Global FinTech News - 17th of July

Sterling National Bank introduced its new banking-as-a-service system. HSBC and Amazon Web Services collaborated together for a new strategic cloud deal. Revolut partnered with Paxos to start offering crypto trading services in the U.S. and a Twitter cryptocurrency scam targeted high profiles such as Apple. Other news include research progress for quantum computing apps, start-ups providing new innovations for Amazon and EU antitrust lawmakers taking action against the threats that come with the Internet of Things. Currencycloud secured an e-money license from the Dutch Central Bank.

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Robinhood received an additional $320m (€280m) from TSG Consumer Partners and IVP. Google invested in Jio Platforms, subsidiary of Indian Reliance Industries company and Mastercard also announced investment in Polish FinTech Verestro, now uPaid. Other funding rounds were secured by security monitoring solution Traceable, personal financial management startup Lanistar and digital asset infrastructure provider Metaco.

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Study by Checkout.com shows that the economic recovery has a long way to go. A new report from Corinium and FICO finds an increased demand for AI technology spurred by these unique times. Posing new solutions to fill in the gap and help SMEs can be brought by banks. Konsentus report discovered a growth for TPPs and also in approvals for services. CBINSIGHTS emphasized a loss in appetite for investors financing fintechs. Finally, KPMG looks at how financial regulators can assist with the recovery of businesses.

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We have conducted an extensive member survey in collaboration with FinTech Aera to measure and validate the current market pulse. This research was done just before and during the peak of the Corona outbreak and gives nice insights into the market’s opportunities and challenges.

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The analysis and opinion section shows new insights for this week. There are new changes for the US payments climate from BNY Mellon Treasury Services and solutions for finding the competitive advantage for digital-centricity brought by TIBCO Software Limited. Artem Tolkachev from Tokenomica explains why STO has not made its big break on the market and the Chinese banking industry moves into blockchain technology. Other pieces cover the digital insurance paradigm shift, best practices to be followed by alternative finance and looks into how data science might be more valuable than ever for banks.

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