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Weekly analysis & opinion highlights 10 July 2020

The Retail Banker International lists the top five terms tweeted in fintech in Q2 2020, based on data from GlobalData’s Influencer Platform. The most dominant content on the platform relates to the AI industry, with 13,714 mentions, followed by financial services, Covid-19, machine learning and banking.The fintech industry started gaining again traction among businesses and social media acknowledges this, having discussions about popular topics such as tech innovations, technologies of the future and understanding the limits of artificial intelligence. Read more

From a more concerning perspective, the UK Chancellor’s summer economic update to Parliament reveals that over one million bounce back loans have been approved, which posits questions in terms of whether the sums can be repaid. The government supported Bounce Back Loan Scheme is part of the overall loan programme put in place by the government to provide emergency cash flow to small businesses affected by the coronavirus pandemic. Read more

Moreover, the “fintech revolution” might be on hold, according to Ammar Akhtar, CEO, Yobota. Besides mobile technology, consumers are on the outside when it comes to fintech technologies. The “why” behind this reasoning is mainly caused by the cautious nature of consumers but also on the skepticism in the case of industry leaders, such as banks and also governmental regulators when it comes to Fintech. Read more

Further regarding the European FinTech landscape, Flagship Advisory Partners recently examined the entire population of registered payment institutions and e-money institutions in the UK, which is one of Europe’s largest and friendliest market for fintech startups. The study presents a segmented and categorised view among 3,700 companies and pinpointed the areas of the market with the greatest shakeout expectancy. Read more

BAE Systems Applied Intelligence and Acuminor united their forces to launch a new technology on the market which helps banks in identifying transactional behaviour linked to human trafficking. With this technology, banks are now able to detect suspicious activity and also test their financial crime systems against potential attacks. The collaboration comes at a perfect time, due to the fact that the effects of money laundering, caused by human trafficking, have substantial devastating results. Read more

There has been a lot of intrigue around the decentralized financial system (DeFi), due to its numerous benefits that it offers, such as exchanges, loan platforms, and other projects that act as autonomous hubs that users can use to access a variety of financial services without having to rely on a third party. The experts and public are divided on the topic, with some suggesting that DeFi will just be another victim to the hype, like the ICO craze, while others see DeFi as the future of the financial marketplace. Read more

Although the Cloud has become a standard norm in the financial industry, not all companies are ready to implement this system into their businesses. The main issues are represented by concerns in terms of security, costs and the uncertainty that this technology faces due to insecurity derived from potentially not meeting the regulators’ requirements. Read more

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