Subscribe to our e-newsletter
Follow us on Twitter
Privacy and cookies
Established 1995
Monday 17 June 2019

LATEST NEWS

BCR splits Pool D funding between five FinTechs

The Board of Banking Competition Remedies has announced the results of the Capability and Innovation Fund Pool D grant process, with Codat, Fluidly, Form3, Funding Options and Swoop Finance getting £5 million each. Pool D is designed to facilitate the commercialisation of financial technology that is relevant to small and medium-sized enterprises (SMEs).

Robots to take 1 in 5 finance jobs

One in five financial services jobs will be replaced by artificial intelligence (AI) or automation within the next five years, according to the latest KPMG and Harvey Nash report.The survey of 3,600 IT leaders found that 43 per cent of banks expect a fifth or more of their workforce to be replaced by AI or automation by 2024.

IT glitches left 7m unable to pay with card

More than seven million people in the UK were left unable to use their debit or credit cards due to an IT or technical crash in the last year, according to research from Which? A survey of more than 2,091 consumers conducted by the consumer watchdog found one in seven respondents were unable to use their card due to a serious outage in the last year, with half (49 per cent) saying they were unable to pay for goods and services at the point of sale as a result.

Other News Stories...

Augmentum adds further £8.5m to FinTech funding

Augmentum Fintech has announced a total of £8.5 million of follow-on investments to startups in its growing portolio. The publicly listed venture capital outfit has topped up its existing funding in business banking firm Tide (£5 million), mobile-only current account provider Monese (£2.5 million) and predictive business intelligence platform DueDil (£1 million).

Demand for UK tech visas up 45%

Tech Nation has, for the fifth-year running, revealed a continued rise in demand for applications for the Tech Nation Visa, up 45 per cent for 2018-19 with a total of 650 applications. The countries with the highest amount of visa applications continue to be India and the USA, from software engineers and business developers in artificial intelligence and machine learning, FinTech and enterprise/cloud sectors. Nigeria, Russia, Canada, Australia, China and South Africa also top the list for number of applications.

InsurTech Gateway readies £30m funding pot

Venture capital firm InsurTech Gateway is targeting up to £30 million of investment for a new fund aimed at supporting tech startups in the insurance and reinsurance space. The Gateway Fund has kicked off by investing £2.25 million in By Miles - UK-based provider of pay-per-mile car insurance - Floodflash - a provider of tech-enabled flood insurance for small business - Guardhog - a plug-in insurance provider for the gig-economy - and Insurdata - a technology provider for peril-specific exposure and risk data.

UK and Singapore regulators join to fight cyber threat

The Monetary Authority of Singapore (MAS), the Bank of England (BoE) and the Financial Conduct Authority (FCA) announced that they will be working together to strengthen cyber security in their financial sectors. MAS and the UK financial authorities will commence work towards a Memorandum of Understanding to signify this enhanced collaboration.

Assessing the cloud migration landscape
FStech editor Peter Walker sits down with Rackspace solutions director Rhys Sharp to discuss cloud adoption challenges - skills shortages, cultural barriers, legacy systems - and the solutions that the company offers, as well as trends within cloud migration and regulatory attitudes towards the industry.
DIGITAL SHOCKWAVES
Mark Evans of FStech talks to Gerard Gibney of OpenText about the need for digital transformation in UK financial services

Regulation ‘biggest barrier’ to digital innovation

The greatest barrier to UK financial institutions developing digital products, services and operations is regulatory compliance risk. This is according to a report from FIS which surveyed more than 2,000 C-level and senior executives across buy-side, sell-side, insurance firms and retail banks.

Cashless payments adoption ‘at inflection point’

New research has found consumer openness to alternative payment options - including wearables and smartphones - although acceptance of cashless payments comes with a high degree of concern surrounding the ability to secure these devices. A study commissioned by Transaction Network Services (TNS) surveyed more than 3,000 consumers in the United States, United Kingdom and Australia, finding 44 per cent of respondents are willing to make a payment using a wearable device like a ring or a bracelet.

Northern Irish RegTech raises £1.2m

Datactics has raised £1.2 million in a funding round led by Kernel Capital and Par Equity. The Belfast-based RegTech startup provides data quality and matching software to the financial services industry and government departments to help measure, clean and match data.

FStech editor Peter Walker sits down with Rackspace solutions director Rhys Sharp to discuss cloud adoption challenges - skills shortages, cultural barriers, legacy systems - and the solutions that the company offers, as well as trends within cloud migration and regulatory attitudes towards the industry.

Microsoft

Expert Views
New Products/Solutions Showcase...
Most read stories...
FStech talks to Tony Reid of Hitachi Vantara about the compliance issues facing financial institutions and FinTech firms