip, named Telum, which it said includes ‘AI inferencing acceleration’ that could help stop fraud. The tech giant said that complex fraud detection often cannot be completed in real-time due to latency.
Posted: 23/08/2021
Almost 50 per cent of transactions will be contactless by the end of next year, according to new research. A study commissioned by VoucherCodes.co.uk and carried out by the Centre for Retail Research, found that the use of contactless transactions will make up 47 per cent of all UK payments between 2021-2022.
Posted: 23/8/2021
NatWest Group has announced it will now offer customers access to Mastercard’s merchant account-to-account payment platform Pay by Bank (PbBa). The move follows the bank’s announcement earlier this year that it will be migrating its debit card portfolios to Mastercard.
Posted: 23/8/2021
PayPal has announced the launch of a new service that enables UK customers to buy, hold, and sell cryptocurrency. PayPal customers in the UK will be able to choose from four types of cryptocurrencies—Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Posted: 23/8/2021
Cryptocurrency exchange Liquid has lost more than $94 million in a cyberattack according to analysis by blockchain analytics company Elliptic. The exchange, founded in 2011, operates in 100 countries and had a transaction volume of $133 million during the last 24 hours according to CoinMarketCap data.
Posted: 20/08/2021
Asset management platform LendInvest has secured a £150m partnership with
Barclays and HSBC to provide finance to property entrepreneurs in the UK.The partnership will also aim to help improve the supply of new and upgraded, energy-efficient property.
Posted: 20/08/2021
Cryptocurrency infrastructure firm Fireblocks has appointed former US Securities and Exchange Commission (SEC) chair Jay Clayton to its advisory board. Fireblocks provides infrastructure solutions that aim to secure and speed up the transfer of digital assets such as bitcoin and ethereum.
Posted: 20/08/2021
Facebook said it is ready to launch digital wallet “Novi.” The social network said the product is “ready to come to market” and that it had received regulatory approval in “nearly every” US state.
Posted: 19/08/2021
The John Lewis partnership is partnering with digital wealth manager Nutmeg to launch a range of ISAs as the company seeks to generate more revenue outside of retail. The company said the latest move into financial services, which will offer customers Junior, Stocks and Shares and General Investment ISAs, forms part of the partnership’s plans for 40 per cent of its profits to come from outside retail by 2030.
Posted: 19/08/2021
PwC and London-based RegTech CUBE are partnering to launch a new compliance service called ‘Know Your Regulations’.The tie up between the UK and Switzerland divisions of PwC and CUBE’s RegTech platform will offer a technology-based assessment of regulatory compliance, which draws on regulatory data from across 180 jurisdictions in 60 languages.
Posted: 19/08/2021
Revolut is launching an earned wage access product which will allow employees to instantly access a portion of their salary as they earn it. The FinTech giant said the Payday feature will be integrated into the Revolut app, and will enable employers to offer more flexibility and financial control to their employees.
Posted: 19/08/2021
Cryptocurrency exchange Binance has hired former US government criminal investigator Greg Monahan to lead its anti-money laundering (AML) operations. The news comes as the firm faces increased regulatory scrutiny worldwide; the Financial Conduct Authority (FCA) banned Binance from operating in the UK in June.
Posted: 18/08/2021
PayPal will no longer charge customers for making late Buy Now, Pay Later (BNPL) payments. The change will take place on October 1 for US, UK, and French customers.
Posted: 18/08/2021
Mastercard is set to gradually stop issuing cards with a magnetic strip. None of the payment giant’s cards will feature the strip by 2033, and many banks will be able to issue cards without strips from 2024.
Posted: 18/08/2021
Starling Bank has appointed Damian Thompson as chief asset management officer as the challenger steps its acquisition and management of loan assets.Thompson joins Starling Bank following a 19-year career at NatWest, where he most recently led the Banking Group’s UK Financial Institution client business as head of UK FI origination and solutions.
Posted: 18/08/2021
HSBC is working on the initial public offering (IPO) of Chinese AI firm SenseTime according to sources reported by Bloomberg. The listing of the Softbank-backed firm, thought to be China’s largest AI company, could be worth up to $2 billion according to the sources.
Posted: 17/08/2021
Digital investment platform Bitpanda has raised $263 million at a $4.1 billion valuation. The FinTech said it will use the funding to strengthen its team and focus on its technology, international expansion, and growth.
Posted: 17/08/2021
Cryptocurrency-focused accounting technology firm TaxBit has raised $130 million in a Series B funding round. The Utah-based startup, founded in 2018, provides a product which automates all aspects of cryptocurrency tax compliance for consumers, businesses, and exchanges.
Posted: 17/08/2021
Starling Bank has nabbed the top spot in a new ranking of business banking services released by the Competition and Markets Authority (CMA). The rest of the top five were, in order, Handelsbanken, Metro Bank, Santander, and Barclays and NatWest, who tied for fifth place in the list.
Posted: 16/08/2021
NatWest Group has joined forces with international banks around the world to launch the Global Open Finance Challenge. The virtual event, which is aimed at encouraging innovation and the development of new solutions for a global Open Finance ecosystem, is being jointly launched alongside Canada’s CIBC, Brazlian banking group Itaú Unibanco and National Australia Bank.
Posted: 16/08/2021
The COVID-19 pandemic prompted a wave of innovation as businesses pivoted their operations to survive, according to a survey from Lloyds Bank.Almost half (48 per cent) of UK businesses said the pandemic forced them to be more creative and innovative in finding new areas of growth with nearly six-in-ten (56 per cent) making changes to their operations as a result.
Posted: 16/08/2021
Poly Network has offered hackers a $500,000 bug bounty after they stole millions from the decentralised finance provider (DeFi). On Thursday hackers returned part of the $600 million in cryptocurrency stolen from the business.
Posted: 13/8/2021
Crypto tax automation software business TaxBit has raised $130 million Series B funding, boosting its valuation to $1.33 billion. The round was led by IVP and Insight Partners with additional participation including Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures, Madrona Venture Group, and Anthony Pompliano.
Posted: 13/8/2021
Cloud accounting software business FreshBooks has reached unicorn status after securing $130 million in funding. The company raised $80.75 million in Series E funding and $50 million in debt financing, bringing its total valuation to more than $1 billion.
Posted: 13/8/2021
Almost nine in ten – 88 per cent - of financial services institutions without a multi-cloud strategy are considering adopting one in the next 12 months, according to new research from Google Cloud. However, only 17 per cent of financial services institutions currently employ multi-cloud as part of their primary computing infrastructures, according to the study.
Posted: 13/08/2021
The Financial Conduct Authority (FCA) has received 2,754 separate allegations of misconduct, including fraud, money laundering and compliance complaints, according to official figures. The data, analysed by the Parliament Street think tank, are contained in the FCA’s annual report and accounts, which reveals that the allegations were provided by a total of 1,046 whistleblowers in the last 12 months.
Posted: 12/08/2021
US FinTech Upgrade has raised $105 million in Series E funding. The investment has valued the San Francisco-headquartered company at over $3.3 billion.
Posted: 12/8/2021
Equity capital marketplace Appital has raised £2.5 million from Frontline Ventures and a selection of unnamed angel investors. The firm said its platform enables the buy-side community to get increased exposure to “deal flow and execution opportunities” in illiquid small and mid-cap stocks.
Posted: 12/08/2021
The British Business Bank has chosen metadata firm Solidatus to enhance its data governance and data lineage capabilities.The British Business Bank is a state-owned economic development bank headquartered in Sheffield, which is focussed on making finance markets work better for smaller businesses.
Posted: 12/08/2021
The Bank of Ghana has partnered with Giesecke+Devrient (G+D) to pilot a general purpose Central Bank Digital Currency (CBDC) in Ghana. The digital currency will be tested in a trial phase with banks, payment service providers, merchants, consumers, and other relevant stakeholders.
Posted: 12/8/2021
Citi has announced the launch of a new digital lending platform to help small and medium sized businesses connect with regional, local, and community banks online for loans of up to $10 million.
Posted: 12/8/2021
The leader of Reform UK, formerly the Brexit Party, is calling on the Bank of England to provide banking services after Metro Bank said it would close the party’s account. According to a report by the Evening Standard, party leader Richard Tice plans to write to the governor of the central bank to ask it to secure bank accounts for parties that can’t find them elsewhere.
Posted: 11/8/2021
Zilch, the London-based Buy Now Pay Later (BNPL) startup, has acquired NepFin, a US-based lender offering flexible capital solutions, to drive its international growth plans.The acquisition follows Zilch’s recent Series B extension which raised an additional $110M, bringing its total funding to more than $200M.
Posted: 11/08/2021
UK asset manager abrdn, formerly known as Standard Life Aberdeen, is to acquire Exo Investing from software company Nucoro for an undisclosed sum. The AI-powered investment platform enables customers to create unique portfolios built around individual goals, risk profiles, and preferences.
Posted: 11/8/2021
HSBC is partnering with Alzheimer’s Society to design a new range of cards with features that will support people with dementia, as well as visual impairments, learning difficulties and dyslexia.The cards, which will replaced the existing design, have already started to be rolled out to customers, and are part of the banking group’s efforts to promote financial inclusion.
Posted: 11/08/2021
Hackers have stolen $600 million in cryptocurrency from decentralised finance provider (DeFi) Poly Network. DeFi is a blockchain-based form of finance that does not rely on traditional intermediaries such as brokerages, exchanges, or banks, and instead utilises smart contracts on blockchains, the most common being cryptocurrency Ethereum.
Posted: 11/08/2021
BBVA has signed a deal with Ant Group to integrate its cross-border payment and financial services on the company’s blockchain platform. Trusple, the Alibaba affiliate’s network, is based on blockchain technology which aims to accelerate digital transformation.
Posted: 11/8/2021
Venmo has launched a new feature which enables its credit card users to convert their cash-back to cryptocurrencies. Venmo is a US-based mobile payment service owned by PayPal.
Posted: 11/08/2021
A third of financial institutions are accelerating their adoption of AI and machine learning (ML) for anti-money laundering (AML) in response to COVID-19, according to new research. Over a third – 39 per cent - of compliance professionals said their AI and ML adoption plans will continue unabated despite the pandemic’s disruption according to the report from SAS, KPMG, and the Association of Certified Anti-Money Laundering Specialists (ACAMS).
Posted: 10/08/2021
Tesco Bank has reportedly declined requests from customers to switch banks after struggling with the number of transfer requests. This comes after the supermarket said it would close all of its 213,000 current accounts by the end of November.
Posted: 10/8/2021
The Financial Conduct Authority (FCA) is exploring new regulation that would enable it to block banks from shutting High Street branches to make sure consumers have access to cash, sources briefed on the watchdog’s deliberations told the Financial Times (FT) on Tuesday.
Posted: 10/8/2021
US-based FinTech Circle has announced plans to become a national commercial bank. The peer-to-peer payments technology company, which launched digital stablecoin for the US dollar ‘USD Coin’ three years ago, revealed that it had filed an S-4 with the SEC as part of its plan to go public.
Posted: 10/8/2021
UK “social banking” start-up Kroo has raised £17.7 million in a Series A funding round. Kroo, which is still in the process of securing a banking license, said the capital will be used to “mobilise” and grow its team ahead of its launch in 2022.
Posted: 10/08/2021
The UK saw $24.5 billion investment in financial technology during the first half of the year, representing the highest volume of FinTech deals on record. Britain came second only to the US, which brought in $42.1 billion in the first six-months of the year, according to KPMG’s latest Pulse of FinTech bi-annual report.
Posted: 10/8/2021
Paysafe has appointed Chirag Patel, a former Santander and Amazon executive, to lead its digital wallets division.The payments platform said that as CEO of the global digital wallets business, Patel will report directly into Group CEO, Philip McHugh, when he joins the company in early September.
Posted: 10/08/2021
Santander is rolling out a new app which will enable businesses to collect payments instantly from customers using QR codes.The CashFlow Manager app will be available for selected Santander UK corporate and commercial banking customers and will also enable customers to view balances from multiple accounts in one location and simplify invoicing.
Posted: 09/08/2021
The London Stock Exchange Group (LSE) has attributed its recent string of Eikon trading terminal outages to a corrupted server. The group’s Eikon trading terminals have experienced three outages in the past three months, with the latest occurring last Monday.
Posted: 09/08/2021
Brian Brooks has stood down as US CEO of troubled crypto exchange Binance after four months in post. Brooks, who previously served a chief legal officer at Coinbase, announced that he would be parting ways with Binance as a result of “differences over strategic direction”.
Posted: 09/08/2021
Financial technology provider FintechOS has raised $10 million from the International Finance Corporation (IFC), a member of the World Bank Group.The investment came as part of FintechOS’s $60 million Series B funding round.
Posted: 06/08/2021
The Financial Conduct Authority (FCA) has approved James Hay’s £145 million acquisition of financial advisor platform Nucleus. The combined financial planning and retirement platform that is set to be formed will have £47 billion of assets under management.
Posted: 06/08/2021
Aviva and Nationwide have joined a £2.5 million funding round for Tembo Money, a mortgage broker focussed on helping first-time buyers to get on the property. The capital funding round, led by investors including Aviva and Fair by Design – the venture fund managed by Ascension Ventures which in turn is backed by Nationwide, Big Society Capital and Joseph Rowntree.
Posted: 06/08/2021
Digital identity platform GlobaliD has introduced a new debit card for crypto payments. The XRP Mastercard debit card enables consumers to spend fiat, crypto, or any other digital asset from their GlobaliD Wallet, anywhere that Mastercard is accepted.
Posted: 5/8/2021
Digital asset marketplace Bakkt is working with US fast-food chain Quiznos on a pilot enabling customers to pay with bitcoin in select locations. The pilot will be available at a number of restaurants across the Denver market, including at the local airport.
Posted: 5/8/2021
Cryptocurrency Ethereum (ETH) hit near two-month highs ahead of updates to its underlying blockchain dubbed “EIP-1559”. ETH is the world’s second largest cryptocurrency by market capitalisation and is commonly used in practical applications of blockchain and in facilitating the creation of NFTs (non-fungible tokens).
Posted: 05/08/2021
German challenger bank Tomorrow is teaming up with ecolytiq and Visa to launch a carbon impact footprinting feature for retail banking customers. The Hamburg-based bank will roll out the app-based feature to show customers carbon emission calculations alongside their bank transactions.
Posted: 05/08/2021
Some UK banks are failing to offer satisfactory support for fraud victims, according to Which? research. The consumer organisation found that some customers struggled to contact their bank after they had been a victim of a scam, including one HSBC customer who waited a total of seven hours on hold, racking up a £50 phone bill.
Posted: 5/8/2021
Aspen Digital, a digital asset management platform, has raised $8.8 million in a pre-Series A funding round. The Hong Kong-based firm is targeting institutional investors and aims to centralise different functions, such as cryptocurrency exchange FTX and portfolio management, into one platform.
Posted: 05/08/2021
AI-powered finance concierge Zeni has raised $34 million in a Series B funding round. The round was led by Elevation Capital with participation from Think Investments and Neeraj Arora.
Posted: 4/8/2021
55 per cent of British employees say the pandemic has made them more aware of the importance of saving for the future, according to research from Cushon. The study, which surveyed 2,000 UK employees in May, found that only 11 per cent feel like they cannot afford to save money at the moment.
Posted: 4/8/2021
Payments-as-a-service company Rapyd has raised $300 million in a Series B funding round. The Israeli FinTech provides an API which allows third parties to integrate services like payments, mobile wallets, money transfers, card issuing, and fraud protection into their own offerings.
Posted: 04/08/2021
HSBC has said that it is moving to a hybrid model of working, which means it needs less office space. As a result, in its latest financial results the bank revealed that it would be cutting its global office footprint by 20 per cent by the end of the year.
Posted: 4/8/2021
Halifax Home Insurance is partnering with Ideavate Limited, as part of efforts to help customers save energy in the home. The tie-up with the energy-saving tech provider Ideavate will mean that policyholders making a claim for a large leak or significant water damage where home renovations are needed, will be given the option of accessing an app called My Carbon Manager, which shows people how to make their lives more energy efficient.
Posted: 04/08/2021
Insurance giant Legal & General has reported post-tax profits of more than £1 billion in the first half of the year, a significant jump from the £290 million accumulated during the same period of 2020. The company’s operating profit increased by 14 per cent to £1.07 billion in the first six months of the year.
Posted: 4/8/2021
More than half of millennial and Gen Z Muslims would adopt Islamic banking if it were more accessible, according to new research. A report from cloud banking platform Mambu, which surveyed 2,000 people globally, found that 53 per cent of young Muslims would choose Islamic banking if barriers to entry were removed.
Posted: 3/8/2021
More than half of UK adults would be very interested in taking out a loan by using crypto holdings as a guarantee, according to new research.
Posted: 3/8/2021
Lloyds Bank is partnering with Visa to offer Straight Through Processing (STP) technology to customers using its commercial charge cards.The tie-up makes Lloyds the first bank in Europe to partner with Visa to deploy the STP technology, which enables more efficient payment of invoices while providing the traditional benefits of commercial card payments to both the buyer and the supplier.
Posted: 03/08/2021
Regulators should closely monitor the role of BigTech in finance, according to a new paper from the Bank for International Settlements (BIS).The paper highlighted how “utilising user data from their existing businesses” allows BigTech firms “to scale rapidly and establish a substantial presence in financial services very quickly.”
Posted: 03/08/2021
Yolt Technology Services (YTS) has announced that it is expanding its Open Banking technology to accounting software providers in the UK. Now accountancy firms can use YTS PSD2-compliant APIs to pull customer data in real time, including collecting bank details and invoices, quarterly VAT declarations, annual reports, and income tax declaration.
Posted: 2/8/2021
SWIFT has appointed Cheri McGuire as its chief technology officer (CTO). SWIFT is a co-operative which provides a global network that allows financial institutions to send and receive information about financial transactions.
Posted: 02/8/2021
Telecommunications and mobile money services company Airtel Africa has received a $200 million investment. The money, invested by Qatar Investment Authority (QIA) affiliate Qatar Holding, will be spent on Airtel Mobile Commerce BV (AMC BV), a subsidiary of Airtel Africa.
Posted: 2/8/2021
Pre-tax profits at HSBC increased by $6.5 billion to $10.8 billion in the first half of 2021. Last year, profits before tax at the UK-based bank reached just $4.3 billion during the same period.
Posted: 2/8/2021
US payments firm Square is set to buy Australian Buy Now, Pay Later (BNPL) firm Afterpay for $29 billion. The all-stock acquisition values Afterpay’s shares at $92.65 each and represents a 30 per cent premium on the firm’s last close.
Posted: 02/08/2021
The Financial Conduct Authority (FCA) has started an investigation into Monzo’s compliance with money laundering regulations.
Posted: 30/7/2021
Mercury, a FinTech that provides software and banking services for SMEs and start-ups, has raised $120 million. The Series B funding round gives the San Francisco based company a valuation of $1.62 billion.
Posted: 30/07/2021
Lloyd’s of London has set out plans to help the insurance sector collaborate with critical industries to accelerate the transition to a low carbon economy. The move comes as the insurance and reinsurance marketplace launches a new sustainability report.
Posted: 30/7/2021
NatWest Group is increasing its minimum annual distribution to shareholders to £1 billion over the next three years. NatWest, which returned to profit after a £1.3 billion loss last year, said that distributions would come in the form of ordinary and special dividends.
Posted: 30/7/2021
Starling Bank had the highest net gains for current account switchovers in the first quarter of the year. According to the latest Current Account Switch Service (CASS) Dashboard, 17,769 people switched to the challenger bank over the period.
Posted: 29/7/2021
Visa has released Buy Now, Pay Later (BNPL) APIs, which allow its credit card issuing partners to develop and pilot their own instalment payment programmes. Card issuers will be able to choose the duration of the loans offered using the APIs, as well as the participating merchants and cards, interest, and fees.
Posted: 29/07/2021
The Payment Systems Regulator (PSR) has decided that Pay.UK should  phase the development of the UK’s New Payments Architecture (NPA) by narrowing the scope of the NPA  central infrastructure services (CIS) contract.The successful renewal of the UK’s interbank payments infrastructure will benefit people and businesses but risks to its successful delivery need to be reduced, the PSR concluded.
Posted: 29/07/2021
Buy Now, Pay Later firm Klarna has launched a £3 million SME support package to help businesses recover from the pandemic. The move comes as new research reveals nearly a quarter of SMEs aren’t confident their business will survive the next two years, with 46 per cent of owners stating their main priority is to simply survive the next six months.
Posted: 29/7/2021
Just 3 per cent of financial services (FS) organisations are confident they are prepared for the next major Open Banking enforcement deadline according to new research.A survey of 100 tech leaders in the banking and insurance industry in EMEA and APAC by DevOps data company Delphix found that despite the Second Payments Services Directive (PSD2) and Strong Customer Authentication (SCA) requirements -which were initially slated to take effect September 2019- and then delayed by two years to September 2021- the majority of FS organisations are still not ready.
Posted: 29/07/2021
The FCA has proposed changes to its decision making process, which it is hoped will speed up decisions and lead to improvements in how the regulator tackles firms and individuals who do not meet the required standards. The FCA is consulting on moving some decision-making from its Regulatory Decisions Committee (RDC) to its authorisations, supervision and enforcement divisions. This will give greater responsibility for decisions to senior members of FCA staff close to the matters, the regulator said.
Posted: 29/07/2021
Lloyds Banking Group has announced it is buying investment and retirement platform Embark for £390 million. The acquisition will enable Lloyds to “re-platform” its pensions and retirement platform and address the mass market and self-directed wealth segment, completing its wealth proposition.
Posted: 29/7/2021
The top 10 UK investment apps have gained around 1.6 million users on Google Play since March 2020, new analysis from App Radar has found. According to the research, this brings the total number of UK users to at least 3.2 million.
Posted: 28/7/2021
SWIFT has announced the launch of a new service that will enable small businesses and consumers to send quick, low-value cross-border payments anywhere in the world direct from their bank accounts.
Posted: 28/7/2021
The Bank for International Settlements Innovation Hub in Singapore has published a proposed blueprint for enhancing global payments network connectivity. The blueprint, also supported by the Monetary Authority of Singapore (MAS), aims to improve network connectivity via multilateral linkages of countries’ national retail payment systems.
Posted: 28/7/2021
The Competition and Markets Authority (CMA) has given nine major UK banks permission to use variable recurring payments (VRPs) as the mechanism for implementing sweeping. Sweeping is the automatic transfer of money between a customer’s own accounts, for example, moving excess funds into a separate savings account or using them to repay a loan or overdraft account.
Posted: 28/07/2021
Mastercard has launched a new cryptocurrency, digital assets, and blockchain programme for start-ups. The Start Path scheme involves seven global crypto and digital assets companies.
Posted: 28/7/2021
The total volume of contactless transactions is set to hit $2.5 trillion in 2021, up from $1.7 trillion in 2020, according to new research from analyst house Juniper Research. Card payments will still account for most contactless transactions – 79 per cent - in 2021 according to Juniper.
Posted: 28/07/2021
UK chancellor Rishi Sunak has said that if a central bank digital currency (CBDC) was implemented it would exist as a complement to cash and not serve as a replacement. Sunak said that the government and the Bank of England had not yet made a decision on whether to introduce a CBDC into the UK.
Posted: 27/7/2021
New research has revealed that UK banks need to go further to gain customer trust in an increasingly digitised world. A study from IBM found that 43 per cent of banking customers want their banks to launch more advanced cybersecurity and privacy features.
Posted: 27/7/2021
Barclaycard has announed a new cashback programme with Visa, giving shoppers automatic cashback when spending at a range of High Street and e-commerce retailers. The new scheme will give customers personalised offers towards their favourite brands, based on their previous shopping habits when spending on their Barclaycard Visa credit card.
Posted: 27/7/2021
Goldman Sachs Transaction Banking and Fiserv have announced a new partnership for supplier payments. Goldman Sachs Transaction Banking, through Goldman Sachs Bank USA, is a digital-first and cloud-based business.
Posted: 27/7/2021
Tesco Bank is set to close all its 213,000 current accounts at the end of November. Tesco Bank, which has offered current accounts since 2014, said only 12 per cent of these accounts had been used for more than “limited activity” and most were “being used for other purposes, such as a savings pot.”
Posted: 27/07/2021
Mode has launched its new payments rewards solution on iOS devices in Public BETA today. The news will see iOS customers have access to the same features the company’s Android customers, including payments and instant Bitcoin cashback.
Posted: 26/7/2021
Nigeria and India are reportedly set to move ahead with plans to implement central bank digital currencies (CBDCs). A CBDC is a state-backed digital token that represents a virtual form of the fiat currency of a particular nation.
Posted: 26/07/2021
Starling Bank has bought buy-to-let specialist mortgage lender Fleet Mortgages for £50 million, marking the beginning of the FinTech challenger's wider acquisition and growth strategy. The mortgage company, based in Hampshire, focuses on providing mortgages to professional and semi-professional buy-to-let landlords, only via mortgage adviser distribution channels.
Posted: 26/7/2021
Financial crime prevention costs UK financial institutions on average £374,000 a year, according to new research. A DWF study, which surveyed 300 financial crime decision makers working in the UK financial services sector, found that on average, organisations spent £53 annually on financial crime defence for each customer relationship they have.
Posted: 26/7/2021
UK banks have welcomed the extension to implement Strong Customer Authentication (SCA) for e-commerce transactions, with 42 per cent planning to use the extra time to improve and enhance the sophistication of their SCA roll out plans.
Posted: 26/7/2021
Mastercard and Lloyds Bank Commercial Banking have announced a new partnership to deliver an Open Banking payment solution for the bank’s business clients. Lloyds Bank’s PayFrom Bank, enabled by Mastercard’s Open Banking Merchant Payment feature, enables consumers to make payments on an organisation’s website directly from their bank account, without having to enter any payment details.
Posted: 26/7/2021
Most people have reasonable access to cash through a combination of bank, building society, or post office branches and ATMs, according to new research from the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR.)
Posted: 23/7/2021
Buy Now, Pay Later (BNPL) company Zilch is set to raise $110 million from Goldman Sachs and DMG Ventures, the investment arm of the Daily Mail group, according to sources reported by Sky News. The cash and equity deal brings the overall size of the FinTech’s Series B funding round, announced in April, to $200 million.
Posted: 23/07/2021
Revolut has announced the launch of its latest UK product, a daily interest savings vault. British customers with a Revolut standard plan can now start to earn 0.15 per cent daily interest on the funds in their GBP vaults.
Posted: 23/7/2021
Barclays, HSBC, TSB, the Bank of Scotland, Tesco Bank, and Sainsbury’s Bank were all hit by an internet outage on Thursday. For a short period, online banking services were either inaccessible or only partially accessible.
Posted: 23/7/2021
A review of ethnic diversity and inclusion at the Bank of England has found a ‘leaky pipeline’ in recruitment when it comes to ethnic diversity. The review revealed that while the bank has attracted an ethnically diverse pool of experienced-hire applicants, the share of minority ethnic candidates fell substantially between application and appointment.
Posted: 22/7/2021
Visa has signed a definitive agreement to acquire cross border payments platform Currencycloud.The deal, which builds on an existing strategic partnership between the two companies, values Currencycloud at £700 million, inclusive of cash and retention incentives.
Posted: 22/07/2021
Santander has announed the roll out of a new international cash management platform as part of the bank’s ongoing digital transformation programme. Santander Global Connect is a brand-new cash management platform designed to support international growth plans for Santander’s corporate and commercial customers.
Posted: 22/7/2021
Starling Bank has reported revenue growth of nearly 600 per cent to £97.6 million for the period ended 31 March. This compares to £14 million for the previous period, ending 30 November 2019.
Posted: 22/7/2021
Yapily, an Open Banking infrastructure provider, has raised $51 million in Series B funding. The round takes total investment in the London headquartered company to date to $69 million.
Posted: 21/07/2021
The European Commission has proposed new financial laws including legislation that will impact the cryptocurrency sector. On Tuesday, the commission presented a number of legislative proposals to strengthen the EU’s existing anti-money laundering and countering terrorism financing (EU AML/CFT) rules.
Posted: 21/7/2021
UK FinTech Soldo has secured $180 million in a series C funding round led by Temasek.
The company, which offers automated payments and spending management technology for businesses, said it will use the cash to fuel its plans for international expansion.
Posted: 21/07/2021
Mettle, NatWest’s business account for SMEs and sole traders is partnering with accounting software provider FreeAgent to enable real-time syncing. The new feature uses API technology to share data between the two platforms, which NatWest said is an improvement on the existing capability that uploads transactions between a customer’s business account and their accountancy software.
Posted: 21/07/2021
UK Finance has launched a joint report with Microsoft and EY into making the language used in the technology and cyber security sectors more inclusive. The report highlights what changes should be made to the language used in legacy application systems and coding to help drive positive action and remove any language that portrays people in an unnecessarily negative light.
Posted: 21/07/2021
In the first half of 2021, the UK has seen the establishment of seven new $10 billion+ tech businesses. According to research from Tech Nation, this ranks Britain third in the world for the number of technology companies valued over $10 billion, also known as ‘decacorns.’
Posted: 21/7/2021
Revolut has said that it will give £70 million to its customers in a 10 per cent cashback scheme via its new travel feature. The FinTech claimed that the average customer would save £69 a year on accommodation costs for bookings made through the ‘Stays' feature.
Posted: 21/7/2021
Mastercard will update its existing card programme for cryptocurrency wallets and exchanges by making it simpler for partners to convert digital assets to traditional fiat currency.
Posted: 20/7/2021
Stock trading app Robinhood is seeking to triple its current valuation in its upcoming listing. The company hopes to have a market capitalisation of around $35 billion after its IPO.
Posted: 20/7/2021
Danske Bank has announced it is raising its sustainable financing ambitions after it reached a previous target earlier than expected. The Danish multinational bank said that the original target, 100 billion DKK, was reached in early 2021.
Posted: 20/7/2021
Wise has reported revenue growth of 43 per cent to £123.5 million in the first quarter of its financial year. During the same period last year, the company accumulated £86.3 million in revenues.
Posted: 20/7/2021
Thousands of people were reportedly locked out of their Lloyds, Halifax, and Bank of Scotland accounts on Monday, with no access to internet banking or apps. According to Down Detector, more than 1000 people reported an issue with the Lloyds website by 11am.
Posted: 19/7/2021
Lord Hill of Oareford, the former EU commissioner for financial services, is joining the advisory board for UK based financial services start-up W1tty.
Posted: 19/7/2021
The volume of UK daily cryptocurrency transactions has risen by 30 per cent to £468 million in the second quarter of the year, according to figures from Coinbase. This compares to the first quarter, where brits contributed £325 million worth of crypto transactions.
Posted: 19/7/2021
Credit Suisse has led a $20 million funding round in Daloopa, an AI-driven data extraction company for hedge funds, investment banks, as well as other financial institutions.
Posted: 19/7/2021
Mastercard has launched a UK real-time payments gateway service called PayPort+. The service provides access into the UK’s real-time payments infrastructure for financial institutions and payment service providers.
Posted: 16/7/2021
Biometric FinTech Zwipe has partnered with card payment processor ICPS to bring its biometric payment cards to banks across Africa and Asia. Fingerprint sensors are embedded with the biometric cards, which means customers don’t need to use pin codes.
Posted: 16/7/2021
The Bank of England is widely believed to be using quantitative easing (QE) to finance the Government’s deficit during the pandemic which could lose it credibility, a report from the Economic Affairs Committee has said.
Posted: 16/7/2021
Jack Dorsey, the chief executive of US payments company Square, has announced his company is set to enter the decentralised finance (DeFi) market. DeFi is a blockchain-based form of finance that does not rely on traditional intermediaries such as brokerages, exchanges, or banks, and instead utilizes smart contracts on blockchains, the most common being cryptocurrency Ethereum.
Posted: 16/07/2021
Boubyan Bank Group has launched Nomo, the world’s first Islamic international digital bank. The fully digital bank can now offer Sharia-compliant UK bank accounts and financial management in Kuwait and the Middle East region.
Posted: 15/7/2021
The UK watchdog for the financial industry has committed to being a more innovative, adaptive, and assertive regulator, as the organisation launches its business plan for the year. The Financial Conduct Authority (FCA) has released its first annual plan since Nikhil Rathi joined the regulator as chief executive in October 2020.
Posted: 15/7/2021
Reserve Bank of India (RBI), India's central bank, has banned Mastercard from issuing debit or credit cards to domestic customers.The indefinite ban will take effect from July 22 but will not impact existing users.
Posted: 15/07/2021
Revolut has become the UK’s most valuable FinTech after raising $800 million in a Series E funding round. The British company, which was launched in 2015, is now valued at $33 billion.
Posted: 15/7/2021
The governing council of the European Central Bank (ECB) has launched the investigation phase of a digital euro project. The investigation will last 24 months and aim to address key issues regarding design and distribution.
Posted: 14/7/2021
US digital homeownership platform Better HoldCo is buying digital mortgage broker Trussle. Better said the acquisition of the British business will help it enter the £1.5 trillion mortgage market in the UK.
Posted: 14/7/2021
Starling Bank has partnered with InstaVolt, the rapid electric vehicle charger network, on a new marketing campaign. The digital bank is now using the charging network as a full-service advertising channel.
Posted: 14/7/2021
Payments platform Modulr has secured Visa Ready certification, which will enable it to extend its services to small businesses in the UK and EU. The company, which provides a Payments-as-a-Service API platform for digital business says the certification will enable businesses to automate payment flows, embed payments within their proposition and launch new features and services.
Posted: 14/07/2021
Apple is planning to launch a Buy Now, Pay Later (BNPL) service according to sources reported by Bloomberg News. The service, which is reportedly being called Apple Pay Later internally, will be entirely separate from the Apple Credit card.
Posted: 14/07/2021
UK FinTech Quantexa has raised $153 million in a Series D funding round. The FinTech, founded in 2016, provides software which aims to help financial services institutions fight financial crime and manage data.
Posted: 14/07/2021
Financial Services CEOs rank cyber attacks as the greatest threat to future growth prospects - more than a pandemic or over-regulation - according to a survey from PwC. The consulting and professional services firm surveyed 1108 chief executives as part of its annual global survey, and found that more than half (56 per cent) of those leading some of the world’s biggest banks, insurers and asset managers considered cyber attack to be the most significant threat to growth in 2021.
Posted: 13/07/2021
An increasing reliance on a small number of cloud service providers (CSPs) could “increase financial stability risks” without greater regulatory oversight, a Bank of England report has found. The Financial Policy Committee (FPC) has previously highlighted that the market for cloud services is highly concentrated among a few CSPs, which could pose a threat to financial stability.
Posted: 13/7/2021
Detectives have made the UK’s largest cryptocurrency seizure worth nearly £180 million. This beats a previous record set by the Metropolitan Police a few weeks ago.
Posted: 13/7/2021
Financial services firms need to improve their defences against cyberattacks as homeworking is set to continue long term, according to a statement by the Financial Stability Board (FSB). The FSB was founded in 2009, after the 2008 financial crisis, and provides guidance on regulation to the G20 nations and central banks.
Posted: 13/07/2021
Cryptocurrency trading volumes were down by over 40 per cent in June, according to research from CryptoCompare. Spot trading transaction volumes fell 42.7 per cent to $2.7 trillion, while derivative trading volumes fell 40.7 per cent to $3.2 trillion.
Posted: 13/07/2021
Record-breaking investment has taken place across the UK FinTech sector in the first six months of the year. According to research from Innovate Finance, an industry body representing UK FinTech, the first half of 2021 saw $5.7 billion raised across 317 deals in UK firms.
Posted: 12/7/2021
The Canadian Imperial Bank of Commerce (CIBC) has awarded Microsoft Azure with a multi-year deal. The platform will be the bank’s primary cloud application.
Posted: 12/7/2021
Tide has received $100 million in funding, valuing the British company at more than $650 million. The UK business financial platform, which has been in operation for just four years, has now raised $200 million in funding to date.
Posted: 12/7/2021
The Advertising Standards Authority (ASA) is set to clampdown on misleading crypto advertisements. The watchdog told the Financial Times the effort to police “irresponsible” advertisements, primarily online and on social media, will start this month.
Posted: 12/07/2021
Google is reportedly entering the financial services market in Japan by buying a cashless payment company for $180-270 million. According to a report by Nikkei Asia, the world’s largest financial newspaper, Google is in negotiations to acquire all the shares in Tokyo-based start-up pring.
Posted: 9/7/2021
NatWest has adopted the Green Home Finance Principles (GHFPs) for its Green Mortgage. According to NatWest, it is the first High Street bank in the UK to adopt the principles, which were established by the Green Finance Institute.
Posted: 9/7/2021
Global FinTech Circle has announced plans to go public via a merger with Concord Acquisition Corp. The transaction values the company, which is the principle operator of digital dollar currency USD Coin (USDC), at $4.5 billion.
Posted: 9/7/2021
More than half the world population will use a mobile wallet by 2025, according to new research carried out by Juniper Research. At the end of 2020, there were over 2.8 billion mobile wallets in use according to the research commissioned by payments FinTech Boku.
Posted: 09/07/2021
Stripe, one of the world’s most valuable FinTechs, is preparing for a public listing according to sources reported by Reuters. The news comes after the payments processor closed a $600 million funding round in March which valued it at $95 billion.
Posted: 09/07/2021
80 per cent of Brits say they feel their money is safe at their bank, while only 66 per cent feel the same when it comes to personal data, new research has shown.
Posted: 8/7/2021
Netherlands-based challenger bank Bunq has raised $228 million (€193 million.) According to a report by TechCrunch, the company’s founder Ali Nikham participated in the round, investing around $29.5 million (€25 million.)
Posted: 8/7/2021
Wise has been valued at nearly £9 billion in a record direct listing in London. Yesterday the company announced its direct listing on the London Stock Exchange.
Posted: 8/7/2021
Visa customers have spent more than $1 billion on crypto-linked cards in the first half of 2021. The payments giant has teamed up with BlockFi, Coinbase, and Goldman Sachs backed firm Circle over the past year to allow its users to make purchases directly from their cryptocurrency wallets.
Posted: 08/07/2021
GoCardless has announed a new partnership with Pennylane which will enable small businesses to automate their invoices, accounting, and payments. GoCardless is an account-to-account payments company, currently serving around 60,000 worldwide businesses.
Posted: 7/7/2021
The Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA), and the Bank of England have announced regulatory plans to improve diversity and inclusion in financial services.
Posted: 7/7/2021
Wise has today announced its direct listing on the London Stock Exchange. The listing is expected to give the company a market capitalisation of more than £7 billion, according to Refinitiv prices on Wednesday.
Posted: 7/7/2021
Toqio, a London-based software-as-a-service (SaaS) platform aimed at FinTechs, has raised $9.4 million in seed funding. The start-up said its platform makes it easier for FinTechs to launch financial solutions by removing the need to build and manage complex software.
Posted: 07/07/2021
Deutsche Bank has announced that it will relocate just under 250 roles from Dublin to other centres around the world. The bank said the move is part of a wider strategy to simplify its operations and reduce costs, which was begun in July 2019.
Posted: 6/7/2021
Pleo has reached unicorn status after raising $150 million in a Series C funding round. The investment was led by Bain Capital Ventures and Thrive Capital.
Posted: 6/7/2021
European digital investment platform Bitpanda has named Irina Nicoleta Scarlat as the company’s first chief growth officer. Scarlat previously held the role of global head of growth at Revolut, having joined the company in 2018. There she built the challenger bank’s growth machine, led the growth teams in CEE and helped grow its user base from one million to 15 million globally.
Posted: 6/7/2021
The Financial Conduct Authority (FCA) has launched a consultation into new proposals which would see founders able to retain more voting rights after listing on the London Stock Exchange (LSE). The changes could include the introduction of a dual-class share structure into the premium listing segment of the exchange, used by larger companies subject to more regulatory oversight.
Posted: 06/07/2021
The Payments Systems Regulator (PSR) has appointed Natalie Timan, a former chief economist for the BBC, as its new head of strategy analysis and monitoring. Timan will take up the newly created role on 6 September 2021.
Posted: 05/07/2021
Joanna Hannaford is leaving her current role at Goldman Sachs to join Credit Suisse Group as chief technology and operations officer. Hannaford, who will also become a member of the executive board, will be based in Zürich and report directly to the group chief executive, Thomas Gottstein.
Posted: 5/7/2021
Clearpay, the Buy Now Pay Later (BNPL) provider, is launching a rewards programme for customers who pay back on time. The Pulse Rewards programme is aimed at acknowledging customers who adopt a responsible approach to spending with benefits for on-time payments.
Posted: 05/07/2021
UK Finance, the trade association representing around 300 financial services firms, has announced four new appointments to its board.
Posted: 5/7/2021
Lloyds Banking Group is teaming up with Mastercard and training organisations Good Things Foundation and Clean Slate to launch a digital and financial skills initiative. The ‘Nobody in the Dark’ campaign aims to support digitally and financially excluded people who have particularly struggled during the pandemic.
Posted: 05/07/2021
SoftBank’s Vision Fund 2 is reportedly one of several companies considering investing up to $1 billion in UK digital bank Revolut. A report from Sky News revealed that the banking and payments app is in talks about an investment that could value the company at more than $30 billion (£21.7 billion.)
Posted: 5/7/2021
NatWest has partnered with cash management company Loomis UK to roll out a same day credit service following a successful pilot. Businesses will now be able to deposit cash returns and receive credit to their account without leaving their premises.
Posted: 5/7/2021
25% of UK finance workers favour fully remote working post-pandemic. One in four UK employees surveyed at financial services firms (FSIs) would prefer to work entirely from home in the future, according to new research by Accenture.
Posted: 05/7/2021
Hamburg-based challenger bank Tomorrow has introduced a new feature within its banking app that shows customers carbon emission calculations alongside bank transactions. The data will be based on each purchase made with a Visa card.
Posted: 2/7/2021
The Santander Foundation has launched a £1.8 million fund to improve digital and financial skills in the UK. The money will be spent on providing grants to support British charities and community interest companies to help equip people with the tools, knowledge and confidence to make better and more informed decisions about money.
Posted: 2/7/2021
Finance minister Rishi Sunak has announced a new roadmap to "ensure UK financial services remains competitive" now it has left the EU.
Posted: 2/7/2021
Codat, a FinTech that provides APIs which enable small businesses to share business and financial data with service providers, has raised $40 million from investors. The FinTech, founded in 2016, claims to have doubled its headcount over the past year and to have increased annual recurring revenue (ARR) 300 per cent.
Posted: 02/07/2021
Revolut has launched a Points feature which allows customers to earn points when they use their Revolut app or card. The FinTech said that customers will earn points for completing challenges such as making transactions,sending money to another Revolut customer, referring friends, setting up Vaults, and more. The more they use Revolut, the more their points increase.
Posted: 01/07/2021
Payment tech provider Tribe Payments has entered a partnership with ClearBank to provide its customers with better access to payment schemes. The collaboration aims to strengthen the company’s Bank Connect solutions by enabling clients to quickly and easily integrate Faster Payments, CHAPS, BACS and Direct Debit payments to improve the functionality of their offerings.
Posted: 1/7/2021
German neobank N26 has launched a flexible instalment payment solution which allows customers to retroactively split past purchases and pay them back over time.The N26 Installments solution, which has been launched to customers in Germany, is intended as an alternative traditional loans or buy-now-pay-later products by focusing on past purchases already paid for in full.
Posted: 01/07/2021
The use of artificial intelligence (AI) and machine learning (ML) represent a step change for complexity, speed, and scale, all of which could amplify existing risks in financial services, the Bank of England’s deputy governor for markets and banking said at a recent event.
Posted: 1/7/2021
Scandinavian mobile wallets MobilePay, Pivo, and Vipps are set to merge, in a move intended to challenge the dominance of BigTech’s mobile wallets in the region. MobilePay is Danish and developed by Danske Bank, Vipps is Norwegian and controlled by DNB ASA, while Pivo is Finnish and controlled by OP Financial Group.
Posted: 01/07/2021
The European Banking Authority (EBA) has issued its assessments of the current benefits and risks of the use of regulatory technology (RegTech) solutions in financial services. The report published by the EBA looks at the application of technology-enabled innovation for regulatory, compliance and reporting requirements and provides analysis into the five most frequently used RegTech segments: Anti Money-Laundering/Countering the Financing of Terrorism (AML/CFT), fraud prevention, prudential reporting, ICT security and creditworthiness assessment.
Posted: 30/06/2021
Klarna has joined several climate change initiatives, committing to reach net-zero greenhouse gas emissions by 2040. The retail bank and payments FinTech announced on Wednesday that it would be joining The Climate Pledge and the Race to Zero.
Posted: 30/6/2021
More than half (51 per cent) of millennials would rather place an order using a potentially insecure app or website rather than visit a location in person post-Pandemic, according to a new survey of digital behaviours and cybersecurity conducted by IBM. A global survey of 22,000 consumers in 22 markets also found that on average individuals created 15 new online accounts during the pandemic, with 44 per cent saying they do not plan to delete or deactivate following the pandemic - which IBM suggested would greatly expand the attack surface for cyber criminals.
Posted: 30/06/2021
The vice chair for supervision at the US Federal Reserve has said that central bank digital currencies (CBDCs) are risky and comparable to the fad of parachute trousers in the 1980s.
Posted: 30/6/2021
J.P. Morgan has announced that it will buy OpenInvest, a company that helps financial professionals customise and report on values-based investments. The FinTech will keep its own brand and be integrated into J.P. Morgan’s private bank and wealth management client offerings.
Posted: 30/6/2021
Google is set to crackdown on online scams on its platform, following Financial Conduct Authority (FCA) calls for social media giants to prevent financial fraud. Mark Steward, the FCA’s director for enforcement, told parliament's Treasury Select Committee earlier this month that his organisation had issued 1,200 consumer warnings in 2020 about social media scams, double that of 2019.
Posted: 30/06/2021
Global high-net-worth individuals (HNWIs) are looking for a mix of digital and direct interaction when it comes to wealth management, according to research from Capgemini. The organisation said that HNWIs have become more involved in their investments over the past 25 years and now “seek more and broader advisory support.”
Posted: 29/6/2021
Klarna has partnered with business finance platform Liberis to offer pre-approved revenue-based financing for its global merchant base. Klarna currently provides 250,000 merchants across 17 countries with its Buy Now, Pay Later (BNPL) service for shoppers.
Posted: 29/6/2021
Tide has committed to spend £100 million as part of its entry into the India market. The business financial platform also said that it would create more than 1,000 jobs in the region over the next five years.
Posted: 29/6/2021
NatWest Group’s Ulster Bank has agreed to sell the majority of its commercial lending to Allied Irish Banks (AIB.) In February, NatWest announced it would begin a phased withdrawal from the Republic of Ireland as it could no longer generate sustainable long term returns for its shareholders in the region.
Posted: 29/6/2021
Bank profits in the UK declined by more than a half over the past year, according to The Banker’s latest ranking of the top 1000 world banks. The ranking is based on Tier 1 capital, a key measure of banking strength.
Posted: 28/6/2021
The Metropolitan Police has said that detectives investigating money laundering offences have arrested a woman after it seized cryptocurrency worth £114 million. The crypto bust represents the largest of its kind in the UK and is believed to be one of the biggest globally.
Posted: 28/6/2021
Financial institutions, including Mastercard, Ant Group, and BBVA have joined a global partnership aimed at encouraging one billion people to take green action. The Every Action Counts (EAC) coalition has been launched by the Green Digital Alliance (GDFA) and funded by the Finance for Biodiversity (F4B) initiative.
Posted: 28/6/2021
The Financial Conduct Authority (FCA) has banned cryptocurrency exchange Binance from operating in the UK. The financial services watchdog did not outline the reasons for its actions.
Posted: 28/06/2021
Russian bank VTB has partnered with Visa and local FinTech O.Vision to let restaurant customers make payments with facial recognition. VTB, founded in 1990, is one of Russia’s largest banks and posted net profits of $1.04 billion for the 2020 financial year.
Posted: 25/06/2021
The UK’s central bank is taking supervisory action against Euroclear UK and Ireland (EUI) following a settlement system outage which took place last September. The outage, caused by an issue with messaging software, caused significant market disruption. Settlement was immediately halted while investigations were undertaken.
Posted: 25/6/2021
26 per cent of UK consumers do not know their credit card interest rate, according to a trend report from Klarna. The company, known for its Buy Now, Pay Later service, revealed that only 15 per cent of Brits pay the minimum balance on their credit cards every month.
Posted: 25/6/2021
UK credit marketplace ClearScore has received £143 million ($200 million) in funding. The investment, made by Invus Opportunities, values the company at £503 million ($700 million.)
Posted: 25/6/2021
London is second in the world in terms of the number and success of its FinTech companies, beating all the competition apart from San Francisco according to a new index from Findexable. New York, Sao Paulo, and Tel Aviv rounded out the remaining spots in the top five, coming third, fourth, and fifth respectively.
Posted: 24/06/2021
Deutsche Bank has partnered with Oracle to accelerate its digital transformation. The multi-year deal aims to modernise the bank’s database technology.
Posted: 24/6/2021
Central bank digital currencies (CBDCs) are moving from concept to practical design and could renew the institution of money for the digital age, according to the Bank for International Settlements (BIS). In its latest annual economic report, the BIS lays out the design choices for CBDCs, which, alongside cash, would be issued and backed by a central bank.
Posted: 24/06/2021
The Bank of England is launching the new polymer £50 note, which will feature codebreaker Alan Turing. The bank also announced that paper £20 and £50 notes will be withdrawn next year.
Posted: 24/6/2021
BNP Paribas, Standard Chartered, Citi and Deutsche Bank are among six global banks preparing to adopting SWIFT’s new platform for international payments flows. The group of institutions, which also includes Bank of China and Bank of New York Mellon, are preparing to implement the transaction management platform when it goes live in November 2022.
Posted: 24/06/2021
Lloyds Bank today announced it will permanently shut 44 Lloyds and Halifax branches, sparking backlash from trade unions. Unite expressed anger at the decision to close the bank branches, describing the move as a “bitter blow for customers, staff, and local communities.”
Posted: 24/6/2021
Visa is set to acquire Swedish FinTech Tink in a €1.8 billion deal, which mixes cash and retention incentives. Tink, founded 2012, provides an Open Banking platform that enables financial institutions, FinTechs, and merchants to build financial management tools, products and services for European consumers, and businesses based on their financial data.
Posted: 24/06/2021
43 per cent of chief information officers (CIOs) working in financial services say that limited collaboration between teams disrupts IT’s ability to respond quickly to sudden changes, according to new research.
Posted: 23/6/2021
More than half of financial services employees in the UK expect to actively look for jobs outside of their current company in the next 12 months, according to new research. A study commissioned by analytics company Visier found that nearly a quarter of people working in the industry are already looking for new jobs.
Posted: 23/6/2021
Crowdcube has partnered with investment tech company Seccl to deliver API-based access to public markets, in preparation for the launch of its Community IPO product later this year. The investment crowdfunding platform is integrating with Seccl’s infrastructure to boost its capital markets tech and offer an all-in-one experience as the company eyes retail participation on a mass scale.
Posted: 23/6/2021
The Competition and Markets Authority (CMA) has issued a warning to Monzo after it breached a rule requiring it to send banking transaction histories to over 143,000 former account holders. The Retail Banking Market Investigation Order 2017 means banks and building societies are required to send customers a history of their current account banking activity, called a “transaction history”, within 40 days of a customer or small business closing their current account.
Posted: 23/06/2021
Deutsche Bank has announced a joint venture with Fiserv to create a comprehensive provider of payment acceptance and banking solutions. The joint venture will serve small and medium-sized companies in the German market and will be based in Frankfurt am Main, pending regulatory approval.
Posted: 22/6/2021
The Financial Conduct Authority (FCA) has published new proposals on climate-related disclosure rules for listed companies and certain regulated firms. The proposals follow the introduction of climate-related disclosure rules for the most prominent listed commercial companies in December 2020 which are aligned with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD).
Posted: 22/6/2021
Amsterdam-based payment service provider (PSP) Mollie has raised $800 million in a Series C funding round. This brings Mollie’s total funding raised to date to $940 million.
Posted: 22/06/2021
Net losses at London-based challenger bank Revolut widened from £107.4 million to £207 million in 2020, rising 93 per cent year-on-year. However, the FinTech’s overall revenues increased 34 per cent to £222 million from £166 million in 2020, despite losing income from its core travel related operations.
Posted: 22/06/2021
Santander wants to become a key player in the European investment banking market, according to a report from the Financial Times (FT.) Santander, which has traditionally focussed on its consumer banking network, is Europe’s biggest retail bank.
Posted: 21/6/2021
Goldman Sachs is set to launch its transaction banking business in the UK. The division will offer UK companies cash management services.
Posted: 21/06/2021
TSB has joined a host of banks that have said they will ban cryptocurrency payments. The bank is concerned about high fraud rates among crypto trading platforms.
Posted: 21/6/2021
BBVA Switzerland has announced the opening of its first crypto-asset trading and custody service for its private banking clients. The new service, which was launched today, is only available in Switzerland. The financial services company said this was because Switzerland has clear regulation and widespread adoption of digital assets.
Posted: 21/6/2021
Novus has teamed up with Visa and Railsbank to launch a new digital banking app that rewards concious consumers for sustainable purchasing choices. The new platform will give customers real-time impact points that can be spent, saved, and tracked via the app.
Posted: 18/6/2021
French InsurTech Akur8 has raised $30 million in a Series B funding round. Founded in 2018, the company provides a cloud-based machine learning solution which assists actuaries with insurance pricing.
Posted: 18/06/2021
More than half of millennials are happy to switch to or already have a digital-only bank, according to new research. A new poll from financial advisory organisation deVere Group found that 59 per cent of the 550 clients surveyed that were born between 1980 and 1996, already only ever use digital banking services or are planning to make the switch this year.
Posted: 18/6/2021
The number of UK adults holding cryptoassets has risen in the past year to 2.3 million, according to research published by the Financial Conduct Authority (FCA). The regulator said the rising number of crypto asset holders, up from 1.9 million in the last 12 months, is evidence that attitudes to the digital assets have changed.
Posted: 18/06/2021
Nutmeg is to become a part of JPMorgan Chase, in a move that will help support the bank’s plans to move into the UK retail banking market later this year. The company, an online investment management company based in London, said it would “form the bedrock” for JPMorgan’s retail digital wealth management offering internationally over the long term, and complement the launch of Chase as a digital bank in the UK.
Posted: 18/6/2021
German full-service payment provider Novalnet and Tink are partnering on a new Open Banking payment feature for the European payments market. The real-time payments feature is for merchants across Europe and will aim to enhance Novalnet’s existing payment systems.
Posted: 17/6/2021
Alongside the Nordic countries, Britain has been crowned the best place for Open Banking, according to new research. A study from Mastercard found that a high number of Open Banking APIs, progressive regulators, and consumer readiness, make these countries the perfect spots for Open Banking in Europe.
Posted: 17/6/2021
Several Australian banks – including the Commonwealth Bank of Australia, Westpac Banking Corp, and Australia and New Zealand Banking Group - experienced website outages on Thursday. The downtime has been linked to an issue with Akamai Technologies’ content delivery network (CDN).
Posted: 17/06/2021
Wise, formerly TransferWise, has announced plans to go public in a direct listing on the London Stock Exchange. Kristo Käärmann, the FinTech’s chief executive, said the company’s decision to go public via a direct listing was “transparent and fair.”
Posted: 17/6/2021
London FinTech 10x Future Technologies has completed a $187 million Series C funding round.
The FinTech, founded by former Barclays chief executive Antony Jenkins, says it produces technology which allows established financial services institutions to compete with digital challengers. The funding round was co-led by funds managed by BlackRock and CPP Investments and supported by existing investors JPMorgan Chase, Nationwide, Ping An, and Westpac.
Posted: 16/06/2021
Standard Bank, Africa’s largest financial institution, is investing in Microsoft Azure to accelerate its digital transformation and drive growth in the region. The bank’s cloud investment will involve migrating workloads, applications, and platforms to Microsoft Azure.
Posted: 16/6/2021
Two former PayPal executives have launched a decentralised cross-border payment network that connects both traditional and digital currencies. The new company, Six Clovers, is a FinTech infrastructure that links banks, merchants, and payment providers to transact in digital currencies around the world.
Posted: 16/6/2021
27 per cent of all UK payments were contactless last year, according to UK Finance’s latest payment markets report. The trade association, which represents around 300 financial services institutions, found that during 2020 the number of touch-free payments increased by 12 per cent to 9.6 billion.
Posted: 16/6/2021
London-based FinTech DNA Payments has received a £100 million investment from private equity firm Alchemy Partners. DNA said it serves 45,000 merchants and provides them with over 70,000 terminals making over 20 million transactions worth over £600 million a month.
Posted: 15/06/2021
American Express (AmEx) company Kabbage has launched the company’s first business checking account for the US market. ‘Kabbage Checking’ marks the first of a number of planned digital cash flow management offerings from AmEx.
Posted: 15/6/2021
Laybuy has launched a new digital Buy Now, Pay Later (BNPL) card in the UK. Customers will now be able to buy goods and services across six instalments in stores using the digital card, which is accessed on a smartphone.
Posted: 15/6/2021
Lloyds Banking Group has announced it is appointing David Gledhill as group chief operating officer. Gledhill, who has been working in Singapore for DBS Bank for 11 years, will begin the role in August.
Posted: 15/6/2021
The executive chair and founder of Snoop has written a letter urging the Competition and Markets Authority (CMA) to force banks to promote Open Banking. Jayne-Anne Gadhia, who founded the FinTech in 2020, said that the main barrier to achieving quicker and widespread adoption is not technical but instead down to consumer attitudes and perceptions relating to data sharing.
Posted: 14/6/2021
Watchmaker Timex has launched a new range of watches that allow wearers to make contactless payments. The new collection, called “Timex Pay”, will allow US consumers to make payments anywhere which accepts Visa.
Posted: 14/06/2021
ABN Amro has announced that it is introducing a new instant payment service for the gig economy. The new service aims to make it easier for flexible workers to decide when their invoice is paid once the work is done.
Posted: 14/6/2021
Societe Generale has joined forces with Kyriba to launch a cloud treasury management system. The new system, designed for the bank’s corporate clients and their subsidiaries, will include payment automation and fraud management functionalities.
Posted: 14/6/2021
Many of the UK’s largest banks are struggling to meet Environmental, Social, and Governance (ESG) challenges, according to new research. A report by business intelligence firm alva found that while HSBC, Lloyds, Barclays, NatWest, and Standard Chartered generate “65 per cent of the share of voice,” they have an average ESG Index score of -40.
Posted: 11/6/2021
Bud has signed a deal with Nordic eco-payments company Enfuce to bring its “My Carbon Action” product to the UK. The Open Banking FinTech will combine its existing services with Enfuce’s carbon tracking engine, to offer UK customers a clear indication of how their spending impacts their carbon footprint.
Posted: 11/6/2021
The Bank of France, Swiss National Bank, and the BIS Innovation Hub are collaborating with a private sector consortium to conduct an experiment exploring the use of wholesale central bank digital currency (wCBDC) for cross-border settlement. While a retail CBDC would be available to the public, the use of a wCBDC is limited to financial institutions and government bodies.
Posted: 11/06/2021
The Bank for International Settlements (BIS) and the Bank of England have jointly launched the BIS Innovation Hub in London. The centre is the fourth hub to be opened in the past two years.
Posted: 11/6/2021
Buy Now, Pay Later company Klarna has announced new equity funding of $639 million. The money will be spent on the business’ international expansion and to “further capture global retail growth.”
Posted: 10/6/2021
Australian FinTech BlackArrow has picked Glasgow as its new centre of global operations. Founded in 2014, the FinTech provides an AI-based financial planning app.
Posted: 10/06/2021
Ledger, the crypto hardware wallet developer, has announced $380 million in funding. The French company, which was founded in 2014, said that the funding will help make digital assets more secure and accessible to everyone.
Posted: 10/6/2021
The Payment Systems Regulator (PSR) has published a proposed five-year strategy, which aims to ensure payments and payment systems “work well for everybody.” The new strategy hopes to enable fairer competition and access to payments.
Posted: 10/6/2021
Marqeta has reportedly reached a valuation of $15 billion following its initial public offering. Last week it was reported that the company, which is backed by Uber and hedge fund Coatue, was aiming for a valuation of around $12 billion in the listing.
Posted: 10/6/2021
UK Finance, which represents over 300 financial institutions, has said that its members ‘strongly support’ the Bank of England’s decision to conduct a climate change stress test.
Posted: 10/6/2021
El Salvador has become the first country in the world to make cryptocurrency legal tender. Salvadorian congress embraced president Nayib Bukele's plan to classify Bitcoin as a legal currency, with 62 out of 84 possible votes in favour of the proposal on Tuesday night.
Posted: 9/6/2021
Lithuania’s central bank has revoked the licence of UAB Finolita Union, which is suspected to have stolen over €100 million from Wirecard weeks before the company collapsed. The move comes nearly a month after EU lawmakers urged Lithuania to tighten its financial oversight after it was revealed that the Vilnius-based FinTech was involved in the scandal.
Posted: 9/6/2021
Brazilian neobank Nubank has received $500 million in funding from US conglomerate Berkshire Hathaway. Founded in May 2013, the São Paulo headquartered company has around 38 million customers, 35 million of which are in Brazil.
Posted: 09/06/2021
On Tuesday the Bank of England announced it would run an extensive stress test to explore the financial risks posed by climate change for the largest UK banks and insurers. The bank runs regular exploratory scenarios to help assess the resilience of the UK financial system and individual institutions.
Posted: 9/6/2021
72 per cent of UK financial executives say that the pandemic has increased their focus on Open Banking, compared to 68 per cent of European execs in the industry. According to new research from Open Banking platform Tink, 56 per cent of UK respondents said that the digital shift is permanent.
Posted: 8/6/2021
US-based banking app Dave is set to go public via a special purpose acquisition (SPAC) deal at a valuation of around $4 billion. SPACs create public listings through reverse mergers with a private firm, sometimes called a “backdoor listing”, while the acquiring company is sometimes called a “blank check company”.
Posted: 08/06/2021
Santander has responded to Which’s call for banks to “come clean” on scam reimbursement numbers. Last week the consumer organisation urged financial institutions to reveal how much money victims of bank transfer scams are being reimbursed.
Posted: 8/6/2021
Without specified prudential treatment, cryptoassets could increase global financial stability concerns, the Bank for International Settlements (BIS) has said.
Posted: 8/6/2021
The UK’s central bank has said that stablecoins used as money should meet the same regulatory standards as those provided by commercial bank money or bank deposits. A ‘stablecoin’ describes digital tokens issued by the private sector which aim to maintain a stable value at all times, primarily in relation to existing national currencies.
Posted: 7/6/2021
Swedish Buy Now, Pay Later (BNPL) firm Klarna is likely to choose the US for a stock market listing over London, according to an interview with chief executive Sebastian Siemiatkowski in the Sunday Times. The FinTech recently hit a valuation of $40 billion, on the news it is close to securing a new round of funding from Japanese conglomerate SoftBank.
Posted: 07/06/2021
The chair of Infosys has said that India should embrace cryptocurrencies as an asset class. According to a report from the Financial Times (FT), Nadan Nilekani said that cryptocurrencies should be encouraged as an asset to be bought and sold like a commodity.
Posted: 7/6/2021
HSBC has launched a new API Developer Portal, which will give customers access to tools that can be integrated with its API features into their own products. The bank said that the portal enables customers and developers to find the right APIs for their business needs, access the technical documentation, and try out APIs in the test environment.
Posted: 7/6/2021
Virtual cards could unlock untapped potential in the commercial cards sector thanks to the extra security, control, and efficiency they provide, according to RBR. Virtual commercial cards are digital card numbers generated centrally or instantly issued, which are distinct from tokenised versions of plastic cards in mobile wallets.
Posted: 4/6/2021
Fiducia & GAD IT, a German company that provides IT services to many of the nation’s co-operative banks has been hit by a distributed denial of service attack (DDoS). DDoS attacks aim to overload a website by firing huge amounts of requests at it from multiple machines until it is forced to crash.
Posted: 04/06/2021
Online insurance broker Anorak has raised €5.8 million in funding. The start-up, which specialises in life insurance, income protection, and critical illness cover, claims to be the world’s first fully automated life insurance advice platform.
Posted: 4/6/2021
Marqeta is reportedly aiming for a valuation of over $12 billion in its US public offering. The US payments company, which filed for the IPO last month, has profited from the shift to online shopping and the increase in food deliveries during the pandemic.
Posted: 4/6/2021
New York-based alternative investing app Yieldstreet has raised $100 million in a Series C funding round. The FinTech’s platform allows users to make “alternative investments” in assets like real estate, shipping, legal finance, and commercial loans that are generally associated with institutional investors.
Posted: 04/06/2021
The US is beating the UK in the rollout of the 3D Secure 2 (3DS2) multi-factor authentication protocol, according to new research. Data from fraud detection and payment acceptance company Ravelin shows that 68 per cent of transactions in the states now use 3DS2, with a significant 99 per cent authentication success rate.
Posted: 3/6/2021
NatWest Group is reportedly preparing for only 13 per cent of staff to work full-time across its offices. According to a report from The Guardian, around 8,300 staff will be expected to commute to the bank’s offices and branches.
Posted: 3/6/2021
The Financial Conduct Authority (FCA) has said that a significant number of firms are withdrawing their applications, as result of not being able to meet its anti-money laundering (AML) standards. The FCA is set to extend the end date of its temporary registrations scheme for existing cryptoasset businesses from 9 July 2021 to 31 March 2022.
Posted: 03/06/2021
HSBC UK has become the first High Street bank to launch a free news-style fraud awareness app to protect businesses from scams. According to the National Crime Agency, fraud costs the UK private sector more than £140 billion a year.
Posted: 3/6/2021
Morgan Stanley and Microsoft have announced a strategic cloud partnership aimed at accelerating the bank’s digital transformation. Morgan Stanley’s technology teams will use Microsoft Azure, which Microsoft said would help the bank solve challenges specific to the financial services industry.
Posted: 2/6/2021
Coinbase card users will now be able to use cryptocurrency to make payments via Apple Pay and Google Pay. The publicly traded crypto exchange said users will also be able to earn rebates of up to 4 per cent on their purchases.
Posted: 02/06/2021
Revolut Business has doubled down on APIs by partnering with accounting software company Clear Books. The FinTech said that the partnership will enable business customers to access a quicker and easier way to manage bills and payroll directly from their Clear Books accounts.
Posted: 2/6/2021
The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.