In a concerted effort to encourage small businesses to compete in the digital economy, in February this year UK innovation foundation Nesta announced its Open Up Challenge. This challenge sought to encourage Fintech firms to explore the opportunities provided by Open Banking APIs. The impending initiation of Open Banking APIs holds the potential to transform […]
This week Rob Grupetta, Head of the Financial Crime Department at the UK’s FCA, spoke out on AI at an Anti Money Laundering (AML) event in London. With UK banks spending a reported £5 billion each year — more than the the cost of the UK prison system — on financial crime prevention, there is every […]
Or, hopefully less cryptically, the Australian Stock Exchange has become a blockchain, or distributed ledger first mover, announcing a decision to update its clearing and settlement system. The ASX announced this week that it would put into production the Digital Asset Holdings developed — blockchain based — system that it has been working on for the […]
Britain’s banks may be overestimating their ability to insulate themselves from the impact of FinTech and Open Banking challenges to future profits. For the first time, as an additional part to standard stress testing, the Bank of England examined the major UK banks’ long‑term strategic responses to an extended low growth, low-interest rate environment with […]
Is the adoption of cryptocurrencies by central banks possible? Or maybe the right question in this regard should be “when?”. It seems that many central banks have already conducted a variety of tests to help answer this question. As you may remember from our previous story, back in July, the Bank of England released results […]
MAS announces regulatory reporting will be achieved machine-to-machine via structured data and that the regulator will work to eliminate duplication within their structured data collections.
Australian and Chinese securities regulators ink agreement to exchange information about Fintech and Regtech developments.
Australia is currently experiencing a boom in its fintech industry. Over the past 12 months, the median revenue of the sector has tripled, highlighting the impact that startup fintech firms are having on the traditional financial services sector. An EY run Fintech Census included over 166 fintech companies, finding the 200% annual median revenue jump, […]
The UK’s central bank has opened up applications for a new round of its FinTech accelerator program and one of the areas it would like to explore is big data storage of XBRL. According to the regulator, 70%-80% of its regulatory data is in XBRL format and they are interested in new ways to realise […]
The UK is leading the way to open up access to its financial system, according to the UK Payments System Regulator which published its annual report yesterday. The UK has been a prime mover in the effort to ensure that new financial services providers (such as Fintech payment startups) can compete by forcing banks to […]