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Weekly Analysis And Opinion Highlights – 19 December 2022

And we’re kicking off the week with new analysis and opinions on fintech with new finance space for 2023, open banking, and more. Dive into the latest fintech insights and have a great start of the week! 

Railsr: ‘Old Finance’ Is Dead, but What Will Take Its Place? (Fintech News)
The global pandemic drove a decade of change into a single year. The world has reached an inflexion point – a time of radical digital transformation. As a consequence, consumer expectations have progressed significantly across all ages, and consumer appetite for experiences is more prominent than ever. Although we are currently living in an age of outstanding customer experiences, the finance industry, stuck in a world of products and transactions, is still lagging behind. Undeniably, the initial wave of fintechs and neobanks that emerged since the 2008 financial crash has digitised and massively improved the banking customer experience. But many remain as a digital layer on top of old finance infrastructure. Fintech 1.0 is better than old finance but it’s not yet all that different. However, we’re on the cusp of a much bigger industry restructure. This is going to fundamentally change who distributes financial services and how they are consumed. Read more

How IMTF is equipping banks and FIs with the tools they need to fight financial crime(Global Fintech)
At IMTF, there is a strong shared belief that intelligent use of technology for compliance and digitisation can pave the way to a safer and more sustainable world. IMTF was founded in 1987 by Mark Büsser. After graduating from the Swiss Federal Institute of Technology in Zurich with a degree in aeronautical engineering, he went to IMD in Lausanne, Switzerland, where he obtained an MBA in 1984. He started his career in management consulting, then led and transformed a large machinery and automation company into an integrated provider of hard- and software solutions. It was during trips to the US and Japan that he discovered optical memories, which were much more powerful than the hard disks and image digitisation devices of the time. Mark Büsser then realised the potential of this technology for document management and archiving. At the age of 33, he left his job to create IMTF in the area of Fribourg, Switzerland. Read more

Exchange Scale-Up Programme for Startups Begins Search for Fifth Cohort (Fintech News )
The Manchester-based scale-up programme, Exchange, has begun its search for tech start-ups to join its fifth cohort.
Exchange’s tech scale-up is now welcoming applications for places on its programme, starting in March 2023. Now in its third year, Exchange has supported over 450 people from over 100 businesses that have created over 120 jobs. The scheme’s tech start-ups have raised more than £10m in funding on their growth journeys. The programme’s main aim is to support new UK-based tech businesses to fulfil their potential. It offers the use of a physical branch in Manchester’s tech and media centre. Access to industry experts, workshops, and funding opportunities are also all benefits provided by the programme. Programme partners also cover marketing, legal, technical, hiring and funding functions. The setup looks to provide businesses with a “complete toolkit” to ensure businesses do not lack support in any area. The scale-up programme is set to take applications until 11 January 2023, with judging and next-stage interviews taking place shortly after. Read more

Fintech Focus: experts from Burness Paull weigh up future challenges and opportunities for sector in Scotland (The Scotsman)
Scotland’s fintech sector continues to grow despite economic and political headwinds ranging from conflict in Ukraine to looming recession in the UK. Experts at legal firm Burness Paull, a key player in the fintech ecosystem, share their views here on a range of factors affecting the sector. They cover the current challenges for businesses, the changing face of regulation and what is coming down the track. Callum Sinclair, partner and head of technology and commercial at Burness Paull, says: “While we remain upbeat about fintech, we have to recognise market reality. Fintech isn’t immune to the tech crunch. Then there is the ‘crypto winter’ – with Luna and Terra crashing and the FTX exchange collapsing – and the macro-economic situation, including fast-rising inflation.” Read more

Technology trends influence the banking industry (The Paypers)
No matter how big or small an industry is, the presence of technology as the primary driver of corporate development creates an immense opportunity for the majority of our society. For instance, the rise of the ‘dot com’ boom marked a turning point by redefining the ways in which technology may become a cult, going beyond the bounds of accepted industrial norms. This kind of change is particularly relevant to the banking sector, which underwent a full transformation as soon as the term ‘fintech’ was coined, employing technology as the conductor to support the majority of financial services in the contemporary day. When entering the modern financial environment, one can see how Fintech companies are battling old systems to completely transform banking services and make them more accessible to everyone with the least amount of collusion. Read more

Mixed Emotions as FTX’s Bankman-Fried is Arrested in Bahamas (Fintech News)
Sam Bankman-Fried’s arrest in the Bahamas is described as “interesting timing” with the co-founder of collapsed digital-asset exchange FTX due to testify before US Congress this week. The Bahamas police arrested the former FTX CEO after receiving formal notification from the US of criminal charges against him. Bankman-Fried is expected to be extradited to the US. “The Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law,” said a statement from the Office of the Attorney General & Ministry of Legal Affairs of the Bahamas. “While the United States is pursuing criminal charges against SBF individually, The Bahamas will continue its own regulatory and criminal investigations into the collapse of FTX, with the continued cooperation of its law enforcement and regulatory partners in the United States and elsewhere.” FTX owes more than $3billion to just 50 creditors, according to court filings. Read more

How RegTech fared in a year of war and peace (Fintech Global)
As another year ends, the RegTech sector has the opportunity to take stock on what was yet another successful year for the industry. What stood out amongst others? At the beginning of 2022, one of the key considerations for companies in financial services was regulated businesses implementing and adjusting to the European Union’s 6th AML directive. The 6AMLD was, in the opinion of Moody’s Analytics, an ‘exercise is jurisprudence’, aligning with the FATF predicate offenses, identifying certain crimes that were generating cash that would need to be laundered. These crimes, the firm claims, included human trafficking, cybercrimes and environmental crimes. Read more

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