This Week in FinTech
What happened this week in FinTech? Read more to find out.
Sydian Bank taps IBM cloud to fuel digital transformation (FinExtra)
IBM (NYSE: IBM) today announced that Sidian Bank has turned to IBM Cloud and Cognitive solutions to fuel its digital transformation.
Lloyds in £1.3bn tech outsourcing deal with IBM (Banking Technology)
UK-based banking group Lloyds is to outsource its tech to IBM in a seven-year deal worth £1.3 billion, according to FT. More than 1,900 jobs will be shifted to IBM and £760 million of costs will be cut as a result.
US Payment Market Infrastructures Onboard With SWIFT GPI (IBS Inteliigence)
The Fedwire Funds Service of the Federal Reserve Banks in the United States and The Clearing House (CHIPS) have established local market practices for their participants that use the SWIFT global payments innovation (gpi) service, which was launched last month
Euronet gatecrashes Jack Ma’s party with MoneyGram bid (Financial Times)
Euronet Worldwide, the e-payment service provider, this week launched a $2bn bid for rival money transfer group MoneyGram International, countering an offer from Alibaba affiliate Ant Financial.
Silverfin, a ‘connected accounting platform’, raises $4.5M Series A led by Index (TechCrunch)
Silverfin, has this weeked raised $4.5 million in Series A funding.
Venezuela is cracking down on ‘bitcoin fever’ (Business Insider)
Now FinTech startup Revolut is getting into loans (CityAM)
The FinTech startup Revolut has teamed up with Lending Works in order to offer loans to users of its app product.
The Brokerage Charles Schwab has aunched a service which combines investment management technology with human advisors, which includes an online platform.
Barclaycard offers free Uber rides to customers (FinExtra)
Barclaycard is tapping into the popularity of Uber to launch a loyalty programme for UK credit card holders. The deal will see Barclaycard’s personal credit card customers benefit from a free Uber ride, up to the value of £15, for every ten that they take and pay for using their Barclaycard until the end of the year.
Dubai Government Taps IBM For City-Wide Blockchain Pilot Push (Coin Desk)
The city of Dubai has unveiled new strategic partnerships as part of its bid to become the world’s first “blockchain-powered government”. At a press conference at Emirates Towers Hotel today, Smart Dubai, the city’s innovation arm, announced that IBM has officially joined as its “blockchain strategic partner”, while Brooklyn-based ethereum startup ConsenSys, in turn, will be its blockchain city advisor.
Starling Bank Strikes Money Transfer Deal With TransferWise (Financial Times)
The UK-based FinTech firm TransferWise, the British FinTech firm, will provide money transfer services to customers of Starling Bank.
Nasdaq is Helping Build a Blockchain Market for Ad Contracts (CoinDesk)
Exchange operator Nasdaq is helping to launch a new blockchain-based market for advertising contracts.
Atidot unveils big data platform for InsurTech (Banking Technology)
Israel’s insurtech provider Atidot has launched the “first” Software-as-a-Service (SaaS) based predictive analytics platform for the life insurance sector.
China’s CredEX FinTech lending app surges past $4.3bn mark (Banking Technology)
China-based CredEX Fintech says its mobile lending app’s total credit extended has exceeded CNY 30 billion ($4.3 billion) since its launch ten months ago.
SBI Holdings, Unicredit and Bertelsmann invest in SolarisBank (Banking Technology)
Berlin-based FinTech SolarisBank has raised €26.3 million from Japanese financial group SBI Holdings, German media company Bertelsmann, Italian banking group Unicredit, plus other investors.
500 Startups will keep investing in Latin America with new $10M fund (TechCrunch)
500 Startups is increasing its commitment to global investing with a new Latin America fund, targeting $10 million, going by the name of Luchadores II, the Spanish word for wrestlers. The fund is 500’s second aimed at the region and one of a growing number of its seed investment vehicles targeted at underserved markets across Europe, Asia and The Americas.
IBM has announced Singapore FinTech start-up, INVICTUS, is collaborating with them to leverage IBM Cloud and Blockchain technologies for their Order, Logistic & Payment (OLP) platform.
mBank sets aside EUR50m for new tech (IBS Intilligence)
Poland’s mBank is to put EUR50 million into a new FinTech investment fund.
The ‘King of Mining’ and a former Merrill Lynch dealmaker back FinTech startup Revolut (Business Insider)
A former star dealmaker known as the “King of Mining” and a key advisor behind Royal Bank of Scotland’s $100 billion (£67 billion) takeover of ABN Amro have invested in fintech app Revolut.
Bank of England gathers minds for FinTech salon (Financial News)
The Bank of England is building a community of startups, investors and regulators to help it keep abreast of developments in the country’s fast-growing FinTech sector.
Innovate Finance Unveils Ambassador Program (Crowdfund Insider)
Innovate Finance, the group that champions fintech innovation in the UK and around the globe, announced on Friday the launch of its new ambassador program. According to the organization, the invitation-only initiative looks to recognize a select group of established professionals who are passionate supporters of fintech as well as the work that Innovate Finance does for its members, partners and the UK and international fintech community.
Regulation and Policy
Singapore, Japan establish FinTech cooperation framework (Strait Times)
The Monetary Authority of Singapore (MAS) and the Financial Services Agency of Japan will work together on FinTech links between the two countries, said a joint release.
Dubai Government Taps IBM For City-Wide Blockchain Pilot Push (CoinDesk)
The city of Dubai has unveiled new strategic partnerships as part of its bid to become the world’s first “blockchain-powered government”. Smart Dubai, the city’s innovation arm, announced that IBM has officially joined as its “blockchain strategic partner”, while Brooklyn-based ethereum startup Consensys, in turn, will be its blockchain city advisor.
Japan’s Blockchain Collaborative Consortium sets up financial services subcommittee (FinExtra)
Due to a recent rise in membership, the Consortium this week agreed to iinaugurate the Financial Services Subcommittee.
OCC Releases New Licensing Regulations for Fintech Bank Charters (National Law Journal)
The US Office of the Comptroller of the Currency published a draft supplement to its licensing manual, which contains existing regulations for chartering national banks.
Thailand’s Largest Bank Launches International FinTech Accelerator (Cryptocoinnews)
Thailand’s Bangkok Bank has launched its international FinTech accelerator program called Bangkok Bank InnoHub, an intensive 12-week program that will take place in Bangkok.
CreditEase, a $1 billion FinTech investment fund operating out of China, has announced a series of investments in US-based financial technology startups.