Fintech News Review for the 13th December

By Jason Hulott | Fintech News

Reports abound that the Fintech bubble is bursting. Is it true that there is actually a Fintech bubble and if so what does that mean for investors? The opportunities for good Fintech investments are there but less in discrete entities and more as partners within existing big banks. Forbes

German Insurtech WeFox is planning to launch a tech hub in London next year off the back of a $110m funding round. Their app, which allows customers to look at policy details and claims when comparison shopping, will launch to UK customers in 2020. WeFox does not plan to expand their own One Insurance policies to the UK, however, over potential regulatory issues after Brexit. Finextra

New York’s status as a financial hub is attracting startups interested in expanding from their Californian bases. Fintechs find that while the technical expertise for software development is strong on the West Coast, Wall Street has the financial skills that startups need. Payment-provider Stripe and card company Brex are just two of those looking at the city for the next stages in their growth.  Bloomberg

Payment-provider Judopay has partnered with business banking Fintech Tide. Judopay is offering free money transfers for a year to those who sign up for a Tide account via the payment platform. Both services focus on encouraging SME growth by removing sticking points in the payment and financial process, saving them time and money. The Fintech Times

Cryptocurrency mining is well and truly out of the back room and into industrial-scale farms. The hash rate of the currency network determines how much processing power – and associated electricity costs – new coins required. Variations in the hash rate impact cash-flow and can deter investors but new “hedging” contracts can provide a form of insurance, making the whole effort more predictable. Reuters

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Metrobank has started early trials of a digital receipt management system for business customers, in collaboration with Sensibill. The system will allow customers to capture paper receipts on their smartphones, directly applying them to their business accounts. It’s estimated that SMEs can waste 15 working days a year extracting expenses data from personal accounts. Business customers can expect this free service roll out in early 2020. Finextra

Digital bank BBVA USA has plans to make finding help about its site and services as easy as using Google. Working alongside the search-engine specialists Yext, the bank is testing Answers, their natural language. When fully implemented this will give site-wide access to a library of information, giving full and thorough replies to customers no matter where on the site they make the request. Finextra

In September Hungary introduced the EU 2nd Payment Directive, clearing the way for Open Banking in the country. The Directive, allowing banks to grant 3rd party access to transaction data (subject to customer approval) is behind a wave of innovation as Fintech startups have sprung up. Of particular interest is the introduction of new instant payment technologies, to sit alongside real-time bank transfers. BBJ.

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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.