PCF Bank partners with Sandstone Technology to launch a digital origination and servicing platform
PCF Bank has launched a new digital platform to facilitate the origination and servicing of savings deposit products online. The service uses the latest responsive device platform from Sandstone Technology supporting mobile, tablet and traditional PC channels. The launch of deposit products by the bank complements its established consumer motor finance and SME asset finance businesses. The bank obtained its banking licence from the regulator in December 2016. The collaboration with Sandstone was predicated on having a flexible digital platform that can be extended to meet PCF Bank’s future requirements and the digital banking needs of the bank’s ever-demanding client base. The service uses BankFast, Sandstone’s global direct banking platform […]
Apple says it will overtake Samsung Pay by year’s end
Apple has indicated it plans to launch Apple Pay in a number of new territories before the start of 2018, a feat that would see it catch up to and overtake current digital wallet frontrunner Samsung. Speaking at the company’s earnings call yesterday, Apple CFO Luca Maestri says that “the reach, usage, and functionality of Apple Pay continued to grow.” He claims that “Apple Pay is by far the number one NFC payment service on mobile devices, with nearly 90 percent of all transactions globally. Momentum is strongest in international markets, where the infrastructure for mobile payments has developed faster than in the US.” “In fact, three out of four […]
ADGM and KPMG launch Fintech Abu Dhabi Innovation Challenge
Abu Dhabi Global Market (ADGM) and KPMG have come together to launch the first ever Fintech Abu Dhabi Innovation Challenge on 22 October 2017 in Abu Dhabi to enable start-ups to access industry-leading solutions that may help entities address emerging business challenges in the financial services industry. The Innovation Challenge, as part of the inaugural Fintech Abu Dhabi event on 22 and 23 October 2017, includes an intensive five week programme, which will allow innovative and mature start-ups to conceptualise and present market-ready solutions that can address real business challenges identified in the financial services industry in the Middle East, Africa and South Asia (MEASA) region. “We are excited to […]
Two of Britain’s fastest growing fintechs are going after a huge pot of money: pensions
Fast-growing online investment startups Moneyfarm and Scalable Capital are both planning to launch pension products later this year, hoping that accessing the huge UK retirement market could super-charge their growth. Moneyfarm announced plans to launch a pension product later this year when it announced its full year results on Friday. Those results show that the startup, which launched in Italy in 2012 and the UK last year, currently has £260 million in assets under management. It offers personal investment and ISA products. Paolo Galvani, Moneyfarm’s cofounder and chairman, told Business Insider: “We will launch a UK pension product in the fourth quarter and next year Italy. For the next few […]
Fintech Kantox raises £4.6 million from investors as it targets profitability
Foreign exchange fintech company Kantox has raised £4.6 million from its existing investors as it aims for profitability. Filings with Companies House show Kantox raised the sum at the end of July. CEO and founder Philippe Gelis confirmed the fundraise with Business Insider over email, saying the company raised the money from existing investors Partech Ventures, IDinvest Partners, and Mundi Ventures. Gelis told Business Insider: “We indeed raised some more money with our existing investors. We are progressing well and focusing on building sophisticated software solutions for our clients. “We have great traction so we did not want to look for new investors (something which is always very time consuming) […]
Hong Kong Stock Exchange to launch Blockchain-powered market in 2018
The Hong Kong Stock Exchange (HKEX) is planning to launch a blockchain-powered private market aimed at helping smaller firms obtain financing. HKEX chief executive Charles Li detailed the plan, which would play out through a separate venture dubbed HKEX Private Market, in an August 1 note. The disclosure came in response to a question about tapping local technology resources – and whether Hong Kong is positioned to do so. Though no firm launch date has been disclosed, Li said that the platform would kick off sometime in 2018. “The Private Market will serve as a ‘nursery’ for early stage companies before they are ready to enter public markets,” he explained. “They can […]
For fintech inspiration, LPL turns to Acorns, not Betterment
LPL isn’t shying away from the task of building up a new technological foundation for a fiduciary-focused, digital advice era. The largest independent broker-dealer spent $77 million last year on technology upgrades alone, an effort that includes developing a digital advice platform with BlackRock’s FutureAdvisor, transitioning to a new advisor and client management platform and launching a mobile app for clients to connect and interact with advisors. But even though LPL envisions a future where advisors are using automation and behavioral management alongside portfolio and planning services, its top technology executives say robo advisors like Betterment or Wealthfront aren’t sources of inspiration. “We’ve looked at market and are trying to […]
Bank of America files for 3 new Blockchain patents
Three new patent applications reveal that the Bank of America has been working on using distributed ledger technology (DLT) to validate the veracity of information – and those who handle it. First filed in February 2016, the details of the three applications were made available to the public last week by the U.S. Patent and Trademark Office. One case cites a process for using a blockchain to track and validate user identification. For example, the document details how a distributed database system would be able to update a new user’s identification information, and subsequently store and timestamp additional details as time progresses. Data such as “signatures, physical attributes, or locations of the user are identified,” the […]
