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542

Why Anti-Money Laundering Should Be a Top Priority for Financial Institutions

via Visual Capitalist

The to-do list for any financial executive is surely daunting. From navigating technology changes to managing talent effectively, there’s many initiatives competing for attention.

One issue that’s been in the headlines for many years is anti-money laundering (AML). When criminals are able to successfully hide the illicit origins of their cash, both the financial institution and society suffer. So, what makes AML more important now than it has been in the past? (more…)

AI / Machine Learning / Big Data, Security

July 26, 2019

853

Supply Chain Finance Stumped By KYC

via PYMNTS

The Asian Development Bank’s estimates that the global trade finance gap has reached $1.5 trillion has jumpstarted a new wave of competition between banks and FinTechs working to address the biggest challenges to landing capital in the hands of global traders.

FinTech has identified a particularly large opportunity in the trade finance market, pegging traditional banks as too slow to innovate, without the agility to manage the complex processes often linked with financing trade with smaller businesses. Banks’ massive compliance burdens cannot be ignored, either.

However, analysts also note that FinTechs have their own regulatory requirements as well (albeit, often much lower than those of banks), and because they aim to address the financing gap for smaller businesses seen as less lucrative by banks, the due diligence burden is lofty as well. A 2017 report by the Asian Development Bank found that, despite its efforts, FinTech had not yet made a dent on that global trade finance gap. (more…)

Analytics, Banks

April 15, 2019

1049

Digital futurist Brett King on why credit cards will disappear

via The Australian Financial Review

Mr King, an adviser to local neo-bank Xinja, worries that traditional banks’ conservative cultures have created an “iterative” – or incremental – approach to making money that has put them years behind rapidly emerging digital disrupters famous for their willingness to take risks and break through.

“Banks can survive but have to become part of this new ecosystem,” said Mr King, who is based in Manhattan and visiting Australia. (more…)

Banks, People of fintech

March 18, 2019

440

10 ways central banks are experimenting with blockchain

via World Economic Forum (blog)

While research and experimentation with blockchain technology across sectors has been underway for several years, few organizations have deployed it. Although central banks are among the most cautious and prudent institutions in the world, a new white paper published by the World Economic Forum indicates that these institutions, perhaps surprisingly, are among the first to implement blockchain technology.

Central bank activities with blockchain and distributed ledger technology (DLT) are not always well known or communicated. As a result, there is a lot of speculation and misunderstanding. Yet dozens of central banks around the world – from Sweden to South Africa to Singapore – are actively investigating whether blockchain can help solve long-standing issues in banking, such as payment-system efficiency, payment security and resilience, as well as financial inclusion.

These organizations, tasked with overseeing a nation’s monetary policy and financial and economic stability, are very cautious to implement any technology or solution that can have adverse consequences. Yet many central banks are actively researching a variety of use cases to explore the technology’s potential in controlled, secure settings.

(more…)

Banks, Blockchain

March 4, 2019

1650

Big Banks Stake Fintech Claims With Patent Application Surge

By Kim Nash for WSJ

Big banks and credit card companies, looking to protect their investments in innovation, have accelerated efforts to patent methods linked to key technologies. Since 2013 large financial institutions have applied for at least 2,679 patents in hot areas such as blockchain, analytics and cybersecurity, a surge of 83% from the prior three years. (more…)

Blockchain, Cryptocurrencies, Fintech news, Global trends

May 11, 2016

1772

Fintech doesn’t just disrupt banks, it makes them platforms

By Josh Constine for techcrunch.com

It’s easy to move your money between banks. What’s annoying is moving your apps. (more…)

Banks, Fintech news, Hotnews, InspirAsia

May 6, 2016

15868

From BaaS and neobanks to FINTECH-BANK

By Vladislav Solodkiy, managing partner of a Singapore-based Life.SREDA VC 

Fintech is currently undergoing a natural evolution stage. Previous three years were a «toothbrush» era: when you perform just one function, but better than anyone, and when you are irreplaceable and used every day. The long-awaited turning point came in 2015 when all services started merging with each other in some way. (more…)

Banks, Fintech news, Global trends, Hotnews, Mobile payments/banking

May 3, 2016

1903

Record number of customers switch their bank account

By Tim Wallace for the Telegraph

Record numbers of bank customers switched their current account to a rival lender last month, hinting that competition between banks may at last be taking off. (more…)

Banks, Global trends, Mobile-first banks

April 20, 2016

2390

Banks and fintech in 2025: An unlikely alliance

By  for Techcrunch

Banking as we know it is in the midst of its first fundamental remaking in centuries. What’s driving this transformation? Two major shifts: our transition to interacting with money digitally instead of physically, which opened finances to tech disruption, and a tech wave that has changed the way consumers define ease and convenience. (more…)

Banks, Global trends

April 20, 2016

1448

Why big banks won’t be able to join the fintech boom

By Matthew Lynn for the Telegraph

Peer-to-peer lending. Robot financial advisers. Crowd funding. Alternative currencies. Every day seems to bring news of another whizzy new financial technology start-up.

(more…)

Banks, Fintech news, Global trends

April 19, 2016

1549

UK banks have yet to address the elephant in the room: Their current business model is unsustainable

By Bill Michael for CityAM, Bill Michael is global head of banking at KPMG

It was another tough year for UK banks in 2015, and the challenges look set to continue. Our high-street banks are at a vital juncture: they’ve survived the crisis and are now preparing for one of the biggest overhauls of UK banking we have ever known with the introduction of ring fencing. (more…)

Banks, Fintech news, Global trends, Government activities

April 14, 2016

1684

Big banks shift fintech strategy

By Jon Marino for CNBC

Wall Street is looking for M&A or partners, and fewer investments, as fintech funding grows. (more…)

Banks, Fintech news, Global trends, InspirAsia

April 12, 2016

2704

From Wall Street Banking, a New Wave of Fintech Investors

By Liz Moyer for the New York Times

Finance is where they built their careers. Now some of banking’s former stars are pouring millions of dollars — and in some cases staking their careers — into new technologies that are shaking up everything from lending to payments to investing. (more…)

Banks, Blockchain, Global trends

April 7, 2016

1196

Barclays becomes the first big UK bank to back a digital currency firm

By Jemima Helly for Reuters

LONDON (Reuters) – Barclays has become the first big British bank to form a partnership with a digital currency firm, social payments app Circle, which runs partly on bitcoin’s blockchain network and launched in the UK on Wednesday.  (more…)

Banks, Fintech news

April 6, 2016

1392

30% of bank jobs are under threat

By Matt Egan for CCN Money

Digital disruption is turning finance on its head — and destroying tons of traditional banking jobs along the way. (more…)

Banks, Fintech news, Global trends

April 5, 2016

2641

Banking industry primed for a pocket-sized revolution

By 

ondo, the latest challenger bank aiming to take a chunk of business from the established high street lenders, is unlike any UK financial institution that has come before it.

(more…)

Banks, Fintech news, Global trends, InspirAsia, Mobile-first banks

March 28, 2016

2276

This Bank Wants to Be Your Best Friend

By Leena Rao for the Fortune magazine

If you’re a millennial, that is. SoFi will help with your job, your love life—and your finances. (more…)

Banks, Fintech news, Global trends, Mobile-first banks

March 20, 2016

2089

What Do Millennials Want from Banks? Everything. Nothing. Whatever.

By Brian Yurcan for the American Banker journal

So, do millennials hate banks or do they love them?

(more…)

Banks, Cashless, Fintech news, Global trends, InspirAsia, Mobile-first banks

March 17, 2016

5656

Banks and FinTech: date the nerds or be the nerd?

Key findings from the banking industry and its shifting landscape.  

Read our full research “Money of the Future”. Download PDF (20MB) (more…)

Banks, Fintech news, Global trends

March 13, 2016

1342

Why is Britain’s Barclays Bank pulling out of Africa?

By Lerato Mbele for BBC

As the UK bank Barclays announced its full year results, local markets were less interested in the numbers and more interested in the back story. (more…)

Banks, Deals, Fintech news, Global trends, InspirAsia

March 7, 2016

Myanmar shows green light to four more foreign banks, all from Asia

By Juliet Shwe Gaung  for DSA

The Central Bank of Myanmar has awarded preliminary operating licenses to four more foreign banks, all from Asia,  – Bank for Investment and Development of Vietnam, State Bank of India, Taiwan’s Sun Commercial Bank and South Korea’s Shinhan Bank. With this move, the total number of foreign banks that are allowed to operate in the frontier market touches 13. (more…)

Banks, Fintech news, Global trends

March 3, 2016

Bank Fintech Accelerators Are Destined to Die

By Oliwia Berdak for the Amrican Banker. Oliwia Berdak is a senior analyst at Forrester Research.

These days most banks seem to have an innovation lab, accelerator or a venture capital fund to encourage tech experimentation. But these corporate startup programs are driven by either hope, fear or a herd effect. That is, if their banking competitors have a vehicle to promote innovation, they need one too. (more…)

Banks, Deals, Fintech news, Global trends

January 28, 2016

Exclusive: Thailand’s Siam Commercial Bank to launch VC arm to fund tech startups

The Siam Commercial Bank (SCB) is setting up its first venture capital fund, with a target size of up to $50 million, focussed on startups raising Series A or higher stage capital, a source familiar with the development told DEALSTREETASIA. (more…)

Banks, Fintech news

January 28, 2016

1615

Mandiri’s capital venture eyeing startups

By Grace Amianti for The Jakarta Post,

New venture capital firm PT Mandiri Capital Indonesia (MCI), owned by state-run Bank Mandiri, has been launched to provide alternative financing for the country’s potential start-up businesses. (more…)

Banks, Cashless, Fintech news

January 28, 2016

1599

Biggest global banks at Davos: we’re all fintech innovators now

By Michael J. Moore, Ambereen Choudhury, Elisa Martinuzzi for Bloomberg business

Fintech was every banker’s buzzword at the World Economic Forum, as leaders of the world’s largest financial companies both touted the potential of new innovations and leaned on regulators to control the startups threatening parts of their business. (more…)

Banks, Fintech news

January 25, 2016

NAB Launches Another “Pay”. What Does this mean for Apple Pay in Australia?

By Letstalkpayments.com,

The struggle for Apple Pay in Australia just got harder with NAB launching its new mobile payment service NAB Pay, which will enable customers to use their mobile phones to make purchases. Android-based device owners who have an account with NAB (NAB Visa Debit Card) can start using NAB Pay from today, available as part of the NAB Mobile Internet Banking App. NAB Pay is available wherever contactless payments are accepted. (more…)

Fintech news

January 25, 2016

BBVA gets agile as scrum teams tear up the bank IT rule book

by Finextra.com

Spanish bank BBVA now has 500 staff members working in small scrum teams to rush through the development of new projects, representing a five-fold increase over the past year. (more…)

Banks, Fintech news

January 21, 2016

1169

Banks vs. Fintech? No Contest, Banks Win

By Rene Lacerte for Huffington Post,

The meteoric rise of fintech firms in recent years coupled with the surge of interest by already-established technology companies in the consumer payments space are nothing short of remarkable. (more…)

Banks, Fintech news, Global trends

January 14, 2016

SBI’s Intech to engage startups in FinTech

(SBI) chairman Arundathi Bhattacharya on Thursday announced Intech, an initiative to team up with startups to create financial technology (FinTech) solutions for banks. (more…)

Banks, Cashless, Deals, Fintech news

January 14, 2016

BofA Has $3 Billion to Pour Into Innovation as Banks Are Swarming Around FinTech Startups

With the financial industry heating up, banking giants are looking to catch the innovation wave and leverage the opportunities FinTech startups create. One of the largest American banks, Bank of America—along with other banking industry giants—is taking steps to embrace FinTech and innovation in a wide range of financial services. (more…)

Banks, Fintech news, news

January 12, 2016