Today sees the launch of our new Fintech weekly news roundup – highlighting Fintech stories you might have missed during the last week. This will come out every Monday morning, so you can start the week with a coffee and a catch up as to the latest news and views in the Fintech world.
In this week’s edition…
Accounting software providers FreeAgent have put into more sober context the “light touch” which HM Revenue & Customs (HMRC) promises small businesses during the implementation of Making Tax Digital (MTD). Despite offering a certain degree of leniency HMRC is still expected to impose penalties for those small businesses that are not making sufficient effort to comply with the new MTD record keeping and VAT filing procedures or which are late in paying their VAT bills. FreeAgent.
Investment in the UK’s digital technology sector for finance has been greater than anywhere else in Europe over the past year, making Britain a fintech centre of global excellence in technology, creative thinking and innovation. Business Chief.
A host of new fintech companies are setting up their own banking and deposit-taking enterprises offering attractive annual percentage yields of up to 2.3%. This is against a background when the 5% return on fixed-rate deposits that it was possible to achieve just ten years ago has been slashed to barely 0.5%, while regular savings accounts are likely to offer little more than 0.1%. Forbes.
The market in payments made via smart mobile phones – so-called “mobile wallets” – is surging ahead in leaps and bounds, growing to an estimated total value of $4,296 billion in 2018 and a forecast total of $13,979 billion by 2022 (that’s the equivalent of £3,553 billion in 2018 and £11,564 billion in 2022). Payments Journal.
Future digital transformation is likely to see an increasing use of artificial intelligence (AI) and a growing reliance on the internet of things (IoT), making cybersecurity an ever more critical function of business operations in the fintech sector – as digital transformation gathers pace, companies will need to devote greater energy towards minimising their vulnerability to the risk of cyberattacks. Fintech Times.
If there are any stories we have missed or if you are a Fintech business with news then please feel free to add us to your press distribution and we will make sure to include you.