Goldman Sachs hires AWS exec as co-CIO
Goldman Sachs has hired an Amazon Web Services (AWS) executive as its next co-chief information officer. A note sent to staff yesterday confirmed that Marco Argenti, who has served as vice president of technology at AWS since 2013, will replace Elisha Wiesel, who departs the investment bank after 25 years.
Regulation must support tech development: Deutsche Bank
A regulatory environment that supports the safe and robust development of Big Data technology will be essential if banks are to meet the challenge of FinTech players, BigTech firms and crypto assets, according to Deutsche Bank. A white paper published by the investment bank outlined the need for regulators and financial institutions to adopt a flexible approach to emerging technologies and warned that artificial intelligence (AI), Application Programming Interfaces (APIs), cloud and blockchain will not be to their full potential without rich and relevant data sets.
Wealthy Millennials turning to FinTech money managers
New research has revealed that 56 per cent of UK Millennials are unhappy with their current wealth management services and are not loyal to any one manager – with an average of three private banking relationships. This is according to a study by pricing strategy specialists Simon-Kucher & Partners, which found that three in five Millennials were not satisfied with traditional wealth managers and 80 per cent were using, or considering, using FinTech alternatives to manage their money.
Libra Association to apply for Swiss payments license
The Geneva-based association tasked with overseeing Facebook’s Libra digital currency is to pursue a license as a payment system in Switzerland. The Libra Association, an independent non-profit, brings together Facebook’s Calibra digital currency project with 27 global payments, technologies, telecommunications and venture capital firms - including Mastercard, Visa, PayPal, Uber and eBay - to supervise the launch and development of the social media giant’s Libra coin; currently scheduled for 2020.
Mastercard launches retailer cashback initiative
Mastercard has announced a new initiative to increase the nation’s access to cash, letting merchants earn a fee every time they dispense cash to a shopper paying with a Mastercard debit card from April 2020. Although cashback at shops has been a withdrawal option for bank account holders for some time, by providing retailers with this fee, Mastercard suggested that it will offer a new income stream to the High Street and provide further incentive for local shops to offer the service.
Santander launches end-to-end blockchain bond
Banco Santander has become the first lender to launch an end-to-end blockchain bond. The Spanish-headquartered bank said the launch of the $20 million bond marks the arrival of a disruptive new technology which has the potential to make issuing bonds faster, simpler and more efficient.
Financial cybercrime-as-a-service industry ‘thriving’
Hackers and fraudsters operating on the dark web are fuelling a “thriving” trade in cybercrime-as-a-service, with a raft of new goods and services, even including aftersales support, according to new research. The data was taken from 12 different English and Russian speaking dark markets and forums between February and June 2019 by researchers at cyber security firm Armor.
Open Banking strategy ‘a priority to take on BigTech’
Launching an Open Banking strategy has become a top priority for nearly a third (29 per cent) of European banks as tech giants begin to enter the market, according to new research from Temenos and the Economist Intelligence Unit (EIU). A survey of 400 global banking executives by the banking software firm and the EIU found that major retail banks are gearing up for the challenge posed by the long-awaited BigTech entry into financial services, with a quarter believing they will be their biggest source of competition by 2020 and 31 per cent believing that this will be the case by 2025.
Mastercard partners R3 for blockchain payments
Mastercard is partnering with software company R3 to develop a blockchain-powered cross border payments solution. Under the terms of the strategic partnership, Mastercard will act as the network operator to process, clear and settle international payments while R3’s blockchain software and Corda ecosystem will enable banks to deliver a single frictionless real-time payments proposition.
Nationwide partners Qlik for data transformation
Nationwide Building Society has partnered with Qlik to help 18,000 employees improve their data literacy as the lender drives forward its £4.1 billion technology and data transformation programme. Nationwide said the partnership with Qlik, a Swedish data visualisation and analytics software company, would offer staff the tools and data insights they need to perform more accurate decision-making and help the UK’s largest building society to become a ‘data enabled’ organisation.
Banks and FinTechs global leaders in payments innovation
Retail banking and fintechs are the leading sectors when it comes to payments innovation, with regulation playing a key role in forcing industry change, according to a new study.
Research from payments firm ACI Worldwide and Ovum research based on interviews with senior executives in nearly 1,200 companies highlighted that many planned changes to culture, organisation and technology-centric factors in the coming years.