Innovate Finance has released a report on fintech investment showing global investment in fintech increasing but decreasing in the UK; global fintech investment increased by 10.9% in 2016 to $17.4 billion; in the UK, fintech investment decreased by 33.7% to $783 million; fintech investment in China and the US accounted for $13.9 billion of the total $17.4 billion. Source
Innovative Finance has published their annual Women in Fintech Powerlist; it includes 200 women who are leading the way in...
Innovate Finance is encouraging the creation of two new fintech hubs in Bahrain and the UAE; Innovate Finance's CEO Lawrence Wintermeyer spoke on the potential benefits of a fintech hub for Bahrain on Monday at the FinTech Enterprise Excellerate (E2) conference; while in Bahrain, Innovate Finance will also meet with Bahrain fintech regulators; later in the week Innovate Finance plans to meet with fintech supporters in the UAE. Source
As the dust settles after the SVB fall, leaders are looking at ways forward. Many think fintech might have the upper hand.
Banking-as-a-service, banking-as-a-platform, platform-as-a-service, open banking and open application program interfaces (APIs) are all terms being used by fintech companies who are building innovative products for banks; the long term question is will the banks buy or partner with this technology and in a banking system like the US how wide will adoption need to be for the banking system as a whole to change; recent surveys by Cornerstone Advisors of 300 community banks, regional banks and credit union CEOs shows the current economic environment and presidential election has them very optimistic; when they are making money, they innovate less. Source
Challenging conditions have companies cutting funding from product development and workforces - some believe innovation is a better answer.
Over the last year, banks and venture capitalists have poured tens of millions of dollars into technology to fight financial...
Fintech solutions are rapidly evolving and their growth appears to be creating increased market opportunities for innovative fraud; the frictionless payments market specifically has reported a spike in digital financial crime as money launderers find new and innovative ways to steal identities and develop synthetic profiles; the Financial Times also reports on the use of e-commerce for new types of fraudulent activity, noting that criminals can use fraudulent transaction platforms to setup inexpensive e-commerce sites that elicit funds from internet shoppers; with innovative fraud solutions growing fast, the costs of monitoring and mitigating fraudulent activity are becoming an even greater factor for fintech companies. Source
Cost reduction benefits have been identified for blockchain however revenue benefits are also a factor for banks; banks are increasingly using blockchain solutions to reduce expenses and now banks are also researching ways to utilize blockchain for revenue growth; as blockchain becomes more widely used in the industry it is likely that banks will develop revenue generating products that use the technology; while banks have not greatly been reporting on new blockchain products, potential product development exists with digitizing illiquid assets and building micropayment systems. Source
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“We’re excited about the environment where interest rates are reducing, but at a very high level, our mission does not...