Why a red tape bonfire won’t help fintech: The FCA’s Christopher Woolard talks to City A.M. about regulation testing March 20, 2017 Regulation arguably doesn’t have the best reputation in the cutting-edge tech sector. Critics slam red tape for stifling creativity, while the regulators themselves get stick for failing to keep pace with ever-changing markets. This contempt creates dilemmas in the field of fintech, an industry which melds the fast-paced world of technology with the highly-regulated field [...]
Fintechs have a solution post-Brexit – now we must embrace the uncertainty March 16, 2017 With Article 50 set to be triggered imminently, the process of Britain leaving the EU is finally about to begin, with all that entails. Theresa May has set out plans for a Brexit that looks on the harder side of “hard”, worrying bankers and entrepreneurs alike. While fintech firms don’t welcome the prospect of regulatory [...]
Sweden bids to prise financial services power from UK after Brexit as minister visits Citigroup and fintech firms in London March 12, 2017 Sweden is the latest European country making a push to win financial services power after Brexit, having sent a minister to London to woo fintech firms and a major Wall Street bank. Per Bolund, the country’s financial markets minister, visited fintech incubator Level 39 in Canary Wharf on Friday before hosting more than a dozen more [...]
The UK’s City regulator will work with Japan on fintech startup collaboration March 9, 2017 The City watchdog is searching beyond Europe for fintech ties after Brexit and has its sights set on Japan for its latest bridge. The Financial Conduct Authority and it counterpart in Japan, the Financial Services Agency of Japan (JFSA), will work together on promoting fintech innovation and collaboration. But the agreement also means that UK fintechs [...]
Fintech funding trends in 2017 March 6, 2017 An Innovate Finance report recently suggested that venture capital investments into the UK FinTech sector have dropped by a third over the past year, potentially making way for a new type of investor in town. FinTech has typically attracted the most investment and limelight compared to other areas of digital innovation. Yet the funding landscape [...]
Atom Bank secures £113m in new funding for app-only lender February 28, 2017 App-only Atom Bank has succeeded in raising more money as part of a £250m funding round, as it races to secure market share in the newest front in the battle for banking customers. The fintech start-up will receive £113m in investments from Spanish bank BBVA, as well as investment funds Toscafund and Woodford Investment Management, [...]
Blockchain for banks is a “long way off” says influential central banker February 27, 2017 Blockchain fintech has a “long way to go” to satisfy financial regulators, according to an influential board member of the European Central Bank (ECB). Benoit Coeure said the underlying distributed ledger technology could pose new risks to the financial system, including legal and operational obstacles. Coeure said: “Distributed technology could become a game-changer for payment, [...]
Access to finance is key to getting SMEs exporting February 27, 2017 Brexit may have been delayed but one thing that isn’t slowing down is UK exports. The latest industrial trends survey published by the Confederation of British Industry (CBI) this month revealed that export orders remain above the long-run average. But while big businesses are reaping the benefits of exporting, small and medium-sized firms are being [...]
Philip Hammond enlists Mark Carney and Simon Kirby for first UK FinTech conference February 26, 2017 The government will host its first ever International FinTech conference as part of FinTech Week 2017, chancellor Philip Hammond announced today. City minister Simon Kirby and Bank of England governor Mark Carney will join the chancellor at the conference, which will feature panels and workshops as well as opportunities for UK FinTech firms to pitch [...]
Regulators welcome fintech but aren’t sure what to do with it February 23, 2017 | City Talk Regulators have a 'wait and see' attitude about regulating fintech. Two governmental organisations recently released reports on regulatory approaches to fintech advances, including blockchain. First, the US Federal Reserve Board released its report on distributed ledger technology (i.e., blockchain) in payments, clearing, and settlement. Following that release, the European Supervisory Authorities (ESAs) — a joint [...]