Fintechs weathering pandemic
Fintechs weathering pandemic
1d | By Sam Alberti, Reporter
Banking tech update: Oracle, American Express and .
bobsguide’s monthly update on the standout tech developments in banking Read More.View article
7d | By Aoife Morgan, Journalist
Credit Suisse, IBM: We’re right in the middle of t.
Digital transformation in the banking sector has encouraged the emergence of two new business models; contextual and conscious banking, according to P.View article
1w | By Aoife Morgan, Journalist
Allica, Huawei: Banks should avoid “theoretical mo.
Banks are not effectively utilising trends in consumer behaviour, according to Siri Børsum, global vice president of finance vertical at Huawei. “We l.View article
Surveys and Reports
Regulatory Developments
United Kingdom: Financial Services Act 2021 becomes law
On 29 April 2021, the Financial Services Bill 2019-21 received Royal Assent. In a press release, HM Treasury described the Financial Services Act 2021 (the Act) as a ‘major milestone in shaping a regulatory framework for UK financial services outside of the EU.’ The Act makes significant amendments to key legislation, including the Financial Services and Markets Act 2000 (FSMA) and onshored EU financial services regulation.
Sections of particular relevance include the following:
Section 29 requires the FCA to consult on whether it should make rules providing that authorised persons owe a duty of care to consumers. The consultation was launched on 14 May 2021 (see the separate item below). The FCA must publish the results of its analysis before 1 January 2022 and make final rules by 1 August 2022;
By Will McCurdy
19/05/2021
Some experts believe a fundamentally different approach to the pound sterling could help the UK stay internationally competitive. Will McCurdy explores the potential effect of a central bank digital currency (CBDC) on the UK financial services industry, if it could help the City of London stay competitive, and what challenges its introduction might hold.
In 2020, though almost everyone could tell you what a Bitcoin is, and in some circles almost anyone could tell you what a blockchain is, far less could tell you what a central bank digital currency (CBDC) is.
What is a CBDC? Though anyone can hold cash, only banks can hold digital pound sterling. A digital pound would allow citizens and businesses to transfer money to each other without the use of a third-party bank as an intermediary. Which might be a worrying proposition for the UK, a country where the financial services sector is worth £132 billion – the ninth largest in the developed world as a
Update: Banking & Wealthtech App ikigai So Far Raises Nearly £1.7 Million Through Crowdcube Campaign
ikigai, a banking and Wealthtech company, has successfully secured nearly 1.7 through its
equity crowdfunding campaign on Crowdcube. The funding round, which originally sought to raise £1.2 million has attracted more than 1260 Crowdcube investors so far.
As previously reported, ikigai is on a mission to be the 1st UK Fintech to combine banking & wealth management in one app, targeting the young affluent in need of money management services. Launched at the beginning of 2021, the company reports a 20% week-on-week growth in new customers. It has also partnered with various providers, including WealthKernel and Railsbank. Ikigai’s portfolios are managed using asset allocation guidance from BlackRock