The Fintech Fix: The first guest!
Aug07

The Fintech Fix: The first guest!

In this week’s Fintech Fix, Doug has his first guest on the show, a sense of humour fail and more importantly hears what GRAB and Apple are doing in the financial services industry.

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European Payments Ecosystems: Target 2
Aug07

European Payments Ecosystems: Target 2

​In today’s Virtual Arena we learn all about the shifting nature of the advanced European payments infrastructure from UniCredit and TAS Group. Leading the conversation we bring in payments experts Raphael Barisaac and Mario Mendia who discuss how the delayed T2 consolidation will change payments forever! ...

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100 levées de fonds réussies sur WE DO GOOD!
Aug06

100 levées de fonds réussies sur WE DO GOOD!

C’est un nouveau cap que nous venons de passer : 100 projets, 100 équipes motivées, 100 levées de fonds qui ont permis de faire naître ou grandir ces projets, mais aussi le nôtre. L’expérience acquise à travers le financement de ces 100 entreprises nous a permis de challenger et de faire évoluer notre modèle au quotidien, dans l’optique de le rendre meilleur. Depuis 2015, nous mettons tout en oeuvre pour rendre la finance plus...

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Planet launches an integrated digital payments service for European Hospitality businesses together with 3C integration
Aug06

Planet launches an integrated digital payments service for European Hospitality businesses together with 3C integration

Payments company Planet has launched an integrated digital payments service for Merchants operating across Europe in the Hospitality and Food & Beverage sectors. The solution delivers all the required payment services, including acquiring and processing, on a single platform. This provides added value services for Merchants through a revenue generating payments partnership. It comes as the Financial Conduct Authority (FCA)...

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FF Virtual Arena: Outsourcing: Risk Vs. Reward
Aug06

FF Virtual Arena: Outsourcing: Risk Vs. Reward

In today’s Virtual Arena join Ray Brash from PPS, David Parker from Polymath Consulting as we discuss the elephant in the room. Wirecard, outsourcing and all the risks and rewards that fintech will now face in this post (Wirecard) apocalypse world. Join our host ALi Paterson today at...

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Smarter & Better Payments – How do Financial Institutions Migrate to ISO 20022, Hit Deadlines & Create New Business Opportunity?
Aug06

Smarter & Better Payments – How do Financial Institutions Migrate to ISO 20022, Hit Deadlines & Create New Business Opportunity?

DANIEL BARDINI, Managing Director – Financial Messaging at Bottomline Technologies What is ISO 20022 & how will it transform payments? In 2004 it was decided that the previous format of SWIFT’s message type (MT) wasn’t going to be ‘fit for purpose’ for the evolving demands of ambitious payments innovation, and so a new standard was needed. When MT was first created, payment messages didn’t have to carry a large amount of...

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American Financial Resources Gains Tangible Operational Savings  Through Advantage Systems’ ApprovalSoft® Mortgage Accounting Solution
Aug05

American Financial Resources Gains Tangible Operational Savings Through Advantage Systems’ ApprovalSoft® Mortgage Accounting Solution

Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announced that Parsippany, NJ-based American Financial Resources, Inc. (AFR) has realized significant operational savings through its use of the ApprovalSoft® system to manage vendor invoices and streamline internal approval processes. The capability for vendors to directly interact with the system is a key benefit for AFR. Lisa...

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FF Virtual Arena: Landbay and Buy to Let Lending
Aug05

FF Virtual Arena: Landbay and Buy to Let Lending

In today’s Virtual Arena we speak with Landbay the specialist in buy to let mortgages. Doug Mackenzie chats with CEO John Goodall about the lending ecosystem in a post and current corona world and where lending will go in the future. Lenders, renters, banks and fintechs bend your ear at...

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New study reveals the most-funded FinTech startup in each country
Aug04

New study reveals the most-funded FinTech startup in each country

Financial technology is literally where the money is in today’s startup landscape. Unlike some startup sectors which can be found primarily in the US, notable FinTech startups are found all over the world. But where in particular they come from? BusinessFinancing.co.uk analysed over 10,000 FinTech startups using business data platform Crunchbase as their source. They found out who these startups are, what they do, and how much funding...

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New report identifies the factors which will determine SMEs’ chances of a successful COVID recovery
Aug04

New report identifies the factors which will determine SMEs’ chances of a successful COVID recovery

Business bank, Allica Bank has combined data and insight from over 1,000 UK SMEs with a multiple regression analysis to determine what factors most closely aligned with an SMEs’ chances of success and separated the highest-performing businesses from their peers. These ‘rules for success’ have been compiled from the research data to support British businesses as they look to chart a course to post-Covid recovery.   The full...

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Cognistx AI powers community loan program, helping businesses access funds at record speed
Aug04

Cognistx AI powers community loan program, helping businesses access funds at record speed

Cognistx (Cognistx.com), a tech firm that builds artificial intelligence (AI) systems for clients across the U.S., developed a solution to speed up a Miami-Dade County community loan process, accelerating the disbursement of millions in COVID-19 relief funds to struggling small businesses.  Traditional loan programs, whether processed by the SBA, a bank, or in this case, a community development financial institution (CDFI), rely on...

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Absa ARO Completes Fully Virtual Implementation as It Moves to Fiserv for Card Management and Processing Across Nine African Nations
Aug04

Absa ARO Completes Fully Virtual Implementation as It Moves to Fiserv for Card Management and Processing Across Nine African Nations

Fiserv, Inc. a leading global provider of payments and financial services technology, today announced that Absa Regional Operations (ARO) has moved to Fiserv to support credit card management and processing in nine African nations. What started as a program to enable Absa to separate its card platform from Barclays PLC has resulted in ARO taking bold steps to remodel its business for increased agility and growth as it serves customers...

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Fintech Finance Presents: The Fintech Show 3.08 – God From the Machine
Aug04

Fintech Finance Presents: The Fintech Show 3.08 – God From the Machine

This episode of The Fintech Show is all about the most science-fiction of technologies, Artificial intelligence. To find out more, Fintech Finance speaks with Jamie Broadbent, RBS, Stuart Riley, CITI and Andreas Burner, SmartStream, all tech and innovation leads right at the heart of finance. Is Ai more fiction than...

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FF Virtual Arena: Synchronising Europe with Stripe
Aug04

FF Virtual Arena: Synchronising Europe with Stripe

In today’s Virtual Arena we learn how Stripe are helping to increase the GDP of the internet and businesses alike as Ellen Moeller and Fintech Finance’s Doug Mackenzie discuss Stripe’s new White Paper. Is regulation a barrier to growth in retail and for businesses? Is Europe actually out of regulatory...

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First Consumer Fintech in US History Gains Full Regulatory Approval to Become a National Bank
Aug04

First Consumer Fintech in US History Gains Full Regulatory Approval to Become a National Bank

Varo Money, Inc. today announced it has been granted its national bank charter from the Office of the Comptroller of the Currency (OCC) and secured regulatory approvals from the FDIC and Federal Reserve to open Varo Bank, N.A. This represents the first ever national bank charter granted to a US consumer fintech and will allow Varo to offer customers comprehensive, FDIC-insured banking services. Obtaining the national bank charter...

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FF Virtual Arena: Walrus
Aug03

FF Virtual Arena: Walrus

In today’s #VirtualArena join our host Doug Mackenzie as we discuss financial literacy in India with Bhagaban Behera, the CEO of Neobank Walrus. Walrus is designed with GEN Z in mind, so cure your after lunch zzzz’s and listen in to the future of banking. Live on our LinkedIn Page. Follow us on Linkedin to be alert when we go live....

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The Fintech Fix: Here is some out ‘saucy’ gossip
Jul31

The Fintech Fix: Here is some out ‘saucy’ gossip

In today’s episode of The Fintech Fix, Doug Mackenzie explores the dangers involved with outsourcing, how Revolut are ‘go comparing’ to their rivals and what the European Commission is doing in the wake of Wirecard!...

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Yes Bank takes possession of Anil Ambani’s group headquarter in Mumbai for failure to repay dues
Jul31

Yes Bank takes possession of Anil Ambani’s group headquarter in Mumbai for failure to repay dues

Yes Bank has taken over the headquarter of Anil Ambani’s group in surburban Santacruz for failure to repay dues worth Rs 2,892 crore. The private sector lender has also taken possession of two flats in South Mumbai for the non-payment of dues by Reliance Infrastructure, according to a notice published by Yes Bank in a newspaper on Wednesday. Nearly all the major companies in Anil Dhirubhai Ambani Group (ADAG) were operating out of the...

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‘Response rates have been too slow’: Westpac brings call centre jobs back to Australia
Jul31

‘Response rates have been too slow’: Westpac brings call centre jobs back to Australia

Westpac is moving 1000 jobs that are being carried out in India and the Philippines back to Australia after complications in overseas operations led to slow customer service and cost the lender valuable business during the pandemic. The country’s second-largest bank pointed to a surge in customers needing assistance and delays in its home loan processing and call centres as it announced it would bring the jobs back to Australia....

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WeLab takes its virtual banking battle to Hong Kong’s bricks-and-mortar lenders with higher rates, rebates in opening salvo
Jul31

WeLab takes its virtual banking battle to Hong Kong’s bricks-and-mortar lenders with higher rates, rebates in opening salvo

Hong Kong’s newest virtual bank is seeking a slice of the city’s banking business by stirring up competition at a time when the Covid-19 outbreak is driving more consumers and businesses to online platforms. WeLab Bank opened for business today after a three-month trial by dangling a 4.5 per cent annual rate on deposits from as little as HK$10 (US$1.30), it said on its debut. The firm will also offer a juicy time-limited 8 per cent...

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FF Virtual Arena: Elas Profile
Jul30

FF Virtual Arena: Elas Profile

In today’s #VirtualArena at 14:30 BST we hear from ElasBank’s CEO and Founder Dr Vanise Zimmer who tells us all about the banking culture in Brazil, one of the most exciting areas for fintech bank development! ElasBank is special as it looks to tackle the significant divide when it comes to financial inclusion for women. Please enjoy and share!    

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Twenty7Tec Group signs Agreement with Primis
Jul30

Twenty7Tec Group signs Agreement with Primis

Twenty7Tec, a leading provider of technology solutions to the mortgage industry, today announces that it has entered into a five-year agreement to provide its CloudTwenty7 platform to Primis. Primis, the LSL Property Services Plc owned mortgage network, provides solutions to financial services intermediaries relating to the arrangement of mortgages and noninvestment insurance products. With 856 affiliated Authorised Firms, and over...

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Bank of America Expands Commercial Contact-free Payments
Jul29

Bank of America Expands Commercial Contact-free Payments

Bank of America has expanded its mobile wallet capabilities for corporate clients in EMEA and APAC. The bank first launched mobile wallet in the United States and Canada in 2018, and this expansion makes it the first commercial bank issuer to offer the technology to corporate clients worldwide. The bank’s clients who use its Corporate Travel and Purchasing cards in EMEA and APAC are now able to use Apple Pay® and Google Pay® to make...

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Nuapay brings Open Banking to 190M French accounts
Jul29

Nuapay brings Open Banking to 190M French accounts

Open Banking pioneer Nuapay, a Sentenial company, today announces it has extended its Open Banking capabilities to French banks. Nuapay is now connected with 55 banks operating in France, enabling efficient and secure payments from 190 million French bank accounts. Nuapay’s French merchants will now be able to accept instant payments via Open Banking from customers, delivering merchants and consumers the benefit of a fast and secure...

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ComplyAdvantage nabs $50M for an AI platform and database to detect and stop financial crime
Jul29

ComplyAdvantage nabs $50M for an AI platform and database to detect and stop financial crime

The growth of digital banking has opened up a wealth of opportunities for making the world of finance more accessible and transparent to a greater number of people. But the darker underbelly is that it has also created more avenues for illicit activity to flourish, with some $2 trillion laundered annually but only 1-3% of that sum “caught.” To help combat that, a London-based startup called ComplyAdvantage, which has built an AI...

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FF Virtual Arena: Finastra & Tonik
Jul29

FF Virtual Arena: Finastra & Tonik

In today’s #VirtualArena at 14:30 BST we host the ultimate Fintech party with Finastra & Tonik. Grab some refreshments and listen to Tonik’s Greg Krasnov and Finastra’s Anand Subbaraman discuss how to build a bank from the ground up, the newest approach to handling customers and everything in...

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FINANCIAL GOLIATHS AND DIGITAL DAVIDS: Are banks better positioned to take on their smaller rivals?
Jul28

FINANCIAL GOLIATHS AND DIGITAL DAVIDS: Are banks better positioned to take on their smaller rivals?

As Part 1 of the ‘Ready for the re-build? Re-thinking the value of digital infrastructure’ series from Banking Circle, this white paper reveals how attitudes to digital technology have changed, and to what degree this is a result of initial responses to the COVID-19 pandemic. The latest Banking Circle white paper, ‘FINANCIAL GOLIATHS AND DIGITAL DAVIDS: Are banks better positioned to take on their smaller rivals?’ is based on a survey...

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Venio launches nano credit lending app to boost financial inclusion in emerging markets
Jul28

Venio launches nano credit lending app to boost financial inclusion in emerging markets

Venio, the mobile application providing “nano-credit” facilities to consumers in emerging markets accessed via a smartphone, has begun offering easy-to-access credit facilities to unbanked consumers in its maiden emerging market, the Philippines. Venio’s aim is to lift a generation of unbanked people into the financial system, help them to achieve financial discipline and a credit footprint in order to open up fair and...

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FinTech Connect 2020 shifts to digital
Jul28

FinTech Connect 2020 shifts to digital

IQPC Ltd, the organiser of FinTech Connect which is the UK’s largest financial technology trade show with over 6,000 attendees in 2019, has announced that the 2020 edition will take place as an online event. While lockdown is easing in many European countries, FinTech Connect attracts an international audience and, based on close consultation with past attendees, sponsors, partners and its advisory board, IQPC has elected to shift the...

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EMQ Announces Close of $20M Series B Funding Round
Jul28

EMQ Announces Close of $20M Series B Funding Round

EMQ, Asia’s leading financial settlement network, announced today the issuance of $20 million Series B Preferred Shares, led by WI Harper Group, with participation from new and existing investors including Abu Dhabi Capital, AppWorks, DG Ventures, Hard Yaka, Intudo Ventures, January Capital, Quest Venture Partners, SparkLabs Taipei, Vectr Fintech Partners, and VS Partners. EMQ will use the investment to further accelerate its...

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FF Virtual Arena: Scalable Capital
Jul28

FF Virtual Arena: Scalable Capital

In today’s #VirtualArena, fresh off last week’s fundraising round, we take a look at Scalable Capital with its founder Adam French, to chat about both their B2B and B2C offerings, the effect of Covid & Brexit, where a “Robo Advisor” ceases to be such and just becomes an “advisor” plus their expansion plans for the...

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Thought Machine to close series B round at $125m, raising $42m in additional funding
Jul28

Thought Machine to close series B round at $125m, raising $42m in additional funding

Thought Machine, the cloud native core banking technology firm, today announces the signing of an additional $42m in funding for its series B round, due to close in early August. Eurazeo Growth is leading this extension, with British Patient Capital and SEB also coming in as new investors. Royal Park Partners acted as financial adviser. This brings the round’s total value to $125m following $83m secured in March led by Draper Esprit...

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Paysafe to acquire Openbucks
Jul27

Paysafe to acquire Openbucks

Paysafe, a leading specialized payments platform, today announces its acquisition of US-based payment technology company, Openbucks, for an undisclosed sum. Openbucks is a payment gateway that allows online merchants to accept retail gift cards as an alternative form of payment to credit cards, something that is particularly popular amongst online gaming and eSports operators.  For Paysafe, this latest investment forms part of its...

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Wolters Kluwer launches eagerly awaited OneSumX® ProViso to manage regulatory obligations
Jul27

Wolters Kluwer launches eagerly awaited OneSumX® ProViso to manage regulatory obligations

Wolters Kluwer Compliance Solutions has introduced OneSumX® ProViso, an eagerly awaited AI-based solution that leverages Wolters Kluwer regulatory expertise, content and technology to help financial institutions develop, maintain and prove compliance with their legal obligations to U.S. federal and state regulators. The latest offering from the company was developed for larger institutions operating across multiple jurisdictions and...

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UK FinTech investment slows, but cautious optimism ahead
Jul27

UK FinTech investment slows, but cautious optimism ahead

Investment in UK FinTech during the first half of 2020 has fallen by over a third compared to the same period last year, but is up by 22% on the second half of 2019, according to data released today by Innovate Finance, the industry body representing UK FinTech. Venture Capital investment totalled $1.84 billion in the first half of 2020, over 167 deals, compared to $3 billion invested into 263 startups in the first half of 2019,...

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World’s Biggest Virtual Global Fintech Fest saw participation from over 12000  attendees from over 110 countries
Jul27

World’s Biggest Virtual Global Fintech Fest saw participation from over 12000 attendees from over 110 countries

Global Fintech Fest which (GFF) organised by Fintech Convergence Council (FCC), Payments Council of India (PCI) and National Payments Corporation of India (NPCI) on 22nd, 23 rd July’2020 had witnessed participation from more than 10k delegates out of which around 30% were from international community, representation from over 110+ countries and participation from 160+ speakers out of which 30 were women speakers and 45 international...

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Allica Bank appoints Richard Davies, the Revolut, TSB and HSBC banking heavyweight as CEO
Jul27

Allica Bank appoints Richard Davies, the Revolut, TSB and HSBC banking heavyweight as CEO

Allica Bank – the recently launched business bank that seeks to empower small and medium sized businesses – has today announced the appointment of Richard Davies as Chief Executive Officer (CEO). In this role, Richard will be responsible for leading the Bank as it scales to become a major force in serving British businesses, delivering the funding, technology and expertise needed at what is a crucial time for the British business...

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Viva Wallet teams up with WooCommerce to offer Smart Payments Solution
Jul27

Viva Wallet teams up with WooCommerce to offer Smart Payments Solution

WooCommerce, the popular e-commerce platform developed by Automattic, has teamed up with Viva Wallet to offer a free Pan-European native payments gateway solution. Viva Wallet for WooCommerce is a continuously growing smart mechanism for frictionless payments that adapts automatically to client use. Each recurring updated version of Viva Wallet’s plugin will bring the payment method choices that increase the conversion rate of the...

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The Fintech Fix: Sorry, New Host, Who Dis?
Jul24

The Fintech Fix: Sorry, New Host, Who Dis?

In this episode of The Fintech Fix, Doug Mackenzie is stuck in a canal in Venice but that just means we roll out the one and only Ali Paterson from cyrofreeze. And boy is he hungry for Fintech. Featuring Lloyds Bank, JCB, Smartstream, Temenos and many, many more – you can catch your favourite slice of weekly Fintech news here…  

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Hong Kong, China stocks tank as Beijing closes US consulate in Chengdu, the ‘last straw’ for spooked investors
Jul24

Hong Kong, China stocks tank as Beijing closes US consulate in Chengdu, the ‘last straw’ for spooked investors

Hong Kong and mainland stocks tanked after Beijing ordered the US to close its consulate in Chengdu, a retaliatory move that added to escalating US-China tensions and became what one analyst called the “last straw” for spooked investors. On the mainland, where stocks have been soaring of late, the sell-off on Friday was fierce. The CSI 300 of large caps in Shanghai and Shenzhen plummeted 4.4 per cent, the Shanghai Composite Index fell...

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Singapore banks’ upcoming dividends may be cut amid capital review: Analyst
Jul24

Singapore banks’ upcoming dividends may be cut amid capital review: Analyst

Dividend cuts by Singapore banks may happen “as early as” the upcoming payout to be announced in the second quarter, with the regulator reviewing banks’ capital plans amid prolonged economic uncertainty, said DBS Group Research in a report this week. The Monetary Authority of Singapore (MAS) said last Thursday it is in close discussions with banks on their capital management ahead, which would include conversations...

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Credit Suisse faces US$300 million lawsuit in Singapore over rogue trader
Jul24

Credit Suisse faces US$300 million lawsuit in Singapore over rogue trader

Bidzina Ivanishvili, the biggest victim of a rogue trader at Credit Suisse Group, is suing one of the bank’s trusts in Singapore for at least US$300 million (S$415.6 million), opening a fresh front in the long-running dispute. The lawsuit alleges that the Credit Suisse trust “failed to act in good faith and in the best interests of the beneficiaries”, namely Mr Ivanishvili and his family, by neglecting to do proper...

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‘Insurance connect’ will be next big step for Greater Bay Area, with two services centres expected to be set up by end of year
Jul24

‘Insurance connect’ will be next big step for Greater Bay Area, with two services centres expected to be set up by end of year

Hong Kong and mainland Chinese authorities are hammering out details for the introduction of an “insurance connect” scheme as the next major step in the financial integration of the Greater Bay Area (GBA), two separate sources told the Post. Under the plan, there will be two service centres in mainland cities within the bay area, with Shenzhen likely to be one of those, a source said. It will be the second cross-border connect scheme...

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The Fiftieth Fintech Fix from Fintech Finance
Jul17

The Fiftieth Fintech Fix from Fintech Finance

In today’s milestone episode, Doug Mackenzie finds out about subscription services, how you can use your bank to manage them and which bank *COUGH* its a fintech bank, charges to use this service....

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Non-profit fintech to take on high cost credit industry starting with Gov’t-backed investment   Non-profit responsible credit provider Fair for You (FfY) is ready to scale up and take the fight to predatory lenders, thanks to a new £7.5 million investment from some of the country’s biggest social investors and foundations.     The investment, which includes £5 million in dormant assets funding from the Government-backed Fair4All Finance, gives further firepower to the social enterprise, whose loans allow customers unable to access mainstream credit to buy essential household items from retail partners including Whirlpool, Dunelm, Argos and Carpetright. Independent impact data shows that the majority of FfY customers are able to stop using high-cost providers as a result.     Seven social investors have pulled together into a perpetual bond providing quasi capital of £7.5m which secures FfY’s balance sheet and allows it to leverage commercial funding to take on the high cost credit sector. Alongside Fair4All, the investment comes from six of FfY’s existing social investors: Joseph Rowntree Foundation, Esmee Fairbairn, Tudor Trust, Barrow Cadbury Trust, Robertson Trust and Ignite. This is the first time a perpetual bond has been used to fund affordable credit – with £4.35m upfront rising to £7.5m when fully drawn down from Fair4All.     Tenfold growth This investment round alone will allow the social enterprise to lend to many more families in need, rising from 25,000 loans last year to 250,000 loans per year in five years’ time. This will deliver at least £58m in cost savings to these customers each year through avoidance of high-cost short term credit.  Following the successful completion of the first phase of the perpetual bond, FfY has appointed Sarah Gardiner, formerly head of investor relations at Nationwide to lead on commercial fundraising.     Sarah Gardiner, head of growth strategy at FfY, said: “I’m very excited to have joined Fair for You at a pivotal time. By lending responsibly and sustainably to tens of thousands of lower income households, Fair for You has demonstrated the huge opportunity to fill this much needed gap in the market. We are growing and diversifying our investor base to further boost our rapid growth and broaden the proposition.”     Howard Bell, Chair of Fair for You, said: “There are around 15 million people in the UK struggling to access affordable credit who are just one unexpected bill or bit of bad luck away from a crisis. Lockdown has made it harder for families to live without basic items such as cookers and washing machines. The need for Fair for You to scale rapidly has never been clearer. We are delighted to be the first genuine not for profit to use the dormant assets funding and ongoing support from social investors to leverage commercial funding and push out firms that take advantage of financially vulnerable customers.”     Sacha Romanovitch, Fair4All Finance CEO, said: “Anyone who meets the team at Fair for You will experience their commitment and passion to make a difference to the lives of the people they serve.  “The investment they have already made in tracking their social impact has made this a natural area for them to build on as we develop tools and resources that can be shared with the wider sector. Their key challenge was restructuring their balance sheet to allow them to secure further lending capital alongside support to continue innovation in product design and impact reporting. We are confident that the learning from them will create significant value for the sector as a whole.”     Lockdown loans  During lockdown, the ethical lender has made around twice as many loans as it did in the same period last year reflecting increased social need and the collapse of high-cost rent-to-own retailer BrightHouse. This current exceptional period of growth exceeds the steady, background growth of around 60% year-on-year. Under lockdown, loans for washing machines have doubled, with applications reflecting the closure of launderettes. The feedback of two recent customers highlight the life-changing impact of a washing machine for those who have been living without:  “My mental health has been improved as I am no longer stressed about not having a working washer. I don’t have to wash clothes in the sink by hand.”  “We had to wash clothes in the bath which was causing back pain. It’s just a washer dryer to most but to me it’s a miracle.”     ENDS
Jul17

Non-profit fintech to take on high cost credit industry starting with Gov’t-backed investment Non-profit responsible credit provider Fair for You (FfY) is ready to scale up and take the fight to predatory lenders, thanks to a new £7.5 million investment from some of the country’s biggest social investors and foundations. The investment, which includes £5 million in dormant assets funding from the Government-backed Fair4All Finance, gives further firepower to the social enterprise, whose loans allow customers unable to access mainstream credit to buy essential household items from retail partners including Whirlpool, Dunelm, Argos and Carpetright. Independent impact data shows that the majority of FfY customers are able to stop using high-cost providers as a result. Seven social investors have pulled together into a perpetual bond providing quasi capital of £7.5m which secures FfY’s balance sheet and allows it to leverage commercial funding to take on the high cost credit sector. Alongside Fair4All, the investment comes from six of FfY’s existing social investors: Joseph Rowntree Foundation, Esmee Fairbairn, Tudor Trust, Barrow Cadbury Trust, Robertson Trust and Ignite. This is the first time a perpetual bond has been used to fund affordable credit – with £4.35m upfront rising to £7.5m when fully drawn down from Fair4All. Tenfold growth This investment round alone will allow the social enterprise to lend to many more families in need, rising from 25,000 loans last year to 250,000 loans per year in five years’ time. This will deliver at least £58m in cost savings to these customers each year through avoidance of high-cost short term credit. Following the successful completion of the first phase of the perpetual bond, FfY has appointed Sarah Gardiner, formerly head of investor relations at Nationwide to lead on commercial fundraising. Sarah Gardiner, head of growth strategy at FfY, said: “I’m very excited to have joined Fair for You at a pivotal time. By lending responsibly and sustainably to tens of thousands of lower income households, Fair for You has demonstrated the huge opportunity to fill this much needed gap in the market. We are growing and diversifying our investor base to further boost our rapid growth and broaden the proposition.” Howard Bell, Chair of Fair for You, said: “There are around 15 million people in the UK struggling to access affordable credit who are just one unexpected bill or bit of bad luck away from a crisis. Lockdown has made it harder for families to live without basic items such as cookers and washing machines. The need for Fair for You to scale rapidly has never been clearer. We are delighted to be the first genuine not for profit to use the dormant assets funding and ongoing support from social investors to leverage commercial funding and push out firms that take advantage of financially vulnerable customers.” Sacha Romanovitch, Fair4All Finance CEO, said: “Anyone who meets the team at Fair for You will experience their commitment and passion to make a difference to the lives of the people they serve. “The investment they have already made in tracking their social impact has made this a natural area for them to build on as we develop tools and resources that can be shared with the wider sector. Their key challenge was restructuring their balance sheet to allow them to secure further lending capital alongside support to continue innovation in product design and impact reporting. We are confident that the learning from them will create significant value for the sector as a whole.” Lockdown loans During lockdown, the ethical lender has made around twice as many loans as it did in the same period last year reflecting increased social need and the collapse of high-cost rent-to-own retailer BrightHouse. This current exceptional period of growth exceeds the steady, background growth of around 60% year-on-year. Under lockdown, loans for washing machines have doubled, with applications reflecting the closure of launderettes. The feedback of two recent customers highlight the life-changing impact of a washing machine for those who have been living without: “My mental health has been improved as I am no longer stressed about not having a working washer. I don’t have to wash clothes in the sink by hand.” “We had to wash clothes in the bath which was causing back pain. It’s just a washer dryer to most but to me it’s a miracle.” ENDS

Non-profit responsible credit provider Fair for You (FfY) is ready to scale up and take the fight to predatory lenders, thanks to a new £7.5 million investment from some of the country’s biggest social investors and foundations. The investment, which includes £5 million in dormant assets funding from the Government-backed Fair4All Finance, gives further firepower to the social enterprise, whose loans allow customers unable to access...

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HKEX hires top women managers to oversee IPO applications after bribery scandal taints world’s favourite market
Jul17

HKEX hires top women managers to oversee IPO applications after bribery scandal taints world’s favourite market

Hong Kong Exchanges and Clearing has installed two senior executives to tighten its stock-listing process following a bribery scandal that tainted the world’s favourite initial public offering (IPO) market last year. The stock exchange operator named accountant Karen Lok as senior vice-president and head of listing compliance – a newly created position – to improve governance and internal controls, it said in a statement...

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India, United States likely to partner on 5G: US-India Business Council chief
Jul17

India, United States likely to partner on 5G: US-India Business Council chief

India and US are likely to partner on 5G network, US India Business Council (USIBC) President Nisha Biswal said on Thursday, adding that technology sector is a “very important area” of collaboration between our two countries. In an interview to ANI, Biswal said expects that digital commerce and all areas of the technology collaboration are going to continue to grow. “I do think that the technology sector is a very important area of...

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Shanghai stocks set for worst week in 15 months on policy worries, foreign selling
Jul17

Shanghai stocks set for worst week in 15 months on policy worries, foreign selling

Shanghai shares on Friday were set for their worst weekly drop in 15 months, as China’s better-than-expected GDP data fuelled worries over the pace of policy easing, while foreign investors turned to sell shares after a torrid bull run. The CSI300 index was down 0.3% at 4,502.13 points at the end of the morning session, while the Shanghai Composite Index lost 0.5%, to 3,193.82 points. For the week, SSEC shed 5.6%, its steepest since...

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Moneybox secures £30 million in Series C funding and reveals milestone of £1bn in assets
Jul17

Moneybox secures £30 million in Series C funding and reveals milestone of £1bn in assets

Moneybox, the award-winning saving and investing app, today announces it has secured £30 million in Series C funding earlier this year from existing investors including Eight Roads, and new investors Breega and CNP. Moneybox also reveals it now has £1bn in assets under administration, and announces plans to bring customers closer to its growth journey through an upcoming crowdfund. Moneybox is on a mission to help everyone save and...

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Minted brings gold standard of investing during crisis
Jul16

Minted brings gold standard of investing during crisis

As gold hits an all-time high since 2011, investment app Minted is giving millennial investors options through fractionalisation, making it easier to access investment opportunities that have fared better than traditional stocks and shares during the COVID-crisis. Although the price of gold is up, we’re still at a time when investment – generally – is frightening to many – particularly those with little disposable income. Gold,...

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