The EU is investigating whether banks in several countries are preventing the sharing of information that the bank customers have granted; the raids were a preliminary step and the results of the investigation are not yet known; in 2018 banks will be required to give third parties access to account data provided the customers have given consent. Source
News Roundup
This page contains an archive of the Global Newsletter summaries and the weekly fintech news roundups.
Every day the Fintech Nexus news team scours the globe for the most important stories of the day to include in our daily newsletter.
Then every Saturday we bring you our weekly news roundup of the top 10 fintech stories of the week with commentary from Peter Renton.
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A new report by Dutch bank ING says 69 percent of consumers...
Two of Europe's largest incumbent insurance companies, Munich Re and Allianz SE, have begun investing in insurance startups; the deals show that insurance giants are beginning to see how technology is affecting their industry and they want to get in early; currently the focus has been on small investments into many companies; the startups focus on different areas of the market like insuring mobile phones or small electronics; similar to banks, it is worth keeping an eye on how insurance companies handle disruption and innovation. Source
CB insights has compiled a list of the top European venture capitalists by country based on the number of portfolio companies they have backed; the list focused on the most active investors of the last five years and included VCs, corporate VCs, growth equity firms and super angels. Source.
The results of a year long study by the European Banking Authority...
Oliver Wyman’s new report, Beyond Restructuring: The New Agenda - European Banking 2017, points out that banks have recovered from the crisis but face digital headwinds; for the most part banks have restructured into a new regulatory environment with more capital and smaller balance sheets; but they now they face digital challenges from fintechs and customers looking for better experiences. Source.
According to new research by open banking platform provider Tink 41 percent...
Finastra CEO Simon Paris tells CNBC that European Banks are falling behind...
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.
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.