Britain leading the way in fintech adoption, report shows
Britain is leading the way in fintech adoption in the developed market, according to a new report from professional services and Big Four firm EY. EY’s fintech adoption index showed that 42 per cent of consumers in the UK are now using fintech services. However, there has been growth worldwide when it comes to the adoption of financial technology, with usage rates being high in emerging markets such as South Africa, China, India, Brazil and Mexico. Highest Emerging markets topped the fintech adoption index, with China having the highest adoption rate at 69 per cent, followed by India at 52 per cent. The report, which was based on findings from […]
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 […]
Trov, the world’s first on-demand insurance platform, closes A$59m Series D funding round
Trov, the technology company revolutionising insurance for the tech-empowered consumer, today announced that it has closed AU$59.44 million (US$45 million) in Series D funding led by Munich Re / HSB Ventures, bringing its total funding to just over AU$112.28 million (US$85 million). All of Trov’s Series C investors participated in the round (Oak HC/FT, Suncorp Group (ASX:SUN), Guidewire (NYSE: GWRE), and Anthemis). Also participating in the financing is one of Japan’s leading insurers, Sompo Holdings (SOMPO), who will bring Trov to Japan. The new capital will be used to bring Trov’s on-demand insurance capability to more people around the world, expand the categories of items it covers, and accelerate the […]
The Benzinga Global Fintech Awards – entries closing soon
The Benzinga Global Fintech Awards May 11, 2017 in New York, is the premier event in Fintech, celebrating financial innovation from around the world. The Benzinga Awards is a competition to showcase the companies with the most impressive technology, who are paving the future in financial services and capital markets! Applications are still open, so apply now before the March 17 deadline. At the event, you’ll get a first look at groundbreaking technology, innovative platforms, and the chance to network freely with top industry professionals. Over 550 FinTech CEOs, C-suite executives of financial institutions, VCs, press, and others attended the 2016 Benzinga Fintech Awards. 45 exclusive exhibitor spots on the show floor […]
Law firms cosy up to UK fintech community
Top law firm Slaughter and May is to give five fintech startups free legal services worth tens of thousands of pounds. Meanwhile, another law firm, Simmons & Simmons, is launching a fintech and regtech student support programme with London’s Queen Mary University. Simmons & Simmons and Slaughter and May are both keen to woo members of London’s vibrant fintech scene, building relationships that could one day yield valuable business. Late last year Slaughter and May opened the doors to its first Fintech Fast Forward programme, inviting applications from startups in areas such as insurtech, regtech, datatech and distributed ledger technology. Over 25 firms applied, seeking £30,000 of value add services […]
Traity releases micro-insurance product ‘Kevin’ in open blockchain balance sheet
Traity, a network that builds reputation standards, has collaborated with Suncorp, the largest Australian insurance conglomerate, and announced the release of a new micro-insurance product ‘Kevin’ in an open blockchain balance sheet. In an ‘Open Blockchain Balance Sheet,’ for every new transaction that Kevin approves, it buys $10 worth of bitcoin. When a transaction ends positively, Kevin sells $10 worth of bitcoin and on negative grounds, it needs to pay the guarantee, an additional $100 into Kevin’s Open Balance Sheet. This indicates that there is a 10x liability leverage that is reasonable. “$100 may not sound like much, but it covers most of the transactions online. Furthermore, we think that […]
Can the internet revolutionise finance in China?
Internet finance in China has developed rapidly over the past several years. Internet finance embraces a huge range of activities, including third-party payment, online lending, direct sales of funds, crowd-funding, online insurance and banking and digital money. Public sentiment towards internet finance has moved the full gamut from fever pitch to fear. What is the future of internet finance? Optimists argue that internet finance represents a third type of financial intermediation, after direct and indirect financing, which could completely revamp traditional financial industries. Others point out that internet finance is mainly a Chinese phenomenon: a product of regulatory arbitrage, which could evaporate once financial regulations tighten to levels equivalent to […]
Trov, the world’s first on-demand insurance app for single items, launches in the UK
Trov, the company reinventing insurance for the mobile generation, today launches its world leading on-demand insurance platform in the UK, in partnership with AXA Insurance. For the first time, people in the UK can easily insure just the things they care about, entirely from the convenience of a mobile app. With a simple swipe, users are provided with a personalised quote and can quickly turn insurance on (or off) for an item without the need for any interaction with a traditional insurance agent. Items protected through Trov are covered internationally against accidental damage, loss, and theft. At launch, Trov is offering protection for common electronic items, such as laptops, mobile […]
