Speaking on a panel at the annual meeting of the Institute of International Finance in Washington, CEO Jes Staley stated, “There are some tectonic shifts going on, driven by tech and the geopolitical environment…All the banks are very focused on the payments space. That may be where the battleground of finance is fought over the next 15 years.”; cybersecurity is also a top concern for financial firms and the co-head of Deutsche Bank AG’s corporate and investment bank expressed concerns on whether regulators are holding fintech firms to the same regulatory standards. Source
The UK Financial Conduct Authority has granted Coinbase an E-Money License; Barclays is also allowing Coinbase to access the UK’s Faster Payments Scheme which is the core payment infrastructure in the UK; Coinbase’s Zeeshan Feroz stated, “There is no other exchange today that has access to domestic banking. UK consumers today have to jump through all sorts of hoops around sending money to European accounts using euros in order to get money in and out." Source
It has been fascinating to watch both the banks and fintechs react to the coronavirus; many fintechs have created side...
Last year many consumers were able to earn around 2% on savings accounts from the leading banks; since then rates...
Lloyd’s Banking Group and Virgin Money recently banned customers from using their credit cards to buy cryptocurrencies; customers will still be able to use their debit cards to buy cryptocurrencies but for fear they could go into debt they do not want credit cards being used; other card issuers like Barclays and Mastercard say they are reviewing the crypto space but no decisions have been made. Source.
Pindrop’s Vijay Balasubramaniyan on how top bank call centers are navigating the COVID crisis The Timing Of Apple’s QR Code...
Online lender Earnest is working with Barclays to find a potential buyer; seeking buyout at approximately $200 million; firm has raised over $300 million since 2013 and grown to 200 employees. Source
clients about starting a crypto trading desk; no plans are set yet but the bank is talking to clients, including institutional clients, about opening the desk as more banks explore the emerging market. Source.
We’ve seen many banks who have launched their own fintech offerings; NatWest with Mettle and Bo is one example and...
Barclays has launched a new fintech focused unit to help develop new business lines for the bank; Barclays UK Ventures will work with fintech firms through partnerships or by taking equity stakes, helping the bank make further inroads into fintech. Source.