Payments start-up Plastc goes bust
Plastc, a US fintech start-up that created a card that could digitally hold 20 credit or debit cards, is filing for bankruptcy.
Innovation
BBVA and Ripple complete blockchain cross-border money transfer pilot
BBVA has announced the completion of “the first real-life implementation of an international money transfer using Ripple’s new distributed ledger technology (DLT)”. The transaction, which ran on BBVA infrastructures with real money, resulted in money moved between Spain and Mexio “in a matter of seconds”.
Fintech start-up for SMEs Hufsy teams with SolarisBank for German launch
Hufsy, a Denmark-based fintech start-up focused on SMEs, is expanding into Germany. Its banking partner in Germany is SolarisBank.
White paper: preparing for PSD2 – the role for data and the future for banking
The implementation of the updated Payment Services Directive (PSD2) will affect banking institutions of all sizes, opening up financial services and payments markets to new competitors and service providers. Download this free white paper to be ready!
Top fintech stories this week – 21 April 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Thumbs up for Mastercard’s new biometric card
Mastercard has launched its latest biometric card, combining chip technology with fingerprints to verify the cardholder’s identity for in-store purchases. South Africa is the first market to test the evolved technology, with two separate trails recently concluded with Pick n Pay, a supermarket retailer, and Absa Bank, a subsidiary of Barclays Africa. According to Mastercard, […]
Malaysia’s central bank seeks fintech start-ups
Bank Negara Malaysia (BNM), the nation’s central bank, is calling out to fintech start-ups for ideas to improve the financial services sector. The bank’s Financial Technology Enabler Group (FTEG) is now open to concepts through its “Fintech Hacks” initiative which aims to “identify pain points in the delivery and consumption of financial services, and solicit […]
Nomura turns fintech Voyager in India
Asian investment bank Nomura plans to tap into India’s lively fintech scene with the launch of its “Voyager – Nomura Fintech Partnership” – including a new JPY 10 billion ($91.7 million) fund to provide support to start-ups. Nomura is inviting entrepreneurs to participate in the programme to build solutions for capital markets and investment banking […]
Nasdaq goes on attack with fintech investment programme
Nasdaq has unveiled its venture investment programme, Nasdaq Ventures, as it seeks out new fintech firms to work with in the global capital markets. Adena Friedman, president and CEO, Nasdaq, says it plans to “accelerate the pace of innovation”. The minority stake investments made by Nasdaq Ventures are expected to range from less than $1 […]
Accenture calls for Asia-Pacific fintech start-ups
Applications will soon open for Accenture’s fourth annual Asia-Pacific Fintech Innovation Lab, a 12-week programme to help start-ups speed up product and business development. According to the firm, investments in Asia-Pacific fintech companies are on the rise. During the first quarter of 2017, investments totalled $1.1 billion, representing 21% of the $5.1 billion invested into […]
Report: accelerators speed up UK fintech growth
We’re travelling at the speed of light, that’s why we’re on a news site. The UK’s fintech scene is chock-full of sweet accelerators and incubators – powering the industry ever onwards. In their 76-page report, “Business incubators and accelerators: the national picture”, the UK Government and innovation foundation Nesta paint a pleasant portrait of energy […]
Fund times with BNP Paribas blockchain-powered platform
BNP Paribas Securities Services is partnering with AXA Investment Managers for the creation of a new digital fund distribution platform. Called BNP Paribas Fund Link, it aims to make the fund distribution process better by improving the flow of information between fund buyers and sellers via blockchain and smart contract technology. Jean Devambez, head of […]
Zelle makes its presence known in P2P payments arena
The recent performance of Zelle Network, the peer-to-peer (P2P) payments platform with the funny name, is no laughing matter for competing P2P providers.
Co-bots, not robots: the next big step for AI in insurance
Many have proclaimed that 2017 will be “the year of artificial intelligence (AI)”, with a 300% increase in investment in its technologies predicted compared with 2016. Start-ups with AI at the core of their business in particular will be looking to benefit from this surge in investment capital, as they did last year when 550 raised $5 billion in funding.
Fintech in the US: where is regulation headed?
Aaron Cutler, partner, and Loyal Horsley, associate at Hogan Lovells, examine the state-level fintech regulation, proposed legislative solutions, and provides a brief overview of international regulation.
Piraeus Bank e-branches go Greece lightning
Piraeus Bank has launched three fully automated e-branches, across the region of Attiki – the first of their kind in Greece. Services on offer include a “remote cashier”, where customers can perform 90% of the transactions provided via a video call with a cashier; remote registration of internet banking through a phone service point; a […]
Dubai International Financial Centre calls for fintech start-ups
Dubai International Financial Centre (DIFC) is seeking applications for its FinTech Hive at DIFC accelerator programme. The 12-week programme is designed to help early and growth-stage firms accelerate product and business development by gaining exposure to financial institution executives. Successful applicants will be offered the opportunity to develop, test and modify their innovations in collaboration […]
Silicon Valley Bank opens up throttle for API banking
US-based Silicon Valley Bank (SVB) has launched new APIs to let its clients programmatically open bank accounts, and send payments using a credit card network and via the automated clearing house (ACH) network. Dan Kimmerling, director, API banking at SVB, says its goal this year is to “develop a broad array of APIs” and wants […]
Lloyds says Hello to Microsoft Windows 10 biometrics
Lloyds is working with Microsoft to test biometric authentication for customers logging into their Lloyds, Halifax and Bank of Scotland internet banking sites. The three organisations will use Windows Hello to get access to Windows 10 devices using a fingerprint or facial recognition. Devices will recognise the user, “rather than having to remember an assortment […]
Ummah Finance to become first UK-based mobile Islamic bank
Ummah Finance aims to be “the first UK born Islamic bank solely set up and operating from London”, with a fully digital proposition.
Chart: fintech investment in 2016
Fintech investment fell in 2016 for the first time. On the bright side? Banks are becoming much more active in the space, putting money in 61% more start-ups.
Top fintech stories this week – 14 April 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Mastercard gets approval to buy VocaLink for $920m Deal expected to close in coming weeks. Bank of England implicated in Libor rigging by secret recording Well, it was secret. FIS sheds Ambit Private Banking business FIS inherited it […]
Quash the queue with WoraPay’s Masterpass coup
We all love food and drink, and mobile service WoraPay has got in-sync and integrated Masterpass, the digital payment service from Mastercard. WoraPay’s service allows customers to buy food and drink, and pay in advance with their mobile. This means customers can order their morning coffee or tea (or whisky if you have a crappy […]
Fintech boosts UK economy by £6.6bn
Oh UK fintech firms, you pretty things. The industry brings £6.6 billion to the nation’s economy, employs 61,000 people, and was showered with praise at the UK government’s inaugural International Fintech Conference in London. At yesterday’s event (12 April), Chancellor of the Exchequer Philip Hammond, like any smart politician, latched himself like a limpet onto […]
Fintech outside London – part 1
There is no smoke without fire. The “big smoke”, as London is colloquially known, has been creating a fire of innovation in the financial technology space for years, but there are other UK fintech centres in the Southwest; Cardiff; Manchester/Leeds; and Edinburgh/Glasgow that create their own heat.
R3 and Acord launch DLT-ful insurtech centre
Consortium R3 has partnered with Acord (Association for Cooperative Operations Research and Development) to launch a virtual “centre of excellence” for distributed ledger technology (DLT) in the insurance industry. R3 counts a number of insurance companies amongst its member base, including MetLife, AIA and Suncorp Group, as well as other financial services members that have […]
Contactless payments ramp up in 2017
Following the announcement WhatsApp will enter into the mobile payments arena, new estimates from Juniper Research claims Apple Pay contactless users will nearly double over 2017.
US fintech regulation: a divided picture at the federal level
Addressing the views of the Department of Treasury, the CFPB, and the SEC on the regulation of the fintech industry in the US.
Standard Chartered supercharges two Asian start-ups
Standard Chartered has given a big boost to two Asian start-ups with two proof of concept (PoC) projects. Bambu, a Singapore-based robo-advisory for wealth management firm, and KYC Chain, a Hong Kong-based digital identity management firm using distributed ledger technology, were selected from SuperCharger FinTech Accelerator 2.0 – a 12-week accelerator programme in Hong Kong […]
UK regulator plays sheriff to fight “Wild West” sandboxes
As fintech regulators across the world begin to set up their own sandboxes, with different models and standards, the UK’s Financial Conduct Authority says a “Wild West” version could emerge. But hang on folks, we got a new sheriff in town. Speaking at the Innovate Finance Global Summit in London, Christopher Woolard, executive director of […]
Silicon Valley Bank and First Data launch fintech accelerator
US-based Silicon Valley Bank (SVB) and First Data are calling on US start-ups to apply for their latest Commerce.Innovated accelerator programme. The four-month virtual programme provides participants with operational mentorship from the pair’s respective networks. Reetika Grewal, head of SVB’s payments strategy and solutions group, says its “small class size allows us to work closely […]
Visa unveils European payments innovation initiative
Visa has expanded its Everywhere Initiative innovation programme into Europe as it looks for the “next big thing” in payments. Entrants in Visa’s first-ever European Everywhere Initiative can win up to €50,000 to support a development programme with Visa, or through business partnership with Visa’s clients, and potentially have access to Visa APIs, mentors and […]
Commonwealth Bank of Australia joins quantum revolution with QxBranch
QxBranch, the quantum computing and data analytics software company, has created a quantum computing simulator for the Commonwealth Bank of Australia (CBA).
Payments: how the West will be copying the East
Payments industry practitioners in the European Union are understandably obsessed with the implications of the revised Payment Services Directive (PSD2). This was evident at the recent European Payments Summit, held in the Netherlands, where PSD2 dominated many of the discussions.
Mastercard AIs up future with start-ups
Mastercard has welcomed five new start-ups to its Start Path Global programme – its initiative to boost its share of the commerce market. The programme is open to all start-ups who focus on banking and payments and have raised a “significant seed” or Series A round of investment. Three out of the five firms joining […]
Alawwal Bank’s next stop is a coffee shop
Across the world, branches are disappearing or even getting smaller, but Alawwal Bank, with the help of financial services IT consultancy Synechron, has opened a new digital branch in Saudi Arabia in the form of a coffee shop. The Ibda café is located in the Nakheel mall in Riyadh. The bank says customers can open […]
UK’s Financial Conduct Authority calls for blockchain feedback
The UK’s Financial Conduct Authority (FCA) is calling for feedback on the potential for future development of distributed ledger technology (DLT) / blockchain in the markets it regulates. It says it is “particularly interested to explore where the balance of risk and opportunities may lie” for DLT and wants to boost innovation that advances it […]
Starling Bank developer portal goes live
UK challenger bank Starling has unveiled its developer portal to enable third parties to access customer data and build on top of its platform using APIs. As Banking Technology previously reported, Starling launched its mobile app and is welcoming the first customers through its digital doors to join a beta testing programme. It also recently […]
HPS Worldwide’s PowerCARD 2017: no fintech firm is an island
Morocco-based payments firm HPS Worldwide is setting its sights on growth through the use of APIs and extensive collaboration with start-ups. At its PowerCARD Users Meeting 2017, held 5-7 April, in the lively city of Marrakesh – about 400 people from over 50 countries listened to presentations from the company and its partners. The message […]
Naqoda unveils “new, fast and flexible” core banking system
Fintech vendor Naqoda has launched its new development, Naqoda Core Banking Platform, which is “set to compete with new start-ups and legacy vendors alike”.
