fintech

fintech, Office of the Comptroller of the Currency, stablecoins

The chartering of fintech shadow banks as national banks is a desirable development. In the near term, this will occur in the form of unbundled, novel providers of payments or…

DTCC senior execs revisit key themes in 2020 and make 2021 predictions

December 12, 2020

automation, cybersecurity, DTCC, fintech, legacy systems, standardization

DTCC’s senior executives take a look at what happened in 2020, and what’s going to be a priority as we head into 2021. Mike Bodson, president & CEO: The extreme…

20 fintechs sign up for interface certification on DTCC’s central matching engine

December 9, 2020

APIs, DTCC, fintech, standards

The Depository Trust & Clearing Corporation (DTCC) announced that 20 financial services technology providers have agreed to certify their interfaces in support of enhanced US trade flow capabilities in DTCC’s…

Deutsche Börse completes majority stake purchase of Quantitative Brokers

December 2, 2020

acquisitions, Deutsche Boerse, fintech, Quantitative Brokers

Deutsche Börse has completed the purchase of a majority position in Quantitative Brokers. The transaction was announced in September and closed on 1 December. Specific terms of the transaction were…

Researchers link Robinhood herding to future negative returns in “Top Mover” stocks

December 2, 2020

fintech, retail, Robinhood

Consistent with attention-induced trading models’ predictions, researchers (from UC Davis, Washington University in St. Louis, University of California at Berkeley and UC Irvine), link episodes of intense buying by retail…

Neudata: Quantopian shuts doors, co-founders and team moving to Robinhood

November 17, 2020

fintech, Neudata, Quantopian, Robinhood

Crowd-sourced fintech platform Quantopian announced it’s ended operations. Inconsistent performance has proved to be a theme across such investing platforms — in January, competitor WorldQuant laid off 130 employees and…

BIS: UK regulatory sandbox findings show increase in capital raising for fintechs

November 9, 2020

BIS, fintech, fundraising

Policymakers around the world are creating “regulatory sandboxes” to foster innovation in the financial sector while keeping alert to emerging risks. One key objective of sandboxes is to facilitate start-ups’…

Swedish fintech Itiviti moving all electronic trading infrastructure to AWS cloud

October 27, 2020

AWS, cloud technologies, fintech, Itiviti, Sweden

Stockholm-headquartered Itiviti announced its entire electronic trading platform will be moving to cloud, opting for a hybrid private-public cloud strategy to maintain modularity and flexibility. This will be rolled out…

Citi invests in fintech Genesis for its low code application platform

October 6, 2020

Citi, fintech, genesis

Genesis Global Technology announced an investment from Citi’s Markets FinTech Investments and SPRINT groups for the fintech’s “Low-Code Application Platform” (LCAP). The amount and terms of the investment are undisclosed.…

Saphyre’s Gabino Roche on applying AI to pre-trade data capture (Premium)

September 30, 2020

artificial intelligence, fintech, pre-trade, predictive analytics, Saphyre, topstory

Pre-trade processes are getting their turn in the automation spotlight, pushed by regulatory mandates and data management realities. SFM spoke to Gabino Roche, CEO of Saphyre, about the predictive tech…

BIS research shows fintech and bigtech credit reached $800 billion in 2019

September 22, 2020

bigtech, BIS, Credit Markets, fintech

Fintech and bigtech platforms have expanded their lending around the world. Credit markets around the world are undergoing a deep transformation. While banks, credit unions and other traditional lenders remain…

IA launches fintech guidance for investment managers

September 15, 2020

asset managers, fintech, Investment Association

The Investment Association has released guidance for fintech engagement. In light of growing margin pressure on firms, as well as demand for operational efficiency and improved consumer outcomes, fintech adoption…

California fintech buys bank to roll out T-bill spending platform

September 7, 2020

Federal Reserve, fintech, Jiko, OCC, treasuries

Jiko Group, a new bank holding company, announced it’s completed its acquisition of Mid-Central National Bank – formerly Mid-Central Federal Savings Bank – headquartered in Wadena, MN. The transaction, which…

MAS’ Menon announces FSTI 2.0, commits $250mn over next 3 years for advancing fintech

August 13, 2020

artificial intelligence, fintech, MAS

Excerpts from speech by Ravi Menon, managing director of the Monetary Authority of Singapore, at the Singapore FinTech Festival in Singapore, 13 August 2020. “Of the $225 million committed in…

IFC: towards monitoring financial innovation in central bank statistics

August 3, 2020

Central Banks, Data, fintech, IFC

As fintech, or financial innovation and digitalization, transforms the financial sector, it also opens up data gaps in central bank statistics. It does so by introducing new financial products and…

US agency announces rule making for open banking in late 2020

July 30, 2020

Consumer Financial Protection Bureau, fintech, Open Banking

The Consumer Financial Protection Bureau (CFPB) announced that it plans to issue an advance notice of proposed rulemaking (ANPR) later this year on consumer-authorized access to financial records. The announcement…

ING partners with genesis for credit and political risk insurance globally

July 27, 2020

automation, fintech, genesis, ING, insurance

ING announced partnership with genesis, the Low Code Application Platform for financial markets, to launch the Credit Insurance Application (CIA), a deal-flow and portfolio application with the aim of transforming…

ESMA to assess German financial reporting system following Wirecard collapse

July 16, 2020

ESMA, fintech, Wirecard

The European Securities and Markets Authority (ESMA) is assessing the supervisory response in the financial reporting area by BaFin and the Financial Reporting Enforcement Panel (FREP) to the events leading…

SIFMA: fintech’s growing role in capital markets

July 14, 2020

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…

Fintech scandals under scrutiny as calls for regulatory intervention grow (Premium)

July 8, 2020

Balancer, Crypto, cybersecurity, fintech, Robinhood, technology, topstory, Wirecard

A series of scandals in the fintech industry has amplified calls for regulators to step in. We review some of the issues being raised and talk to an advanced tech…

Morning Consult: OCC, FDIC plan “true lender” rule in aggressive fintech agenda

July 7, 2020

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…

Case Study: Pension fund UC Investments transitions from legacy tech to agile platform

April 30, 2020

cloud, fintech, legacy systems, pension funds, UC Investments

There is a mounting challenge facing the pension, endowment and foundation industries – how to transition from the legacy technologies that suited the past to a more holistic and agile…

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

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

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

February 19, 2020

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