Fintech news review for 4th October

By Jason Hulott | Fintech News

The labour market is facing unprecedented change says a new report. Artificial Intelligence (AI) is likely to be the driving force behind 133 million new jobs across the world, while the UK alone can expect to see as many as 10.5 million jobs either automated or fundamentally changed by technology. Fintech Times.

Fintech is changing the lives of entrepreneurs, their customers and investors in many fundamental ways. These include the increased availability of (usually smaller) business loans; crypto-currencies such as Ethereum and Bitcoin; the security of payments; AI-aided financial advice; and smart contracts that instil essential trust between parties. Entrepreneur.

The Nationwide Building Society has partnered with 5 Fintech startups to develop new services and apps for people who are financially vulnerable. The initiative – with office space in Covent Garden in London – is part of the Building Society’s £3 million contest Banking for Good. Finextra.

Despite a pervading air of gloom among businesses uncertain about the outcome of Brexit, there are good reasons for Fintech startups to continue to choose the UK as their base. It has a favourable tax regime; finance – especially for Fintechs – is readily available; support is available in non-financial areas; regulation supports rather than hinders innovation; it has a talented and entrepreneurial population; and it is the home to many leading financial institutions. Fintech Times.

Increasingly popular Fintech bank Monzo has two more innovations with which to lure customers – and encourage them to have their salaries paid in directly to a Monzo rather than a traditional bank account. Those who do are now able to split their income into different “pots” for specific uses and to transfer funds into “bills pots” designated for the payment of particular bills. Wired.

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The crypto-currency Libra – inspired by Facebook – does not set out to replace existing currencies, the Managing Director of the Libra Association told delegates to a blockchain conference hosted by the UN in Geneva. Reuters.

Blockchain technology is recognised as an integral part of the future by many banks and financial institutions. But barriers to its adoption remain. These include a widespread lack of knowledge and a shortage of the necessary skills to implement the technology, regulatory uncertainty, and the inherent conflict between blockchain technology and General Data Protection Regulation (GDPR). Fintech News.

US-based Fintech investor BnkToTheFuture has thrown its support behind the London-based blockchain developer Diacle. The latter specialises in the development of security token offerings (STOs). An STO is a crypto-currency coin or token issued to the value of an investment and backed by the financial asset it represents. Consultancy UK.

Digital bankers Revolut has partnered with credit card-issuer Visa to expand into more than two-dozen new markets. With Visa branding to appear on 75% of Revolut’s cards, the Fintech company intends to take on an extra 3,500 employees and hope to double or treble its existing customer base within 12 months. The Block.

The immense potential of Fintech is something that should be taught in schools, according to a successful entrepreneur in forex trading. As Fintech becomes steadily more integrated into traditional financial institutions, education in the relevant technology offers the opportunity to secure well-paid employment without massive student debt. Real Business.

The UK’s runaway Fintech banking success Revolut looks set to expand its operations into Singapore as early as this month. The digital banking app has already attracted 15,000 new customers in Singapore. Business Times.

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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.