Credit Suisse develops Robo Advisor
Digital development is gathering pace at Credit Suisse under the guidance of Anke Bridge. Switzerland’s second-largest bank is working on a service that will be based on advice provided by robots. It wasn’t just the sheer size which kept UBS and Credit Suisse (CS) apart, but also their respective approach to innovation – with UBS seen clearly ahead of its cross-town rival. Under the leadership of Anke Bridge, appointed as CS head of digital solutions in December 2016, CS is catching up. Bridge told Le Temps newspaper that CS was a very innovative bank, but agreed that the company should become more active in communicating its current projects. CS Invest […]
FinTech and the positive transformation of Banking in Africa
The unique environment for financial services in Africa is fertile ground for innovative FinTech players who are capitalising on the opportunities to disrupt or leapfrog established business models to make financial services more affordable, accessible and profitable across the continent. Due to their potent blend of trail‐blazing technology and disruptive innovation, FinTech players have the ability to accelerate the digital transformation of financial services in Africa and, in turn, further spur the major existing banks to rapidly ramp‐up their own innovation initiatives to meet the financial needs of under‐served markets across the continent. FinTech players are increasingly becoming an important part of the fabric of Africa’s financial services ecosystem and […]
Malaysia Fintech firm Soft Space raises US $5 Million from Japan’s Transcosmos
Malaysia Fintech firm Soft Space, which offers mobile payment solutions, announced it has secured US $5 million in funding from Japanese e-commerce company Transcosmos Inc. Mobile POS and E-Commerce Soft Space offers mobile point-of-sale services for small and large merchants in Malaysia and other parts of Southeast Asia. Businesses can plug a small device into a smartphone or tablet that allows them to swipe customer credit cards for payment. The company takes a small transaction fee every time a card is swiped. Soft Space also offers an online management console where businesses can track and manage customer data, sales history, and even fraud management. Transcosmos, which is based in Japan, […]
Chicago should be a FinTech hub. So why it isn’t?
Chicago has all the building blocks to become a hotbed of financial technology startups—so why isn’t it happening? The latest sign that this years-long dream may never be realized: a plan to create a hub for fintech entrepreneurs and networking at the Chicago Board of Trade building has fallen apart due to lack of capital. The Chicago area is home to some of the biggest U.S. fintech players, including futures exchange operator CME Group; mutual fund research firm Morningstar; and credit card company Discover. They’ve groomed a well-paid pool of professionals, some of whom have become entrepreneurs and angel investors. Chicago also has enviable infrastructure: It’s one of a half-dozen […]
Fintech startups impress big banks
Big banking groups are increasingly collaborating with exciting fintech startups to reshape the industry. Spain’s Bankia group announced this week the names of the young companies selected to join its inaugural international programme, which was launched late last year. The standard of applicants to the ‘Bankia Fintech by Innsomnia‘ platform was so impressive eight were picked, three more than initially planned. The plan is to collaborate with the new starts to build a a client-supplier relationship that can harness the potential of the services being developed by the startups drawn from Australia, France, Israel, the UK and America. They will join the accelerator, based at the Port of Valencia, in […]
Aviva embracing artificial intelligence in quest to become fintech firm
Aviva is eyeing acquisitions in artificial intelligence and big data as it looks to overhaul the insurance industry and transform itself into a fintech firm. Chief executive Mark Wilson said the 321-year-old insurance giant had built a good balance sheet and was primed to use it to ensure the business remains a step ahead of its rivals. Speaking at Aviva’s “digital garage” in Hoxton, East London, Mr Wilson said the insurer’s innovation projects had attracted calls from “big names in Silicon Valley” and helped seal a lucrative deal with Tencent, a 300 billion US dollar Chinese technology firm. He said: “I don’t mean billions, but we will do acquisitions if […]
Japan lender Mizuho to launch fintech venture
Japan’s Mizuho Financial Group will start a venture next month to create new businesses using “fintech,” an executive said, joining a global race in financial technology that threatens to unsettle traditional players. Japan’s second-largest lender by assets said there were already 20 projects in the pipeline for the venture, utilizing blockchain technology and artificial intelligence programs in areas such as farming and travel. Daisuke Yamada, Mizuho’s chief digital innovation officer, said the challenges were cultural as well as technological, as truly new business models required a break from Japanese banks’ conservative, overly risk-averse attitudes. For that reason, he said the bank would limit its stake in the yet-to-be named venture […]
Digital wallet services gain growing acceptance
Money and wallets simply aren’t what they used to be. Tech giants’ card-less payment services — including Apple Pay, Android Pay from Google and Samsung Pay — aim to ease the path to the truly digital wallet, and researchers project huge growth in adoption by retailers and consumers. Even staid financial giants such as Wells Fargo and Bank of America are behind a push to encourage and enable customers to access ATMs without their debit cards. Yet the digital wallet business has gotten off to a rough start, said Bay Area-based analyst Trip Chowdhry, managing director with Global Equities Research. “There have been many false starts in this industry,” Chowdhry […]
