Top fintech news daily 2019 from 30 September – 06 October curated by the VisibleBanking.com team with the help of our fintech community.
In this series, we aim to curate only the very best, most insightful fintech news from all over the world.
We also invite you to check out our other series covering some of the most insightful and relevant fintech insights, new or slightly older, shared recently on twitter by trusted fintech influencers.
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Fintech News Daily: 30 September – 06 October 2019
"U.S. payments processor PayPal said on Friday it was leaving Libra Association, the entity managing the Facebook-led effort to build global digital currency Libra, making it the first member to exit the group.
PayPal said it would forgo any further participation in the group and would instead focus on its own core businesses."
"More than 100 fintech firms have applied to take part in the UK's Open Up 2020 Challenge, which will see them compete to unlock the power of open banking and bag a share of a £1.5 million prize fund.
Run by Nesta Challenges in partnership with the official Open Banking Implementation Entity (OBIE), the competition is tasking fintech outfits to help Brits use Open Banking to make more of their money."
"Rajeev Misra CEO of SoftBank and its Vision Fund | NEW This is the man to try and see at his Mayfair offices if you want funding for your start-up. He has the largest fund in town — a massive $100 billion — to invest in the best money-making ideas."
Source: Evening Standard
"The Australian Competition and Consumer Commission has announced seeking participants to help it test the data-sharing ecosystem under the Consumer Data Right.
The ACCC (Australian Competition and Consumer Commission) is inviting interested parties to become accredited data recipients in the CDR (Consumer Data Right) ecosystem from February 2020."
Source: The Paypers
"The patent is called Methods and Apparatus for Promoting Financial Behavioral Change. Movencorp’s technology includes a digital feedback communication loop that shows consumers where they are spending their money and how their behavior may have changed. Users also see an overall assessment of where they have spent money, how much they have spent within the past month and how it compares with past spending behavior. It includes a color-coded wheel with green, yellow and red to depict whether customers are overspending."
"11:YEARS - The Rise of UK Fintech is a documentary that explores how the UK created a thriving fintech ecosystem from the ashes of the 2008 financial crisis. Hear from the founders and CEOs of the UK’s biggest fintechs such as Monzo, Starling, Revolut, OakNorth, as well as leaders from the FCA, Bank of England, and more. "
"Brazil’s Fintech industry has been growing steadily with most local companies focusing on providing B2B services, according to a recent study.
There are at least 504 Fintech firms based in Brazil across 10 different segments. Last year, there were only 377 Fintech companies operating in the South American country, according to data from Finnovation, a local website that keeps track of financial technology developments."