1.UK – AltFi
2. UK – FinTech
“Tandem Bank has hired Noam Zeigerson, in a new role as chief data officer as the digital bank bids to continue to build their AI infrastructure. He will oversee the artificial intelligence operations, data-driven business strategy and data governance.
This appointment comes months after Tandem moved into new 16,000 sq ft headquarters in Russell Square as it plans rapid expansion, with aims to double its headcount to 230 people in 2019 then more than 300 in 2020.”
3. UK – P2P
“EVEN THE SMALLEST peer-to-peer lending platforms generate a large amount of data on their investors, their borrowers and the interest rates and default rates on their loan portfolios. But how much of this data should they be sharing publicly? The financial regulator wants to see P2P investors given more detailed disclosures, but some industry stakeholders are concerned about ‘information overload’.
Against a backdrop of high-profile P2P platform closures and a sharper focus on consumer protection by the Financial Conduct Authority (FCA), there will be no escaping the drive towards greater transparency in the sector.
Platforms will need to be even more open about the risks involved for investors, pricing of loans and about what happens if things go wrong.”
4. International – FinTech
“During the Cambridge Centre for Alternative Finance’s annual conference, which took place in the UK this past summer, Alfonso Garcia Mora, Global Director Finance, Competitiveness and Innovation GP The World Bank Group, tackled this very topic: Fintech is driving financial inclusion.
Mora shared some interesting statistics. While financial inclusion has improved globally, 1.7 billion adults (31%) remain unbanked. As of 2017, 69% of adults around the world have a financial account with 92% of “high income” individuals holding an account as of 2017. Excluding the high-income group, Mora reported the following percentage of adults with an account as of 2017:
- East Asia & Pacific – 53%
- Europea & Central Asia – 58%
- Latin America & Caribbean – 49%
- Middle East & North Africa – 44%
- South Asia – 48%
- Sub Sahara Africa – 41%”
5. International – FinTech
“The initial coin offering (ICO) craze of 2017 and early 2018 helped generate billions of dollars for blockchain startups throughout the world. However, many ICO projects were scams or did not lead to the development of useful products.
London-based Celsius is among the very few firms that raised capital via an ICO, and used it to create legitimate products and services. Launched in May 2018, Celsius’ fundraising campaign generated $50 million in cryptocurrency funds.”