Digitalisation in lending – Realising potential in ABF

COVID-19 has catalysed the transition towards digitalization across many sectors, driving the digital agenda to increase efficiency, improve data quality and deliver improved customer experiences. At the same time, the pandemic has spurred an increase in borrowing from SMEs. UK firms borrowed more than £100bn last year throughout the pandemic…

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Bill Gates said that we need banking, but not banks. What does this mean?. The International Monetary Fund (IMF) recently published their view on “What is Really New in Fintech?”. This highlighted the potential for new players to deploy new tools to collect and analyse data on customers in order to, for example, determine creditworthiness. They point out that what they call “the real challengers” exploit non-financial data and further, that research shows that such data as the type of browser and hardware used to access the internet, the history of online searches and purchases are often superior to traditional credit assessment methods. Not a substitute for traditional methods, note, but superior to traditional methods.

In as little as five years from now, banks will no longer use high street branches as part of their customer service channels, according to two-thirds of bankers. The Covid-19 pandemic has accelerated the use of digital banking services across all age groups and hastened the demise of the traditional high street bank branch.

Central Bank Digital Currencies (CBDCs) have become a hot topic for governments around the world, and Singapore has come up with a novel way of planning its own effort: a crowdsourced competition. The Monetary Authority of Singapore (MAS) yesterday announced the launch of a global challenge to conceptualise a retail…

The Bank of England has launched its Biennial Exploratory Scenario to better understand the resilience of the UK financial system to the physical and transition risks associated with different climate pathways. The intent of this stress test is three-fold:. Size the financial exposures of participants and the financial system more…

an established European Fintech firm, has chosen Sextant for Daml, the blockchain and smart contract management and operations solution offered by Blockchain Technology Partners (BTP), in order to deliver its post-trade offering. LiquidShare was developed back in 2017 by leading European financial institutions including AFS Group, BNP Paribas Securities…

Limited resources. Even more limited time. Smaller firms look for aid from their own professional services providers — accountants among them — to offer payment methods to their own end users. But a number of hurdles are involved as those same end clients must grapple with know your customer (KYC)…

Wyelands Bank only managed to bag two customers under a new business plan that was meant to make it less reliant on its biggest shareholder, industrialist Sanjeev Gupta, MPs have been told. Wyelands chief executive Stephen Rose said that around 80% of the bank’s supply chain finance business came through…

a transformative Fintech firm that’s focused on “driving efficiency & precision guest location for food & drink ordering & payments,” has acquired £1,414,473 from 246 investors (at the time of writing) via Seedrs. FETCH has now achieved 141% of its £1,000,013 target with 34 days left until its. campaign…

Philippines-based PLDT’s digital unit Voyager Innovations raised $167 million from existing investors KKR and Tencent, and added a World Bank unit as a new investor to drive its expansion into financial services and start a digital bank. Participating in the funding were PLDT, KKR, Tencent and IFC Asset Management, a…

Singapore and the United Kingdom have kicked off discussions on a bilateral agreement that aims to facilitate digital trade and new opportunities, including cross-border data flow and use of technologies such as artificial intelligence (AI). The move follows similar pacts Singapore have already inked with Chile and New Zealand. The…

It’s a good match: Nivaura has gone deep when it comes to tokenizing securities, working closely with partners like the London Stock Exchange Group (LSEG). DBS, with the support of the Monetary Authority of Singapore (MAS), is a leader when it comes to institutional involvement in cryptocurrency and digital assets.

The U.K.’s Financial Conduct Authority (FCA) has prohibited Binance Markets Limited from undertaking any regulated activity in that country, according to a report. The company currently isn’t allowed to do those things after a ruling prohibiting such without the written consent of the FCA. The report notes that no other…

Hargreaves Lansdown, a UK-based digital wealth management platform, has selected Stripe as its primary payments partner. Hargreaves Lansdown will use a range of Stripe products including Stripe Payments, Stripe Radar and Stripe Connect, to deliver payments to its users. As primary payments partner for Hargreaves Lansdown, Stripe will power tens of billions of pounds annually for the platform’s savers and investors.

Managers are investing in new technologies in order to boost their organization’s agility and flexibility, a new report from the Harvard Business Review and cost management company Apptio suggests. However, without understanding the business value of their technology investment, as well as having a shortage of timely data in general,…

Visa announced it has signed a definitive agreement to acquire Tink, a European open banking platform that enables financial institutions, fintechs and merchants to build tailored financial management tools, products and services for European consumers and businesses based on their financial data. Visa will pay total financial consideration of 1.8 billion Euros, inclusive of cash and retention incentives, to acquire Tink.

LONDON (Reuters) -Britain’s accounting regulator said on Monday it has opened an investigation into how PwC audited the accounts of Wyelands, the bank owned by steel tycoon Sanjeev Gupta’s metals-to-finance empire GFG Alliance. Wyelands financed GFG Alliance was closely linked to financing company Greensill Capital which went bust earlier this…

Singapore’s central bank, the Monetary Authority of Singapore (MAS), has announced the launch of a global challenge for retail central bank digital currency (CBDC) solutions. According to an announcement, each of three winners will get $37,000 in prize money. Subscribe to our Telegram channel to stay up to date on…

The Financial Reporting Council is to investigate recent audits of both Greensill Capital UK and Sanjeev Gupta’s Wyelands Bank, it emerged on Monday. PwC – one of the UK’s so-called Big Four accountants – is being probed in relation to the audit it carried out of Wyelands Bank financial statements for the year to 30 April 2019. Saffery Champness is to be investigated over its audit of Greensill’s accounts for the year to 31 December 2019.

KUALA LUMPUR – SME Bank has allocated RM200 million under the Pemerkasa Matching Grant Financing to assist entrepreneurs from the 3D sector (dirty, dangerous, and difficult) who are still affected by the Covid-19 pandemic, especially in manufacturing, services, agriculture, and construction businesses. The move by the bank follows the announcement…

Here at GCPay, we have one big, audacious goal—fixing the application for payment process. I’d even argue we share that goal with you. But, without the help of technology and software, that goal may be very hard to achieve. Construction software comes at a cost, a cost that (usually) must…