Capgemini launches global fintech initiative
Consulting and technology giant Capgemini has launched a global initiative that will fast-track fintech engagements with its financial services clients around the world. Capgemini’s fintech initiative will bring together its domain and integration expertise to scan, select, and evolve innovation for its clients, through an intense curation and collaboration process. The project extends beyond the traditional incubator concept to encompass connection, curation, incubation and investment stages, Capgemini said. It also aims to address one of the biggest challenges in integrating external innovation by bridging gaps in adoption, including tech integration, data management, process changes, and compliance and regulatory requirements. “Be it generating exceptional customer experience or improving operational efficiencies, fintech […]
London retailers will soon be taking payments using blockchain
Fintech company SETL has developed the card with global auditing firm Deloitte. Customers of the UK’s Metro Bank will soon be able to use a payments card that utilises blockchain technology. The card, which is being developed by Deloitte and fintech company SETL, is intended for the retail sector, the aim being to reduce the cost of processing merchant payments compared to credit and debit cards. The service could launch as soon as early 2017. SETL CEO Peter Randall said the card will update the balances of both the retailer and the customer in real-time. “What this allows people to do is to effectively make a payment from their account […]
Here’s why Trump’s win boosted Bitcoin
As Trump’s electoral victory became clear, global markets plunged into volatility. Dow Jones stock futures dropped by 3.8% in premarket trading, S&P futures by 3% overnight, and Nasdaq futures by almost 5%. All major European indices dropped by 2%, on average. The price of bitcoin, however, surged around 4% to reach highs of $738.33 overnight. The cryptocurrency saw similar gains in June after the Brexit vote, suggesting that investors are increasingly turning to bitcoin in times of political and economic uncertainty. There are a number of reasons why bitcoin proves attractive in these circumstances: It’s an alternative asset. Alternative assets are non-traditional assets — other examples include precious metals and […]
Banks team up with their FinTech competitors
These are challenging times for the incumbent heavyweights of the financial services sector. Beset by regulatory, governance, technological, capital, and investment issues, they are increasingly facing competition for business from a whole host of new players, primarily from ‘FinTechs’. Growth of marketplace lending In the case of online lenders, this trend began in the UK in the mid-2000s when Zopa, the world’s first digital and now Europe’s largest peer-to-peer (now called marketplace) provider, launched, quickly followed by the likes of Prosper, Lending Club, and OnDeck in the US. Eleven years on, Zopa has lent around 1.8 billion pounds to more than 150,000 borrowers funded by 63,000 investors of whom 53,000 […]
XERO CEO: London’s fintech scene is ‘world class’ and will stay that way post-Brexit
The CEO of £1.4 billion accountancy software giant Xero says London is a world leader in fintech — financial technology — and will remain that way post-Brexit. Rod Drury, founder and CEO of Xero, told Business Insider during a recent interview in London: “We love the fintech innovation happening in London, it’s absolutely world-class. When you see the apps that are being built here, they will go global. We’re really impressed by the quality of the finch thinking that goes on here.” London has become a European hub for financial technology — fintech — companies since the 2008 financial crisis. London boasts both a global finance hub in the City […]
Fintech could be bigger than ATMs, PayPal, and Bitcoin combined
We’ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs. No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new financial technology (“fintech”) revolution. The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes: […]
WorldRemit achieves key volume milestone underpinned by strong user growth
WorldRemit achieves key volume milestone underpinned by strong user growth, with Australian market a key driver WorldRemit now processing over 500,000 transactions per month 100,000 transfers sent from users in Australia alone 160,000 transfers received directly on mobile phones Signalling rapid and accelerating global growth, online money transfer service WorldRemit announced it had processed more than half a million transfers in a month for the first time ever in September, with more than 100,000 transfers sent from users in Australia alone. The milestone continues WorldRemit’s record for consistent transaction volume growth, showcasing strong fundamentals – consistent, growing revenues streams and a clear path to profitability. Global turnover is […]
An overview of digital currencies
By now you may have heard about cryptocurrencies such as Bitcoin being used to trade and purchase goods and services, but here’s a fact you may not be aware of. As of 2016 the United Nations recognises 180 different currencies, everything from the Abkhazian Apsar to the US dollar, however does not recognise a single crypto-currency as legal tender. Despite not receiving official recognition as a currency, the various crypto-currencies are being used around the world in order to carry out trade for goods and services. The most popular of crypto-currencies, Bitcoin, has a market cap of over US$10 billion. Currently there are 654 crypto-currencies in circulation, a trend that […]
