News 

In B2B, FinTech And Banks Eye SMB Capital Needs

“ZDNet reports that a digital bank, Neon Pagamentos, has found a partner to supplant a previous relationship” reports pymnts.com. The bank that previously handled Neon’s settlements, Banco Neon, was shut down last week by the country’s central bank.In Europe, INV Fintech, which is the “sister accelerator to Bank Innovation,” as defined in its own announcement, said it had partnered with Berlin’s Open Bank Project, an open source API provider geared toward banks. Source: pymnts.com Share This:

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Crypto News 

Santander uses blockchain for international transfers

“Spanish bank Banco Santander has launched “Santander One Pay FX,” a new international transfer service using blockchain-based technology” writes Lea Nonninger for businessinsider.com. Fintechs like UK-based TransferWise have been focusing on making international transfers more transparent and cheaper than incumbent banks, which are known for often charging hidden fees.However, with Santander launching such a service itself, these fintechs are now getting a new, quite fierce, competitor.Santander claims to be the first incumbent bank to launch such a service, making it a new direct competitor for many fintechs.Santander executive chairman Ana…

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Markets News 

Here are the pros and cons of Arizona’s fintech sandbox

“While this move demonstrates welcome initiative, there are both pros and cons attached to it: This sandbox could mark the start of a broader change in the US fintech regulation landscape” writes Maria Terekhova for businessinsider.com. Last week, the Attorney General’s office of Arizona enacted a new law that will see the state establish a fintech sandbox, making it the first US state to do so.We have already seen federal regulators fiercely defend their remits and prerogatives to oversee fintech, and they would probably be unwilling to be usurped by…

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News 

Banks have to be nimble like tech firms, says the CEO of Southeast Asia’s largest bank

“Banks have to be like technology companies, the CEO of Southeast Asia’s largest lender said on Tuesday, amid rising competition from rivals such as Chinese tech giant Alibaba with its rapidly growing financial services” writes unknown author for cnbc.com. “One, we got to be able to embrace the same technology that these technology firms do.But you have to be willing to re-architect your fundamental technology to be like a tech firm,” he said.This means that banks have to do a few things: “Embrace” the same technology as they do, and…

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News Regulators 

The UK’s Financial Conduct Authority wants to create a global sandbox

“The UK’s Financial Conduct Authority (FCA) is planning to create a global regulatory sandbox, which would allow fintechs to test their solutions in different countries at the same time” writes Lea Nonninger for businessinsider.com. The FCA is starting to ask for feedback from interested parties, which include fintechs, regulators, and consumers.The FCA also admits that a global sandbox might be an ambitious goal, and it may start out with an international college of regulators that have their own sandboxes.Here is why the FCA has the potential to succeed with its…

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News 

The US is finally taking action on fintech regulation

“All seven regulators are members of the Conference of State Bank Supervisors (CSBS), an association of state banking regulators” writes Maria Terekhova for businessinsider.com. However, to maximize the impact of the project for fintechs, its initiators should now focus on getting all 50 state regulators on board.Sarah Kocianski, senior research analyst for BI Intelligence, Business Insider’s premium research service, has compiled a detailed report on U.S. fintech regulation that: Interested in getting the full report?.  Source: businessinsider.com Share This:

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News 

B2B FinTech Turns Away From VCs For Funds

“This week was not, by any means, the biggest week in B2B FinTech venture capital” reports pymnts.com. The B-1 funding was led by iNovia Capital, while existing investors Bain Capital Ventures, Altos Ventures and Silicon Valley Bank also participated, according to TechCrunch reports.With $42.8 million in fresh funding, U.K.-based Fresh Thinking Capital is closer to launching its small business lending operations.Vemanti acquired a 19.6 percent piece of the company, which provides financial services in an array of areas, including B2B, B2C, P2P and mobile payments. Source: pymnts.com Share This:

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GBP News 

Fintechs impatient as British banks seek extra time to open up

“For fintech firms that had bet on the changes, however, the consequences of delays can be more serious” writes Min Read for reuters.com. The other six asked for extensions of between a couple of weeks and a year, for some or all of their customers’ data.The rules require banks to make customers’ account data available, with their consent, via standardized platforms known as application programming interfaces (APIs).Peer-to-peer lender MarketInvoice had built some simple technologies to integrate its operations with the banks’ APIs, but these are now sitting idle. “We have…

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News 

Three major incumbents are dedicating funds to fintech

“Discusses what the future of financial services will look like as fintech embeds itself into the financial mainstream” writes Lea Nonninger for businessinsider.com. And now, three big incumbents — US financial holdings company BB&T, UK bank Standard Chartered, and Japanese financial services company SBI Holdings — are adding fuel to this trend by launching new fintech funds.This is good news for the fintech industry, as the three incumbents will likely fund a plethora of fintechs and implement their solutions throughout the next year.Maria Terekhova, research analyst for BI Intelligence, Business Insider’s…

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News 

European fintechs are in for a lucky break

“It’s designed to help European fintechs achieve the same scale as their Asian and US counterparts, he explained” writes Maria Terekhova for businessinsider.com. As such, even if draft legislation is delivered in early 2018, past precedent suggests that European fintechs will be in for a long wait until the legislation is finalized and implemented.When implemented, such legislation could have several major effects on Europe’s fintech industry: This is promising news for European fintechs, but they could be in for a long wait to reap the rewards.The European Commission (EC) is…

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