Fintech News review for 1st November

By Jason Hulott | Fintech News

The cashless economy has impacted traditional donations to faith-based groups, charities and nonprofits. UK Fintech GoodBox has created a range of products to allow nonprofits to accept card payments, including a collection plate with integral payment facilities. Over 800 nonprofits use their products and have so far processed £2.5million in charitable donations, averaging £11 per contribution. Forbes

The Austrian Fintech space isn’t large but its international profile is being bolstered by startups raising significant funds and looking at expanding abroad. From Wikifolio’s virtual investment portfolios to bitpanda’s Crypto-currency brokerage platform, these 12 startups have already raised over £57 million between share offerings and investors. Fintechnews

Over the last 2 years, Bermuda has taken steps towards integrating Fintech and Crypto-currencies into their everyday economy. The latest initiative will see licenced “stablecoins”, linked to the US Dollar, accepted as payment for Government fees and services. The scheme is supported by the US Dollar Coin and CENTRE Consortium and signifies Bermuda’s determination to lead in Fintech and Crypto-currency implementation. ICLG

The Lord Mayor of The City of London has announced £10 million in UK financial aid has been awarded to Kenya. By fostering partnerships between UK financial institutions and Kenyan Fintech startups the aim is to improve the financial health of citizens and create thousands of new jobs in the sector. Gov.uk

Preparations for self-driving cars see five major automobile manufacturers trialling the Mobility Open Blockchain Initiative (MOBI) to facilitate automatic payments for normal commuting fees. The blockchain will house vehicle and owner data, meaning payment for parking and road tolls comes out when the car is next hooked to a network. MOBI is also looking at systems rewarding drivers with Crypto-currency for positive behaviour such as returning energy to the grid after a power cut. Fintechnews

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Philip Davies, president of EMEA, cites the need for a simplified and streamlined experience for Fintech customers, with TransferWise as a prime example of a service made painless via Fintech. In an increasingly crowded field, customers expect financial products they can understand and trust, centred around their specific needs and individual demographics. The profitability of individual services on a platform may be less important in the long run than giving users a comprehensive experience that keeps them from straying. Finextra

New Zealand’s unique demographics make it a hothouse for Fintech services, allowing providers to get to market impressively quickly. NZ’s financial institutions provide solid digital offerings so there’s a focus on partnership and cooperation with Fintechs, rather than the confrontation and competition seen in markets such as the US. The market has grown 33% year on year but now faces challenges of winning customer trust in an era of Open Banking and Big Data. Pymnts

Samsung’s push into blockchain security technology with the Galaxy S10 is bolstered by the release of the SDK to developers. This allows them to create new, more secure apps for the platform and to incorporate blockchain elements into existing apps and games, for example, in-app purchases made with Crypto-currency. The Samsung SDK makes it easy for devs to incorporate blockchain into the everyday user experience. Samsung

Mastercard and Envisible are partnering to produce a blockchain-based seafood-tracking app for grocers. Driven by the need for visibility on ethical sourcing and environmental impact, customers can scan a QR code on food to see exactly where it was caught and how it got from boat to store. Businesses using the system can also access Mastercard’s payment APIs, so they can track their goods and pay on the same platform. The Wholechain system will debut in Food City stores, tracking salmon, shrimp and cod. Computerworld

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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.