Fintech boss Rajesh Agrawal named as deputy mayor for business and enterprise June 29, 2016 Fintech entrepreneur Rajesh Agrawal has been named as the new deputy mayor for business and enterprise. Agrawal, chief executive of Rational FX and online money transfer platform Xenday, was named to the position by London mayor Sadiq Khan earlier today. Khan has tasked Agrawal with protecting jobs and growth while trade negotiations with the European Union and other countries take place. Agrawal said: Having run my [...]
Bitcoin price has risen more than $100 in the last 12 hours as traders panic over the EU referendum results June 24, 2016 Bitcoin has risen in value by more than $100 in the last 12 hours, as traders panicked over the outcome of the EU referendum. Just before 4am its value was at $654.08 – up from $563.92 at 5pm yesterday, according to Coinbase. The pound was taking its worst battering in years after it fell more than seven [...]
Wealth management firms told to target social media as they face fintech challenge June 23, 2016 Wealth management firms are being encouraged to up their game on social media to better cater for the digital needs of high-net-worth individuals (HNWIs). Capgemini’s 20th World Wealth Report also warned fintech companies are “making inroads along the entire expanse of the wealth management lifecycle”. “Firms need to be making progress on all aspects of [...]
These money transfer startups are restricting services on referendum day June 22, 2016 Several of the UK's fast growing online money transfer companies have said they will restrict their services on the day of the EU referendum. The unprecedented step is due to the potential volatility of currency markets on Friday. Startup Azimo has said it will temporarily suspend money transfers from 6am on Thursday morning when polls open, until "things have settled [...]
Blockchain could soon be settling gold transactions June 22, 2016 Gold trading in London could soon be settled using blockchain technology in a new initiative between Euroclear and itBit. The settlement house is working with the New York startup to introduce its private distributed ledger Bankchain to the London gold market in a bid to make it more efficient. Read more: London startup claims first working blockchain platform launch "Precious metals [...]
These are the seven fintech startups being backed by Mastercard June 21, 2016 Mastercard is backing seven fintech startups hoping to change the way we use money and disrupt the finance world. London startups Revolut and Everledger are among the tech firms chosen for Mastercard's six month Start Path programme from among more than 500 applications from 60 countries. The startups, from as far afield as Israel and Argentina and announced at London [...]
Another corporate finance firm is launching a fintech venture arm June 21, 2016 German exchange owner Deutsche Boerse is wrapping up its investments in financial technology companies into a standalone venture capital fund and will ramp up its funding in fintech firms, joining the rush of corporates eyeing a slice of disruptive startups. DB1 Ventures will include a handful of existing investments, including a stake in Blythe Masters' blockchain startup Digital Asset Holdings, some [...]
As the Bank of England launches an accelerator, will fintech transform central banking as much as other financial services? June 20, 2016 Nick Bouch, financial services data leader at PwC, says Yes. The rapidly changing tech landscape raises a challenge to central banks to keep pace with the sophistication of the economic activity they govern. With the rise of blockchain, cloud, mobile and robotics, economic activity is shifting at an ever increasing pace from physical to digital. [...]
Fintech and blockchain top Mark Carney’s Mansion House agenda June 16, 2016 London's status as the world leading centre for fintech is set to be cemented on Thursday when it tops the agenda of the governor of the Bank of England at a prestigious City event. Mark Carney will centre a major speech on the subject of fintech and blockchain technology at the annual Mansion House dinner, his first to address the disruptive sector in [...]
This ex-Googler’s “anti-Wonga” loans startup is moving into savings June 14, 2016 A fintech startup founded by a former Google boss which lets people pay off their debts via a single monthly payment direct from their salary is now planning to expand on its loans business with a move into savings. SalaryFinance was founded late last year by Dan Cobley, the former boss of Google in the UK, former banking consultant Ashesh Sarkar, and [...]