Ant Financial to raise $1 billion fund for Southeast Asian and India start-ups
The fund is for payments and online finance start-ups.
Banking
The driverless bank
A truly digital organisation can live without one of the five P’s that typically creates friction.
Former Morgan Stanley developers unveil new cryptocurrency exchange
Phemex calls itself “the most trustworthy cryptocurrency derivatives trading platform”.
Italy’s largest bank UniCredit to cut 8,000 jobs by 2023 to reward shareholders
The bank wants to reach a 2023 revenue target of €19.3 billion.
Regulators need to provide clarity on Libor cessation, says ISDA
ISDA writes letter to FCA asking for greater information on Libor phase-out.
Banking app Monese launches “first” cross-border joint account in Europe
Monese wants to offer an alternative to traditional banks’ “red tape”.
Appian Europe 2019: KPMG says banks’ digital literacy is “very low”
KPMG says 80% of bank employees don’t know what unstructured data is.
Temenos inks deal with Egyptian National Post
The firm will be replacing 20 legacy systems in the process.
Starling Bank co-founder joins Winklevoss crypto exchange
Julian Sawyer set to lead Gemini’s European operations.
Unpacking Europe’s 2019’s major tech milestones with NIIT
FinTech Futures breaks down this year’s trends with Gautam Samanta at NIIT.
Staying the course: CTOs in shining armour
Corporate troublemakers, dreamers and challengers rely on a good CTO.
German SME challenger Penta teams up with card reader SumUp to tap offline businesses
Penta is breaking out of its online-savvy customer niche.
China gears up digital yuan with potential digitisation of ID cards ahead of 2020 launch
Now the central bank could be entering phase two of its project.
Toucan “first” to test bank account alert to help mental health sufferers
96% of UK mental health sufferers say the alert will be useful.
US DOJ digs deeper into Deutsche role in Danske money laundering scandal
Deutsche officials were made aware that the scope of the DoJ probe had broadened.
BCBS: Bank supervisors must pay greater attention to APIs and open banking risks
Open banking comes with benefits to banks but also various challenges.
Wells Fargo hires Santander’s US chief as new COO
Scott Powell will be the bank’s new chief operating officer.
Berlin’s Raisin partners with Credorax to offer its German users retail deposits
Raisin is the first – and currently the only – company to offer Credorax’s retail deposits.
Monzo hires Visa exec to lead US push
TS Anil will join the digital bank early next year.
Hong Kong’s Hang Seng Bank to unveil 600 cardless ATMs
The ATMs will use contactless technology and QR codes.
Canada’s neobank Koho secures extra $18.8m in Series B to diversify investors
The round was led by Drive Capital and National Bank of Canada’s VC arm, NAventures.
French start-up Pixpay raises €3.1m to tap younger banking generation
The funding round was led by seed and growth investor Global Founders Capital.
Reserve Bank anticipates cardless retail landscape in Australia
Merchant fees on card payments in Australia came to AUS $4.3 billion last year.
South Korea to launch open banking system this month
5.51 million open banking accounts have now been registered.
What’s next for investment in tech?
Will fintech firms re-evaluate the costs & benefits of public and private ownership?
Klarna selects Amazon Web Services as preferred cloud provider
Swedish banking and payment firm puts AWS at the centre of new strategy.
TCS migrates ABCUL credit unions to Bancs on the cloud
Voyager Alliance, East London and RetailCURe moved to the new platform.
CMFG Ventures hands BankBI Series A investment to tap US market
BankBi will use CMFG Ventures’ US credit union connections.
Private bank for YouTubers and high-net-worth youngsters 220 to launch for users next year
There is strict criteria to join the private banking community.
Emirates NBD slashes 400 staff to cut costs
Dubai-based bank has been on a technology tear of late.
HSBC and Santander to refund customers after breaking CMA rules
The banks failed to message users going into their overdrafts.
Westpac hires familiar tech partner IBM to probe its AML bust up
Westpac has been using IBM’s infrastructure since the 1990s.
Turkish banks and FIs sign majority stake in JCR Eurasia
Turkey seems to be establishing a national credit rating agency.
Where has trust gone – can banks even recover their standing in the community?
Traditional banks might find themselves facing a future where the front doors are locked for them!
Video: Top fintech stories this week – 29 November 2019
FinTech Future’s weekly news round-up.
Natwest outage stops customers spending savings and payday wages on Black Friday
Some customers said they couldn’t get cash out of ATMs either.
Swedish AI start-up Bokio raises €4m led by local investor Creandum
The start-up uses AI to simplify bookkeeping for small businesses.
Four fintech & financial inclusion trends for 2020
A gap remains for women, rural residents, & other underserved communities.
Russia’s Sberbank inks contract with driverless car tech firm
The Russian bank will challenge Yandex which currently has the monopoly.
IMF to put Nordic banks’ AML controls under microscope
International regulator investigates banks’ alleged failings.
