UK Fintech News & Insights

NEWS: Fintech UK & Fintech Ireland rejoin as community partners of Fintech Abu Dhabi for 2020. UK Stop Date 5th August 2020!

4/8/2020

Delighted that FINTECH UK and Fintech Ireland this year are again community partners of FinTech Abu Dhabi which this year is cohosted by Abu Dhabi Global Market (ADGM) and Central Bank of The UAE.

Just 1 day to go to join #FinTechAD’s online #UK stop, on the 5th of August, and hear from #FinTech experts Julie Lake, Founder FinTechCity - The FinTech 50 & Johan Lundberg Founding Partner, NFT Ventures to discuss 'The Next Generation; How to spot a great #Fintech startup'.

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NEWS: Cryptoasset Promotions - UK Government Consultation on Promotion

27/7/2020

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Cryptoasset promotions Consultation

The UK government is consulting on a proposal to bring certain cryptoassets into the scope of financial promotions regulations.

FintechUK intends to provide a response. If you would like to join our industry response, please contact us at [email protected] with your full contact details. We'll be in touch on a plan for the response. This consultation closes at 12:15am on 26 October 2020.

We'll use the definition in the Consultation Paper as a baseline for the response, however as definitions are key to everything, responses on the definition are very welcome:

"There is no single, widely-agreed definition of a cryptoasset. Broadly, a cryptoasset is a cryptographically secured digital representation of value or contractual rights that uses some type of distributed ledger technology (DLT) and can be transferred, stored or traded electronically. This is the approach taken to defining cryptoassets for the purposes of the UK’s Money Laundering and Terrorist Financing regulations ,and is the basis of a definition developed below. Examples of cryptoassets include Bitcoin and Ethereum. The market is constantly evolving, with new and different cryptoassets being developed."

Documents
Cryptoasset promotions: consultation PDF, 246KB, 27 pages
Consultation responses on Cryptoasset promotions: form Word Document

Further Reading: https://www.gov.uk/government/consultations/cryptoasset-promotions

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NEWS: JP Morgan Chase Set To Launch UK Digital Consumer Bank in 2020

22/7/2020

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From www.US-FinTech.com

JPMorgan Chase, the world’s biggest lender by market capitalisation is set to introduce savings and loans products in the UK using the Chase brand in the next few months.

This significant new entry into the UK consumer banking sector could spark a new price war among lenders already struggling to deal with a protracted period of ultra-low interest rates.

Source: https://us-fintech.com/news--insights/jpmorgan-chase-set-to-launch-uk-digital-consumer-bank-this-year

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NEWS: ABC Finance Ltd Launches a United Kingdom Fintech First - The UK's First Bridging Loan Comparison Tool

22/7/2020

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Gary Hemming, Commercial Lending Director at ABC Finance Ltd

Thanks to Gary Hemming for the update on ABC Finance Ltd launching the United Kingdom's first bridging loan comparison tool.

Staffordshire based commercial finance brokerage ABC Finance have launched the UKs first online bridging loan comparison tool.

ABC Finance expects the tool to be used by 5,000 people in its first year. The comparison tool is designed to improve access to funding for consumers and businesses throughout the COVID pandemic and beyond.

On its launch, the system will compare over 130 different bridging loans and will continue to grow to 200 by the end of 2020. The system can provide terms instantly for almost any security including residential, semi-commercial, commercial or land.

"Until now, a true comparison of products across the market has been exceedingly difficult, with brokers often offering wildly differing terms and contacting each lender being unrealistically time-consuming." says Gary Hemming, Commercial Lending Director at ABC Finance.

The UK bridging loan market is rapidly growing and is now a £4.5bn industry. With the launch of this new comparison system, the market will now be accessible to consumers 24/7. This is expected to be the first of a number of fintech tools released by ABC Finance over the coming years [Ed- we look forward to hearing more].

Peter Hemming, Managing Director of ABC Finance said that the commercial finance market was “in desperate need of disruption, with a reasonable comparison between different lending options almost impossible to do with very few lenders publishing rates online and many brokers charging high fees for their services.

“The biggest expense that most of us face is the purchase of a property and we’re committed to saving those going through the process as much money as possible. We want to take the commercial finance market into the 21st century, through speed of information and transparency.”

Gary Hemming added “The bridging loan market is often difficult to navigate and we wanted to provide a simple way for consumers to make sure that they’re getting a fair deal.

The market is littered with clients paying high broker fees and we believe that is an old-fashioned model and the time is right to give consumers a tool that will truly save them money.”

Have something important to announce about fintech innovation or other noteworthy news on UK Fintech? Contact us here.

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NEWS: Fintech startups raised $34B in 2019

21/7/2020

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From www.US-FinTech.com

Financial services startups raised less money in 2019 than they did in 2018 as VC firms looked to back late stage firms and focused on developing markets.

CB Insights annual report published this week, finds that fintech startups across the world raised $33.9 billion in total last year across 1,912 deals, down from $40.8 billion they picked up by participating in 2,049 deals the year before.

Source: https://techcrunch.com/2020/02/22/fintech-startups-raised-34b-in-2019/

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NEWS: Report finds Bristol & Bath is a UK hotspot for FinTech entrepreneurs

10/2/2020

New report says that the Bristol & Bath region has one of the strongest FinTech ecosystems in the UK, including a high number of fast-growing startups and scaleups.

The report says that Bristol and Bath regions have proportionally more firms active in the FinTech sector than any other region Whitecap has reviewed to date. The report also finds that:

28 of the 107 firms identified are FinTech startups and scaleups
Bristol & Bath has a larger number of early stage FinTechs than areas with populations more than three or four times its size.
the UK's South West has also had more participants than any other region outside London in the FCA’s regulatory sandbox.

Co-authored by Whitecap’s Julian Wells, Director & FinTech Practice Lead, and Stuart Harrison, Associate Director for the South West, the report is the first formal analysis of the FinTech ecosystem in the region and was supported and co-funded by a number of organisations in the South West, including FinTech West, BJSS, Clarke Willmott, DAC Beachcroft, Hargreaves Lansdown, Invest Bristol & Bath (the inward investment arm of the West of England Combined Authority), TLT LLP, and University of the West of England (UWE). Forewords from Innovate Finance and TheCityUK.

Source: https://www.whitecapconsulting.co.uk/press-release/report-finds-bristol-bath-is-a-uk-hotspot-for-fintech-entrepreneurs/

Posted by Peter Oakes (www.peteroakes.com)
#FintechUK #UKFintech
See also www.UKFintech.com www.FintechIreland.com

NEWS: UK fintech Monese to exceed £1bn value with latest fundraising

27/1/2020

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Further announcements of investment in the thriving UK fintech sector this week with news that payments service provider Currencycloud has raised $80m (£61m) in funding to support the next round of its growth in this Series E round.

The new investment from global heavyweights including Visa, International Finance Corporation (a member of the World Bank Group), BNP Paribas, SBI Group and Siam Commercial Bank.

M ichael Cogley Tech Correspondent, Telegraph (who has a portfolio of articles on fintech) reported that the London-headquartered firm will use much of the additional funds to add an extra 100 staff this year, bringing total headcount to over 300 people.

Currencycloud is a global payments platform built on smart technology that takes the complexity out of moving money. Its tools for cross-border payments are used by some of the world’s biggest fintechs, including Monzo, Revolut, and Starling. It has also recently added Visa to its client list.

Sources:
Currencycloud - https://www.currencycloud.com/company/news/item/currencycloud-the-market-leader-in-embedded-cross-border-payments-secures-80-million/
Michael Cogley Tech Correspondent, Telegraph -
https://www.telegraph.co.uk/technology/2020/01/27/payments-firm-currencycloud-closes-61m-funding-round/?WT.mc_id=tmg_share_tw

Posted by Peter Oakes (www.peteroakes.com)
#FintechUK #UKFintech
See also www.UKFintech.com www.FintechIreland.com

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NEWS: Christopher Woolard appointed Interim Chief Executive of the FCA (UK Financial Regulator)

24/1/2020

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Very positive news for UK Fintech and financial services firms in the UK plus a strong signal to the international markets that the UK fully appreciates the importance of competition and innovation following news that HM Treasury, upon advice of the Board of the Financial Conduct Authority (FCA), has appointed Christopher Woolard as Interim Chief Executive.

Chris will take on the Chief Executive role following Andrew Bailey’s departure to become Governor of the Bank of England. Chris is currently the FCA’s Executive Director of Strategy and Competition and an Executive member of the FCA’s Board.

Charles Randell, the FCA’s chair, said: 'I’m looking forward to working with Chris in his Interim Chief Executive role. I’m confident that he and Executive Committee colleagues will continue to deliver our ambitious plans for change in 2020 and beyond, building on the foundations laid by Andrew Bailey.'
Chris Woolard, said: 'I’m delighted that I’ve been asked to take on this role. We have a huge job to do and I’m looking forward to working with the Board and colleagues across the FCA as we continue to deliver the FCA’s mission.'

Christopher Woolard’s CV:

As Executive Director of Strategy and Competition, Chris is responsible for the FCA’s policy output, its work on innovation, competition and economics and for helping direct the strategy for the financial regulator. Chris joined the Financial Services Authority in 2013, to help lead the creation of the FCA. Before that, Chris worked at Ofcom (2009-2012), the BBC (2005-2009) and in the civil service (1995-2005).
Chris is also currently a non-executive member of the Payment Systems Regulator Board.
The Chief Executive of FCA is a public appointment made by HM Treasury.
HM Treasury will be running an open competition for the permanent Chief Executive and further details will be announced in due course.

Source: https://www.fca.org.uk/news/press-releases/christopher-woolard-appointed-interim-chief-executive

Posted by Peter Oakes (www.peteroakes.com)
#FintechUK #UKFintech
See also www.UKFintech.com www.FintechIreland.com

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NEWS: UK watchdog tells markets - be ready in case of no EU trade deal following Brexit

23/1/2020

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Financial firms in Britain should be ready in case no trade agreement is struck with the European Union by December, a senior UK regulator said on Thursday.

Britain leaves the EU next week, followed by a “business as usual” transition that ends in December. Britain and the EU will formally begin trade talks in coming weeks.

“Firms still need to ensure they are prepared for a range of scenarios that may happen at the end of 2020– and this includes the scenario in which the activities they conduct might not be covered by agreements reached between the UK and the EU.,” said Nausicaa Delfas, executive director of international at the Financial Conduct Authority.

Britain has already put all EU financial rules into UK law, which means it will have “the most equivalent framework to the EU of any country in the world,” Delfas told an event held by law firm BCLP.
Britain will also need to decide whether EU-based financial firms can have access to UK investors under the same equivalence system it has inherited by adopting the EU laws.

Ms Delfas clarified that “[w]ith the withdrawal agreement between the UK and the EU now likely to be passed, this will mean that:

A “no deal” exit will not happen at the end of January 2020 and we will enter an implementation period.
EU law will continue to apply throughout 2020, and passporting will continue as now during that time. Consumers’ rights and protections will also remain unchanged.

It also means that:

The UK and the EU will begin discussions on the future relationship including the Political Declaration commitments to conduct mutual equivalence assessments by mid-2020.
Firms still need to ensure they are prepared for a range of scenarios that may happen at the end of 2020 – and this includes the scenario in which the activities they conduct might not be covered by agreements reached between the UK and the EU."

Source: https://www.fca.org.uk/news/speeches/global-regulation-local-solutions
Source: https://uk.reuters.com/article/uk-britain-eu-markets/uk-watchdog-tells-markets-be-ready-in-case-of-no-deal-brexit-idUKKBN1ZM152

Posted by Peter Oakes (www.peteroakes.com)
- thanks to Quent Rickerby (Linkedin Post)
#FintechUK #UKFintech
See also www.UKFintech.com www.FintechIreland.com

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NEWS: A thousand EU financial firms plan to open UK offices after Brexit

21/1/2020

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Food for thought for those thinking Brexit is the end gong for UK financial services and fintech.

Reuters reports that a thousand EU financial firms plan to open UK offices after Brexit.

These banks, asset managers, payments companies & insurers in the European Union plan to open offices in post-Brexit Britain so they can continue serving UK clients, regulatory consultancy Bovill said on Monday, 20 January.

“In practical terms, these figures mean that European firms will be buying office space, hiring staff and engaging legal and professional advisers in the UK,” Bovill said.

Firms from France, Cyprus and Germany have applied for 170, 165 and 149 temporary permissions respectively, the consultancy said.

EY said banks will now have to decide whether having multiple hubs in the euro zone and Britain after Brexit makes economic and strategic sense or if some should be closed.

Source: https://www.reuters.com/article/us-britain-eu-banks-idUSKBN1ZJ00D

This follows news that Michael Spencer, one of the City’s best-known entrepreneurs, has become the cornerstone investor for a new UK fintech fund that aims to raise up to £100m. Mr Spencer is to contribute at least £25m, via his IPGL vehicle, to a fund called Element Ventures, which will focus on investments in technologies that streamline working practices in financial markets.

Posted by Peter Oakes (www.peteroakes.com)
#FintechUK #UKFintech
See also www.UKFintech.com www.FintechIreland.com

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NEWS: Fintech UK & Fintech Ireland rejoin as community partners of Fintech Abu Dhabi for 2020. UK Stop Date 5th August 2020!

NEWS: Cryptoasset Promotions - UK Government Consultation on Promotion

Cryptoasset promotions Consultation

NEWS: JP Morgan Chase Set To Launch UK Digital Consumer Bank in 2020

NEWS: ABC Finance Ltd Launches a United Kingdom Fintech First - The UK's First Bridging Loan Comparison Tool

NEWS: Fintech startups raised $34B in 2019

NEWS: Report finds Bristol & Bath is a UK hotspot for FinTech entrepreneurs

NEWS: UK fintech Monese to exceed £1bn value with latest fundraising

NEWS: Christopher Woolard appointed Interim Chief Executive of the FCA (UK Financial Regulator)

NEWS: UK watchdog tells markets - be ready in case of no EU trade deal following Brexit

NEWS: A thousand EU financial firms plan to open UK offices after Brexit

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