Philip Hammond joins OakNorth’s advisory board
OakNorth has today appointed former chancellor Phillip Hammond to its advisory board, “working with clients and senior policymakers to redefine lending to small and medium-sized businesses (SMEs)”. Before he became a politician, Hammond ran an SME housebuilding business, while in government he supported the sector with initiatives including the Bank Referral Scheme, the British Business Bank’s ENABLE Guarantee and ENABLE Build Programmes.
Shawbrook Bank names Doignie head of FinTech
Shawbrook Bank has named industry veteran Stuart Doignie as its first head of FinTech strategy and commercialisation. The small and medium-sized enterprise (SME) lender, founded in 2011, made the hire as it prepares to grow its specialist lending proposition.
‘Brexit to blame’ for loss of London’s financial centre crown
More than half of financial services professionals (56 per cent) now consider New York to be the world’s preeminent financial sector, against just a third (34 per cent) for the UK. This is according to Duff & Phelps’ latest Global Regulatory Outlook, which surveyed 240 senior executives working across banking, asset management, hedge funds, private equity, broker dealers and others in the UK, US and Asia.
Currencycloud gets $80m investment
Currencycloud has raised $80 million in a Series E funding round which included Visa, BNP Paribas and Siam Commercial Bank. International Finance Corporation - a member of the World Bank Group - and SBI Group also joined the round, alongside existing backers Sapphire Ventures, Notion Capital, GV, Accomplice and Anthemis.
Digital currency governance consortium launched
Following extensive consultation with the global community, the World Economic Forum has announced the Global Consortium for Digital Currency Governance. This is the first initiative to bring together financial institutions, government representatives, technical experts, academics, international organisations and members of the forum’s communities on a global level.
Bailey calls for BigTech to work with regulators
Andrew Bailey, the incoming Bank of England (BoE) governor, has called for BigTech companies to collaborate with regulators to help protect consumers. In a podcast interview, in which he reflects on his tenure as chief executive of the Financial Conduct Authority (FCA), Bailey said the regulator would need help from tech giants to ensure that the revolution in data and digital services does not harm consumer rights and protections; particularly with regards to false advertising.
Banks ‘denying reimbursement to scam victims’
Which? research has revealed that some of Britain’s biggest banks are refusing to reimburse victims of money transfer fraud, despite the introduction of new industry standards intended to protect consumers. The introduction of a voluntary code in May 2019 was aimed at ensuring that all victims get their money back, but the consumer champion heard from a number of people who said they were denied reimbursement unfairly.
Finnish FinTech Holvi to launch SME services in UK
Finnish digital banking service Holvi has launched its small and medium-sized enterprise (SME) banking services in the UK. BBVA-owned Holvi, founded in 2011, provides the self-employed, sole traders, freelancers and small business owners with digital banking services, including a business payment account with a Mastercard, invoicing tools and automated bookkeeping capabilities.
Bank of England plans public cloud shift
The Bank of England (BoE) is planning to make more use of public cloud services as part of its One Bank Services Transformation strategy. It has begun to look for partners to work with it in the design and construction of a new hybrid cloud environment under a two-year deal scheduled to start in April.
Tesco Bank to create 120 tech jobs
Tesco Bank is to create 120 new technology and change roles across its Edinburgh and Newcastle offices, as part of a wider investment in customer-centric solutions. Roles the bank is recruiting for include: test, software and systems engineers, systems architects, solution designers, project managers, IT and business analysts.
Two thirds of FS roles require digital and tech skills
Two thirds (66 per cent) of job roles in financial services industry require digital skills from prospective candidates. Analysis from Gov.uk of eight million job adverts found that the industry where digital skills were most in demand was information and communications (79 per cent).
To learn more – please read the 2019 Digital Trends: Financial Services in Focus report. Download here