How Canadian start-up Cinchy is transforming data for banks
Exclusive interview with Cinchy’s CEO. “Think of it as the end of fragmentation.”
North America
Goldman won’t take companies public without at least one “diverse” board member
GS itself has four women on its board of directors, out of 11 total members.
The rise of investment apps
There’s an appetite to save and invest despite low interest rates across Europe, Australia and the US.
Neocova gains $9.5m backing from community banks for AI-led tech
Vendor finds investment from six community banks.
Fintech’s diversity performance last year and predictions for 2020
A digital approach to inclusion training can help fintechs with smaller budgets.
Catalyst Fund raises $15m from JP Morgan and UK Aid for emerging market fintechs
Thirty fintech start-ups from South Africa, Kenya, Nigeria, India and Mexico will get funding.
Part two: Who is best positioned to provide marketplace banking?
Three strategies for standing out in a market: cost leadership, differentiation, and focus.
Video: Top fintech stories this week – 24 January 2020
FinTech Future’s weekly news round-up.
Payments security: A year in review
Majority of the largest breaches to be reported in 2019 were caused by poor security protocols.
Former Wells Fargo CEO barred from banking industry, fined $17.5m
Seven other former Wells Fargo executives were reprimanded by the OCC.
BMO to acquire Clearpool
The transaction is subject to receipt of required regulatory approvals & conditions.
What the “decade of the data breach” can teach us
Organisations can simply no longer trust that an online user is who they claim to be.
Digital broker Stake releases UK beta app ahead of February launch
The app plans to expand across Europe “in the coming months”.
Minnesota’s Sentry Bank selects CSI NuPoint
St. Cloud bank goes with CSI to power core processing and digital.
Vodafone leaves Facebook’s Libra to focus on M-Pesa
M-Pesa is the telco’s digital payment service.
Amazon set to turn hands into cards with Visa
The bigtech is reportedly in talks with Mastercard, JP Morgan Chase and Wells Fargo.
HAB Bank implements Jack Henry’s commercial lending platform
New York-based community bank wants to boost its commercial ops.
Goldman cuts personal lending after launching Apple card
Its partnership with Apple has taken some of the momentum away from Marcus.
Central banks in Europe, Japan and Canada assess potential digital currencies
Central banks in Canada, the UK, Japan, Switzerland, and Sweden are teaming up.
Canada’s RBC files patents for AI inventions as bigtechs soar
Ten AI patent applications were submitted by RBC across 2019.
Equifax’s 2017 data breach will cost firm at least $1.38bn
$380.5m is for breach compensation, and $1 bn for information security overhaul.
The future of regtech is data-driven: How to stay ahead of the curve
There are no shortage of challenges that will need to be addressed through innovation.
Video: Top fintech stories this week – 17 January 2020
FinTech Future’s weekly news round-up.
‘Crypto Dad’ promotes blockchain-based USD with Accenture in new think tank
Giancarlo wants to “catalyze a digital, tokenised US currency”.
PeoplesBank opts for Nymbus onboarding and marketing tech
Nymbus to underpin West Massachusetts’ largest community bank.
Visa invests in data security start-up VGS to boost fintech innovation
The size of the investment has not been revealed.
When it comes to supporting the underbanked, the best solution might be a little old school
Community banks and the underbanked need one another.
Fundbox hires “Swiss army knife” CFO signalling IPO
CFO Marten Abrahamsen is a former investment banker.
Ping An Technology builds innovation lab with Intel to boost cloud tech
The lab will also “supercharge” Ping An’s AI-based services.
US challenger Unifimoney signs integration deal with UMB Bank
US challenger inks deal with UMB for account infrastructure.
Tradeshift raises $240m in bid to become profitable
CEO Christian Lanng confirmed Tradeshift is not planning a 2020 IPO.
Raisin acquires Choice FS as first step into US deposits market
Raisin’s CEO Paul Knodel calls Choice FS “a perfect fit” for its US mission.
Union Bank picks FIS to underpin digital transformation
MUFG-owned bank the first user of new FIS platform.
Goldman Sachs quietly releases Marcus app three years after launch
The app was designed to be Goldman Sachs’ eventual main mobile face.
Finxact appoints former Trump Treasury counsellor to board of directors
Core banking firm hires industry veteran.
Payments industry underestimates Facebook Pay at its own peril
Tony Craddock, director general of the EPA tells FinTech Futures his views on the tech giant.
Regtech: the new lifeblood of compliance
It changes the current compliance game for the better.
WisdomTree takes lead in $17.65m Securrency investment
It plans to pursue the integration of blockchain technology into the ETF ecosystem.
Visa to buy fintech start-up Plaid for $5.3bn
The deal doubles the fintech’s valuation from just over a year ago.
US and UK regulators take lead on AML fines for 2019
37 of the 58 fines were handed out by American and British regulators.
