RBS plans to roll-out robo-advice
The Royal Bank of Scotland expects to be in a position to make a decision on the roll-out of robo-advice for mortgages by the end of the third quarter of 2017. RBS is currently engaged in a trial of the technology, which could help it to cut costs as it strives to regain profitability amid the ongoing fall-out from the financial crisis. Automation is seen by the Financial Conduct Authority as a means of bridging the ‘advice gap’ – providing assistance for people unable to afford the services of an IFA – but there are fears it could lead to job losses in the sector as human advisers are gradually […]
French officials are in London again wooing fintech and finance firms to Paris post-Brexit
The Vice-President of the Paris Region begins a two-day visit to London on Monday as French officials continue their aggressive courting of British businesses affected by Brexit. Othman Nasrou, Vice-President of the Paris Region in charge of international affairs and tourism, is visiting London on Monday and Tuesday to meet a selection of finance and fintech companies. Nasrou will pitch the companies on the attraction of Paris as a location for finance firms post-Brexit. Nasrou’s visit is part of an aggressive bid by French officials from both local and central government to lure businesses away from Britain in the wake of Brexit. The UK’s exit from the European Union is […]
MonetaGo aims for Blockchain without Bitcoin for Banking Sector
The US-based blockchain company MonetaGo plans to create a blockchain without Bitcoin to help banks adopt distributed ledger technology. Bitcoin and Blockchain are synonymous to each other, for blockchain is the popular cryptocurrency’s underlying technology. After Bitcoin, many alternative cryptocurrencies have come up, which still uses a distributed ledger either similar to or derived from Bitcoin blockchain. However, the US-based blockchain company MonetaGo intends to change that for the convenience of central banks. In a recent interview with one of the leading news publication, MonetaGo has mentioned that it is going to separate Bitcoin and blockchain technology. It is still unclear as to how they are going to do that […]
Fintech firms see huge potential in e-commerce in Indonesia
A bright yellow sign at the front of Mr Asep Hermawan’s stall in South Jakarta reads, “We accept KJP for the purchase of school uniforms, books and pencils”. KJP is short for Kartu Jakarta Pintar, or Jakarta Smart Card – a virtual wallet similar to Singapore’s CashCard. It was introduced by the Jakarta government as a welfare benefit for students from low-income families living in the capital. “Pencils and pens are the best sellers, then books and school uniforms,” said Mr Asep. “More and more people are using KJPs to pay.” The KJP system was introduced in 2012 to disperse welfare funds and also to prevent the money from being […]
Schwab adds a human side to its robo-advice services
The robo-advice wars heated up again last week, as T. Rowe Price began marketing its first digital-investment offering, and Charles Schwab released Intelligent Advisory, a human-assisted version of its original robo service called Intelligent Portfolios. Robo advice is evolving rapidly, but the basic product is a low-cost, semi-customized portfolio meant for “mass affluent” investors with $100,000 to $1 million in assets. Clients typically go online, answer a handful of questions about their age, assets, income and risk tolerance and get a highly diversified portfolio of regular or exchange-traded mutual funds. Thanks to technology, this self-driving portfolio is automatically rebalanced to maintain the client’s desired mix of stocks, bonds and other […]
Growing demand for mobile payment services across Asia
Cashless payments are growing in Asia with consumers lured by an increasing array of services, from smartphone payment apps such as e-wallets to stored value cards and cheap online interbank transfers. Many like the convenience and safety of not having to carry cash. But the growth is not universal, and, in some countries, cash remains king because of fears of identity theft as well as the lack of infrastructure and lack of knowledge of the digital world. Insurance agent Zhang Tong goes out for lunch every day without a dollar on her. She pays for her noodles by scanning a QR code with her phone, which is also how she […]
Stockholm Fintech Hub sets up shop at No18
Stockholm Fintech Hub launched in late 2016, now has a permanent home in No18. The new space will act not just as a collaborative workspace but will also allow Fintech companies to hold events. “Over the last 6 months, we have looked at many potential offices in Stockholm. When we walked into No18, we knew we had found something special. We met Michel and his team and an immediate meeting of minds,” says Matthew Argent, CEO of Stockholm Fintech Hub. “We have had a huge response following our launch and have already laid much of the foundation for collaboration in the Fintech community. Now we can open our doors and […]
BBVA opens fintech Olympics
BBVA has amassed a EUR200,000 prize pot for the ninth edition of its Open Talent innovation competition, which the Spanish bank is billing as the world’s biggest fintech challenge. This year’s contest will focus on three distinct categories based on the themes of identity, artificial intelligence and fintech for companies (F4C), supplemented by two additional searches to identify the best fintech ideas to come from female digital entrepreneurs and for ideas that promote financial inclusion. The winner of each of the first three contests will receive a EUR30,000 prize and the opportunity to participate in a week of immersion in Madrid with senior executives of the bank, and a place […]
