FinTech Daily News – Edition 83, 30.10.2017
October 30, 2017
FinTech Daily News – Edition 85, 01.11.2017
November 1, 2017

FinTech Daily News – Edition 84, 31.10.2017

FinTech Daily News

by Florin Oprea

Edition 84, 31.10.2017

Deals, Investments & M&As

UK FinTech Startup CommuterClub Gets £2.3m, Partners With Revolut

Yessi Bello Perez – UKTN

FinTech startup CommuterClub has raised £2.3m in a round led by Wadhawan Global Capital (WGC). Other backers include: Peter Jackson, CEO of Betfair; Gavin Casey, the former CEO of the London Stock Exchange;  Chris Adelsbach, head of Barclays Techstars, and British tennis player Andy Murray.

FAO: Total funding in this London-based startup amounts to almost $8m.

DNT: Pretty impressive names in the list of supporters..Congrats.

Insurance

Online Insurer ZhongAn Uses Artificial Intelligence To Improve Its Products

Karen Yeung – SCMP

ZhongAn aims to raise its service quality by using artificial intelligence for the pricing of products, underwriting, fraud detection and customer services.

FAO: Surely ZhongAn is not alone in the AI game. There is a lot buzz in the AI field, with Ant Financial (a ZhongAn shareholder) having announced recently that it would step up investments in multiple fintech areas, including artificial intelligence.

Retail banking

The Bank Branch Just Won’t Die

Mark Whitehouse – Bloomberg (subscription)

With the advent of the internet and all sorts of new financial technologies, doing stuff with money is easier than ever. So the bank branch office should be going the way of the rotary-dial telephone, right?

FAO: So let’s see, we have internet banking, mobile banking, ATMs, robo-advisors, anything else on the list? Maybe the bank branch won’t die, but it doesn’t mean the model will thrive either. You don’t have to look too far to see the human role in financial markets is shrinking “by the day”. Look at stock exchanges where more than 50% of the trades are done by algos. Recently Hong Kong Stock Exchange closed its historic trading floor. It was one of the last remaining trading pits in the world. Oh, ok, want more arguments? Read the previous story…and the following.

Cap Markets & Other

London Metal Exchange In Talks With Online Platforms

The New York Times

The London Metal Exchange (LME), which has lost volumes to over-the-counter trading, is looking at forging alliances with online platforms for industrial metals to recoup profits from the growing OTC business, its CEO said.

FAO: Btw LME, a member of the HKEX Group, still has a trading pit…

FinTech People

Financial Pros Flock To Online Fintech Courses

Seamus Conwell – CNBC

Financial professionals are taking online fintech courses to fend off competition and stay ahead of disruption.

Regulation

Will The Cautious Swiss Embrace An E-Franc

Ralph Atkins – Financial Times (subscription)

A queue had formed outside the Swiss National Bank’s imposing Zurich offices. Thankfully, there was no run on the country’s banks. Instead, the interest was in a new series of Swiss 10 franc notes. The scene was a reminder of the enduring popularity of currencies in physical form, especially in conservative, German-speaking parts of Europe. Inside Switzerland’s central bank, quite a few employees might have asked: for how much longer?

FAO: Good question! The Swiss are doing a lot of “cooking” in their Crypto Valley labs.

Singapore Unveils Plan To Bolster Its Status As An Asian Financial Hub

Masayuki Kitano – Reuters

Singapore unveiled a roadmap for strengthening its status as a financial hub in Asia, with the aim of growing the sector more than 4 per a year and creating thousands of jobs.

DNT: Undoubtedly, Singapore looks like an “El Dorado” of Fintech. Go on, Singapore!

Fintech Boom Fuels Chan Hopes

The Standard

Financial Secretary Paul Chan Mo-po said Hong Kong has the potential to become an international fintech hub, noting there were 138 newly-established fintech companies in the SAR last year, up 60% from a year earlier.

Accelerators & Hubs

Berlin’s Fine Dining Scene Fuelled By Brexit, Start-Ups And Fintech

Evelyn Chen  – SCMP

Twenty-eight years after the collapse of the Berlin Wall, a wave of gastronomic confidence is sweeping across the German capital and the hype is not just about bratwurst and beer.

FAO: And it has good weather too, unlike London. Berlin could become attractive for Goldmans’ CEO – just like Frankfurt. If you don’t get it read this previous FDN edition.

Lattice80 Tenants In The Dark About Move

Lester Hio, Zaihan Mohamed Yusof – Straits Times

What has been dubbed as Singapore’s largest fintech hub is vacating its premises by December, a move that has surprised the fintech start-ups working there as they were not given due notice.

FAO: Hmmm, that’s very unprofessional from a company dubbed often as even the world’s largest fintech hub.

Associations & Federations

Fintech Australia Publishes Ecosystem Map

Finextra

FinTech Australia has published a new member ecosystem map which illustrates the extraordinary growth in Australia’s fintech industry in just four months.

FAO: This is undoubtedly a very useful tool.

Other news

Catalonia Independence Referendum And Fintech: One Uncertain Month On

Madhvi Mavadiya  – Forbes

With Carles Puigdemont’s position now being uncertain, the uncertainty surrounding Catalonia is having more of an impact on fintech than the EU referendum ever did or Brexit ever will. Financial institutions based in Catalonia have already decided to relocate to cities like Madrid or Valencia, minimizing the potential of Barcelona continuing to be a top fintech hub.

FAO: Catalonia plans to implement a national cryptocurrency post-independence – more here in Blockchain Daily News.

 

FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News