Metro Bank has launched a new app to give business customers data-rich services for managing their accounts. These include monthly cashflow analyses, warnings about payments that appear to be higher or lower than normal, and notifications of imminently scheduled payments. The Business Insights app is driven by artificial intelligence (AI) and was developed in partnership with Personetics. Money Facts.
An argument has been made that London Underground’s Oyster Card payments system is probably the most original and by far the biggest Fintech operation in the world. Contactless payments on a pay as you travel basis and top-ups at countless shops, stations and online make Oyster the first Fintech in action. altfi.
Where is the next hotspot for Fintech development in southeast Europe? Bulgaria is fast becoming just such a hub. It already boasts more than 60 Fintech start-ups – with half of them emerging in the past three years alone. Together, they achieved a total revenue of $234 million (£183.1 million) – trebling 2017’s figure – and this year are expected to pass $331 million (£259 million). ZDNet.
The car industry looks set to become the next major hunting ground for the benefits of Fintech. Car finance is ripe for such innovation, as is inventory control by car manufacturers. The market is huge. Customers are demanding change. And cloud-based computing offers many ways forward. Finextra.
Thanks to its use of the “Fintech Bridge”, London-based start-up TrueLayer is expanding its development of open banking financial apps into Australia, Singapore and Hong Kong. It becomes the first European open banking company to break into the APAC (Asia Pacific) region. Tech.eu.
Fintechs continue to change the face of banks and other financial institutions. The basis for that sea-change lies in so-called open banking, which allows third parties to access account holders’ financial information to offer new apps and services. As banks open up their application programming interfaces (APIs) to third parties, so competition between banks intensifies. Business Insider.
The recent European Banking Summit has been told that Fintech can effect massive change by accelerating how funding is made for sustainable development. Digitalisation is a route to financial inclusion delegates were told. BBVA.
Blockchain start-ups and crypto-currencies are coming of age. After an initial period of misuse, abuse and scams, crypto-currency is no longer a hotbed of speculation and wildly high prices. Instead, it has become a means of delivering secure transactions at the speed of lightning for all manner of traders. Bitcoin Warrior.
If you thought the card in your wallet was the bee’s knees in sophistication, wait ‘til you see the solid 18kt gold card to be issued by the Royal Mint in collaboration with Accomplish Financial and Mastercard. Issued to Raris account holders the card carries no transaction fees or foreign exchange commissions and offers unlimited spending. altfi.
Partnerships between emerging Fintech companies and large, established banks are unlikely to be the way forward. A basic incompatibility between the corporate cultures of major banks and small Fintech start-ups makes it difficult to maintain the required working relationships. Participants in the finance industry – both Fintech companies and banks – need to be connected, but the partnership model is unlikely to last. Forbes.