Many critics have said that the budget may be politicised as the Conservative party are looking to strengthen their hold on the government. FinTechs have a very unique position in all of this, and today we wanted to look at how good the Budget is for FinTechs.
Origin, the London-based fintech digitising debt capital markets, has announced the launch of Airbrush, an interface data standard that will aim to act as a universal language for bond issuance market participants. The initiative is being launched with the support of Clearstream and the LuxSE, and follows Origin’s $7 million Series A funding round.
Back in March 2020, Revolut introduced its customers to a brand-new service, letting them invest their money into two particular commodities – Silver and Gold. However, their service is still missing functionalities. For instance, digital transfers of Gold to someone. With it being easier to send crypto over precious metals, the challenger bank might be popularizing the idea that crypto is more user-friendly.
While many of us are used to hearing stories about VISA partnering with some bank or another to offer a new service, it is less common to hear of two FinTechs forming similar partnerships.
‘The use of BNPL products nearly quadrupled in 2020 and is now £2.7 billion, with 5 million people using these products since the beginning of the coronavirus pandemic.’
The danger is that this digital finance ecosystem will simply get sucked into the mainstream banking industry through acquisition, or because FinTech becomes merely back-end service providers to the big banks and disappears as an industry of its own. Or FinTech will try to mimic the big banks, driven by where the money is or by the constraints of regulation.
You might have heard the news about Plaid’s failed acquisition by VISA? $5.3 billion was the amount the fintech was reported to be going for, before the deal fell through.
So we knew people who had credit scoring backgrounds and who had learnt to build scoring models from scratch, and who could build machine learning models from scratch.
The Co-operation Agreement sets out a framework for FinTech collaboration between both countries. It will put in place a referral mechanism to help FinTech firms access each other’s markets. MAS and MNB have also committed to exchange views on emerging market trends and developments in FinTech, as well as regulatory issues on financial services innovation. The agreement will facilitate joint innovation projects between MAS and MNB.
A new sector created with over 1,000 Fintech firms employing 10,000 workers, serving the larger ASEAN region of over 650 million people
Over 40 innovation labs set up by both local and international financial institutions, catalysing digital transformation of the incumbents
More than 150 Venture Capital firms have registered in Singapore, enhancing the City’s allure as an international financial centre and the regional hub for startup fund-raising
We tried many things on our journey and we eventually came up with the solution we have today. We had a plan, but we were open to new ideas and tried not to limit ourselves to any technology or methodology. It was the freedom and agility from day One that allowed us to act as an independent company, build the startup culture and make sure we can come up with the best possible solution.
Bill Gates is predicting that business travel and office work won’t return to pre-pandemic levels in the future.
The Microsoft founder and philanthropist believes that at around half of business travel will go, along with a third of working in the office.
Recently there was a scandal that we covered at #DisruptionBanking involving German digital payment giant Wirecard. € 1.9 billion went missing. The story may have led the Chinese government to understand that it needs to scrutinize Fintech companies more; and that fraud does happen in this sector.
