UK Fintech News & Insights

NEWS: Fintech UK & Brexit - What next for UK Fintech?

9/1/2020

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

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NEWS: Sifted's Choice Of The Nine Rising UK Fintech Apps to Watch

6/1/2020

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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

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

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JPMorgan to ban fintech apps from using customer passwords

1/1/2020

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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

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NEWS: Kerman & Co support Fintech UK

18/11/2019

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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

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NEWS: Britain is the leading FinTech centre in the world

26/2/2016

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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.

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NEWS: Fintech UK & Brexit - What next for UK Fintech?

NEWS: Sifted's Choice Of The Nine Rising UK Fintech Apps to Watch

JPMorgan to ban fintech apps from using customer passwords

NEWS: Kerman & Co support Fintech UK

NEWS: Britain is the leading FinTech centre in the world

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