Industry News

Investment in financial technology (FINTECH) companies grew by over 201% globally in 2015, compared to 63% growth in overall venture capital investments, confirming this sector as one of the most demanding opportunities since the internet explosion. The digital disruption that is happening in the financial service industry has the potential to shrink the role and relevance of today's banks and simultaneously allow new Fintech companies to create better, faster and cheaper financial services.

Please review recent press releases from financial and technology companies in the financial service market, so you can educate yourself to the opportunity in the new FINTECH industry.

November 28, 2016

FinTech Firms Making Inroads With Consumers

More than half of all banking customers have turned to fintech startups to cater for their financial needs, according to a global survey by Capgemini. But despite the considerable momentum enjoyed by niche providers, overall trust remains a key barrier to more widespread adoption.

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November 14, 2016

Small and Medium Enterprises to drive Global Payment Ecosystem Innovation

Small and Medium enterprise is going to drive the payment revolution, the foremost reason being that the new global SMEs are being run by tech-savvy young generation entrepreneurs and secondly that the business model is mushrooming globally. New payment concepts based on mobile infrastructure and virtual addresses are emerging rapidly in different geographies to support this changed market dynamics. Accelerated growth in electronic payments landscape has become the backbone of these business models brought in by these disruptive market players.

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September 7, 2016

Barclays executes live Letter of Credit Transaction Using Distributed Ledger Technology

Barclays Bank and accelerator graduate Wave have executed a live Letter of Credit transaction between Ornua - the Irish Dairy Board - and Sychelles Trading Company on a distributed ledger based system. Wave is one of eleven companies to have come through the Barclays Accelerator programme in New York last summer, and has since been working with the bank in the UK and South Africa to explore various use cases for its technology.

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September 7, 2016

Bankaool Counts 65,000 Online Accounts in Mexico

Mexican bank Bankaool said on Tuesday (Sept. 6) that it had reached 65,000 accounts, most of them initiated online, since launching its digital banking platform in late 2015. The firm said in a press release that, since October of last year, Bankaool clients can skip going to an actual brick-and-mortar branch. Of the accounts that were opened online, 75 percent of them were done via mobile devices. The trend of those customers, said the bank, has made Bankaool the largest digital bank in Mexico. In a statement, Juan Carlos Espinosa, manager of the firm’s digital banking, marketing and new businesses units, said: “We have identified that most accounts are opened at nighttime, which suggests most people begin this process while traditional banks are closed. From that moment on, our clients are able to interact with us via internet, through Bankaool Móvil [app, available in iOS and Android], our Interactive Client Center [Call Center, IVR and WhatsApp] or via social media, such as Facebook and Twitter.” The company also said that it has been able to offer clients notes with as much as a 6.4 percent annual interest rate, as it has not had to invest in branches. With a nod to the continued growth in digital signups, the firm stated that its goal is to open more than 100,000 accounts by the end of the year.

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August 11, 2016

Why Your Wallet is Becoming the Next Platform

The “wallet” in the modern sense of “flat case for holding paper currency” dates back almost 200 years. The word itself goes back 700 years, and the concept (minus paper currency) for millennia. Leather wallets were not “smart,” of course; they were atom agnostic, payment type agnostic, even, as credit cards and the like started proliferating in the mid 20th century. But today the payment type is almost a pointer — in computer science vernacular — to a source of money. And the wallet itself is the master pointer, used for opening and closing a transaction, and choosing which sub-pointer to assign. Because intercepting the payment leads to a whole downstream treasure of goodies, the wallet — once tanned animal hide — is going to be the ultimate financial platform. As digital wallets increasingly become the origination point for consumer spending, they will become THE platform for downstream financial services — creating an opportunity for startups and a problem for established players.

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June 27, 2016

2016 Wall Street Blockchain Investment to Top $1bn

Financial service firms and technology providers around the world will spend more than $1 billion this year as they race to bring distributed ledger tech to capital markets, claims Greenwich Associates.

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June 14, 2016

Summing up the 10 Biggest Fintech Deals of 2015

How hot is fintech right now? This one statistic sums it up: in 2015, a record amount of fintech deals were done for a total deal value of $24.6 billion. That number is higher than the last five years put together.

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June 05, 2016

Fintech is Playing the Long Game

Our team has been actively investing in fintech for the past two years. In addition to reading pitches from hundreds of companies and meeting with dozens, half of our team has worked in the finance sector in previous careers. SparkLabs Global has invested in 13 fintech companies from the U.S., U.K. and Sweden, and we were the only follow-on fund for the inaugural cohort of the Barclays Accelerator program.

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March 29, 2016

Special Address of CFTC Commissioner J. Christopher Giancarlo Before the Depository Trust & Clearing Corporation 2016 Blockchain Symposium

Regulators and the Blockchain: First, Do No Harm
Good afternoon, ladies and gentlemen. Thank you for your warm welcome. It is a pleasure to be here with you today.

Before I begin, let me say that my remarks reflect my own views and do not necessarily constitute the views of the Commodity Futures Trading Commission (CFTC or Commission), my fellow CFTC commissioners or the CFTC staff.

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March 16, 2016

Bankers fear loss of one-quarter of business to fintech firms

Top banking executives fear that up to a quarter of their business could be at risk from emerging fintech firms, according to research conducted by PwC.

For the study, PwC interviewed 544 CEOs, heads of innovation, CIOs and top management involved in digital and technological transformation across the financial services industry in 46 countries.

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January 22, 2016

Blockchain Startup Digital Asset Holdings Bags $50M In Funding From FinServ's A-List

Founded by former JPMC thought leader Blythe Masters, Digital Asset Holdings (DAH) has snapped up $50 million in funding in its latest round. The investment opportunity attracted a host of fairly well-known names in financial services, including Citi, Deutsche Börse and Santander InnoVentures.

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January 08, 2016

'Smart Contracts' Are the Future of Blockchain

As far as digital currency has come, the passing of bitcoin for purchases is still a relatively primitive transaction. But what if you could program such transactions to occur at preordained times, under set circumstances, and even involving a preregistered group of multiple counterparties? Scanning your groceries triggers paying the grocer. A football score automatically leads to movement of funds between anyone who bet on the game.

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January, 2016

Banking On Blockchain Technology

Blockchain – the shared ledger technology which allows any participant in a business network to see the system of record – will have a transformative impact on a number of industries, including financial services, in the future. Blockchain is still in its relative infancy, but a number of initiatives under way are already driving its progression to an industrial solution which will yield several important benefits in the context of the transfer of assets within business networks

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December 30, 2015

PwC's 3 Predictions for Blockchain Tech in 2016

Jeremy Drane is practice leader of US FinTech, blockchain and smart contracts at 'big Four' professional services firm PriceWaterhouseCoopers (PwC), and Cathryn Marsh is leader of PwC FSI Institute, the company's division for new intelligence, perspective and analysis on trends affecting financial services.

In this special feature, Drane and Marsh outline their predictions for the year ahead in blockchain tech and outline the trends that will likely be key.

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September 29, 2015

More global banks back blockchain collaboration plan

An initiative to create a set of global standards for the use of distributed ledger technology in financial markets has picked up momentum, with another 13 major banks - including BofA, Deutsche Bank and HSBC - throwing their weight behind the plan.

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June 25, 2015

Global Fintech investment triples

Global investment in financial technology tripled last year to hit $12.2 billion, with the US market dominating, according to a report from Accenture and the Partnership Fund for New York City.

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