Fintech News Daily 2020: Week #1

"Before the turn of the new year, you were probably bombarded with a myriad of predictions for 2020, and perhaps you indulged in some prognostications yourself. We did too, and in classic MEDICI fashion, we took a rather clinical approach to this crystal ball exercise, but with a twist.

We decided to share our learnings in six FinTech areas for each of the last six years of the company’s existence, and for the first time, this article is being co-authored by the founders, Amit Goel and Aditya Khurjekar."

Source: GoMedici.com

"JPMorgan Chase is planning to ban fintech apps from using customer passwords to access their bank accounts and data, according to the Financial Times.

UK Consumers Views On Open Banking Enabled Features Business Insider Intelligence Instead, the banking giant is working on a system that uses tokens to send third parties a narrower range of data in a secure form"

Source: Business Insider

"The Financial Conduct Authority (FCA) has published a consultation exploring the opportunities and risks of extending open banking to other sectors such as insurance.

Called “open finance”, it would enable customers who consent to a third party provider accessing their financial data to be offered tailored products and services."

Source: Health Insurance and Protection

"Australian authorities have delayed the introduction of Open Banking rules by six months amid concerns over testing and security of the new provisions for account data sharing."

Source: Finextra

"BBVA has taken the strategic approach and is looking to leverage API technology to deliver an integration that expands its reach and changes the way consumers think about banking. Because the U.S. doesn’t force banks to build a minimum set of APIs, banks here tend to gravitate towards the easiest strategic relationships, which we document in the report to be existing corporate relationships."

Source: PaymentsJournal

"Despite its small size, Singapore is an established global financial center and one of the world’s top-3 most competitive economies, which is not really surprising if you look at the factors that are being taken into consideration: Quality of institutions and infrastructure, Market and labor efficiency, Macroeconomic environment, and Availability and quality of education. In addition, the country provides one of the world’s most business-friendly environments for local (and foreign) entrepreneurs."

Source: Medium

"According to India Fintech Report 2019, India is the world's second-largest fintech hub. As opportunities arise with the advent of newer technologies, more startups are mushrooming in the fintech space every day. In fact, this sector – which rules every smartphone and internet user’s daily transactions – has seen the most amount of funding in the past few years.  Among the entrepreneurs who have made the best out of this growing sector are a few women."

Source: Makers India

"The last 12 months served as a grande finale to 10 years that saw triple-digit increases in startup formation and VC on the continent.  Here’s an overview of the 2019 market events that captured attention and capped off a decade of rapid growth in African tech."

Source: Techcrunch

"London FinTech Receipt Bank has raised £55 million equity and debt finance in a Series C funding round.  The digital bookkeeping platform will look to extend its product suite and continue rapid expansion in Europe, Australia and North America.  The round was led by Insight Partners, joined by Augmentum Fintech with participation from existing investors Kennet Partners and Canadian Imperial Bank of Commerce (CIBC).  The company doubled customers in 2019, taking the total number of businesses using the platform to above 360,000."

Source: Business Cloud