Securities processing software vendor GBST has migrated the back and middle-office operations of Deutsche Bank from the legacy GBST Shares platform to GBST Syn for processing the bank’s equity market trades in Australia. This is GBST’s fourth live Syn installation in the country. Other users are Macquarie Bank, Citi Australia and brokerage and investment firm […]
HSBC is entering the robo-advice market with the launch of a new online service for wealth management advice The service will use data and algorithms and will make personal recommendations based on an individual’s circumstances. It is expected to be available by the end of the year. The bank says this will “open up wealth […]
Deloitte has acquired design consultancy firm Market Gravity as it looks for a lift and the chance to moisten its creative juices. Founded in 2009 and headquartered in London with teams in New York, Edinburgh and Toronto, Market Gravity works across multiple sectors including financial services, retail, energy, telecoms and automotive. It recently helped UK-based […]
The First MicroFinance Bank in Afghanistan (FMFB-A) has chosen Accuity for regulatory compliance screening of its customer accounts and cross-border transactions. Accuity says it will help FMFB-A enhance the performance of its compliance operations by eliminating manual procedures and speeding up the end-to-end process with its automated regulatory list updates and real-time screening of transactions […]
R3 and four Japanese financial institutions (FIs) have joined forces to use blockchain in a derivatives prototype test. Nomura, Daiwa Securities Group, Mizuho, Sumitomo Mitsui Banking Corporation and R3 have tested a prototype developed using Corda, R3’s distributed ledger technology (DLT) platform based on blockchain, to streamline International Swaps and Derivatives Association (ISDA) Master Agreement […]
Article 50, triggered just nine months after Brexit was officially announced, will give the UK exactly two years to strike a deal with the EU concerning its departure from the economic and trading bloc. What will be the impact of the referendum on the square mile? Will it cease to be the major financial hub this side of the Atlantic?
With an intended jolt and volt of energy, Yolt, a new money platform backed by ING, has launched its open beta for iOS and Android in the UK. The app has been tested in closed beta since October last year, and is now ready to invite more people to the platform. Yolt enables users to […]
ABN Amro, ING, Rabobank and Geldservice Nederland (GSN) have teamed up to explore a potential initiative to ensure the availability of ATMs in the Netherlands. These discussions are being conducted in consultation with the nation’s central bank, De Nederlandsche Bank (DNB), and draw upon “successful initiatives” in Sweden and Finland. With the rise of digital […]
A consortium of Spanish companies has created Red Lyra, the “first multisector technology platform in the world based on blockchain”. Lyra comprises fintech and non-fintech companies, professionals, and experts in blockchain. Its founding members include Banco Sabadell, Banco Santander, Bankia, BBVA, Bolsas y Mercados Españoles (BME) and consulting firm Grant Thornton. In fact, just last […]
Bank Negara Malaysia (BNM), the nation’s central bank, has approved four fintech start-ups to operate within its regulatory sandbox. As Banking Technology reported last month, BNM called out to fintech start-ups for ideas to improve the financial services sector. The bank’s Financial Technology Enabler Group (FTEG) announced it was open to concepts through its “Fintech […]
Astana International Financial Centre (AIFC) has chosen Nasdaq to power Kazakhstan’s nascent stock exchange, the AIFC Exchange. The exchange is targeted to launch in late-2017 and will initially trade equities and fixed income with other asset classes for future phases. Within the framework of the agreement, the Nasdaq Matching Engine will be implemented and go […]
Estonia has launched an e-residency programme to let anyone apply to join its new digital nation and register a global EU company that can be managed online from anywhere in the world. This means e-residents don’t have to travel to Estonia in order to access business banking. An EU company with a fully digital EU […]
A lack of understanding and trust in technology is stalling mainstream adoption of innovative new fintech services, according to HSBC’s research. The bank’s report, “Trust in Technology”, shows that technologies such as fingerprint recognition, voice recognition and robo-advice “hold enormous potential” for uses from bank security to mobile payments and investment advice. John Flint, global […]
Chile’s central securities depository (CSD), Depósito Central de Valores (DCV), has chosen Nasdaq to revamp its technological infrastructure. Under the agreement, Nasdaq’s CSD solution will include trade and instruction management, settlement, custody, corporate event management and registry capabilities; and full coverage for all types of securities and multi-currencies. In addition, it will support settlement with […]
Should you hear a vehicle trundling down your litter-strewn UK street don’t all rush out assuming it’s an ice cream van. Calm yourself and your desires for a gigantic calorie-drenched concoction, and instead prepare for Gemalto’s GDPR Clinic. Before you ask WTF? (i.e. what the fintech) – this is payments firm Gemalto and its double […]
The Dubai Financial Services Authority (DFSA) will allow firms to apply for a financial services licence as it seeks to boost innovation in the region. As reported in March, DFSA issued a new consultation paper and proposed its licence plans. The licence, known as an Innovation Testing Licence (ITL), will allow qualifying firms to develop […]
FIS will sell off its majority ownership stake in Capco to private equity investment firm Clayton, Dubilier & Rice (CD&R), establishing Capco as an independent company. FIS will sell approximately 60% equity interest in Capco, the public brand for its management consulting offering, and receive net cash proceeds of $477 million. Upon closing, FIS will […]
International Finance Corporation (IFC) and the Monetary Authority of Singapore (MAS) are working together to establish and develop their ASEAN Financial Innovation Network (AFIN). IFC, a member of the World Bank Group, and MAS have signed a memorandum of co-operation. Through AFIN, they plan to establish a regional network to help financial institutions, fintech firms […]
Jani Gode’s knowledge of payments compliance reaches to parts of the globe that are about as far away from the small Minnesota farm where she grew up as you can get. Gode leads the global compliance program as chief compliance officer at Payoneer, an online payments company founded in 2005 that enables businesses to send and receive cross-border payments.
Blockchain consortium R3 has completed the first two of three tranches in its Series A fundraising round, securing $107 million in the “world’s largest distributed ledger technology (DLT) investment to date”. The consortia contest is heating up as this handy cash injection follows on from yesterday’s (22 May) announcement from the Enterprise Ethereum Alliance (EEA) […]
Nasdaq and Citi’s Treasury and Trade Solutions (TTS) have unveiled a new payment solution for automating reconciliation using Chain’s blockchain infrastructure platform. The solution enables straight through payment processing by using a distributed ledger to record and transmit payment instructions. A number of payment transactions have been done including Citi’s automated processing of cross-border payments […]
Citi has revealed the three winners from its Tech for Integrity Challenge (T4I) Demo Day in Dublin – all part of its plan to promote integrity, accountability and transparency in the public sector and beyond. Fintech developers from eight countries presented their working prototypes; and the “award recipients” from the Demo Day included: T4I Award […]
HSBC has been left red-faced after a BBC reporter and his non-identical twin tricked its voice ID authentication service. The BBC says its “Click” (a weekly TV show) reporter Dan Simmons created an HSBC account and signed up to the bank’s service. HSBC states that the system is secure because each person’s voice is “unique”. […]
India-based Essel Home Loans, a new housing finance subsidiary of Essel Finance, has opted for Nucleus Software’s FinnOne Neo Cloud for digitisation of its loan lifecycle. According to Nucleus, Essel Home Loans is keen to capitalise on the Government of India initiatives such as Pradhan Mantri Awas Yojana (PMAY) – which is designed to build […]
With its shrinking population and its growing interest in fintech, the Tokyo Metropolitan Government (TMG) has turned to Accenture to support recruiting companies find the right stuff from abroad. According to Japan’s health ministry, the nation’s population is expected to fall from 127 million to 88 million in 2065, dropping further to 51 million by […]
Wells Fargo has selected two new companies – ProxToMe and Uniken – to join its Wells Fargo Start-up Accelerator.
IBM and Chile’s Santiago Exchange, the largest in the country, have teamed up to introduce blockchain across the country’s financial sector. The agreement makes the Santiago Exchange the “first stock market in Latin America” to apply IBM blockchain within its short selling system for securities lending. Built by IBM and Santiago Exchange, the solution is […]
Equifax, credit information provider Castlight and Oakbrook Finance, the owners of consumer loan brand Likely Loans, have teamed up to develop new products for the 2018 open banking initiative. Under open banking, Equifax says bank transaction data will play a crucial role in lending decisions. Lenders will have access to real-time and historic account and […]
Asset management firm Jabre Capital Partners has chosen Broadridge’s integrated trading, portfolio management, and risk management platform to help manage its front, middle and back-office operations. Broadridge says its solution will enable Jabre to streamline and automate workflow, and help meet its pre- and post-trade compliance requirements while providing connectivity to brokers and EMS platforms. […]
Sixteen financial institutions (FIs) are onboard for CCRManager’s new electronic platform, developed for the distribution of trade finance, supply chain finance and working capital assets. Bank of China, DBS Bank, ICICI Bank, Swiss Re Corporate Solutions and UniCredit have signed up as members of the platform to support their trade risk distribution businesses. In addition, […]
Hoping to build on last year’s success, the Center for Financial Services Innovation is encouraging participants in next month’s FinHealthMatters Day to craft videos, write blogs and plan events that highlight the need for better financial health for U.S. consumers. FinHealthMatters Day is June 27.
Indian IT firm Wipro has developed nine blockchain-based solutions for banking financial services and insurance (BFSI), manufacturing, retail and consumer goods industries. The solutions were defined, designed and co-developed with Wipro’s clients in its blockchain innovation lab. In terms of fintech and insurtech, these concepts include trade finance and P2P insurance for the “sharing economy” […]
Quickly following on from the cash flow glow of 15 May, here’s another fintech funding round-up. Features Additiv, BZ Bank, Symphony, BNP Parabis and IOTA. Zurich-based digital finance provider Additiv knows how to stay healthy as it has secured its first capital investment funding round of CHF 21 million ($21.3 million). The round was headed […]
North Carolina-based Coastal Federal Credit Union and eight partners have unveiled Constellation Digital Partners – an organisation offering the “first and only” suite of digital financial services dedicated solely to credit unions. The creation of the firm and its platform is the result of a three-year long R&D effort, which culminated in the filing of […]
Brevity and celerity. It’s our latest fintech funding round-up for a quick fix – featuring Axoni, Citi, MarketInvoice, Banco BNI Europa, Alibaba and Qupital. Distributed ledger technology (DLT) provider Axoni has revealed that Citi has joined its Series A funding round, bringing the total amount raised to over $20 million. Citi joins a group of […]
The People’s Bank of China (PBOC) has set up a fintech committee, aimed at strengthening financial research, planning and co-ordination. On its website, the nation’s central bank doesn’t offer specifics about the new committee, but says fintech has “injected new vitality”, but also “brought new challenges” for financial security. PBOC will study the impact of […]
Fintech zeitgeist! Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week, Antony Peyton, Banking Technology’s deputy editor, looks at why journalism is not controlled by your company. Well, not here anyway. Hey fintech […]
With the release of Facebook’s Q1 2017 results, there are five things worth your attention about its strategy that are relevant for financial services. In its latest results, Facebook announced a major emphasis in solving for communities and reiterating the key messages from its F8 developer conference. Q1 2017 profit is +76.6% YoY to $3.06 […]
Like that lacklustre movie Braveheart, the UK’s Financial Conduct Authority (FCA) says you will never take away our freedom and the chances of a free-for-all for regulations will never happen. In a speech that had more repeats than the UK TV channel Dave, Christopher Woolard, FCA’s executive director of strategy and competition, told the audience […]
FIS and the Arkansas-based entrepreneur support organisation Venture Center have revealed the ten start-ups for their 2017 VC Fintech Accelerator, now in its second year. The 2017 programme received 295 applications from across the US and 39 other countries. The selected companies (all American, bar one) will participate in a 12-week programme designed to accelerate […]
