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Established 1995
Saturday 25 March 2017

LATEST NEWS

Nets in virtual currency anti-money laundering deal

Nordic payments processor Nets has announced a partnership with Chainalysis in a move designed to help the region’s banks live up to strict anti-money laundering requirements in relation to a growing market for virtual currencies. More and more companies are choosing to accept blockchain-based currencies, such as Bitcoin, as a means of payment. However, digital currency can be a challenge for the banks to facilitate, as they have to be able to document that the money complies with legislation and has not, for example, been used in connection with criminal activities.

Clarity Money in $11m Series B funding round

Clarity Money, a US personal finance app, has announced the closure of an $11 million Series B funding round led by RRE Ventures and Citi Ventures. The financing comes just three months after Clarity Money launched its product and eight months after raising $3.5 million in Series A funding, bringing the total raised by the company to $14.5 million.

Samsung unveils latest contactless technology

Samsung has announced the launch of the Contactless Companion Platform (CCP), in collaboration with Smartlink and Ingenico, which has been designed to “enable digital cash for everyone”. Through the new CCP system, a user can make digital cash payments at any contactless-enabled location via a device of their choice – such as a dedicated smartcard, wristband, key fob, watch or smart ring.

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Bank Leumi signs Chinese cooperation deal

Israel’s Bank Leumi and Ping An, China’s largest insurance group, have signed a strategic cooperation agreement to promote the entry and integration of Israeli technology companies into the Chinese market. As part of the agreement, Leumi-Tech, Leumi Group's high-tech banking arm, will constitute a bridge between Leumi Group customers and the Ping An Group. Israeli technology companies with potential and interest in entering the Chinese market, will be introduced to Ping An, which will assist these companies either through establishing relationships with Ping An subsidiaries.

European Commission opens FinTech consultation

The European Commission has announced the launch of a public consultation on FinTech in order to develop the organisation’s policy approach to technological innovation in financial services. The consultation, which will run from today until 15 June 2017, is open to anyone, with individuals and organisations encouraged to submit their views via an online questionnaire on the commission’s website.

Skandiabanken takes majority stake in Quantfolio

Sweden’s Skandiabanken has agreed to purchase a 39.9 per cent stake in local AI and machine learning firm Quantfolio in order to strengthen the digital bank’s private savings division by offering robo-advisory services. The investment, which means the bank now becomes the largest shareholder in Quantfolio, represents a significant step in the bank’s ongoing work to further strengthen and facilitate user-friendly digital saving options for the private market.

Quantexa in £3.3m funding round led by HSBC

UK financial data analytics firm, Quantexa, has announced the closure of a £3.3 million Series A funding round led by HSBC and Albion Ventures. The London-based startup will use the new capital to further accelerate its “product development and international expansion”. Founded in 2016 by a team of software, data and advanced analytics experts, Quantexa currently uses big data analytics to tackle complex financial crime and data challenges within the financial services, corporate and public sectors.

Compliance
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

Collaboration key for banks and FinTechs

Collaboration between banks and FinTech companies is now critical to ensure their survival, according to a study from banking software firm Temenos. The report states that with the EU’s second Payment Services Directive (PSD2) and open architecture framework set to come into force next year, regulation may tip the scales between banks and FinTechs for customer loyalty.

Payments Canada set for system overhaul

Payments Canada is collaborating with financial consultancy firm Accenture to help drive a modernisation initiative, designed to transform the systems and rules of Canada’s payments ecosystem. In December last year, the payments firm released detailed plans to change the infrastructure and rules that underpin financial transactions in Canada.

Samsung Pay rolled out in India

Samsung has launched its mobile payments service Samsung Pay in India, allowing users to make contactless purchases via their mobile device. Samsung Pay also allows Indian consumers to integrate their Paytm accounts into Samsung Pay, enabling them to pay by scanning QR codes securely, generating one-time codes for merchant payments and also do peer-to-peer money transfers.

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