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Established 1995
Tuesday 20 February 2018


FCA targets smarter UK regulatory reporting

The UK’s Financial Conduct Authority (FCA) has announced that it is seeking views on how technology can make it easier for firms to meet their regulatory reporting requirements and improve the quality of information they provide. In November 2017, the FCA and the Bank of England held a two-week ‘TechSprint’ to examine how technology can make the current system of regulatory reporting more accurate and consistent.

Third of SMEs predict cryptocurrency acceptance

A third of small business owners expect cryptocurrency payments to become a reality on the British High Street within two years, according to new research. Card machine provider Paymentsense surveyed 500 small business owners in the UK, and found that a fifth predicted that cryptocurrency payments would start appearing even sooner, within just one year.

FCA and CFTC announce FinTech collaboration

The UK’s Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission (CFTC) have signed an arrangement that commits the two regulators to collaborating and supporting innovative firms through each other’s FinTech initiatives – namely FCA Innovate and LabCFTC. The new FinTech arrangement focuses on information-sharing for financial technology market trends and developments. It also facilitates referrals of FinTech companies interested in entering the other’s market, and the sharing of information and insight derived from each authority’s relevant sandbox, proof of concept and innovation competitions.

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Santander joins $25m Roostify funding round

Digital lending platform Roostify has completed a $25 million Series B funding round, with new investments from Santander InnoVentures, Cota Capital and Point72 Ventures. The new funds will be used to fuel the company’s expansion plans, including a greater presence in the enterprise space, product enhancements, and expansion into new markets. Roostify’s cloud-based solution enables lenders to offer clients a seamless experience from search to closing their home loan.

KBC Bank adds WhatsApp chat functionality

Belgium’s KBC Bank has become the first financial institution in the country to offer customers the ability to chat with the bank through the WhatsApp messenger app. The service, available on weekdays from 8am to 10pm and on weekends from 9am to 5pm, is intended to provide quick answers to general banking and insurance questions from live staff. The bank has seen a steady rise in the number of chats and calls through its KBC Live service.

Mashreq Bank deploys AI solution

UAE’s Mashreq Bank has partnered with Blue Prism to increase productivity, improve customer experiences and deliver new services through an integrated AI solution. The Digital Workforce platform will automate dozens of the bank’s processes across multiple business functions, including banking operations, compliance, customer care and their technology help desk.

IA unveils asset management FinTech accelerator

The Investment Association (IA) has announced that it will be launching a specialist FinTech accelerator for the UK’s asset management industry. The new accelerator – named VeloCity – will go live in Q2 this year, and is part of IA’s drive to boost innovation and speed up the adoption of new emergent technology across the asset management sector. The association said that the FinTech accelerator will, for the first time, bring together FinTech firms with “market viable” technology tailored to the asset management sector, supported by industry practitioners from across the IA membership.

FStech talks to Tony Reid of HDS about the compliance issues facing financial institutions and FinTech firms
Data & regulation
MarkLogic’s Chris Atkinson discusses how data affects your ability to comply with regulation with FStech

BBVA-backed Azlo launches e-banking platform

Azlo, a digital banking platform aimed at freelancers and self-employed workers, has announced the public availability of its service in the US. Customers will be able to access dedicated business banking services instantly online, with no fees, minimum balances or “confusing conditions”. The platform has been designed with Millennials and entrepreneurs in mind, integrating modern digital business tools, such as e-commerce, point of sale and marketplace offerings.

IdentityMind secures $10m Series C funding

Digital identity specialist IdentityMind has closed a $10 million Series C round of funding, co-led by Benhamou Global Ventures and Eastern Link Capital. IdentityMind provides a Software-as-a-Service RegTech platform that maintains and analyses digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud.

ABN AMRO taps blockchain for escrow accounts

Dutch bank ABN AMRO has developed a blockchain solution to manage funds for its business customers who offer escrow accounts to their clients. The majority of non-bank organisations that are entrusted with client funds use escrow accounts to manage those funds. With the new platform, each client of the non-bank organisation gets a bank account with the ABN AMRO Clearing Bank via the blockchain.


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Kerry Agiasotis of Western Union Business Solutions talks to FStech’s Michelle Stevens about the company's WU EDGE payments platform