Facebook is currently under fire about the transparency of its digital currency Libra and the infrastructure that supports it. Despite investigations in the UK, USA, Canada, Australia, and several other countries, backers and supporters appear so far unperturbed by the degree of scrutiny. Fintech Global.
A simple and easy to use insurance app – currently offering both household and travel insurance policies – has been developed by the Swiss Fintech company Numbrs Personal Finance AG in collaboration with Allianz Deutschland. Wallstreet Online. (This one is in German but Google Translate does a pretty good job.)
Peer to peer lenders P2P Global has sold some €250 million of interest in support of Castlehaven Finance – the provider of development and bridging finance in the construction industry. P2P Global’s support was instrumental in the success of Castlehaven which typically arranges loans of between €1 million and €20 million. altfi.
New York City – already a hub of global financial institutions – is using its status to operate a FinTech Innovation Lab. The Lab encourages and promotes start-up Fintech companies in a bid both to attract Fintech investment and to bolster the city’s role in the development of technology-driven multinational financial services. Medium.
Cybercrime is more prevalent than ever before, says the International Director of the PCI (Payment Card Industry) Security Standards Council. Despite a world in which any company is vulnerable to attack, too many CEO’s downplay or dismiss cybersecurity as a merely functional role of IT specialists. FinTech News.
Investment and deposit-taking specialists Raisin of Berlin is growing from strength to strength. Its latest acquisition is a German start-up, fairr, which provides retirement and pension fund investments. The purchase of fairr comes less than six months after Raisin’s acquisition of MHB Bank of Germany. altfi.
Silicon Valley may be the home of some of the biggest and most successful digital giants – such as Amazon, Facebook, and Google – but the Swedish capital Stockholm follows in a close second place. Not only did the city launch the likes of Skype, Spotify and Fintech company Izettle, but it has more billion-dollar enterprises per capita of population than any other place on the planet after San Francisco. CityAM.
Experian Australia and New Zealand has acquired the Australian Fintech company Look Who’s Charging, which provides real-time merchant data on customers’ banking transactions. Experian intends to use the acquisition to enhance its open data services products. Fintech Business.
Banks require quality data. It’s how they understand their customers and the market, develop artificial intelligence and machine learning, and join the fight against money laundering. Those basics need to be learned by traditional banks if they are to compete against the more responsive and agile Fintech newcomers, says the managing director of Master Data Management. Fintech News.
Fintech platform Esme – which is owned by NatWest Bank – has increased its lending by a further £10 million in the past month to reach a current £70 million and is on course to achieve a total lending of £100 million to UK businesses by Christmas. altfi.
The mobile banking app from German-based N26, which has been running in the UK only since last year now claims a global customer base of 3.5 million and is valued at $2.7 billion. N26 is in the company of other major challenger banks Starling, Revolut and Monzo. Wired.