Will Banks Lose their Monopoly to Fintechs?
Jul14

Will Banks Lose their Monopoly to Fintechs?

With PSD2 and Open Banking coming into play, the call for banks to reinvent their business models has never been more urgent, says Paul Bowen, Banking Lead, Avanade Europe In 1994, Bill Gates famously and controversially predicted that banks would be dethroned and displaced as technology propelled the world forward. “Banking is necessary. Banks are not”, he declared provocatively. But as the Second Payment Services Directive (PSD2)...

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Fintech Finance Season 2 Episode 10: Customer Data Protection
Jul14

Fintech Finance Season 2 Episode 10: Customer Data Protection

In this episode of Fintech Finance, following our previous episode around Data management and security, we look at how to protect customer data for both compliance and for the customer advocacy. We headed over to Ireland to speak with Fergal Coburn from AIB. Back in the UK, we catch up with Guy Bunker from Clearswift; and over in Brussels talk to Pascale-Marie Brien from the European Banking...

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Why Technology Training should no longer go Ignored
Jul13

Why Technology Training should no longer go Ignored

The skills gap is an issue well-versed by now, and the war for the best talent shows no sign of abating. However, the biggest asset to any organisation is its staff, so while time should be spent seeking new skilled employees, as much effort should go into upskilling the current workforce. It was therefore disappointing that a report from the Chartered Institute of Personnel and Development (CIPD) revealed that UK employers are...

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How Innovation is Improving Access to Credit in High Growth Markets
Jul12

How Innovation is Improving Access to Credit in High Growth Markets

For millions of people living in emerging, high growth markets around the world, a lack of access to credit is just another part of life. Yet, without this access, it can be incredibly difficult for businesses and customers to connect with each other. Opportunity and economic growth are stifled. While it is a bleak picture, it’s one that is already starting to change thanks to the rise of innovative financial technology in markets...

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Why Financial Services Regulation is Crucial to Fintech
Jul12

Why Financial Services Regulation is Crucial to Fintech

Harnessing internet and mobile technologies to create new and superior financial products, FinTech and RegTech firms are uniquely placed to compete with long-established firms and institutions. Their offerings often far exceed the capabilities of the out-dated services and systems provided by their perennial competitors and can attract tremendous consumer interest. Yet herein lies the danger. Whilst innovation, competition and market...

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Watch: The Evolution of the Mobile Phone
Jul11

Watch: The Evolution of the Mobile Phone

It’s hard to imagine a time without smart phones but it was only as little as 10 years ago when essentials like the internet, your camera and banking weren’t all accessible with just a finger print. Today, new research from Nationwide Building Society has revealed how reliant we have become on our mobile phones. Almost a third of us now rate our phone as our most important everyday possessions – over a purse or wallet. When asked what...

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A Successful Digital Project Could Generate up to 41% of Corporate Revenue by 2020
Jul05

A Successful Digital Project Could Generate up to 41% of Corporate Revenue by 2020

Research by the Gartner Group reveals that digital technologies already generate nearly 20% of corporate revenues, and this could reach 41% by 2020. According to Sopra Banking Software every business and bank should be enthusiastic about implementing digital transformation, either to retain their place as leader, appeal to new customers, modernise their partners’ tools, or quite simply to adapt to key innovation. But, the changes...

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Brexit Britain’s Fintech Sector Could be Boosted by FCA’s Regulatory Engagement Beyond London
Jul03

Brexit Britain’s Fintech Sector Could be Boosted by FCA’s Regulatory Engagement Beyond London

The City of London has long been a magnet for investment and finance talent, while the UK’s wider financial sector continues to be the biggest and most respected in the world. In recent years, as the industry succumbs to new innovations, the capital has become a hive of new financial technology companies as start-up accelerators and new businesses enter the market to challenge the traditional industry. But with Brexit negotiations now...

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Money 20/20 Day 3 Review
Jun29

Money 20/20 Day 3 Review

Talking points of the conference So today was the final day of Money2020 Europe and it felt like a new logical family was disbanding. Again, there was a phenomenal choice for delegates when it came to attending keynotes and track sessions so it’s a challenge to select highlights. Nonetheless… Entrepreneur Nuno Sebastiao made a compelling case for artificial intelligence to solve the problems of moving digital money safely, which is...

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A radical Rethink of Transaction Payment Systems for Europe
Jun23

A radical Rethink of Transaction Payment Systems for Europe

Transaction payment systems have become a real problem for European banks. Firstly, they seem to be increasingly vulnerable to cyber-attacks, with the latest being SWIFT. Next, is the hold that a small number of card companies and their old-fashioned pieces of plastic, have over the banks. Last, but by no means least, is the threat posed by Google, Amazon and Apple, all of whom are encroaching on banks’ core transaction business, with...

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Ashok Vaswani, Barclays: Plans and Ideas for the Future
Jun20

Ashok Vaswani, Barclays: Plans and Ideas for the Future

Ashok Vaswani, CEO of Barclays UK discusses with us some of his plans and ideas for the future

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Why Banks Can’t Help But Help Fintechs
Jun20

Why Banks Can’t Help But Help Fintechs

Imagine if one of the large high street banks did actually truly innovate. Imagine if banks were somehow capable of taking the innovative lead from fintech. Imagine if your own bank outdid all fintech companies in speed, service, convenience and cost for all financial services you use, for your current account, payments, foreign exchange, savings and investing, and any other services. Would you stay with your cutting-edge bank or...

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How well do you Evaluate Risk?
Jun16

How well do you Evaluate Risk?

Did you know the world’s most dangerous animal is not a shark, or a bear, but is in fact a mosquito? What’s certain is that human perception of risk is notoriously flawed; often, the events that concern and outrage us the most are the least likely to happen. From political and economic tremors to cyber threats, 2017 represents another minefield of risks for businesses. For organisations, forging a deepened understanding of both...

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Fintech Finance Season 2 Episode 09: Data for Customers and Compliance
Jun15

Fintech Finance Season 2 Episode 09: Data for Customers and Compliance

In this episode of Fintech Finance, with some of the upcoming regulations (GDPR) in Data management and security, we look at how to manage data for both compliance and for the customer journey. We headed over to the Netherlands to speak with Finbar Hage, head of Data and Analytics from Rabobank. Back in the UK, we catch up with Ben Mitchell, VP for EMEA at DocsCorp; and talk customer experience with Ashok Vaswani, CEO of Barclays...

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Wolters Kluwer Research Demystifies RegTech
Jun15

Wolters Kluwer Research Demystifies RegTech

RegTech solutions hold the promise of encouraging and executing significant, disruptive change to the way financial institutions operate. That’s according to a new research paper from Wolters Kluwer’s Finance, Risk and Reporting business. “By taking RegTech-based data management capabilities developed ostensibly for compliance and reporting and adding a business information and intelligence component, the shared characteristics of the...

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Will Banks Ever Learn? Erm…
Jun14

Will Banks Ever Learn? Erm…

A common analogy to the finance sector is the newspaper industry, and rightly so. Finance is quickly shaping up to be remarkably similar. The incumbent banks are the heavyweight newspapers – the Washington Post and Financial Times of the world. FinTechs are to banks what the growing mass of alternative news sources – blogs; e-zines; new digital-only newspapers; social media, most prominently, Twitter; and the increasing relevance of...

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Integrated Payments Checklist for VARs & ISVs
Jun13

Integrated Payments Checklist for VARs & ISVs

With payment technologies evolving at a rapid rate, and with consumers becoming more demanding in an increasingly digital world, merchants need to be capable of delivering a seamless payments experience, or risk being left behind. Payment platforms need to be secure, fast, and scalable, but many businesses are working with ISVs (Independent Software Vendors) and VARs (value added resellers) to build ecommerce platforms and apps that...

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The True Impact of Remittance
Jun13

The True Impact of Remittance

It’s not uncommon to hear the odd individual complain about aid and charity, citing the age- old adage, “charity starts at home”, and for some, that’s very true – mainly migrants sending money back to their home country. The sending of money to supplement the income of relatives reached over £500 billion in 2016, with around 60% being sent to developing countries and £18 million coming from the UK alone; to put this figure into...

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So You Offer Online Banking, What Next?
Jun13

So You Offer Online Banking, What Next?

Dan Rowinski, digital analyst at Applause, the world’s largest crowdtesting community, outlines some top tips for retail banks looking to succeed in a digital landscape We can be forever thankful that since the internet boom of the early 2000s the age of waiting in line at the bank is well and truly over. While this is great news for consumers and banks alike, fintech and alternative finance players continue to take market share, so...

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FinTech50 2017 List Unveiled, Including 24 New Businesses
Jun08

FinTech50 2017 List Unveiled, Including 24 New Businesses

The FinTech50 revealed the fifty hottest FinTech businesses in Europe, as selected by an international panel of industry experts, at an exclusive launch event in London. Chosen from a long-list of over 1,500 companies across Europe, The Fintech50 2017 – the most hotly contested in its five-year history – features 24 businesses new to the list. This year’s list shines a spotlight on companies leading the evolution of financial services...

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A Digital Dawn for the Insurance Industry
Jun01

A Digital Dawn for the Insurance Industry

A new digital age has dawned for the insurance industry, which is facing the exciting challenge of moving its customer interaction strategy towards a model that is more attuned to modern channel-hopping behaviour and preferences. In a recent survey 69% of insurance professionals declared that their industry is moderately to severely behind in adopting digital technologies, 1 confirming that it is more urgent than ever for insurers to...

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2017 – The Year of Cost-Cutting
May26

2017 – The Year of Cost-Cutting

2016 was punctuated by a large number of banks announcing their intentions to cut costs. In the UK we saw efficiency drives from the like of HSBC and Lloyds Banking Group, with the latter publicly targeting a further 20% belt-tightening by the end of 2017. RBS made cuts on its investment banking side, and Barclays described itself as “unrelenting in its pursuit for lower costs”. Further afield the trend continued, with similar major...

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From Magic Beans to E-wallets: a Short History of Alternative Payments
May26

From Magic Beans to E-wallets: a Short History of Alternative Payments

Unexpected turns From the time Jack traded a cow for a handful of magic beans, to tapping a rectangular piece of plastic against an NFC reader, how we have paid for goods has taken many unexpected turns over the years. We’ve swapped, signed, scanned and ‘chip and PIN-ned’. The UK has a somewhat unique payment culture in relation to the rest of Europe. Here, cash is no longer king – indeed, numerous experts have predicted the use of...

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The Rise of the Augmented CFO: Decision-making is as Much an Art as a Science.
May24

The Rise of the Augmented CFO: Decision-making is as Much an Art as a Science.

CFOs and their teams have long been dedicated to supplying and analysing the data their companies need to make solid, fact-based decisions. However, finance departments have historically been constrained by basic forecasting techniques. The underlying data collection process is often time consuming and error-prone, and the result frequently lacks depth, scope and quality. Not only is the underlying data unsatisfactory, but its...

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A New Way to Invest in Fine Art
May23

A New Way to Invest in Fine Art

In uncertain times, the fine art market offers a reassuring investment opportunity. Largely immune to political change, it is less volatile than currencies or capital markets. The global market was worth more than $45billion last year, a 1.7% annual increase, according to the European Fine Art Foundation Report 2017. Prices have fallen back a little from the peak of July 2015, but are around 15% higher than in the market trough of...

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The Great Late Payments Scandal
May22

The Great Late Payments Scandal

Jeremy Corbyn recently declared war on big businesses who sit on hoards of money and restrict cash flow in the supply chain. He criticised them for profiting from what amount to interest-free loans provided by their suppliers, who don’t have the resources to put their foot down on the late payments. He suggested that the late payment scandal is worth £26 billion a year and hits SMEs with monumental force and in some cases can put them...

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Are the Fintech Sector’s Days Numbered?
May08

Are the Fintech Sector’s Days Numbered?

Fintech is all about innovation, disruption and transformation. It is undoubtedly impacting and reshaping the way financial institutions around the world operate. In the UK, the sector is currently worth £7bn and employs around 60,000 people, its importance cannot be denied. But as the lines between fintech and traditional banking become increasingly blurred, the sector may one day soon disappear altogether. As the founder of my own...

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Nuance Expands Biometrics Offerings, Takes Aim at Fraud
May03

Nuance Expands Biometrics Offerings, Takes Aim at Fraud

With Consumers Around the Globe Increasingly Impacted by Fraud, Hacks, and Password Breaches, Nuance Steps up Biometric Security Solutions Today from the Opus Research Intelligent Assistants Conference, Nuance Communications, Inc. announced expanded biometrics offerings to address the alarming rate of consumer fraud around the globe. With new capabilities in voice, facial and behavioral biometrics, Nuance’s Security Suite now takes...

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From Real-Time Data to Real-Time Value
Apr28

From Real-Time Data to Real-Time Value

By JR Lowry, EMEA head of State Street Global Exchange Investor expectations are scaling new heights. Many require managers not just to deliver performance superior to a benchmark, but they are also looking for them to innovate and make the customer experience a seamless one. These expectations mean investment providers will therefore have to launch highly personalised, digital services to make customers lives simpler. Investors...

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What Will be The Biggest Financial Crime Risk in 2017?
Apr25

What Will be The Biggest Financial Crime Risk in 2017?

This LexisNexis® Risk Solutions report provides the views of some of the most senior financial crime professionals in the UK banking industry. In-depth interviews and a survey of the broader profession, delivered the insights revealed in the report, which highlights the current and future financial crime risks UK banks face. Offering opinions, consensus and thought-provoking commentary, Future Financial Crime Risks 2017 considers the...

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PSD2: The Implications for Banks and Online Businesses
Apr25

PSD2: The Implications for Banks and Online Businesses

By David Ramm and Philip Stone of Morgan Lewis On 8 April 2015, Jamie Dimon, Chairman and CEO of JP Morgan, wrote to shareholders with the following caution: “Silicon Valley is coming”. This warning is often cited by those predicting the “imminent demise” of traditional banks and the rise of “FinTech”. But, fast-forward two years and Rome has not burned. The big banks are still here, and whilst FinTech continues to disrupt and...

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Barclays Building Europe’s Biggest Finance Co-Working Space in London
Apr24

Barclays Building Europe’s Biggest Finance Co-Working Space in London

Next week banking giant Barclays will cut the ribbon on what it’s calling Europe’s largest co-working space dedicated to financial technology. More than 40 companies will be housed across the vast 30,000 sq ft of workspace, spread over seven floors, with four balconies and two mezzanines. The site is already being called a clear sign of London’s continued dominance in the financial technology sector, despite the dark cloud of Brexit...

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The EBA is Wrong About Screen Scraping and it’s Going to Hurt European Fintech!
Apr21

The EBA is Wrong About Screen Scraping and it’s Going to Hurt European Fintech!

On 23 February, the European Banking Authority (EBA) announced its intention to outlaw ”screen scraping” in one of their Regulatory Technical Standards (RTS) complementing the revised Payment Services Directive (PSD2), set to come into force in January 2018. Screen scraping sounds sinister. In fact, it simply refers to the practice of automating any internet browsing interaction, in this case with a bank, using their existing, direct...

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Don’t Underestimate Fintech’s Potential Based on Offbeat Branding
Apr19

Don’t Underestimate Fintech’s Potential Based on Offbeat Branding

Dot-com- like names are proliferating among tech startups. But it is dangerous and wrong to infer that these firms lack seriousness or potential. The lesson of the last 10 years is that a small number of startups will rock the world in ways that are impossible to predict. If anything, startups are getting past their “That’s a crazy idea!” stage much faster than ever before. The successful evolution of the financial services ecosystem...

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Why Technology-Enabled Fund Administrators will become a Bigger Force with Family Offices
Apr19

Why Technology-Enabled Fund Administrators will become a Bigger Force with Family Offices

The recent and unprecedented spike in the number of millionaires in the US has spurred the creation of ever-more Family Offices (FOs) as people of wealth are turning to Single Family Offices (SFOs) and Multi-Family Offices (MFOs) to help them manage their wealth. Many of these offices offer a full suite of solutions including investing, budgeting, insurance, charitable giving, tax & legal services, and more. As happened for hedge...

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Spring Edition Fintech Finance Magazine
Apr04

Spring Edition Fintech Finance Magazine

Our latest edition of Fintech Finance is out now! Hard copies will be landing on desks this week so, if you haven’t already, you can update your details here or simply send your address to us. Our first country focus, with many more to come. In this issue we have a spotlight on Canada, talking about tech, trade and an exclusive interview with Justin Trudeau! Further insight from Vayana, Worldpay, Fajr Capital, FCA, Deloitte,...

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Adapt to Robots, Don’t Tax Them
Mar29

Adapt to Robots, Don’t Tax Them

In a recent interview, Microsoft founder Bill Gates suggested that robots should be taxed to help humans keep their jobs. Now it may be that the statement was a publicity stunt aimed at surfacing the societal and economic issues associated with automation – and so, then it certainly garnered some reaction. But if it’s a genuine suggestion, then it’s not only unenforceable but truly misguided. It’s clear that as the pace of innovation...

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Is Application Design the Key to the Future Branch Transformation?
Mar24

Is Application Design the Key to the Future Branch Transformation?

Christian Ball, Head of Retail – Atlantic Region, GFT The high street retail bank has been under threat for a number of years, but rather than disappear for good, the impact of digital transformation will continue to change the nature and business model of branch banking. The branch banking model is on the cusp of change and banks will need to adapt by defining, developing and testing new use cases for their proposed new models. Each...

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Infographic | PSD2 explained
Mar17

Infographic | PSD2 explained

What It Means For “Fintech Disruptors” & An infographic Call it bad timing, but no sooner had the European Union delivered the first Payment Service Directive (PSD), to provide a legal foundation for the introduction of SEPA, that’s the Single Euro Payments Area, which effectively created a single market for payments across the European Union, covering credit transfers, direct debits and cards, when the payments industry entered...

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A Changing World Requires Changing Perceptions…and a Map, you’ll need a Map.
Mar14

A Changing World Requires Changing Perceptions…and a Map, you’ll need a Map.

The ATM has been around since I can remember and before, 1965 I believe. I recall some early models with a periscope to ensure no one could see your details! Things have (fortunately!) changed since then and with a changing world we need to change our perceptions, and may require a little guidance in navigating this new and potentially tumultuous landscape. ATMs have grown in functionality however few banks have embraced the...

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The Jack of All Trades Accountant
Mar03

The Jack of All Trades Accountant

Dominic Allon, Vice President and Managing Director, Intuit Europe The digital world is driving fundamental change in how we work across all business sectors, and accounting is no exception. Certainly, compliance and bookkeeping remain the focus, but technological efficiencies have prompted a new way of working and the opportunity to offer a new set of services to clients. Accountants are becoming specialists in many new areas of...

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Institutional And Retail Algo Trading Compared
Mar01

Institutional And Retail Algo Trading Compared

Large financial institutions like investment funds and banks have been employing high frequency trading (HFT) across a variety of markets for a number of years. In HFT, software and programs implement sophisticated algorithms (‘algo trading’) that allow these big players to generate, route and execute orders at incredibly high speeds, and to establish and liquidate positions within extremely short time frames that exploit minor...

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£7 Billion Loss for RBS
Feb24

£7 Billion Loss for RBS

RBS reported an operating loss before tax of £4,082 million for 2016 and an attributable loss (1) of £6,955 million, which included litigation and conduct costs of £5,868 million, restructuring costs of £2,106 million, the final Dividend Access Share (DAS) dividend of £1,193 million and Capital Resolution disposal losses and impairments of £825 million. Restructuring costs included a £750 million provision in respect of the 17...

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Visa Opens New Innovation Center in London
Feb22

Visa Opens New Innovation Center in London

Visa Inc. announced the launch of the Visa Innovation Center London, located at its European headquarters in Paddington Basin. The 1,000+ square meter space, the largest in Visa’s global network of innovation centers, is an immersive environment where Visa can work side-by-side with financial institutions, merchants and other partners to develop the next generation of payment solutions. The space features practical demonstrations to...

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Fintech Finance Season 2 Episode 07: Point of Sale
Feb16

Fintech Finance Season 2 Episode 07: Point of Sale

In this episode of Fintech Finance, we take a closer look at technology that directly effects the customer – the point of sale. For this we speak with AEVI about their open marketplace. We also catch up with Worldpay around some of the work they are doing in the payments space; and here from Jason Bates from 11FS around some of the effects in the industry this...

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Improving Financial Forecasting by Implementing Good Governance
Feb15

Improving Financial Forecasting by Implementing Good Governance

The financial sector is in the midst of a digital transformation, which is forcing directors to reconsider traditional business models. Agility is the key to respond to digitally-savvy disruptors in the marketplace. Hugh Owen, Senior Vice President of Product Marketing at MicroStrategy, argues that predictive analytics, supported by good governance, is crucial for financial services organisations to remain competitive in today’s...

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Ready for Invisible Payments?
Feb14

Ready for Invisible Payments?

Ralf Ohlhausen, Business Development Director at PPRO Group “This is not good”, I thought. It was roughly half an hour after the restaurant ordered our taxi. The wind had just begun to whip sleet into my face. It was almostmidnight. We were on the very edge of town, in an area with — as far as I could see — no buses. We called the taxi company — it had no record of our having ordered a cab. The soonest it could get a car to us was 45...

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New Scottish hub to Help Grow UK’s £6bn FinTech Sector
Feb13

New Scottish hub to Help Grow UK’s £6bn FinTech Sector

​A new specialist fintech hub, backed by the UK and Scottish governments, will open its doors to entrepreneurs in May 2017. The hub will be the first of its kind in Scotland and will be based in Entrepreneurial Spark at Royal Bank of Scotland’s base in Edinburgh. It will launch one year on from the opening of Entrepreneurial Spark’s dedicated space at Gogarburn and is set to become a centre of excellence for the burgeoning fintech...

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Pathway Created for International Micro-Transfers
Feb10

Pathway Created for International Micro-Transfers

Interoperability would have a deep impact on current operating models and facilitate growth of the small-value transfers. Cost and Complexity of Current Cross-Border Payments The demand for low-value cross-border transfers remains a massive unmet opportunity. In developing markets in Africa and Asia, for instance, where daily household earnings average between USD 5 and USD 20, an amount as modest as USD 50 can extend to cover...

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UK Department for International Trade announces FinTech mission to Australia
Feb06

UK Department for International Trade announces FinTech mission to Australia

The UK’s Department for International Trade (DIT) has announced its first FinTech mission to Australia taking place in Sydney and Melbourne from 20-23 March 2017. DIT will select 8-12 UK FinTech companies to participate in the mission to Australia where they will participate in a programme of events and activities. Delegates will spend two days in Sydney, two days in Melbourne and an optional fifth day in Australia or New Zealand. The...

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