The most important FinTech Innovations that will change our lives in the near future
Technology is affecting the topography of workflow and processes in the financial services industry. What was once handled with the assistance of human hands, physical currency and bulky computers has now been completely digitalized. It is an undeniable expanse of financial services globally and that has bred a fertile ground for FinTech startups. Start ups are reimagining every kind of financial activity including wealth management, banking, payments and more. And these innovations have attracted massive investment too. This financial technology or FinTech revolution has left the traditional financial industry with a poignant question – how to stay relevant in this digital age and avoid being history? The advantage lies with […]
Cybersecurity dominates EU Fintech Action Plan
Cybersecurity takes top billing in the European Union’s upcoming Fintech Action Plan, with a draft emphasising efforts to improve cooperation and coordination between market participants and regulators. Recognising its potential threat to the stability of the financial sector, the European Parliament has called on the EC to make cybersecurity “the number one priority” in the FinTech Action Plan. In response, a plan draft identifies three specific moves: A public-private workshop to investigate barriers limiting information-sharing on cyberthreats, followed by a look into how these can be fixed. A call for the three European supervisory authorities (ESAs) to map, by Q1 2019, the existing supervisory practices across financial sectors around ICT […]
Fintech start-ups continue to disrupt the established order
Fintech start-ups are developing innovative new solutions to shake-up the financial services sector; established banks are having to decide whether to collaborate or compete. Banks have been the dominant force in the financial sector for decades, but it is very possible that this is about to change. Emerging financial technology start-ups are challenging this authority, demonstrating levels of commitment to innovation and agility that long-established financial institutions cannot compete with. According to a recent report by PwC, more than 80 percent of existing fintech firms believe they are losing revenue to more innovative rivals. Much of the fintech-related discussion concerns how banks can compete with the new kids on the […]
Weiss has issued its first cryptocurrency ratings, ranking Ethereum above bitcoin
The securities ratings firm is the first to give a rating to cryptocurrencies. Weiss Ratings has ranked Ethereum as “better” than bitcoin, as well as the EOS coin in its first cryptocurrency ratings. Bitcoin received a C+ rating from the firm, due to the fact that its network has some serious bottlenecks which have resulted in long transaction delays and fees. Weiss acknowledged bitcoin’s core developers were looking to address these issues, with the likes of the Lightning network, however it noted that there is no immediate mechanism for promptly. Ethereum’s B rating was received due tot he fact it benefits from more readily upgradeable technology, with a development team […]
CoinShares announces two new flagship funds
CoinShares Group, the group behind the first bitcoin and ether exchange traded notes (Issued by XBT Provider AB) and the team behind the world’s first regulated bitcoin strategy (GABI), is announcing two new flagship crypto investment funds. The two funds: CoinShares ‘Active’ Fund – a multi-coin, alpha-generating, active strategy; and CoinShares ‘Large Cap’ Fund – a passive, large-cap, basket fund; represent a natural evolution of market approaches based on the current trajectory of the crypto-asset economy. This announcement follows the group’s October launch of the first Ether Tracking, Exchange Traded Products on Nasdaq Stockholm. These ETPs now comprise more than $350M of assets less than 4 months post launch. “As […]
Banks and Fintechs are duelling in a ‘War For Talent’
Banks may be losing the talent battle to London’s financial-technology industry, but the war for the customer is still to come. Europe’s financial technology startups are on hiring mode, fighting each other – and the incumbents — in what one executive described as a “war for talent.” Payments company GoCardless Ltd., which employs 170 people in London, will open a Paris office in February, said chief product and technology officer Carlos Gonzalez-Cadenas. Online lender LendInvest Ltd. said it will make a “concerted effort” to hire additional engineers in London this year, while Salesforce.com Inc.-backed software company Anaplan Inc. says hiring engineering talent is its current priority. “Last year, we went […]
UnionPay International signs long-term partner agreement with global payment innovator Verrency
Verrency today signed a long-term agreement with UnionPay International (UPI), a wholly owned subsidiary of China UnionPay (CUP), to offer Verrency’s innovative value-added services to Union Pay’s issuing banks across Asia. Verrency’s services will be delivered via the UPI Wallet, Union Pay’s innovative API service. Signing the formal agreement were David C. Link, Chief Executive Officer/ Executive Chairman, Verrency, and Shuan Ghaidan, Product Director, UnionPay International. Shuan Ghaidan said: “We are very glad to be working with Verrency to offer further control, service, convenience and security to our customers. Verrency’s innovative services will further enhance the value of the UPI Wallet and the value that Union Pay enables for its issuers. […]
Standard Chartered creates fintech investment unit
Standard Chartered said on Wednesday it had established a business unit to invest in financial technology and promote innovation. Dubbed SC Ventures, it will include internal consultants to help the rest of the group solve problems with technology and a team to sponsor and oversee new disruptive technology ventures owned by StanChart. Another part of the new unit will focus on managing the bank’s minority investments in ‘fintech’ and seeking new ones to back. “As new technology continues to play an ever more important role in banking, there is a huge opportunity for us to promote more innovation,” said Michael Gorriz, group chief information officer. StanChart already backs Ripple, a […]
