The European Central Bank (ECB) is considering additional capital buffers to banks looking to incorporate fintech; the regulator says adding fintech to the bank will increase the potential for a volatile client base and the untested products will need a lot of capital; this is part of the recent draft licensing guidelines released by the ECB. Source.
The WSJ reports that the hack actually occurred in March instead of May; the breach wasn’t discovered until July 29th and it was announced to the public on September 7th. Source
The Finanser shares which banks are leading in digital and which ones are falling behind; an article in Financial News recently found that 92 of the world’s top 100 banks still rely on IBM mainframes; banks spend a majority amount of money on maintaining legacy technology, which are often written in programming languages like COBOL. Source
Article shares the participants in the major consortia and networks; discusses the advantages to blockchain technology in banking and what banks need to keep in mind when looking at implementing the technology. Source
Martin Kissinger, the founder of Lendable is just 28 years old; he has built Lendable into a successful business that has lent £80 mn to 20,000 borrowers; the company had a growth rate of 430% in the last year and provides funds to borrowers in as little as two hours; article profiles Kissinger’s past work experience and more about Lendable. Source
Tiger Brokers, a Chinese online securities brokerage start-up backed by Wall Street billionaire investor Jim Rogers, has landed an investment from Interactive Brokers Group, the amount of which Tiger Brokers did not disclose; Tiger Brokers offers an app to allow Chinese investors to trade on US stock markets and the Hong Kong exchanges and in Chinese A shares. Source
Coinbase announced a new customer support like to help users and expand customer service operations; according to Business Insider the call agents can only handle verification issues and unlocking accounts; the company has seen their user base skyrocket but at the same time the amount of issues and complaints have also gone up dramatically; adding more support is something they hope will help to provide an overall better experience. Source.
The Chairman of the Commodity Futures Trading Commission (CFTC), J. Christopher Giancarlo, told government technology executives at an event that blockchain technology is in our national interest; Coindesk reports that the chairman said, "Distributed ledger and blockchain technologies ... are going to challenge orthodoxies that are foundational to our financial infrastructure."; he also discussed agencies moving beyond just talk of implementation but to actually try to use the tech within their agency's. Source.
10x Future Technologies will soon announce a new funding round of over $40mn from China's Ping An and global consulting firm Oliver Wyman; the funds, according to Banking Technology, will help to speed up technology development and expand the company into Asia. Source.