MAY 21, 2021
4 min read
Have you celebrated international Banker’s Day or greeted some friends or partners of yours? If no, it’s never too late! But before you take your phone and start texting, grab a few interesting pieces of news to share with your interlocutor. Find just a few minutes for reading, and you’ll feel like a true fintech guru. Lead-out with this!
Banking Updates in the Name of Enhancement
Fed Is Thinking to Quit with Traditional Banks Dependency
The Federal Reserve is currently working on a more flexible and transparent system that will allow fintechs to directly access their accounts and services by escaping redundant regulatory procedures. Perfect disintermediation in work? A response to the pandemic? Or both of them? Anyway, to enter the new banking charters, you need to follow the rigid regulations assigned by the American Bankers Association. However, such banking transparency between the government and the US consumers worth sacrifice, right?
Should Bankers Be Accepted to Fintech Circles?
The recent tweet of Alex Johnson, Fintech Takes author, has opened the heated discussion over the bankers’ discrimination by the fintech companies. According to his observations, contemporary fintech startups are frequently biased towards the traditional bank ex-employees already at the hiring stage. The reason behind it is the fintechs’ disbelief in applicants with banking expertise in terms of risk management, reporting issues, or ability to live by the specific company’s expectations. Though this overreaction meets severe criticism, many experts still insist on the mindset mismatch and further negative implications for business. And what’s your point of view on that?
We’ve Heard about Open Banking, But What Are Proofs?
Though the concept of open banking has been notorious since 2018, many of us still lack a clear picture of how it looks like. To illustrate, the recent implementation case is brought by Yodlee, an American software provider, which is on the way to expanding its account services. In addition to the traditional banking and credit options, the company is ready to launch accessible investment and pension data tools for its clients. The novelty is possible under the FCA’s trust framework, which indicates the stronger tie between the wealth management agents and customers. Does this example shed the light on open banking nature for you?
Business Deals & New Products to Think Over
Deutsche Bank Resorts to Silverflow For Creating the Revolutionary Ecosystem
Deutsche Bank relies on Silverflow payment technology to supply its users with the best-in-the-market services and online payment solutions. Holding its sway in Europe and the US, the bank has signed a new card that will match these geo-based cloud requirements. Hope that this automatization decision will appear more profitable and long-lasting than the previous one, held with Treasury Intelligence Solutions (TIS). May luck be their companion!
Temenos & Taurus Swiss-based Merge: What For?
In the light of banking fusion with digital assets firms, the business deal recently made between Temenos and Taurus doesn’t seem surprising at all. For the former, the core banking software producer, such partnership is expected to facilitate access to digital actives. For the latter, its partner, the unity is also promising, strengthening the brand awareness in the market. Ultimately, the consumers will be provided with 3 major perks: digital money custody, tokenization and ongoing supervision, and API-centered blockchain connectivity. Will it be enough to combat the rival Fiserv, which has an alliance with Titan?
Pirum Launches the New Analytics Tool to Improve Clients’ Risk Management
The UK financial services technology firm Pirum has the reason to be proud of — from now on it gives more conscious collateral exposure analysis to the customers. This groundbreaking feature is realized through the added analytics module, which is responsible for ameliorating the transparency, flow, and risk evaluation within the system. The #2 mission here is the step towards smoother regtech rules abidance and minimizing the violations under CASS (MiFID) standards. Do you have any smarter approach in mind?
Innovation News From Abroad
In UK Cryptocurrency Unexpectedly Turns Into The Art Object
The case with Mad Dog Jones and his miraculous NFT’s selling for $4.1 million proves that many crypto experts have significantly undersold this type of digital asset. The art industry has made its changes in crypto valuation, first in the UK setting and now spreading to the international scale. To keep abreast of time, UK banking institutions need to adjust their legal basis to the crypto channels as now they’re taken back by this rapid market transformation.
Japanese Are Again on the Cutting Edge of HFT Fashion
The tech tycoon Toshiba is on the verge of changing the fin trading world by testing the quasi-quantum technology in local stocks. Having enlisted the support of Dharma Capital, the company is targeted at market efficiency and liquidity growth. For the regular consumers, this trial is thought to bring the new-level statistical arbitration solutions. Could you envision such a huge breakthrough in 2021?
HSBC Openly Admits the Asian Dominance in Wealth Management Operations
HSBC has announced its plan to hire 1,000 Asian wealth management specialists to cover the existing personnel gaps till the end of the year. For this purpose, they’re ready to spend $3.5 billion, the larger half of their investment sum, which makes South China in the limelight thanks to the continued revenue growth in the region. Compared to the European loss statistics, especially within the French branches, the Asia-Pacific region makes a hit in profits: $12.8 billion in 2020. Standard Chartered and Whilst Citigroup also show the trend support, so it begs the question on Chinese wealth management superiority.
Have you selected the news to your liking? Are you ready to share it with someone else or would you prefer to greedily leave the secrets and fresh insights only to you? Whatever your choice is, if you’re reading these final lines, we’ve done a good job. Come back to DashDevs to be up to speed, and contact us if you have any questions/ideas to be discussed. We’re always here to serve the best tech dish for you!