FinTech Futures: Top five stories of the week – 3 March 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Innovation
Intesa Sanpaolo partners IBM to upgrade its IT infrastructure
Intesa Sanpaolo will utilise the IBM z16 platform to bolster its cybersecurity operations.
Aussie central bank reveals participants and use cases for CBDC pilot
The selected industry players will participate in use case proposals over the coming months, the central bank says.
MFS Africa partners Western Union to broaden financial inclusion
The service will see funds from across the globe move through payment rails operated by MFS Africa.
Transforming transformation
According to McKinsey, 70% of digital transformation projects fail. So what is going wrong?
BNPL giant Klarna posts £1bn loss for 2022
Despite the loss, the firm says it is edging towards profitability thanks to growth in its gross merchandise volume.
Thought Machine plans to boost headcount by 20% in 2023
Thought Machine intends to hire across India, Japan and South Africa for the first time.
I ain’t talkin’ to some junior
Some people seek to establish their assumptions as facts and resort to a telling off as a power move.
Swedish paytech Zimpler names Stefan Andersson as chief product officer
Andersson will join Zimpler’s leadership team and report directly to CEO Johan Strand.
Centre for Finance, Innovation and Technology launches to boost UK fintech
CFIT will bring together “coalitions of experts” across finance, technology, academia and policy.
Nationwide taps Board to upgrade financial planning capabilities
Board will “replace and transform” Nationwide’s financial planning processes and systems.
Climate tech firm Doconomy acquires financial wellbeing fintech Dreams
Doconomy will fold Dreams’ behavioural science platform into its environmental impact measurement tools.
Banking Technology Magazine March 2023 issue out now
Cover story: FACE OFF – Confrontation can be a good thing.
Trade financing platform Marco lands $200m credit facility, $8m equity
Marco says the combined funding will support its ambition to “close the $2 trillion global trade finance gap”.
What the FinTech? | S.4 Episode 3 | Generative AI in banking
In this episode, we’re joined by Miguel Navarro to discuss how generative AI could impact financial services.
MoonPay names former Coinbase exec Asiff Hirji as new president
According to Bloomberg, Hirji assumed the role earlier this month, joining from Figure Technologies.
Digital transformations: the case for change and why they fail
We need a more human-centric approach to transformational change.
Panamax expands global reach with Acute Informatics acquisition
Panamax’s CEO says the acquisition of India-based Acute is a “strategic move to expand our horizons”.
Klarna to start charging late payment fees in UK
Late-paying users will be hit with a £5 fee from 16 March, City AM reports.
Shawbrook Bank taps Pegasystems for automated underwriting solution
Pega claims its low-code platform will save Shawbrook underwriters 1,500 hours a month.
Northern Ireland renaissance: how US companies sparked Northern Ireland’s global fintech hub
Northern Ireland is the world’s top region for both new software development and fintech inward investment projects.
FinTech Futures: Top five stories of the week – 24 February 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
American Fintech Council appoints Phil Goldfeder as CEO
Goldfeder brings more than two decades of experience working in the private and public sectors.
Watch out for the core crash
There is more turmoil to come in the core banking space.
OpenWallet Foundation launches to boost digital wallet interoperability
The OWF intends to provide the “software engine” that organisations can use to develop digital wallets.
Stripe unveils Tap to Pay for Android devices
Tap to Pay allows businesses to accept contactless payments using an NFC-enabled Android device.
Decisions in the right places (or why I wrote that book of mine)
Changing habits and everyday ways of working shouldn’t be a CEO initiative. It’s everyone’s job.
Buy now, worry about it later: the future of BNPL
Buy now, pay later – is there a more apt fintech application for our times than BNPL?
Aussie paytech DataMesh lands $30m Series A led by NAB Ventures
Additional investors in the Series A round were Deutsche Bank and 1835i Ventures.
Riyad Bank taps SunTec for e-invoicing integration with Saudi tax office
The integration allows banks to share standardised e-invoices with Saudi tax office Fatoora.
National Australia Bank builds its own fintechs
A closer look at how National Australia Bank’s approach to innovation has evolved in recent years.
Hong Kong proposes tighter rules for digital asset exchanges
The proposed framework will bring virtual assets in line with securities brokers and automated trading venues.
Dutch challenger Bunq becomes first EU neobank to report a quarterly profit
Bunq reported a pre-tax profit of €2.3 million over Q4 2022.
European Commission launches blockchain regulatory sandbox
While blockchain is known for crypto, the Commission says the tech has a “wider utility” beyond financial services.
Bank of Russia to launch digital ruble pilot in April
Olga Skorobogatova, first deputy chair of the central bank, announced the news.
State of play: neobanks
Neobanks as a sector are now approaching their teenage years and quickly maturing.
Interview: How Opus is leading the financial services sector forward to a more sustainable future
“The way I see it, the fintech landscape has never looked better,” says TM Praveen, CEO of Opus.
Extended deadline announced for Banking Tech Awards USA 2023 nominations
The new deadline for nominations is now Friday, 24 February 2023. Apply today!
Bank of Japan to launch CBDC pilot programme in April
The pilot will test the technical feasibility of a CBDC and leverage the “skills and insights” of private industry.
FSB to study DeFi’s potential stability risks and vulnerabilities
The FSB states that “specific features” of DeFi may see some of its vulnerabilities “play out differently”.
