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Established 1995
Sunday 18 November 2018


Tandem tests auto saving feature

Digital challenger bank Tandem has invited its existing app users to help test a new Autosavings proposition. During the beta phase, users will be encouraged to feedback suggestions for improvement, report bugs and discuss their savings habits to help build a product that is relevant for them.

Automation software firm raises $300 million

Robotic processing company Automation Anywhere has raised $300 million in Series A funding from SoftBank’s Vision Fund. The California-based firm’s software makes use of artificial intelligence (AI) enabled bots to automate repetitive manual and administrative tasks to drive efficiencies and scale business processes.

Monzo partners for money management tech

Monzo is partnering with the UK Financial Capability Lab to develop new technologies to help customers regain control of their finances. The collaboration will see the digital challenger bank work alongside the Money Advice Service and the Behavioural Insights Team to make use of financial data on spending and saving that can help customers limit their outgoings.

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MAS proposes FinTech ‘Sandbox Express’

The Monetary Authority of Singapore (MAS) has released a consultation paper on the creation of a ‘Sandbox Express’ to let firms conduct experiments more quickly. These pre-defined sandboxes would complement the existing FinTech Regulatory Sandbox that was launched in 2016, but would let firms work on projects without needing to go through the existing bespoke application and approval process.

CivilisedBank resubmits banking licence application

CivilisedBank has resubmitted its banking licence application to the Bank of England.The FinTech startup, which offers digital business banking services and advice from banking experts to SMEs has also announced further funding from main shareholder Warwick Capital Partners along with investment from a FTSE100 pension fund.

Challenger banks win out at the Payments Awards

Digital challenger banks enjoyed success at last night’s Payments Awards, with Starling Bank and ClearBank both picking up two awards each. The sixth annual industry event was held at the Grosvenor Square Marriott hotel in London, with a record number of entries across the 24 categories.

FS free movement of capital under Brexit deal

Financial services providers can expect free movement of capital and payments along with alignment in data flows after Brexit under an outline deal put forward by Theresa May, which has prompted a cautiously optimistic response from The City. The details of the government’s proposed Brexit withdrawal agreement include a ‘political declaration’ highlighting the importance of the financial sector to the UK economy and outlining an ambition for close alignment and equivalence arrangements when it comes to regulation and data flows between the UK and EU after Brexit.

Mark Evans of FStech talks to Gerard Gibney of OpenText about the need for digital transformation in UK financial services
FStech talks to Tony Reid of Hitachi Vantara about the compliance issues facing financial institutions and FinTech firms

IMF says central banks could issue digital money

The head of the International Monetary Fund Christine Lagarde has raised the prospect of central banks around the world issuing their own digital currencies. Speaking at an event in Singapore this morning, the BBC reported that Ms Lagarde addressed concerns raised by regulators over the growth of digital currencies such as Bitcoin, which allows for unregulated and anonymous transfers of value between digital wallets, leaving the door open to criminal uses.

Tandem partners Stripe for savings

Tandem Bank is partnering with Stripe to offer an automatic savings functionality to customers, enabled by Open Banking. The digital challenger bank announced its tie up with the global payments platform as part of its plans to offer users a range of new in-app and data-driven savings tools.

Banks betting on FinTech deals: report

New research has revealed that 94 per cent of banks and financial institutions are planning two or more FinTech acquisitions in the next 12 months. Reed Smith and Mergermarket interviewed 100 corporate senior executives globally, finding that key drivers for FinTech investment included the need for enhanced compliance and reporting functionality, upgrading legacy IT systems, and improved customer outreach through digital channels.

Mark Evans of FStech talks to Gerard Gibney of OpenText about the need for digital transformation in UK financial services

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MarkLogic’s Chris Atkinson discusses how data affects your ability to comply with regulation with FStech