Future of UK tech talent visa uncertain after controversial closure of Tech Nation February 1, 2023 Tech chiefs have sounded the alarm over the future of Tech Nation’s lauded visa programme today after the start-up body announced it would wind down after controversially losing a major government contract.
London’s fintech boom ‘would have happened with or without Brexit’, Lord Mayor says February 1, 2023 London’s fintech boom “would have happened with or without Brexit”, Lord Mayor Nicholas Lyons said today, adding that the so-called Edinburgh reforms will help the City power the UK’s future economic growth. Lyons said the City achieved its reputation as a thriving hub for fintech success “independently of Brexit”. He stressed, however, that Brexit still [...]
Iwoca hits profits as recession fears boost small firms’ demand for cash February 1, 2023 Fintech lender Iwoca said it hit profitability for the first time last quarter after a surge in demand for borrowing as small businesses were rocked by soaring costs and a looming recession.
Tech Nation to shut down after government controversially gives funding to Barclays January 31, 2023 Start-up network Tech Nation is to be wound down after the government controversially withdrew its funding and handed it to Barclays, the organisation announced today. Tech Nation, founded by the coalition government in 2010, said it would cease operations from the end of March after the Department for Culture Media and Sport confirmed it had [...]
Ashley’s Frasers Group set to roll out buy-now pay-later product January 29, 2023 Billionaire Mike Ashley’s Frasers Group is finalising a move to roll out its own buy-now, pay-later (BNPL) scheme which will allow shoppers to borrow up to £2,000, according to reports.
Competition watchdog is asked to step in over pricing spat between Wise and Atlantic Money January 27, 2023 Money transfer firm Wise has been reported to the competition watchdog after removing one of its smaller, cheaper competitors from its price comparison tools. London-listed Wise, which offers its own comparison tool as well as a number of others on external sites, has removed or delisted any mention of Atlantic Money’s cheaper service, in a [...]
Gambling firm In Touch fined over £6m for failing to protect vulnerable customers and money laundering breaches January 25, 2023 In Touch Games has been fined £6.1m for social responsibility and money laundering failings by the Gambling Commission. The gambling firm, which operates 11 websites including bonusboss.co.uk, cashmo.co.uk, drslot.co.uk, jammymonkey.com and slotfactory.com, was charged over not having appropriate policies, procedures and controls in place and not sufficiently considering or implementing the regulator’s money laundering and [...]
Aramco-backed halal fintech opens bank branch in London despite high street bank exodus January 24, 2023 Aramco is backing American fintech Wahed as it launches a physical bank in London. However, concerns of a high street bank exodus place question marks over the branch’s future success. Wahed’s first UK-based physical bank, which opens its doors today on Baker Street, has scored £61m ($75m) from the Saudi Arabian oil giant together with [...]
Open banking body appoints former Mastercard and Natwest exec to top job January 23, 2023 The body charged with overseeing the rollout of open banking in the UK has appointed a former Natwest and Mastercard executive as its new chair, City A.M. can exclusively reveal, as the regime moves into its next phase of implementation. Marion King, a former director of Payments at Natwest Group and president of Mastercard UK [...]
Tech Nation ‘working round clock to secure future’ after Govt strips it of £12m contract and awards it to Barclays January 20, 2023 Start-up body Tech Nation said it is facing an existential crisis and was scrambling to secure funding for its future today, after the government stripped it of a major £12m government contract and handed it to Barclays. The Department for Culture, Media and Sport (DCMS) confirmed it had handed the new tech deal to Barclays [...]