UK based digital bank Revolut launched disposable card numbers form within the app; the disposable nature of the number can help to reduce card fraud, one of the main areas of financial fraud; the move is part of a wider trend in banking to make the online shopping experience more secure and tailored to millennial customers; Revolut also allows users to freeze/unfreeze cards and disable functions like contactless and swipe payments. Source.
While the coronavirus continues to take most of the headlines the UK Chancellor Rishi Sunak released the 2020 budget; the...
Assetz Capital is a large P2P lender in the UK and now has authorization from the FCA; the company has lent more than GBP316 million ($410 million) to businesses and is now working on the final stages of its Innovative Finance ISA which it expects will be available in Q4 2017; Stuart Law, CEO of Assetz Capital, stated: "Our cautious approach of employing a world-class credit underwriting team and taking realisable security on loans is essential for our investors' peace of mind. Our focus remains to ensure the growth and security of our lenders' investments, as well as the success of our borrowers' businesses. Our team has done fantastically well to deliver such success to all of our stakeholders over the last few years and yet there is also so much more to achieve ahead of this milestone and we are all excited about the continuing journey." Source
Stripe announced an open banking product called Financial Connections sparking a testy Twitter tussle with Plaid CEO Zachery Perret.
The API platform will help support banks connectivity with fintech developers; it will provide easy access for new apps and services while also facilitating new innovative solutions for financial institutions; the platform is designed for universal access allowing developers to offer connectivity to multiple institutions through the TrueLayer API platform; the platform also provides for regulatory compliance; its release will significantly promote the development of fintech apps which now have a substantial market opportunity available in the UK due to PSD2 regulations which require financial institutions to allow third parties to access customer data; the private beta API platform is currently available in the UK and the company has plans for expansion to other countries in Europe in 2017. Source
by Janine Hirt, CEO, Innovate Finance In the midst of last winter’s Covid lockdown, the UK FinTech ecosystem came together virtually to support Ron
Zopa plans to reopen to new investors by end of the year after stopping investor on boarding earlier this year; they stopped taking new money because they were finding it harder to get good quality borrowers; they also saw a big jump in demand for their Innovative Finance Isa; while the plan for opening to new investors is targeted at year end it could be delayed by existing investor's Isa demand. Source.
The real estate market is a rocky road for first time buyers. Nationwide has invested in Kettel to improve access.
Christmas shopping put on BNPL rose by £1billion in 2021, as banks, retailers & others continue to jump on the increasing popularity.
Germany's central bank is hosting a blockchain workshop as an increasing number of central banks are exploring the use of blockchain; the event is titled, "Blockchain Technology - Opportunities and Challenges"; discussions will be focused primarily for central bankers and regulators; topics will include the success of blockchain, business cases for the technology and the use of bitcoin; workshop participants include European central bankers, European Union Parliament members, financial institution executives, individuals from academia and representatives from blockchain-based companies. Source