Latest Innovation News: Finextra Research

MAS introduces 'Sandbox Express'

The Monetary Authority of Singapore has launched 'Sandbox Express', designed to relieve users experimenting with low risk applications of the cumbersome application and approval process demanded under its existing approach.

07 August 2019

News/Innovation

Standard Chartered opens innovation lab in Shanghai

Standard Chartered has opened its latest innovation lab and fintech incubator in Shanghai, in a bid to tap into the country's vibrant tech ecosystem and expertise in AI and Big Data.

07 August 2019

News/payments

UK PSR confirms Confirmation of Payee 31 March 2020 deadline

Following a slow roll out of ‘Confirmation of Payee’ (CoP) technology, the UK Payment Systems Regulator has ordered Lloyds, RBS Natwest, Barclays, HSBC, Nationwide and Santander to assure implementation by 31 March 2020.

02 August 2019

News/regulation

Indonesian regulator OJK shuts down 826 fintechs – Bloomberg

The Indonesian Financial Services Authority, known as OJK, has shuttered a staggering 826 fintech startups operating without a license in this year alone, despite the increased appetite for the industry in the Southeast Asian nation.

02 August 2019

News/Innovation

R3 commits to London despite Brexit uncertainty

R3, the enterprise blockchain software company, has doubled the size of its London hub amidst Brexit precariousness.

02 August 2019

News/Innovation

Nationwide to open digital innovation centre in London

Nationwide is to open a new digital innovation centre in London, creating over 750 new technology jobs.

01 August 2019

News/Innovation

Build your own robot with speech tech from Tinkoff

Russia's Tinkoff Bank is to sell the proprietary speech recognition software behind its chatbot Oleg to corporate customers.

01 August 2019

News/Innovation

Caixabank rolls out facial recognition ATMs

Caixabank is introducing ATMs that enable customers to withdraw cash using just facial recognition technology at a new 2200 square metre branch in Valencia.

01 August 2019

News/Innovation

Circle CEO claims current financial system is 'failing 99% of the time'

Testifying before the US Senate Committee on Banking, Housing and Urban Affairs, Circle co-founder, chairman and CEO Jeremy Allaire highlighted that the existing financial services system is in dire need of being completely overhauled.

30 July 2019

News/retail

Taiwan issues three digital banking licences

In a first for the island, Taiwan’s Financial Supervisory Commission has issued virtual banking licences to three consortiums – the latest development in the battle between Asian internet firms and the region’s legacy banks for a stronghold over consumer finances.

30 July 2019

News/ai

DataRobot raises $200 million for AI software development - sources

Data science company DataRobot has raised a Series E funding round of an estimated $200 million to develop its artificial intelligence software and automated machine learning, sources have revealed to Xconomy.

30 July 2019

News/cloud

Is RegTech encouraging a cloud revolution?

The deployment of new applications and the migration of core systems onto the cloud is in full swing, and financial institutions (FIs) could arguably soon be free of the legacy shackles that prevent them from moving forward into the age of digitalisation.

30 July 2019

News/Innovation

Finextra issues call for comment on payments revolution

Finextra is opening a public consultation on the competitive pressures driving the future strategy and direction of banks, as the sector grapples with a series of profound disruptions that are shaking up the once staid payments industry.

26 July 2019

News/Innovation

As blockchain hype subsides, banks count the cost of early euphoria

Banks and technology companies have poured billions of dollars into blockchain projects, but as the hype dies down, many of the early evangelists for the technology have come to the conclusion that production-ready deployment still remains a distant goal.

19 July 2019

News/Innovation

Tally launches banking app tied to gold ownership

UK startup Tally has launched an app offering individual banking accounts delivering saving and spending in physical gold.

18 July 2019

News/Innovation

Top US banks unite for 'Fintech Focus' coding bootcamp

Bank of America, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo are to turn their New York offices into coding bootcamps for under-represented college students in a new initiative intended to increase the representation of women and people of colour in software engineering within the financial services industry.

17 July 2019

News/payments

Cash under threat from tech giant-run e-money - IMF paper

Cash and bank deposits face tough competition from, and could even be surpassed by, e-money provided by the likes of Alipay and Facebook, says a new International Monetary Fund (IMF) paper.

17 July 2019

News/ai

Machine says no: FCA to explore the 'explainability' of AI in consumer finance

The UK's Financial Conduct Authority is partnering with the Alan Turing Institute to explore the transparency and explainability of AI in the financial sector.

16 July 2019

News/startups

Brexit be damned: UK fintech sector sees record growth

UK fintech startups have reached a record level of $2.9 billion of funding in the first half of this year, across a total of 123 deals.

16 July 2019

News/Innovation

South Korean banks join Samsung and telcos in blockchain ID project

KEB Hana Bank and Woori Bank in South Korea are collaborating with Koscom, Samsung Electronics and three leading telcos to develop a blockchain-based system for storing digital identities.

15 July 2019