British Finance Minister Rishi Sunak is expected to announce a new regulatory regime for crypto in the coming weeks, sources tell CNBC.
Fraud prevention firm SEON has raised $94m in a Series B round led by Silicon Valley’s IVP. IVP partner Michael Miao will join SEON's board of directors.
Zopa has announced it plans to apply for banking licenses; company will be the first alternative finance platform to seek licensing as a bank; CEO Jaidev Janardana wrote to clients on Wednesday with details on the company's plans; Zopa will seek to offer deposit accounts and new lending products; requires Prudential Regulation Authority and Financial Conduct Authority licenses which the company expects to take 15 to 24 months. Source
Banks have long been hurt by their ability to effectively communicate with their customers and the current crisis has only...
The blockchain insurance consortium B3i has secured 38 members worldwide including Allianz, Swiss Re and AIG; the project would help these insurers move away from their paper based processes and secure contracts on distributed ledgers; right now blockchain is not widely used in insurance and the project is hoping to bring along the change; B3i estimates the changes could help the industry to save over 30 percent of costs. Source.
Amazon is working with Barclays on new accounts that allow customers to access installment plan payments in the United Kingdom shopping on on amazon.co.uk.
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HSBC intends to launch a new product in 2018 to address problems they see in the automated investment market; the new product is dubbed robo-advising 2.0 by Dean Butler, HSBC’s head of retail wealth; it will provide holistic financial advice and will eventually include recommendations for other products such as pensions and insurance. Source
About a third of branches at UK banks have closed in recent years as digital banking takes hold and contactless...
Companies like TransferWise, Venmo and PayPal have forced banks in Europe to look at creating their own affordable real-time payments service; the idea is in the early stages but it shows the effect that fintech players can have on the traditional banks; the service would also look to head off the increased competitive threat from open banking which is set to begin in early 2018. Source.