Mobile wallets to disrupt UAE payments sector
Get ready for it. The use of mobile wallets as a means of payment will perhaps be the biggest disruption the financial sector in the UAE has ever seen. But old habits die hard. According to UAE Central Bank figures, about 75 per cent of transactions in the country are made in cash. In fact, the UAE has about Dh65.4 billion in cash circulating outside the banking system. “That represents about 7 per cent of the economy,” says Maki Vekinis, CEO of Emirates Digital Wallet, a unique platform established by 16 of the UAE’s leading banks, formally launched at the Seamless Middle East conference in Dubai earlier this month. Developed […]
Humaniq to use blockchain for social good
A London/Luxembourg start-up is planning to use the blockchain to create a new kind of bank that will help tackle global poverty. It will enable people to use its cryptocurrency to donate or lend money, and bring banking services and income generation opportunities to “the last billion”. Humaniq has been developed by a group of people, many with experience in cryptocurrencies, who have seen the potential of biometrics, blockchain and mobile to help solve a number of social and economic problems. The challenge they aim to tackle is considerable. “Over 2 billion people in the world don’t have bank accounts. About 1.5 billion people don’t have any identification documents. They […]
Interest in FinTech services highest among younger tech savvy users
The financial services industry has, since the financial crisis, found itself operating in a rapidly evolving environment, as regulatory requirements, customer expectations, new technologies and new FinTech entrants create a perfect storm of change. A new report finds that uptake of FinTech propositions differs considerably between generations and other groups, and that trust in the industry remains problematic. The financial services industry continues to face uncertainties from various fronts. Following the financial crisis, regulatory efforts aimed at limiting future risk and creating stability in the industry brought about a range of new regulatory frameworks, which are currently being implemented. At the same time, a raft of changes have begun to […]
Barclays is building Europe’s biggest fintech workspace in London
Next week banking giant Barclays will cut the ribbon on what it’s calling Europe’s largest co-working space dedicated to financial technology. More than 40 companies will be housed across the vast 30,000 sq ft of workspace, spread over seven floors, with four balconies and two mezzanines. The site is already being called a clear sign of London’s continued dominance in the financial technology sector, despite the dark cloud of Brexit over the capital. This newly refurbished Shoreditch block will soon become the new home of Barclay’s Rise in London. Rise is Barclays’ ‘fintech’ innovation arm which includes workspaces. The bank runs seven Rise workspaces around the world, in cities like […]
ABN AMRO Clearing selects Cognizant as strategic partner to cloud-enable global IT infrastructure
Cognizant (NASDAQ: CTSH) today announced that it has been selected by ABN AMRO Clearing (AACB), a leading global clearing firm, as its strategic partner to cloud-enable its global IT infrastructure and lay the foundation for digital transformation. This will enable AACB to increase operational resilience and application availability, enhance speed and agility in managing market volatility, and lower capital investment and operating costs. As part of the multi-year agreement, Cognizant will transform the IT operating model across AACB business services, including the core trading and reporting systems, as well as modernise the existing technology infrastructure across Europe, the Americas and Asia-Pacific regions. In addition, Cognizant will provide hybrid cloud, […]
Fintech Down Under
Cameron Dart is the CEO of International FinTech, a hub that connects Australian fintech companies to the rest of the world and vice versa. The company recently opened a London “launch pad” office that helps Australian startups expand globally and links startups in other countries to the Australian market. To help shed light on the state of Australian fintech, Benzinga caught up with Cameron Dart for a Q&A about innovation and how fintech solves problems for Australian users. Q&A With Cameron Dart What’s the general “lay of the land” of Australian fintech? The Australian fintech industry as a whole is in its infancy compared to the United States and the […]
Peer-to-peer lending bosses split on whether to become a bank
UK’s largest peer-to-peer/marketplace lender CEOs outline two very different visions of the future. Funding Circle and Zopa don’t disagree on much. But when it comes to whether or not to launch a bank, CEOs Samir Desai and Jaidev Janardana have reached a divergence point. Both delivered keynote speeches at last week’s AltFi Europe Summit. Desai’s – which was entitled: “To be or not to be a bank” – left the audience in little doubt as to Funding Circle’s intentions. “We at Funding Circle have no plans to launch a bank,” said Desai. He went on to identify the three types of bank collaboration that have sprung up across the marketplace […]
Incumbents should now be scared of four biggest digital challenger banks
While the disruption of financial services has been going on for a number of years now, the capital banked by four of the most advanced digital challenger banks is hugely significant. Rewind only ten years ago, and if you asked someone on the street to open up their wallet (in a non-threatening way) there’s a pretty good chance it would be filled exclusively with cards from the major high street banks. Back then there was choice, but little to differentiate where you banked your savings, held a credit card or conducted business affairs. We accepted, like we do with energy suppliers, that our banking provider could pretty much dictate terms […]
