Innovation

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How startups should approach working with large banks

/Innovation

How startups should approach working with large banks

How can a technology startup of 30 people, service its small group of clients with a combined workforce of over one million employees, $1 trillion in market cap and decades of legacy systems? By adopting a 'Thin Wedge' approach to innovation, says Guy Halford-Thompson, co-founder and director of enterprise blockchain company BTL Group

RBS and Allianz join C$45m funding round for quantum computing startup 1QBit

/Innovation

RBS and Allianz join C$45m funding round for quantum computing startup 1QBit

A host of financial services firms, including the Royal Bank of Scotland, have joined a C$45 million Series B funding round for Vancouver-based quantum computing startup 1QBit Information Technologies.

ECB: Banks need to grasp instant payment opportunity to beat off virtual currencies

/Innovation

ECB: Banks need to grasp instant payment opportunity to beat off virtual currencies

Banks need to implement instant payments as soon as possible and provide an alternate narrative to the ongoing public debate on the alleged innovation brought by virtual currency schemes, says Yves Mersch, an executive board member of the European Central Bank.

Swift Operations Forum Europe 2017, Amsterdam - Day 1 report

/Innovation

Swift Operations Forum Europe 2017, Amsterdam - Day 1 report

The future of money, how we use data and the dizzying advances in digital technologies dominated the opening discussions at the annual Swift Operations Forum Europe (SOFE) convention in Amsterdam.

Nordea sets up fintech fund; invests in Betalo

/Innovation

Nordea sets up fintech fund; invests in Betalo

Nordea has become the latest bank to set up a venture fund to invest in fintech startups and gain a headstart in the race towards digitalisation.

Societe Generale to cut 900 staff, close 300 branches

/Innovation

Societe Generale to cut 900 staff, close 300 branches

French bank SocGen is taking the axe to its business once again, announcing plans for a further 900 job reductions and the closure of 15% of its branch network.

BofE stress tests: Banks coud be underestimating the risks from fintech

/Innovation

BofE stress tests: Banks coud be underestimating the risks from fintech

Britain's banks may be overestimating their ability to limit the impact of fintech and open banking on future profit margins says the Bank of England.

Sberbank takes 25% stake in facial recognition startup

/Innovation

Sberbank takes 25% stake in facial recognition startup

Russia's Sberbank has acquired a 25% stake in facial recognition startup VisionLabs as part of a wider effort to build an all-encompassing biometric identification platform.

UK Open Banking expanded to cover all PSD2 products

/Innovation

UK Open Banking expanded to cover all PSD2 products

The UK's Open Banking project is being expanded to embrace all payment account types - including credit cards, prepaid cards and e-wallets - covered by PSD2.

Robots outpacing back end number crunchers at OCBC

/Innovation

Robots outpacing back end number crunchers at OCBC

OCBC Bank is reporting astonishing productivity gains following the introduction of robotic process automation to handle number crunching tasks in its secured lending and sales reporting units.

Canadian banks rally round Montreal AI lab

/Innovation

Canadian banks rally round Montreal AI lab

BMO Financial group is to inject $2 million into a new AI lab in Montreal that will aim to help startups make the transition from science projects to high-growth companies.

Norway's banks look to merge payment services

/Innovation

Norway's banks look to merge payment services

A group of Norwegian banks are preparing to merge their payments systems in an effort to protect themselves from an expected challenge from Silicon Valley.

Robeco launches fintech investment fund

/Innovation

Robeco launches fintech investment fund

Robeco has launched a Global Fintech Equities fund to give wholesale and retail investors exposure to companies that are transforming the financial sector.

HSBC names former Google engineering lead as CIO for RBWM digital

/Innovation

HSBC names former Google engineering lead as CIO for RBWM digital

HSBC has appointed Mike Warriner, a former engineering director at Google, as chief information officer for its retail banking and wealth management digital division.

DBS builds lifestyle branch for tech generation

/Innovation

DBS builds lifestyle branch for tech generation

Singapore's DBS is bidding to attract the tech generation back into the branch via a new instore 'lifestyle space', featuring freshly-brewed coffee, humanoid robots, video tellers and virtual reality retirement planning.

Ripple boss predicts central bank adoption of blockchain

/Innovation

Ripple boss predicts central bank adoption of blockchain

Central banks will use distributed ledger technology (DLT) to settle high-value interbank payments within the next five to ten years, predicts the chief executive of Ripple.

Brexit uncertainty causing skills gap say UK tech leaders

/Innovation

Brexit uncertainty causing skills gap say UK tech leaders

The ongoing uncertainty around freedom of movement post-Brexit is affecting the recruitment of technology talent and causing concern among UK tech entrepreneurs about a possible skills shortage.

Boardroom ignorance holding back bank's tech plans

/Innovation

Boardroom ignorance holding back bank's tech plans

Bank's IT departments are unable to pursue innovation with the latest digital technologies because they have lost influence in the boardroom with senior managers that do not properly understand new technology.

SEC and exchanges in spat over surveillance system

/Innovation

SEC and exchanges in spat over surveillance system

A row has broken out between the US capital markets watchdog and a number of exchanges over the plan to impose a new market surveillance system on the US equities and options market.

Singapore offers $20m grant for banks' AI and data projects

/Innovation

Singapore offers $20m grant for banks' AI and data projects

Singapore has stepped up its fintech ambitions with the offer of a S$27m ($19.91m) grant to promote the further use of artificial intelligence and data analytics in the financial services market.

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