JULY 7, 2021
4 min read
What are you up to right now? Can it wait for a while? Put your things away for a moment and get into the fresh fintech news to enliven your Friday evening! We’ll feed you only with the best material, so get ready to chew and swallow the special!
A Little Glimpse of the Global Fintech Trends
Cryptocurrency Becomes the New Money Laundering Scheme in the UK
In the world of digitalized services, crypto is almost likely to outperform cash in terms of fraudulence and mishandling of money. June was representative in this relation: £114 million seizure was reported by the Metropolitan Police. Meanwhile, the recognition of the problem appeared insufficient to combat it on short notice. Though not being ended yet, July brought a new £180 million money skimming operation, probably the biggest ever in the UK. London’s authorities should immediately take precautions; otherwise, another blow won’t take very long!
The UK Fintech Is the Honey Pot for the Asian Investors
As the UK remains in the lead for hosting the most technologically advanced startups, there’s no big surprise in the Asian interest in it. Being lured by the UK innovative veins, Eastern sponsors show the steady rise of funding assets: £1.7bn in 2021 (for half a year) compared to £1bn in 2020. In numbers, this investment sum is translated into 28 purely fintech, 18 software enterprises, and 17 health tech deals. Who are they, these capital doners? Go on to find it out!
Singapore and France Unite Efforts in Experimenting with CBDC
What’s the actual problem with cross-border payments? Because of their dependence on banks, troubles can be created by currency settlement delays, foreign exchange rates uncertainty, and specific working hours limits. These hardships definitely call for an effective solution, and France and Singapore partnership is exactly about bringing change there. By creating the multi-currency shared ledger infrastructure, the involved parties are going to lay the around-the-clock cross-border transactions. Safer and less costly together, right?
Fresh & Hot Banking Acquisitions to Be Aware
Klarna Is Now Into the Social Discovery with the Help of Hero
Understanding the customers' purchasing habits is paramount for strategic marketing, and Klarna sets a good example here. The BNPL fintech’s acquisition of Hero, the social shopping provider for the US and UK markets, is surely a hit for deeper customer engagement and personalized service. Who else is as careful about the users as Klarna exhibits?
Ultumus Is Under the SIX’s Umbrella: What’s New for ETF Market?
Though little is currently known about the cost under this new business deal, SIX and ETFC Capital have earlier been the partners resorting to Ultumus for the ETF calculation service. However, the rules of the game changed on 12 July. So, what’s next? For now, the idea is to broaden the ETF and index management opportunities to enterprises, asset managers, and trading desks.
CIBC & Microsoft: Is Cloud Tech a New Futile Ground?
Having tested their mutual collaboration before, the Canadian Imperial Bank of Commerce and Microsoft decided to move to a new level of professional relationship through the upscaling of the banking service via cloud technology. Alongside ML and AI, cloud computing is another lucrative way to the bank’s transformation. Morgan Stanley, SimCorp, Paysafe, … — who will be the next to jump to the bandwagon in 2021?
Discussion Over the Crypto and Payments
BNPL Has A Cherry on a Cake To Offer You: Get to Know the Details!
Have you thought about the BNPL’s confident expansion across the globe? Believe it or not but the facts are louder than words! According to the experts' estimates, the BNPL’s products should grow four times more. So, isn’t that the best moment for you to search for the suitable application of BNPL tools into your business model? Just imagine giving first-class onboarding to your customers, reaching more efficient data credit decisions, or meeting the updated regulations with lesser pain and anxiety. Sounds good?
FCA’s Policy Against Crypto Affected Barclays' Users
The British multinational universal bank is among the affected parties after the FCA’s recent update on the cryptocurrency exchange. Based on the above-discussed money laundering actions, UK customers aren’t allowed to deliver payment transactions to Binance, a well-known crypto exchange platform. The permanent suspension of users' debit and credit cards is seen as a safety precaution measure to stop further cases of fraudulent disaster. Do you think it enough to upend the current situation with crypto swindling?
Swiss Bank UBS Warns Investors About the Crypto’s Instability
While numerous banking providers are lined up for adding crypto into their services, the others show the reverse tendency. For instance, China significantly decreased its support for crypto mining because of environmental damage. The US, the UK, and Nigeria are the countries also started to question the cost-value correlation of overcoming the currency’s instability challenge. Besides, the altered price of coins in the market also fueled doubt among the fintech players. That’s why UBS currently recommends investing in the less risky assets not to go down with the ship.
Are you through with reading full of thoughts for consideration? BNPL, CBDC, crypto, new banking partnerships, or else — what are you busy with? Whatever your bothering ideas are, be sure that you’ve come up to the right place! DashDevs will straighten out your pucked-up ball of doubts — only confide to us!