Top fintech news daily from 16th to 22th March 2020 curated by the VisibleBanking.com team with the help of our global fintech community.
In this series, we are aiming to create the most relevant and insightful weekly fintech news with some of the best, most recent content worth sharing on social media.
The Challenge of Fintech News Curation
Unarguably, the biggest challenge on the likes of twitter is to cut through the noise. Indeed, too many people, even some of my good friends recognised as top fintech influencers tend to share:
- the same articles several times (a good technique to maximise the visibility of your content)
- older articles (sometime outdated, usually still relevant)
- striking (highly shareable) infographics without sources
Consequently, it makes it rather challenging to flag the best, recent news and stories.
Top Fintech News: Methodology
We essentially spend most of our days scanning though the top articles on Google and monitoring the most relevant articles shared by the global fintech community on twitter and linkedin.
Last but not least, we proactively ask our fellow fintech influencers to recommend their top picks.
Fintech News Daily: Contribute!
We invite you to help us by mentioning/tagging @Visible_banking on your top tweets and voting for your favourite article(s). Additionally, please share your comments on any of those articles via the straight forward comment section available on every entry.
We moderate your submission, so please no self-promotion or vendor success stories here. Alternatively, feel free to enquire for our sponsoring opportunities.
Top Fintech News: Week #11
You will find our shortlist of the top fintech news between 16-22 March 2020 below, in no particular order.
PEOPLE: Alberto Garuccio, April Rudin, Brad Leimer, Chris Skinner, David Birch, Efi Pylarinou, Florian Graillot, Florian Semle, Helen Yu, Jim Marous, Matteo Carbone, Minh Tran, Richard Turrin, Ron Shevlin, Simon Cocking, Spiros Margaris, Theodora Lau, Urs Bolt, Xavier Gomez, Christophe Langlois
COMPANIES: Revolut, Kabbage, FCA, Varo Money, Square, 86400, Starling, Monzo, Tech Nation, Tik Tok, Tandem, Alibaba
TOPICS: coronavirus, blockchain, UHNW, leadership, insurance, London, influencers, venture capital, China, SMEs, AI, banking, data analytics, bitcoin, Africa, data analytics, open banking, women in tech, data analytics, GDPR, innovation, data science, risk management, eKYC, smart contracts
CHANNELS: fintech, regtech, wealthtech, insurtech, paytech, artificial intelligence, future of work
There has been a wealth of misinformation floating around about the ongoing coronavirus pandemic and it appears that the world of fintech has not been immune to fake news. Revolut put out a statement yesterday after rumours swirled on Twitter and Whatsapp that the digital bank had run into financial difficulty as a result of the virus.
Source: Altfi.com via VisibleBanking.com
AI brings the potential for disruption and transformation due to its ability to make decisions and take action much quicker than its human counterparts. It has been seen as a means of increasing productivity within a company and improving revenues through better customer engagements.
An unfocussed blanket strategy is not efficient enough for the complexity of the global payments market and would have an impact on the profits that can be derived from each transaction. In order to be successful in an increasingly margin-thin market, fintech companies must instead solve vertical specific payment problems.
The FCA’s Office for Professional Body Anti-Money Laundering Supervision (OPBAS) has today (19 March) released its latest report on tackling money laundering over the past year.
Among the key findings are that the accountancy and legal professions have made “strong improvements” in their AML work. However, some professional body supervisors (PBSs) are “still lagging behind their peers and must continue to raise their standards further”.
Blockchain is being used by leading organizations to aid in the adoption of digital ecosystems. While ecosystems have been in existence in some form or another for quite some time, digital changes all that. Digital ecosystems exceed the sum of their connections; they are complex, adaptive, learning and self-organizing.
In Southeast Asia, the imminent entrance of virtual banks is set to shake up the banking industry. But despite the potential disruption these are expected to bring, incumbent banks have a lead in the digital banking race, according to a new report by S&P Global Market Intelligence.
Data compiled by Finbold.com indicates that fintech start-up Revolut’s user base will hit 16 million by 2021. This growth represents an increase of about 36%. The growth will be fuelled by certain factors like expansion into other countries. Additionally, the Coronavirus crisis might play a significant role in this growth.
In a press release Square said the Federal Deposit Insurance Corp. voted to conditionally approve Square’s application and that it received charter approval from Utah Department of Financial Institutions. Square is aiming to launch a bank in 2021 called Square Financial Services.
In this research article, we argue that insurance products of the future will be transformed by the next generation of digital insurance contracts and risk transfer products. These ideas are similar to predictions offered below by Renat Khasanshyn, a co-founder of the decentralized insurance platform, Etherisc, and an industry leader on the intersection of insurance, smart contracts, cryptoeconomics, and more.
The global financial crisis of 2008 led to a huge wave of innovation with technology in finance. Will the pandemic do the same? I think it will. It will lead to less office work and office workers; less cash and physical exchange; and less thinking about how to pay and deal with each other; and simpler and easier exchange digitally.
That means that 2020 may be awful, but here’s to 2021 through 2029 when we see more technology innovation in finance than we’ve ever seen before. Here’s to next year.
In the space of a single year, we have shattered all records, with technology investment in the UK soaring by 44 per cent to over £10 billion - more than France and Germany combined. Britain is second in the world for fintech, with investment rising by over 100 per cent in the last year alone.
With COVID-19 cases growing worldwide, business leaders are scrambling to deal with a wide variety of problems, from slumping sales and stalling supply chains to keeping employees healthy and making sure they can continue working. We asked professors of Harvard Business School how the coronavirus pandemic is likely to change how companies do business.