Quarter 2 2016 – FinTech News Summary
By admin | FinTech, News |
Summary of relevant output on FinTech news between the period of 1st April 2016 to 30th June 2016
Singapore and Australian regulators team up to encourage FinTech innovators in the Asia-Pacific region
- Finextra: 17th June 2016
- The Monetary Authority of Singapore and Australia’s Securities and Investment Commission are helping FinTech start-ups comply with regulations, and are also setting up a ‘sandbox’ to test new concepts, to gain permission in each other’s countries. This will help remove the barriers currently facing innovation, whilst also gaining inward investments from foreign start-ups.
Bank of England launches a new FinTech accelerator to partner with future FinTech firms
- Finextra: 17th June 2016
- The Bank of England wants to collaborate with FinTech start-ups to encourage innovation in payment systems and cybersecurity, in addition to the concept of blockchain, for the future of financial services and central banking.
Rise of InsurTech gains popularity to compete with traditional insurance firms
- Insurance Journal: 17th June 2016
- A survey by PwC has found the rise of FinTech in insurance, known as InsurTech, is gaining popularity to take business away from the traditional insurance companies. According to the report, 90 percent of insurers fear they will lose business to InsurTech start-ups in the future. These InsurTech start-ups are promising because they are able to access and analyse data in new and time-efficient ways, as they are not hinderd by legacy technology systems.
Macro structuring manager leaves Citigroup to launch FinTech venture
- Financial News: 20th June 2016
- Citigroup’s head of macro structuring in London, Huy Nguyen Trieu, has left the US bank to return to his entrepreneurial roots and launch a FinTech venture. Nguyen Trieu was co-founder/CEO of Ukibi, which operated a Linkedin-like platform in New York, and has not yet given any further details about the venture.
Accenture joins Banco Santander to back Israeli FinTech hub “The Floor”
- Crowdfund Insider: 21st June 2016
- Accenture has joined a new FinTech hub, founded this year and based in Tel Aviv, called the “The Floor” as part of a strategic collaboration. Accenture hopes to evaluate innovation and strategic investments, whilst also mentoring start-ups and strengthening ties with the growing Israeli technology community.
FinTech Week is back in July 2016, bigger and better than ever with special guests such as Eileen Burbidge
- City A.M.: 22nd June 2016
- The Financial Conduct Authority’s data chief Nick Cook and Passion Capital founder Eileen Burbidge are expected to give talks about the FinTech world to investors, developers and challenger bankers from across the world.
New York tops Silicon Valley in FinTech growth and investment for the first time
- Business Insider UK: 23rd June 2016
- A report published by Accenture Strategy and the Partnership Fund for New York City says, New York has beaten Silicon Valley in FinTech venture capital funding for the first time. In the first quarter of 2016, New York had an investment of $690m while Silicon Valley had an investment of $511m. Furthermore, FinTech investment in New York has tripled to $2.3bn in 2015.
FinTech Center of Korea holds a London ‘demo-day’ promoting the partnership between the UK and South Korea
- Finextra: 24th June 2016
- The FinTech Center of Korea held a demo-day at Level39 in London (July 22, 2016) to promote cooperation in FinTech between the UK and South Korea. Figures from the Financial Conduct Authority and Yim Jong-Yong, Chairman of the Financial Services Commission of Korea, attended as FinTech start-ups demonstrated their systems.
Three positives and three negatives on FinTech after Brexit with David Gyori
- Finance Magnates: 26th June 2016
- David Gyori, the CEO of Banking Reports, explains how the overall outlook of Brexit on London being a FinTech hub is bad, there are still some positives to look forward to. For instance, major international banks will have to address the situation following Brexit, therefore giving the opportunity to FinTech start-ups to gather pace.
FinTech firms CoAsset Pte Ltd and ChimpChange Ltd join ASX via IPOs
- The Bull: 27th June 2016
- CoAsset Pte Ltd, a Singapore-based crowdfunding platform provider, will be joining the Australian Securities Exchange (ASX) having been listed on the National Stock Exchange (NSX), Australia’s second largest stock exchange, via an IPO. ChimpChange Ltd, Australia based digital banking application, will also be joining the ASX via an IPO.
Investment in Asian FinTech, by the likes of Lu.com & JD Com, hits a new record of $2.6bn
- asia: 27th June 2016
- Total FinTech investment, in the Asia-Pacific region for the first quarter of 2016, hit a new record of $2.6 billion, despite a drop off in the last quarter of 2015, a report by KPMG FinTech and CB Insights states. The majority of the total investments made have come from the $1 billion investments in Chinese-based companies by Lu.com and JD Com.
National Australia Bank’s CEO Andrew Thorburn: “We are a Fintech company”
- The Sydney Morning Herald: 29th June 2016
- National Australia Bank chief executive, Andrew Thorburn, says the bank has the mind-set of a FinTech firm and has assets in many FinTech firms. However, the CEO also states the bank must have the hunger of start-ups to fend off rivals and FinTech firms have more investment because of the low interest rates.
Citigroup embraces the FinTech revolution
- Fortune: 29th June 2016
- Citigroup’s CEO of global consumer banking business, Stephen Bird, creates Citi FinTech after gaining insight into the world of FinTech and appoints Heather Cox CEO of Citi Fintech. The team of around 40 will design, build and operate Citi’s new mobile app.
Australian FinTech start-up Avoka raises $12m to expand
- Geektime: 29th June 2016
- Sydney-based start-up Avoka, which streamlines online forms for desktop and mobile, announces a $12 million financing to expand operations in Australia and at their American headquarters in Denver. New staff will be hired to improve the company’s security, fraud detection and identity and fund protection.
Think Rise launch new FinTech hub in Lithuania’s capital, Vilnius, for the Baltic region
- Labs of Latvia: 29th June 2016
- On July 14th, a new physical and virtual hub called Rise Vilnius is opening for FinTech start-ups in the Baltic region. Rise Vilnius joins other FinTech hubs across the world in cities such as New York, London, Tel Aviv and Mumbai to create a global community.
JP Morgan launches residency program for FinTech start-ups
- Business Insider UK: 30th June 2016
- Firm launches a residency program for FinTech firms to tackle strategic and security related issues. The major US bank will house the start-ups in their offices for 6 months, whilst working with the bank on technologies such as distributed ledgers and big data.