Innovation

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Avoiding artificial stupidity

/ai

Avoiding artificial stupidity

While most financial applications of artificial intelligence have been in the customer service space, there are other areas that banks are working with to improve through implementation of innovation technology.

Fintech founders pessimistic about UK's post-Brexit prospects

/Innovation

Fintech founders pessimistic about UK's post-Brexit prospects

As Brexit looms, UK fintech founders are pessimistic about the country's ability to remain a world leader in the field, according to a survey from the Digital Finance Forum.

South African Reserve Bank to run fintech demo day

/Innovation

South African Reserve Bank to run fintech demo day

The South African Reserve Bank is calling on fintech firms to pitch their products to an audience of central bankers, regulators and local institutions at a demo day in October.

CommBank tests blockchain-based marketplace for biodiversity tokens

/Innovation

CommBank tests blockchain-based marketplace for biodiversity tokens

Commonwealth Bank of Australia has unveiled a blockchain-based digital marketplace prototype where users can trade government biodiversity credits.

Westpac sets aside $50,000 for 2019 Innovation Challenge winner

/Innovation

Westpac sets aside $50,000 for 2019 Innovation Challenge winner

Westpac has set up a $50,000 prize pot to tempt startups to enter its 2019 Innovation Challenge, which this year is focusing on a new wave of data-driven initiatives based on the recent passage of Consumer Data Right legislation.

Irish banking federation sets up cross-sector Fintech Foresight Group

/Innovation

Irish banking federation sets up cross-sector Fintech Foresight Group

Banking & Payments Federation Ireland (BPFI) has established a Fintech Foresight Group to harness new technical developments from the startup ecosystem and help to inform policy under the Government’s financial services strategy, Ireland for Finance.

Singapore fintech employment remains strong with minimal talent shortage

/startups

Singapore fintech employment remains strong with minimal talent shortage

According to a survey put together by the Singapore FinTech Association (SFA) and PwC Singapore, 42% of fintech firms in Singapore have over 30 employees and a further 31%, between 11 and 30 employees.

Dissecting AI hype and FOMO

/ai

Dissecting AI hype and FOMO

While artificial intelligence is transforming several industries, the financial sector has a lot to learn from specific case studies in non-banking areas such as health, travel and retail. To start at the beginning, despite the term AI having been bandied about with a number of different definitions, the actual definition is simple: technology that appears intelligent.

Funding Circle hits $10bn lending milestone

/startups

Funding Circle hits $10bn lending milestone

Funding Circle, the listed peer-to-peer lender, has reached a cumulative global lending milestone of over $10 billion.

Global fintech investment falls sharply

/Innovation

Global fintech investment falls sharply

Global investment in fintech ventures fell sharply in the first half of 2019, as fundraising and deal activity in China ground to a halt, partially offsetting strong gains in the US, UK and several other European countries, according to Accenture analysis of data from CB Insights.

Portuguese banks back Open API platform

/devops

Portuguese banks back Open API platform

Portugal has taken a major step towards Open Banking after local payments processor Sibs launched an API platform that brings together 24 financial institutions.

Northern Trust applies machine learning to securities lending

/Innovation

Northern Trust applies machine learning to securities lending

Northern Trust has developed a pricing engine for securities lending that utilises machine learning and advanced statistical techniques to forecast lending rates for 34 global markets.

Singularity Studio and PICC FS forge AI and blockchain pact

/Innovation

Singularity Studio and PICC FS forge AI and blockchain pact

PICC Financial Services, the wholly-owned fintech arm of People’s Insurance Company of China, and Singularity Studio have signed an MoU to open a new accelerator in Beijing to promote the development of AI and blockchain-based services for the insurance market.

Tandem Bank leverages Open Banking to offer competitive mortgages

/Innovation

Tandem Bank leverages Open Banking to offer competitive mortgages

Mobile bank Tandem is developing the UK’s first crowd-designed mortgage for those hoping to get on the property ladder, allowing priced-out consumers to share their personal mortgage must-haves with the digital challenger.

New Zealand backs salaries paid in cryptocurrencies

/Innovation

New Zealand backs salaries paid in cryptocurrencies

New Zealand based companies can now legally pay their employees in cryptocurrency, establishing the controversial asset class as a mainstream form of payment.

Venmo rolls out instant transfers to bank accounts

/Innovation

Venmo rolls out instant transfers to bank accounts

Hot on the heels of the US Federal Reserve’s real-time payment and settlement system announcement, Venmo has launched a feature that supports instant transfers to US bank accounts.

NatWest trials Google voice tech

/Innovation

NatWest trials Google voice tech

NatWest customers will be able to check their bank balance and transactions by talking to their Google smart speakers or smartphones, as part of a new trial.

How corporate bankers can leverage open APIs to innovate

/devops

How corporate bankers can leverage open APIs to innovate

Traditional banks are still not meeting the expectations of their customers because of the legacy core systems that most financial institutions are saddled with, preventing innovation.

Nordic API Gateway launches account-to-account payment services

/Innovation

Nordic API Gateway launches account-to-account payment services

Backed by DNB and Danske Bank, Nordic API Gateway has opened its payment initiation service, designed to help third-parties build instant account-to-account payment services for both businesses and consumers.

Shinhan Card tests Face Pay

/Innovation

Shinhan Card tests Face Pay

Korea's Shinhan Card group has begun testing a facial recognition-based payment system within the company's canteen and onsite convenience store.

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