 | 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. Mr Spencer has built up a personal fortune of around £1bn since founding ICAP, the interdealer broker, in 1986. He sold £200m worth of ICAP shares in 2017 and the sale of the company, rebranded as Nex, to the CME earned him another £750m. Source: https://www.ft.com/content/0b77234a-3ab7-11ea-a01a-bae547046735. Posted by Peter Oakes (www.peteroakes.com) #FintechUK #UKFintech See also www.UKFintech.com www.FintechIreland.com |
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 "There will not be alignment, we will not be a ruletaker, we will not be in the single market and we will not be in the customs union — and we will do this by the end of the year,” says Sajid Javid, UK Chancellor of the Exchequer, as he urges companies to “adjust” to the new reality.
The Exchequer has delivered a tough message to business leaders to end their campaign for Britain to stay in lock-step with Brussels rules after Brexit, telling them they have already had three years to prepare for a new trading relationship. In an interview with the Financial Times, Mr Javid quashed any prospect of the Treasury lending its support to big manufacturing sectors — which include cars, aerospace, pharmaceuticals, and food and drink — that favour alignment with EU regulations. Source: https://www.ft.com/content/18ddc610-3940-11ea-a6d3-9a26f8c3cba4 We have started a Brexit & Fintech page. Check it out to help answer some of your questions. And get in touch if you need more. Posted by Peter Oakes (www.peteroakes.com) #FintechUK #UKFintech See also www.UKFintech.com www.FintechIreland.com  Fintech UK take note. New money-laundering rules came into force on 10 January in the UK.
Firms need to take action as new rules aimed at tackling money-laundering came into force. These place increased importance on the acceptable use of electronic verification methods in confirming identity, without the need for passports or utility bills. Consequently, all financial services firms, solicitors, accountants, estate agents and now also letting agents not currently using electronic verification, need to re-evaluate their customer due diligence processes. Electronic verification is a far more robust, cost-effective method of Know Your Customer (KYC). The new regulations recognise the latest technological developments and clearly state that regulated businesses can use electronic verification instead of traditional methods of KYC such as passports, driving licenses and utility bills. Since 2004, firms have been able to use electronic verification, but the latest regs are explicit in that firms can use this method as their sole basis for client verification. Read the full article at The Fintech Times here - https://thefintechtimes.com/tackling-money-laundering-new-uk-rules/ Posted by Peter Oakes (www.peteroakes.com) #FintechUK #UKFintech See also www.UKFintech.com www.FintechIreland.com  Since the UK General Election on 12 December, the number of queries from UK Fintech companies contacting Fintech UK has rocketed as they try to strategise against a backdrop of a 31 January 2020 'Brexit' date, a 31 December 2020 'end of transition' date and toing & froing between UK Prime Minister Boris Johnson and European Commission President Ursula von der Leyen over deadlines and the likelihood of regulatory alignment on financial services between the UK and European Union.
In response, we have started a Brexit & Fintech page. Check it out to help answer some of your questions. And get in touch if you need more. Posted by Peter Oakes (www.peteroakes.com) #FintechUK #UKFintech See also www.UKFintech.com www.FintechIreland.com  Sifted’s choice of the nine rising UK fintech apps to watch
London's banking unicorns hog the limelight but perhaps not for long. Here is Sifted's pick of the nine rising and the UK's most promising fintech apps — from credit card providers to online will writers and real estate marketplaces. Read the article by Isabel Woodford here on why they pick the following 9 Fintech UK apps ______ Posted by Peter Oakes (www.peteroakes.com) #FintechUK #UKFintech See also www.UKFintech.com www.FintechIreland.com  JPMorgan Chase has vowed to ban fintech apps from using customer passwords to access their bank accounts, forcing tougher security standards some three years after chief executive Jamie Dimon first warned about the dangers of data-sharing.
Bill Wallace, Chase’s head of digital, told the Financial Times the lender was working towards getting customers’ passwords “out of the system” and instead issuing tokens that send third parties a narrow range of data in a secure form. Aggregator Yodlee (which sponsors FintechUK.com events) recently became the first company to agree to use tokens for 100 per cent of its interactions with Chase while Goldman Sachs-backed aggregator Plaid has signed up to start using tokens to access data on behalf of the many budgeting, personal finance and other apps which use Plaid to connect to customers. Source: https://www.ft.com/content/93dcfc52-210b-11ea-b8a1-584213ee7b2b Posted by Peter Oakes (www.peteroakes.com) #FintechUK #UKFintech See also www.UKFintech.com www.FintechIreland.com www.us-fintech.com  Check out our linked in post at https://www.linkedin.com/posts/peteroakes_fintechuk-fintech-regtech-activity-6598570014431825920-2T5V announcing that UK law firm Kerman & Co has agreed to be founding supporter of www.fintechuk.com.
Its strength & network in #fintech & #regtech, founded on a long history in technology, commercial & corporate law will be an immense help. Kerman & Co has long practised 'practical law' aimed at servicing the demanding commercial needs of its clients in the UK & globally. The team works with established tech businesses, financial institutions & innovative startups to navigate a rapidly changing landscape, against a backdrop of increasing complex regulation. We'd love to hear from #UKFintech, both established & #startups, as part of the FintechUK initiative & about how Kerman & Co can support your journey. Given my involvement with, and knowledge of, the #IrishFintech scene we are very happy to help these fintech set up & scale in the UK - like a landing pad for our friends through Fintech Ireland & of course for #FintechUK heading to Ireland too. Further details: https://fintechuk.com/brexit--fintech.html and https://www.kermanco.com/services/fintech-and-regtech/ Posted by Peter Oakes (www.peteroakes.com) #FintechUK #UKFintech See also www.UKFintech.com www.FintechIreland.com  Fintech Week 2016: report finds Britain to be the world's leading FinTech centre
The report ranked Britain first amongst the world’s seven leading FinTech hubs, from Silicon Valley to Hong Kong, having compared these FinTech markets against four key criteria: the availability of talented staff, access to investment, the nature of government and regulatory policy, and the demand for FinTech services. The report found that the UK has a particularly good policy environment for FinTech, with the most supportive regulatory regime, and praised the Financial Conduct Authority (FCA) as one of the most progressive regulatory bodies in the world when it comes to FinTech. Chancellor George Osborne said: In 2014 I said I wanted Britain to be the global capital of FinTech. This report says that we have delivered exactly that: we have the most supportive tax and regulatory regimes in the world for FinTech, and we have the world’s leading FinTech ecosystem. But we’re not going to rest on our laurels. I know that we need to do more if we want to maintain this position, and so I welcome the report’s recommendations. We are defining the future of global banking right here in the UK. This is all part of our long term plan to cement Britain’s position as the centre of global finance. EY attribute Britain’s No 1 ranking to a deep talent pool, the strong availability of capital for investment in Fintech Start-ups, the most supportive government policy towards Fintech, and high-demand from clients in London’s world-leading financial services sector. The government announced that it would launch this exercise in July 2015 in order to track how the UK ranks against its international FinTech competitors. Read EY’s report, UK FinTech: On the cutting edge EY’s conclusions are based on detailed analysis of FinTech practises across the globe, and interviews with over 65 FinTech experts. The report also makes a number of recommendations, in order to ensure that the UK cements its position as the world’s leading FinTech ecosystem. The government welcomes these recommendations, and is considering how best to take them forward. Britain’s FinTech sector supports over 61,000 jobs and generates billions of pounds of revenue for the UK’s economy. Its development has kept the UK’s financial services sector on the cutting edge of innovation, and has increased competition and choice in banking, helping customers and businesses to get better services. |