Financial services News
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The European Union has proposed draft laws for fintech, crowdfunding and blockchain in an attempt to make itself attractive to new start-ups. The European Commission said it wants to create a "competitive and innovative" financial market using fintech.
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Financial services are undergoing a revolution with new digital products and services. These services, which improve business performance and consumer experiences, are, however, prone to cyberattack.
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Fintech startups are having to reassess the way they provide their services as the industry becomes dominated by partnerships with banks. According to a new report, collaboration with existing firms is now the top priority at over 75% of new providers.
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Global banking regulators have indicated they're not rushing to introduce new fintech rules. A report from the Basel Committee on Banking Supervision has addressed the "hype" in fintech, comparing it to previous disruption in the financial industry.
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Collaborative partnerships are becoming a "cornerstone" of fintech, Matthias Setzer of PayU told Digital Journal. Financial providers and tech firms are partnering to address trust concerns, avoiding a "culture clash" which could derail the industry.
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Emagia, a provider of digital finance solutions, has launched an assistance platform to help finance executives and operations teams. Gia combines AI and analytics to provide business leaders with predictive reports and automated task completion.
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UK-based fintech startup Curve has announced its innovative credit card app is now available to consumers. The company has developed a platform that lets you link all your card accounts to its app. You can then use any of them to pay with one card.
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One of the world's largest independent financial advisor networks has announced it's readying a new cryptocurrency trading app in response to "soaring" demand. deVere Group said fintech is having a "fundamental" impact on the way we use and manage money.
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The growing numbers of fintech services offering mobile and cloud-based payments are failing to convert older users. One study from Canada found Generation X-ers are over twice as likely to try a digital payments solution as baby boomers.
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The Ripple cryptocurrency has rocketed in value over the past week to become the second most valuable by market cap. After experiencing massive growth over the holiday season, Ripple has surpassed Ethereum and reached a market cap of over $100 billion.
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Gibraltar will create a license for startups using blockchain tech as it seeks to attract more fintech firms to its territory. The specially designed license will be the first of its kind. It will formally recognise blockchains as a way to make payments.
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The Mexican Senate has approved a bill to regulate the use of fintech in the country as demand rapidly grows. Mexico is becoming a centre of fintech attention, a trend which the government is concerned could threaten financial stability.
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Deutsche Bank has become the latest institution to warn investors about the risks of Bitcoin investment. The bank's chief strategist said Bitcoin cannot be recommended to "the everyday investor" because of the lack of market regulation.
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-Square is running a trial that allows some users of its Cash App to buy and sell bitcoin.
-A full roll-out of the trial could translate into $30 million in revenues for the company, according to Credit Suisse.
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American Express has announced it will accept blockchain payments for some cross-border transactions. The company has partnered with Santander and Ripple to enable the trial for business customers on its FXIP platform. It will offer instant payments.
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KPMG has joined the Wall Street Blockchain Alliance as a corporate member, stating its commitment to using the tech inside its business. The company described blockchain as "critical to the industry," noting it has several benefits.
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Wala is a new financial platform built on the Ethereum blockchain designed help the 3.5 billion unbanked emerging market consumers reach financial prosperity by eliminating their barriers to banking. We spoke with Tricia Martinez, the CEO of Wala.
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JPMorgan has launched a new payment processing network that's based on blockchain technology. Financial organisations are making large investments into blockchain in the hope it can simplify some of the issues around traditional banking processes.
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Deutsche Bank has released over 150,000 lines of code from its Autobahn electronic trading platform. The company said the decision to open-source parts of the technology is intended to create a "common industry standard" for automated trading systems.
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Almost 80 percent of U.S. banking CEOs are planning to invest in digital transformation over the next three years. KPMG said banks are experiencing the biggest "transformational era" in their history, adding that the time to embrace digital is now.
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Bank of America announced it's embracing a cloud-first digital transformation supported by Microsoft's cloud infrastructure. The organisation said it will be a "digital leader" in financial services, adopting cloud systems to help it grow its business.
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Toronto -
The fourth annual Digital Marketing for Financial Services conference in Toronto, happened June 10 - 12th 2014, and experts flew in from around the world to share stories and ideas about SEO, SEM and mobile marketing for banks and insurance companies.
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With the FBI now warning all retailers on similar breach possibilities, Target CEO Gregg Steinhafel is refocusing attention on the need for chip-based credit card technology adoption in the United States.
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Of the 6.6 billion people walking the Earth today, close to 5 billion do not have sufficient access to banking resources. Cell phones, according to a report by Juniper Research, may hold the solution.
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