Excitement is thin on the ground as the net profit for India-based Infosys dipped ever so gently in its latest financial results. For the quarter ended 30 June 2017, the financial systems vendor announced that Q1 net profit was $541 million, a quarter-on-quarter (QoQ) decline of 0.4%. Although for year-on-year (YoY), it displayed growth of […]
In a round led by Vertex Ventures, the venture capital wing of Temasek Holdings, Turnkey Lender has picked up $2 million in funding, reports Finovate (Banking Technology’s sister company). The Singapore-based company specialises in loan management technology, delivered over the cloud, that automates all stages of the lending life cycle – from application processing to collections […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Aktia Bank finally live with Temenos T24 core banking system “Some system repairs will be carried out during the following weeks.” HSBC and Barclays pilot banking without borders Testing use of a citizen’s national digital identity. ANZ, Westpac […]
In a copycat move that will come as a blow to Orange, rival Altice plans to launch its own online bank by early 2019 in the countries in its network footprint, according to a report from Reuters that cites a source close to the matter. Light Reading (Banking Technology’s sister publication) reports that the launch of […]
Sumitomo Mitsui Financial Group (SMFG) and Sumitomo Mitsui Banking Corporation (SMBC) are partnering with New York-based Entrepreneurs Roundtable Accelerator (ERA) for business development and tech innovation. According to Sumitomo Mitsui, ERA is New York’s largest and oldest tech accelerator, with 140 portfolio companies involved in a variety of markets. These firms have a combined market […]
LCH SwapAgent has selected Murex’s MX.3 capital markets platform for trade processing, valuation, margining and member reporting. LCH SwapAgent was launched last year by LCH, a central counterparty clearing house, as a new centralised service for the non-cleared derivatives market. In this latest deal with Murex, LCH SwapAgent “aims to improve efficiencies” in the bilateral […]
Allfunds Bank Group is all for APIs with the launch of a new platform targetting the wealth management industry. The platform offers a “fully digitised way” of accessing Allfunds services by providing access to third party applications using standardised APIs which it says comply with emerging regulatory norms such as MiFiD II. Like many other […]
It’s a double development delight in Australia with Sydney and Melbourne unveiling fintech start-up hubs for innovation across the nation. Industry body FinTech Australia says Sydney’s proposed new 11-floor start-up hub – set to be the largest in the southern hemisphere – “should help build even stronger links between the Australian fintech industry and global […]
The UK’s Payment Systems Regulator (PSR) has got approval from the Competition and Markets Authority (CMA) for its plan for the consolidation of the operators of three payment systems. As first reported in May, the PSR aimed to get Bacs Payment Schemes (BPSL), Cheque and Credit Clearing Company (C&CCC) and the Faster Payments Scheme (FPSL) […]
Falcon is the “first” Swiss private bank to provide blockchain asset management solutions for its clients through a new co-operation with crypto financial broker Bitcoin Suisse. The bank’s clients can exchange and hold Bitcoins via Falcon using their cash holdings. Additionally, a Bitcoin ATM has been installed in the lobby of the bank’s headquarters in […]
Darktrace, a start-up that tackles cybercrime with artificial intelligence (AI) capabilities, has raised $75 million in a Series D round, reports Light Reading (Banking Technology’s sister publication). The latest capital injection values the company at $825 million, testament to the security threat faced by network operators and fintech enterprises and the power of machine learning technology. […]
Document capture and data analytics company Ephesoft landed $15 million in Series A funding from Mercato Partners. This marks the company’s first round of funding since it was founded in 2010, reports Finovate (Banking Technology’s sister company). “Mercato’s investment will help Ephesoft realise its vision of liberating meaning through machine learning technology,” says Ike Kavas, Ephesoft’s founder. […]
And the money keeps rolling in for fintech. U.K. challenger bank Revolut announced a $66 million investment it will use to introduce new features and expand globally, starting with Asia and North America. Meanwhile, Santander InnoVentures, the bank’s fintech venture capital fund, has added U.K.-based Pixoneye and Curve and U.S.-based Gridspace to its portfolio.
Mothership, a digital asset exchange, has launched offering a cloud hosting platform and wallet for blockchain financial services around the Estonian e-residency programme. The start-up is the “first company of its kind” to integrate with e-residency. As reported in May, the Baltic state unveiled this programme to let anyone apply to join its new digital […]
Enterprise software firm R3 is working with Intel to beef up its data privacy and security for Corda, its distributed ledger technology (DLT) platform. R3, which used to call itself a blockchain consortium, says Corda only sends data to those who have a “need to know”. According to the company, this feature emerged from the […]
Australia-based start-up Tic:Toc has launched an online home loan platform, offering customers approval in 22 minutes, instead of 22 days. The firm is backed by Bendigo and Adelaide Bank, as well as the State Government in South Australia, which approved a $900,000 grant to Tic:Toc through its Investment Attraction Agency’s (IASA) Economic Investment Fund. Tic:Toc’s […]
Data aggregation provider Finicity has signed an agreement with JP Morgan Chase to let the bank’s customers choose data to share with apps. The companies will use a direct API to allow Chase customers to share information with the apps and services that Finicity supports. According to the firms, this tokenised access will eliminate the […]
Broadridge Financial Solutions will acquire Spence Johnson, a provider of institutional data and intelligence, for its asset management market ambitions. With the purchase, Broadridge says its Global Market Intelligence, a platform for retail cross-border fund data and analytics, will be able to use Spence Johnson’s Money in Motion dataset that provides analytics on assets, flows […]
Australian P2P lending platform SocietyOne reached a milestone this week. The company has surpassed $300 million in loans issued since it was founded in 2011, reports Finovate (Banking Technology’s sister company). During a time when P2P lending in the US is under scrutiny, SocietyOne is reporting an increasing demand for P2P lending in Australia. In the […]
The Bank of Thailand (BOT) and the Monetary Authority of Singapore (MAS) have signed a fintech co-operation agreement and updated an existing memorandum of understanding (MoU) on banking supervision. The agreement aims to help develop a “richer financial ecosystem” in Thailand and Singapore as well as in ASEAN. The pair will share information on emerging […]
Santander is partnering with business commerce platform Tradeshift, for a digital capital solution, the first of which will be supply chain finance (SCF). As reported last year, Tradeshift got an investment from Santander InnoVentures. At that time, Mariano Belinky, managing partner at Santander InnoVentures, said the company “is at the forefront of tackling a very […]
A consortium of European private and public sector organisations are testing out the use of a citizen’s national digital identity from France to open a bank account in the UK. The group comprises HSBC, Barclays, the UK Government Digital Service (GDS), Orange, OT-Morpho and the Open Identity Exchange (OIX UK). The project is co-financed by […]
The Bank of England’s (BoE) fintech accelerator has kept good speed and completed the third round of various proofs of concept (PoCs). As reported last year, BoE launched its own accelerator to harness innovation for central banking. The latest PoCs covered four areas of the bank’s work: analysing large-scale supervisory data sets; executing high-value payments […]
Fintech zeitgeist! Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week, Soumik Roy discusses India’s Goods and Service Tax (GST) and whether it’s an opportunity for fintech firms. First discussed by a committee […]
Australia and New Zealand-based banking group, ANZ, and Westpac have teamed with IBM and shopping centre operator Scentre Group to use blockchain to digitise the bank guarantee process for commercial property leasing. The trial used distributed ledger technology (DLT) to eliminate the need for current paper-based bank guarantee documents, resulting in a “single source of […]
After launching in 2016 in Singapore, Australia and Mexico, Citi Pay has arrived in the US.
Nordea has chosen Estonian start-up Feelingstream’s artificial intelligence (AI) software to speed up response times for customers. Feelingstream’s AI solution analyses and categorises messages sent by customers so they can be forwarded automatically to the right person or unit in Nordea for further processing. The software can analyse hundreds of messages per second. The solution […]
India-based Infosys plans to open its next technology and innovation hub in North Carolina and hire 2,000 “American” workers in the state by 2021 – which is a dream within a bigger dream. This investment is part of its ambitions, revealed in May, to open four US hubs in the US and hire 10,000 “American” […]
The Central Bank of Azerbaijan has chosen to conduct its auctions for foreign exchange (FX) instruments and deposits through Bloomberg’s auction platform. The platform manages primary market operations, and has been recently extended to include FX instruments (spot and outright) and deposits, in addition to its pre-existing suite of fixed income and repo products. Ali […]
By calling on the spirit of the 19th century Corn Laws repeal, the UK’s Financial Conduct Authority (FCA) believes it can weather the post-Brexit era with a new age of free trade. In a long speech delivered today (6 July), “Why free trade and open markets in financial services matter”, Andrew Bailey, chief executive of […]
The Financial Services Agency of Japan (JFSA) is setting up a hub for fintech start-ups to test new services, according to Nikkei. The hub will help “identify legal complications and risks standing in the way of industry’s growth” and is seen as a precursor to a regulatory sandbox. Nikkei says the sandbox could be in […]
Set sail for fintech! The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Open Banking, the implementation entity set up by the UK’s Competition and Markets Authority (CMA), has released its accounts and transaction information and payments initiation API specifications. The payments initiation API will enable third parties to set up secure payments on behalf of customers and, once authorised by the customer, submit the payment for processing. […]
The Monetary Authority of Singapore (MAS) is calling for a second reading of a Bill that it says will ensure a sound and resilient financial system for the city-state. MAS is pushing for “The Monetary Authority of Singapore (Amendment) Bill 2017″ because it says it needs to update its laws and regulations that deal with […]
Commerzbank and the Fraunhofer-Institute for Material Flow and Logistics (IML) in Dortmund have teamed up to research and develop the digitisation of trade finance using blockchain. The bank says by using blockchain or distributed ledger technologies (DLT), it will build a decentralised database for internet of things (ioT) applications and smart contracts. This will offer […]
Scottish Building Society has chosen Whistlebrook’s Treasury Management System (WTMS) to replace its existing solution, Parity Treasury Management Software from Manex Treasury Systems. As reported last year, Eurobase International acquired the Parity software from Manex, its flagship product. Parity clients and Manex staff moved to Eurobase as part of the deal. Scottish Building Society was […]
The UK’s Competition and Markets Authority (CMA) is ramping up its efforts for open banking within the nation’s retail banking scene. As reported in February, the CMA published its 766-page final report on the retail banking market and its open banking goals. At that time, it said it will offer overdraft users the opportunity to […]
Barclays Bank has been hit yet again by online and mobile banking glitches. Today (3 July), the bank reported the problem on Twitter saying it’s “aware of an issue with our online banking”. Hi Mark, we’re aware of an issue with our online banking and we’re working as fast as we can to put a […]
Fintech zeitgeist! Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week, Banking Technology’s deputy editor Antony Peyton mulls briefly on the world of fintech events. Having attended what feels like every fintech event […]
New trade association UK Finance – created as a result of the merger between six domestic associations in the banking and payments space – has officially launched. As reported in March, UK Finance brings together the Asset Based Finance Association (ABFA), British Bankers’ Association (BBA), Council of Mortgage Lenders (CML), Financial Fraud Action UK (FFA […]
