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This Week in FinTech – 26th February

March 3rd, 2018 / News

Quote of The Week

“The long, charitable answer is that cryptocurrencies act as money, at best, only for some people and to a limited extent, and even then only in parallel with the traditional currencies of the users…the short answer is they are failing.”

Governor of the Bank of England, Mark Carney (Source:Reuters)

 

This week in numbers

$100 billion – Amount pledged by Spanish Multinational Bank BBVA to ifinance into green energy and sustainability projects by 2025

£38.3 million – Money spent by Virgin Money to build tech backbone of new challenger bank

€1 million – Funding raised by FinTech Payslip

 

This Week In The News

Monday

Natwest Opens Four UK FinTech Hubs – Computer Weekly

Britain’s NatWest is launching four hubs in Bristol, Edinburgh, London and Manchester to support up to 80 FinTech businesses.

Britain’s Big Banks Play Catch up with FinTech with New Apps – Reuters

Banks are investing more in digital assets and services to offset the innovation-gap from new challengers such as Monzo, Starling Bank and Revolut.

Goldman-backed Circle Buys Crypto Exchange Poloniex – Financial Times

The mobile payments and cryptocurrency startup Circle has this week acquired US cryptocurrency exchange Poloniex.

Revolut Becomes First UK App-only Bank to Break Even – The Independent

FinTech startup Revolut has this week revealed it broke even in December and has a customer base of 1.5 million.

Tuesday

Singapore, Indian State to Collaborate on FinTech Initiatives – ZDNET

Monetary Authority of Singapore (MAS) has entered a collaboration with India’s Government of Maharashtra (GoM) to jointly develop FinTech projects.

Hong Kong’s Budget Is a Push for FinTech, Innovative Industries – CNBC

Current Financial Secretary of Hong Kong Paul Chan has announced initiatives to bolster innovation with $63.9 million earmarked to develop financial services.  

Allianz and Visa Launch Mobile Payment and Loyalty App – FinExtra

Visa, Wirecard and Allianz Partners have announced new payments solution Allianz Prime.

Virgin Money Is Starting Its Own Digital Challenger Bank – Market Insider

Challenger branded bank Virgin Money has revealed it has spent £38.3 million to take on newer challenger outfits like Monzo, Atom and Revolut.

 

Wednesday
Dream Payments and Mastercard speed up insurance payouts – FinTech Futures

Cloud-based payment platform Dream Payments has partnered with Mastercard in order to deliver solutions to insurance policyholders.

Co Mayo-based Fintech Startup Payslip Has Secured €1m in Investment – Irish Times

FinTech startup Payslip has received €1 million in investment, led by Frontline Ventures and AIB.

BBVA to Pledge $100bn of Finance into Green Energy Projects – Financial Times

Spanish Multinational Bank BBVA has pledged to invest $100bn of finance into green energy and sustainability projects by 2025.

Augmentum FinTech IPO Blasts Through £500k Seedrs Target – AltFI

Crowdfunding platform Seedrs is offering investors on its platform the opportunity to invest in Augmentum FinTech’s IPO.

 

Thursday

‘it’s a Big Opportunity’: Lithuania Has a Plan to Benefit from Brexit – Business Insider UK

A member of the board of the Bank of Lithuania has stated Brexit may enable Lithuania to become a global FinTech Hub.

Mexico Financial Technology Law Passes Final Hurdle in Congress – Reuters
A bill to regulate the burgeoning FinTech industry in Mexico has been approved by the lower house of Congress.

Ripple signs Fleetcor to XRP Pilot – FinExtra

Global provider of commercial payment solutions Fleetcor Technologies is launching a pilot programme with Ripple’s XRP digital asset.

 

Friday

Cryptocurrencies Are Failing as Money – Bank of England’s Carney – Reuters

The Governor of the Bank of England has stated he does not see cryptocurrency as the future of money.

Uber Co-founder Garrett Camp Is Creating a New Cryptocurrency – TechCrunch

The co-creator of Uber Garrett Camp has revealed his intention to create a new cryptocurrency called Eco.

Nesta Offers £2.5m Prize Fund for Fintech Start-ups – FinTech Futures

Innovation Foundation Nesta has launched the second part of its Open Banking competition to FinTechs.

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