Fintech news review for 13th September

By Jason Hulott | Fintech News

The big payments processing company Stripe has launched a credit card for business account holders. This complements its growing package of online facilities, which recently saw the addition of business loans to its basic payments processing facility. Stripe.

The UK’s Fintech banking service Monzo has launched a “blocking” service, which stops account holders overspending on their card by preventing its use at certain stores and retailers. The facility mirrors the gambling block, which Monzo previously made available to prevent customers using the card on online gambling sites or high street bookmakers. Business Insider.

Fintech developments to watch out for in the coming months include the continued growth of innovative products by significant banks; a focus on the Millennial (23 to 38 year-old age group); access to monthly salaries – pay cheque advances; greater investment in Fintech by venture capitalists; and more use of artificial intelligence (AI). Wealth Advisor.

The UK’s first crypto-currency investment hedge fund to be authorised by the Financial Conduct Authority (FCA) has been revealed by fund managers Nickel Asset Management Ltd. The hedge fund managers have recently secured $50 million in funding for the venture. Bitcoinist.

Personal banking remains a blend of on-the-go digital-only services and those of the traditional high street bank. Although the latter continue to manage the bulk of personal wealth – salaries and standing orders, for example – the proportion of customers intending to switch to digital-only banking is growing. Fintech Circle.

The volume of debt – in terms of personal loans and credit facilities – is rising amongst the so-called Generation Z. As they begin to share Millennials’ thirst for borrowing, they are shedding earlier pictures of their being debt-averse. The Financial Brand.

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A pre-installed mobile or crypto-currency wallet is one of the features in the latest version of Samsung’s Galaxy Note 10 smartphone. Called the KlaytnPhone, these mobiles also come preloaded with trial amounts of Klaytn’s own crypto-currency, the Klay. Coindesk.

The decision by France to ban Facebook’s own Libra crypto-currency probably comes as no surprise given the challenge Facebook’s 2 billion or more users potentially pose to the national currencies of the EU. Fintech Finance.

Next year sees the enforcement throughout Europe of 6AMLD – the sixth generation of its Anti-Money Laundering Directive. Any banks or other regulated Fintech companies intending to do business in the EU after Brexit will also need to ensure that they conform to the new 6AMLD. Fintech Times.

Service outages break the trust which consumers place on their personal data being correctly and safely stored. New research suggests that individuals place greater importance on their data than the physical items they own. Fintech companies, therefore, need to do all they can to prevent service outages. CityAM.

The Financial Conduct Authority (FCA) warns that many regulated Fintech companies still appear to be inadequately prepared for a no-deal Brexit. The FCA is stepping up its information about what regulatory permissions are likely to be needed by particular sectors of the finance industry in particular countries of the EU post-Brexit. altfi.

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About the Author

Jason Hulott is Business Development Director at Digital Marketing Specialists, Speedie Consultants. He is Google Partner certified. His role is to identify and implement traffic generating and revenue increasing ideas for our client base.