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
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.
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.
Monetary Authority of Singapore (MAS) has entered a collaboration with India’s Government of Maharashtra (GoM) to jointly develop FinTech projects.
Current Financial Secretary of Hong Kong Paul Chan has announced initiatives to bolster innovation with $63.9 million earmarked to develop financial services.
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.
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.
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.
Crowdfunding platform Seedrs is offering investors on its platform the opportunity to invest in Augmentum FinTech’s IPO.
‘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.
The Governor of the Bank of England has stated he does not see cryptocurrency as the future of money.
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.