by Florin Oprea
As Brexit negotiations grind on, London’s fintech sector remains a hotbed of investment
activity, capturing the lion’s share of a £2.99 billion venture capital splurge on UK tech firms.
The figures, produced by Pitchbook for promotional agency London & Partners, show VC investment into the UK’s tech sector reaching an all-time high in 2017 at almost double the £1.63 billion invested in 2016.
FAO: Ahem! Steady as she goes…
Cromwell Schubarth – Silicon Valley Business Journal (subscription)
A group of veteran Silicon Valley venture investors peer into their crystal balls to tell what they expect to see in the coming year.
FAO: Hmm, we love Silicon Valley and crystal balls…Yet, if these veterans weren’t able to understand the writing, might be because the symbols could be Chinese…just saying…
A start-up which uses AI technology to address the problem of late payments for small firms is to set up a base in Scotland. Previse plans to create 37 data science jobs in Glasgow, following an £800,000 grant from Scottish Enterprise. Its AI technology is designed to enable large firms to pay suppliers on the day they receive an invoice.
FAO: Something tells me that 2018 will be the year of the AI…nope, I don’t have a crystal ball, and no, I can’t read Chinese either…
Enoch Yiu – SCMP
Francisco Fernandez,the chairman of Switzerland-based fintech company Avaloq, will focus on expanding business in China and Asia as well as preparing for a possible stock exchange listing, after handing over his chief executive duties.
FAO: Somebody will have to take Chinese lessons at Avaloq…
Yizhu Wang (analytics by Elizabeth Lim) – Forbes
Banks are energized by fintech companies’ innovation, but remain cautious when pulling the trigger on M&A. Top officials at banks have trouble gauging fintech targets’ earnings power, and many find that there may not be a cultural alignment. What’s more, some technology solutions of the firms viewed as “disruptors” do represent fresh approaches, but may not suit the highly regulated large institutions.
Rob Blackwell – American Banker
The Office of the Comptroller of the Currency moved ahead on its plan to offer a charter for nonbank fintech firms, and then-acting Comptroller Keith Noreika suggested that any firm could theoretically apply, a break from his predecessor. Amazon and PayPal executives even had meetings with the OCC over the past year, though whether they discussed the charter was unclear.
FAO: Oh yeah, that will be fun!!!
Jason Tan – Nikkei Asian Review
Amsterdam-based Spaces launched a co-working office in Thailand. The site, which will open in February, marks the company’s first foray into Thailand but its second stop in Southeast Asia after setting up shop in Singapore in 2016.
FAO: Means it’s a good business, especially in areas where you have a nice density of population, right? Right, Asia is the place to be…
Victor Reklaitis – The Wall Street Journal
It doesn’t have the most creative name, but millions have embraced it: fintech, the innovative industry straddling the worlds of finance and technology. Success stories in fintech range from mobile check deposit to robo advisers. The boom in cryptocurrencies and their underlying blockchain technology, too, are often viewed as fintech phenomena.
Kenny Yeo – Computer Weekly
By reducing the cost of peer-to-peer data and resource transfer, blockchain can remove the need for third parties and middlemen across industries.
FAO: Btw, we had multiple reports from all types of industries last year regarding new uses and tests of blockchain tech. Have a check in our Blockchain Daily News Free Archive.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News