fintech

FDIC, fintech, Office of the Comptroller of the Currency

Acting head of the Office of the Comptroller of the Currency, Brian Brooks has set the tone for how he wants to leave a fintech-focused mark on the agency. Brooks…

ICMA details which repo and cash bond operations under focus in latest fintech update

July 2, 2020

fintech, ICMA

ICMA has updated its mapping directory of technology solutions for repo and cash bond operations. The directory now lists a total of 159 solutions, compared to 130 solutions last year…

FDIC launches competition to modernize bank financial reporting

July 1, 2020

FDIC, fintech, regulatory reporting

The Federal Deposit Insurance Corporation (FDIC) announced the start of a rapid prototyping competition to help develop a new and innovative approach to financial reporting, particularly for community banks. Twenty…

Ortex: Wirecard cost to borrow skyrocketing

July 1, 2020

fintech, Short selling, Wirecard

Hedge funds are “not done yet” with Wirecard, according to analysis by Ortex Analytics. A number of hedge funds have increased their short position since the company started insolvency proceedings…

Reuters: Brazil central bank suspends WhatsApp’s new payment system

June 26, 2020

Brazil, Central Banks, fintech

Brazil’s central bank effectively suspended a newly-launched system allowing users of Facebook’s WhatsApp messaging service to send money via chats, ordering Visa and Mastercard to halt payments and transfers via…

Reuters: Wirecard is giving Europe’s fintech industry a timely stress test

June 25, 2020

bankruptcy, fintech, German

Germany’s Wirecard announced it was filing for insolvency, a week after revealing that €1.9 billion ($2.1bn) of its cash was missing. Its collapse will test whether fast-growing and lightly regulated…

Data provider MayStreet raises $21mn led by Credit Suisse

June 18, 2020

Credit Suisse, fintech, fundraising, market data, MayStreet

MayStreet announced the closing of a Series A financing round led by Credit Suisse Asset Management’s NEXT Investors, a leading fintech growth equity group that invests in high-growth private businesses…

Clearstream picks US fintech to automate trade documentation for funds

June 17, 2020

automation, Clearstream, Finomial, fintech, Fund Administration

Clearstream, Deutsche Börse Group’s post-trading services provider, has selected Boston-headquartered Finomial’s client lifecycle management technology to automate trade documentation completion for alternative investments, including hedge funds and private equity. From…

Canada and Taiwan securities regulators sign fintech agreement

June 12, 2020

Canada, CSA, fintech, Taiwan

Members of the Canadian Securities Administrators (CSA) have signed a fintech co-operation agreement with the Financial Supervisory Commission of Taiwan (FSC). The members are the securities regulatory authorities in Alberta,…

NY and French regulators sign fintech agreement

June 8, 2020

fintech, France, NYDFS

The New York State Department of Financial Services (DFS) signed a Memorandum of Understanding (MOU) with France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) to ease entry for fintech…

Decentralized digital identity is market-ready after FCA sandbox pilot

June 8, 2020

digital ID, fintech, Open Banking

Onfido, Deloitte and Evernym announced the positive results of their Financial Conduct Authority (FCA) regulatory sandbox pilot, confirming that their reusable digital identity solution has been proven with market participants.…

Franklin Templeton, Charles Schwab acquire wealth fintechs

May 11, 2020

acquisitions, Charles Schwab, fintech, Franklin Templeton

Franklin Templeton announced it’s acquired AdvisorEngine, a digital wealth platform and provider of technology and consulting services to more than 1,200 financial advisory firms in the United States that manage…

SIFMA: evolution of the fintech narrative in capital markets

May 5, 2020

cybersecurity, fintech, regtech, SIFMA

Capital markets have been impacted by the post-financial crisis transformation of financial institution business models – not just post-crisis regulations, but the opportunities and challenges brought on by new financial…

BIS’ Cœuré: not too late for tech setup that mitigates COVID-19 impacts

May 4, 2020

Benoît Cœuré, coronavirus, fintech

Technology can help mitigate the economic and social impact of the Covid-19 crisis, said Benoît Cœuré, head of the Bank for International Settlements Innovation Hub, at the Reinventing Bretton Woods…

National Science Foundation announces fintech center at SIT

April 30, 2020

artificial intelligence, blockchain, fintech, National Science Foundation, NLP, Quantum Computing, Stevens Institute of Technology

The National Science Foundation has selected Stevens Institute of Technology in New Jersey to lead the first-ever industry-university cooperative research center, or IUCRC, devoted to financial technology and science. The…

FIS launches venture arm, targets $150mn for fintech investments

April 28, 2020

fintech, FIS, fundraising, Venture capital

FIS announced that FIS Ventures, the newly created corporate venture investment division of FIS, has launched an effort to invest a target of $150 million in promising fintech startups over…

BondIT offers optimization/automation freebie for portfolio managers working from home

April 6, 2020

automation, BondIT, coronavirus, fintech, portfolio managers

COVID-19’s nationwide lockdowns have forced countless portfolio managers and financial advisors to work remotely – many for the first time – stretching the limits of fintech into a new, remote…

TechCrunch: fintechs argue advanced tech edge for covid-19 bailout processing

April 4, 2020

coronavirus, fintech

As the largest federal stimulus package in the history of the United States, the Coronavirus Aid, Relief and Economic Security Act, injects a planned $2.2 trillion into the US economy,…

Finch Capital: after crisis mode, fintech ‘disruptive winners’ will take all

April 2, 2020

artificial intelligence, coronavirus, Finch Capital, fintech

Finch Capital published a report that discusses the challenges and opportunities the fintech sector will face both during, and after, the covid-19 crisis. Finch Capital is 6-year old firm and…

Citi’s Accelerator: external innovation navigates the coronavirus storm (Premium)

April 1, 2020

Technology

artificial intelligence, automation, Citi Accelerator, coronavirus, fintech, legacy systems, OpenLegacy, ThetaRay, topstory

The outlook for tech startups has received mixed predictions, and prevailing wisdom seems to be that survival looks like capital preservation, sensible opportunism and preparing to emerge from the covid-19…

STAC: how can fintech help in the COVID economy?

March 30, 2020

coronavirus, fintech, STAC

The new coronavirus and government responses to it are upending life in nearly every nation on earth. Healthcare providers and researchers are the frontline soldiers in the war against this…

Reuters: incumbent tech holds up on market stress, fintech feels the heat

March 3, 2020

exchanges, fintech, market structure

The stock market rout last week over fears the coronavirus could trigger a recession was the worst since the 2008 financial crisis, but market experts said on Monday trade was…

IFC reports on how central banks are tackling fintech data gaps globally

March 3, 2020

Central Banks, data management, fintech, IFC

Fintech, or technological innovation used to support or provide financial services, has developed markedly in recent years, transforming the financial landscape and creating a number of challenges for public authorities.…

How prescriptive regulatory trends are emerging for tech (Premium)

February 26, 2020

Technology

artificial intelligence, bigtech, FCA, fintech, QuantLR, Quantum Computing, regtech, topstory

Regulators are considering a more prescriptive approach to tech supervision in ways that might surprise. We attended a series of conferences that highlighted how trends are shaping out even as…

FT: BlackRock’s Aladdin under scrutiny for crowding risk as assets pass $20tr

February 24, 2020

Aladdin, Blackrock, fintech, Market Risk, risk management

Used by rival fund managers, BlackRock’s Aladdin platform links investors to the markets, ensures portfolios hold the right assets and measures risk in the world’s stocks, bonds and derivatives, currencies…

Banks seek fintech advantages amid evolving competitive landscape (Premium)

February 19, 2020

Technology

bigtech, Citi, fintech, Fintech Week, Google, topstory

Finadium has been following the ways in which incumbent banks are managing competitive pressures from bigtech firms, with fintech collaboration generally considered an important strategy. We attended a recent conference…

Incumbent-fintech battle yields record M&A led by Fidelity, Broadridge

February 11, 2020

acquisitions, fintech, Hampleton Partners, mergers

The latest Fintech M&A market report from Hampleton Partners shows that 2019 shifted towards blockbuster M&A transactions, historically high deal count levels and impressive valuations. 2019 proved to be the…

Global AI survey shows fintech/incumbent disparities as risk management leads adoption

February 7, 2020

artificial intelligence, Cambridge Centre for Alternative Finance, fintech

A recent study from the Cambridge Centre for Alternative Finance (CCAF) analyzed the current state of AI adoption in financial services, as well as its subsequent implications. The pace of…

BNP Paribas, Moody’s among firms behind “intelligent reporting automation” launch

February 6, 2020

artificial intelligence, automation, BNP Paribas, fintech, Moody's, NLG, Yseop

Yseop, an AI software company using Natural Language Generation (NLG), announced the launch of Augmented Analyst, an enterprise-wide automated report generation platform. Stemming from the imperative to move away from…

FIS releases global survey on policy responses to fintech

February 3, 2020

artificial intelligence, BIS, cryptoassets, cybersecurity, fintech, FSI, machine learning, Regulation

Financial authorities have responded to fintech developments in various ways. Based on survey responses from 31 jurisdictions, this paper from the Financial Stability Institute provides a cross-country overview of policy…

Stanford’s 2019 AI report shows financial industry trends on investment, hiring

January 11, 2020

AI Index, artificial intelligence, fintech, Stanford University

Published by Stanford University, the AI Index Report tracks, collates, distills, and visualizes data relating to artificial intelligence. Here are some of the highlights related to finance. When it comes…

Fintech, interest rate benchmarks, stablecoins top FSB’s 2020 priorities

December 18, 2019

benchmark reform, fintech, FSB, regtech, stablecoins, suptech

The Financial Stability Board (FSB) published its work programme for 2020. The FSB’s work priorities for 2020 reflect the evolving nature of the global financial system and associated risks to…

EU expert group makes 30 recommendations to ramp up fintech

December 13, 2019

artificial intelligence, bigtech, blockchain, cryptoassets, DLT, European Commission, fintech, regtech, suptech

Established by the European Commission, an Expert Group (EG) released a report on its mandated review of the application and suitability of the European legal and regulatory framework to fintech…

Treasurers with machines: automated hedging in the FX market

November 28, 2019

Automation

BNP Paribas, Citi, fintech, FX, Kantox, SVB, topstory

UK-based FX technology firm Kantox is partnering with Citi’s Commercial Bank, BNP Paribas and Silicon Valley Bank to offer its FX automation technology to banks’ clients. We talk to Kantox…

SIFMA capital markets conference notes: regulations, technology, end of LIBOR

November 26, 2019

alternatives to LIBOR, cybersecurity, fintech, Regulations, SIFMA, technology

Recently, SIFMA (Securities Industry and Financial Markets Association) hosted its annual capital markets conference. Analysts recap some of what was seen and heard, as well as key themes heard throughout…

Broadridge acquires portfolio management fintech ClearStructure

November 20, 2019

acquisitions, Broadridge, fintech, portfolio management

Broadridge Financial Solutions has acquired ClearStructure Financial Technology, a global provider of portfolio management solutions for the private debt markets. Financial details were not disclosed. Today, Broadridge’s SaaS technology powers…

FT: Fidelity’s search for tomorrow’s tech amid fee compression

October 21, 2019

fidelity, Fidelity Digital Assets, fintech

The investment industry has come under intense pressure in recent years, buffeted by falling fees and rising costs. Abigail Johnson — the founder’s granddaughter who picked up the reins five years ago…

RMA creates fintech committee led by State Street and BNY Mellon

October 6, 2019

Josh Galper

News and Notes

collateral management, fintech, RMA, securities finance

RMA FINANCIAL TECHNOLOGY AND AUTOMATION COMMITTEE Mission Guide the financial service industry’s engagement with and adoption of new technologies while acting as an advocate for best practices. The Committee will…

BNP Paribas partners with FX fintech for automated hedging to corporates

September 10, 2019

BNP Paribas, fintech, FX, Kantox, treasurers

BNP Paribas announced a strategic partnership with London-headquartered Kantox, a fintech specializing in FX risk management solutions. The agreement enables BNP Paribas and Kantox to jointly offer Kantox’s Dynamic Hedging…

Enterprise financial software leads as fintech M&A breaks records

August 22, 2019

News and Notes – Fintech, Uncategorized

acquisitions, fintech, fundraising, Hampleton Partners

Fintech M&A deal volume reaches three-year high with 198 deals in H1 2019, up from 164 in H2 2018 Global venture capital investment in fintech achieves record-level in Q2 2019…

Capital markets blockchain weekly roundup

August 15, 2019

Barclays, blockchain, CBDC, Coinbase, digitization, exchanges, fintech, PBOC

Our weekly list of announcements about how capital markets and regulators are engaging with digital assets. CoinDesk: Barclays ends banking relationship with crypto exchange Coinbase Barclays is no longer working…

NY financial authority creates research and innovation division

July 23, 2019

cryptocurrencies, fintech, NYDFS

New York State Department of Financial Services superintendent Linda Lacewell announced the establishment of a Research and Innovation Division that will support internal transformation and market innovation and house the…

Manatt: US task force considers fintech regulation

July 19, 2019

FCA, fintech, fintech regulation, OCC, Securities and Exchange Commission, US House

The newly formed US House Financial Services Committee’s Task Force on Financial Technology (Committee) recently held its first hearing, and it included some interesting perspectives from both US and UK…

BoE mulls fintech access to its balance sheet, Carney cites cryptocurrency Libra

June 21, 2019

BoE, fintech, Libra, Mark Carney

Excerpts from speech by Mark Carney, governor of the Bank of England, Mansion House speech, London 20 June 2019 The Bank of England is announcing plans to consult on opening…

SIFMA: DTCC’s adoption of fintech

June 12, 2019

DTCC, fintech, SIFMA

DTCC is working on several initiatives to assess and use fintech capabilities, including: Today: Robotic Process Automation (RPA) Billing – DTCC’s Finance Revenue Cycle team used to use two different…

FSB report considers implications of decentralized financial technologies

June 6, 2019

blockchain, decentralized, DLT, fintech, FSB, G20

The Financial Stability Board (FSB) published a report on decentralised financial technologies. This report considers the financial stability, regulatory and governance implications of the use of decentralized financial technologies such…

CFTC’s Giancarlo takes stock of blockchain and “exponential” tech

June 5, 2019

blockchain, CFTC, crypto regulation, cryptocurrencies, DLT, fintech, Giancarlo

Excerpts from remarks of CFTC chair Christopher Giancarlo at Commissione Nazionale per le Societa e la Borsa (CONSOB), Rome, Italy, June 3, 2019, “The New Futurism: 21st Century Financial Markets,…

Cyber, AI, ESG, fintech among top 10 fears for risk managers

June 3, 2019

Artificial Intelligence, Technology

artificial intelligence, bigtech, cyber resilience, cyber risk, cybersecurity, ESG, fintech, machine learning, Nedbank, risk management, RiskMinds, Standard Chartered