Chinese fintech giant Ant Financial buys up UK currency exchange Worldfirst February 14, 2019 Ant Financial has agreed a deal to acquire UK currency exchange Worldfirst, solidifying the firm's presence outside of China. The deal comes after an attempt by Ant Financial to buy US remittances firm Moneygram was blocked by US regulators last year, citing national security concerns. Worldfirst was said to be valued at around $700m (£547.9m) and [...]
Bitcoin sceptic Jamie Dimon launches JP Morgan’s own cryptocurrency February 14, 2019 JP Morgan is to launch its own cryptocurrency in an unprecedented step for a major US bank. The bank is to trial its JPM Coin in the coming months, which will handle a tiny fraction of the $6 trillion (£4.7 trillion) in payments it moves around globally every day. Read more: The year crypto went [...]
Barclays online banking outage leaves customers unable to access bank accounts February 14, 2019 Banking giant Barclays has apologised to customers after an online outage left many unable to access their accounts today. Customers said they were prevented from accessing the Barclays mobile banking app and other online services for much of the morning. Read more: TSB falls to £105m loss after IT disaster The bank received a flurry [...]
Starling banks £75m funding round from Merian Global Investors February 13, 2019 Starling Bank, one of fintech's Big Three digital banking stalwarts, has closed a £75m funding round led by Merian Global Investors. The challenger bank said £60m was provided by Merian, formerly known as Old Mutual, which included a £19m injection from Merian's equity investment firm Chrysalis. The round was closed out with £15m from Starling's sole existing investor [...]
Looking out for the next financial crisis? Keep an eye on spiralling debt February 13, 2019 Concerns are growing that another financial crisis is imminent. No less important a figure than Kenneth Rogoff wrote last week that “the next major financial crisis may come sooner than you think”. Rogoff, a former chief economist at the IMF, shot to fame with his 2008 book This Time Is Different, co-authored with his Harvard [...]
Sir Vince Cable calls for probe into Treasury role in RBS GRG unit February 13, 2019 Former business secretary Sir Vince Cable has called for an investigation into allegations the Treasury may have “actively encouraged” the activities of RBS’s discredited global restructuring unit GRG. The Liberal Democrat leader has today written to Nicky Morgan, chair of the Treasury Select Committee, to ask that it look into accusations that an executive branch [...]
Venezuela’s Nicolas Maduro calls for gold held in Bank of England to be returned February 12, 2019 Venezuela’s embattled President Nicolas Maduro said yesterday that the Bank of England should repatriate the Venezuelan gold it holds in its vaults. “They have sequestered billions of dollars in gold in London that are ours – that is money to buy supplies, raw materials, food, medicines. They have sequestered $1.4bn [£1.09bn] for many months, that we [...]
The UK’s fintech sector hits record level of investment as startups turn into scale-ups February 12, 2019 Investment into the UK's blossoming fintech sector broke records last year, as the country's startups reached a new stage in their growth journey. Venture capital and private equity investment in British fintech rose to an all-time high of $3.3bn (£2.6bn), up 18 per cent compared to 2017's levels, according to data published today by Innovate Finance. [...]
Pressure mounts on Treasury to publish legal documents on relationship with RBS GRG unit February 12, 2019 Pressure is mounting on the Treasury to release key legal documents regarding its relationship with RBS following allegations it held significant operational control over the bank's disgraced global restructuring unit GRG. Scottish Labour MP Martin Whitfield has lodged a series of parliamentary questions asking for a legal agreement between RBS and the Asset Protection Agency (APA), an [...]
CYBG enters joint venture with fintech platform Salary Finance to boost personal lending business February 12, 2019 Clydesdale and Yorkshire Bank owner CYBG has entered a joint venture with a fintech platform to boost its lending business. CYBG has partnered with fintech financial wellbeing platform Salary Finance as it looks to develop its unsecured loan business. Read more: CYBG shares soar as it boosts mortgage lending Both firms will pump £500,000 into [...]