Fintech news review for 26th August

By Jason Hulott | Fintech News

An alarming 98% of Fintech start-ups fail to tackle the threat of cyber-attacks. Instead, they remain vulnerable to web or app-based attacks. What is more, their unused and abandoned subdomains, program interfaces and web applications expose privacy, compliance and security failings. Computer Weekly.

WhatsApp is said to be exploring a pilot digital payments, or “mobile wallet”, facility in Indonesia and India sometime in 2020. The success of those trials might lead to the messenger app looking to offer payment services elsewhere in the world. Coin Telegraph.

As the number of individuals and companies managing financial transactions online continues to mushroom, Fintech is reaching record highs in the volume of business conducted. The total value of global Fintech transactions in just the first half of this year is estimated to be $120 billion. Scotsman.

Another digital bank, Monzo, has unveiled its short-term lending offers. Two ranges are offered: £200 to £7,500 and £7,500 up to £15,000, both repayable over terms of up to 60 months. But, with the former attracting an APR of 20.4% and the latter 3.7%, the interest rates are hardly cheap. altfi.

Innovative Fintech platforms are rising to the challenge of changing consumer demands, the regulatory framework, and competition. It’s meant that investment in Fintech companies in the UK has almost doubled in the first half of this year compared to the same period in 2018. As both the value and volume of new services begin to fall, though, some are predicting that interest may wane. Consultancy UK.

Online lender Lendable – which offers loans of between £1,200 and £19,500 – has secured financial backing from multinational banking giant Credit Suisse to the tune of £225 million. Financial News.

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Blockchain technology – which helps to support crypto-currencies – is attracting the attention of at least 44 central banks in various countries worldwide. Their respective research endeavours, investigations and trials could result in their future issue of new crypto-currencies. Fintech News.

Apple has launched a digital credit card, accessed via an iPhone’s Wallet app, but currently available only to customers in the US. Developed with the help of bankers Goldman Sachs, the titanium card attracts no annual or late-payment fees, charges for international transactions or over the limit spending. Finextra.

Fintech company Revolut has made a pitch to interest a younger generation in investing in the stock market. Its app now offers its customers in Europe the opportunity for commission-free trading on the New York and NASDAQ stock exchanges directly from their smartphones. Wired.

Everything from wristbands, watches, key fobs and jewellery are devices that can now connected to Barclays bank’s mobile digital payments app Pingit. The devices from leading brands are available from the bank’s online store and aim to provide customers with an “all-in-one app” for making payments wherever they are. Fintech Futures.

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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.