FCA accepts 24 applicants for first sandbox
The Financial Conduct Authority (FCA) has announced its decision to accept 24 proposals to test new FinTech innovations as part of its world-first regulatory sandbox. The FCA sandbox, which opened applications in May, is an initiative that aims to offer a ‘safe space’ for firms to test new ideas without incurring all of the normal regulatory consequences.
500 startups set for Barclays hackathon
An estimated 500 teams and over 1,000 internal and external developers are expected to take part in a hackathon by Barclays Bank and API security firm Akana this weekend. The event, which will take place in both Manchester and Mumbai, is intended to give startups and FinTech ventures the opportunity to showcase their innovations to the bank
UK overtaken by China in digital payments
For the very first time China has overtaken the UK when it comes to digital payment transaction volumes, according to new figures released by BNP Paribas and consultancy firm Capgemini. The World Payments Report 2016 also showed that globally, digital payment transactions are projected to reach 10 per cent growth for the first time (426.3 billion transactions) in 2015. This is up from the previous record-setting 8.9 per cent growth seen in 2014.
Payments regulator gets first super-complaint
The Payment Systems Regulator (PSR), the economic regulator for the £75 trillion UK payment systems industry, has received a super-complaint from Which? regarding concerns the firm has around consumer safeguards in the market for push payments. The super-complaint, the first received by the PSR, is defined by the department for business, innovation and skills as a complaint submitted by a designated consumer body that “any feature, or combination of features, of a market in the UK for goods or services is or appears to be significantly harming the interests of consumers”.
DLT prototype planned for Swiss market
SIX Securities Services, the post-trade infrastructure operator for the Swiss financial sector, and Digital Asset Holdings, have announced plans to develop a proof of concept that will demonstrate the commercial viability of distributed ledger technology across the Swiss financial market. The two firms will develop an initial prototype for securities lifecycle processing as well as a roadmap for future opportunities spanning the whole market infrastructure value chain.
German bank selects NCR for ATM upgrade
Germany’s largest direct bank, ING-DiBa, has chosen NCR Corporation to run and manage its entire network of more than 1,200 ATMs. The partnership aims to help the bank simplify the management of its network and increase the availability of its ATMs, thereby enhancing the efficiency of business operations, reducing costs and improving customer service.
Singapore to open world’s largest FinTech hub
Marvelstone Group, a private investments firm, has announced the launch of the world’s largest FinTech hub, named LATTICE80, a 30,000 square foot facility in Singapore. The independent not-for-profit initiative has been working closely with the Monetary Authority of Singapore (MAS) and seeks to collaborate with other FinTech hubs such as London’s Level 39 and Australia’s Stone & Chalk.
Financial fraud up 53 per cent in 2016
More than one million incidents of financial fraud occurred in the first six months of 2016, according to official figures released by Financial Fraud Action UK (FFA UK). This represents a 53 per cent increase compared with the same period last year, meaning an incident of fraud occurred in the UK every 15 seconds between January and June 2016.
InsurTech startup FinanceFox raises $28m
FinanceFox, a European service platform for insurers, brokers and consumers, has completed a $28 million Series A funding round – the largest InsurTech round in Europe to date. The funding will be used to further expand its product, marketing and sales activities in Switzerland and Germany, as well as expand into new markets.
Mark Logic’s Chris Atkinson discusses data regulation and compliance with FStech
An expert panel, including Lloyds, Metro and Dell, discuss how banks can grow their business in the digital age