Sabina Munnelly

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Fintech funding has declined except for one key area

Global fintech funding was $1.32 billion in Q2 2016, down 25% from $1.77 billion in Q1 2016, according to Strategy&.<p>That's down 51% from Q1 2015 when global fintech funding reached $2.7 billion. DeNovo only includes nonpublicly traded fintechs in its calculations, and excludes data from …

Financial Services

Compliance Officers Saddled With Old Technology

<b>Financial Services Compliance Officers Saddled With Dated Technology, Tight Job Market Fight To Manage Implementation And Staffing, New Survey</i> …

Are Financial Services Ready for the Cloud?

With its ability to reduce costs and increase time-to-market, the cloud would seem all things to all people.Provisioning new infrastructure, which …

Financial Services

Fintech isn’t disrupting Africa’s financial industry—it’s building it

African fintech is not disrupting the existing financial service providers. This is because, in many areas of the continent, there is nothing to disrupt, with large swathes of the low and lower middle income segments unserved or under-served when it comes to formal financial services.<p>Across most of …

Financial Services

SEC approves IEX as national stock exchange

By Chuck Mikolajczak<p>NEW YORK (Reuters) - The U.S. Securities and Exchange Commission has granted the hotly debated request by alternative trading …

Walmart Canada to Stop Accepting Visa, Says Fees Too High

Walmart Canada stores will stop accepting Visa cards as the credit card provider charges merchants “unacceptably high” fees, the retailer said on …

Banksy surprises Bristol school children with mural

A British school named a building after secretive street artist Banksy - and he returned the favor with a clandestinely painted work of art.<p>It might …

This is how Silicon Valley's most secretive startup makes money

Last summer, it raised $450 million from investors in a round of financing that valued the company at $20 billion. Among fast-growing tech start-ups, only Uber, Xiaomi, and Airbnb are more valuable.<p>Palantir's business has long been shrouded in secrecy, but as the company has expanded, and raised …

Silicon Valley

JPMorgan, RBS Said to Staff Trading Floors Overnight for Brexit

U.K. politicians won’t be the only ones settling in for a long night as the polls close on June 23.<p>JPMorgan Chase & Co., Royal Bank of Scotland Group …

90 Central Banks Seek Blockchain Answers at Federal Reserve Event

Major central banks worldwide have spent the past year organizing their own working groups dedicated to exploring blockchain technology and digital …

Central Banks

Morgan Stanley is the latest bank to try this tactic to keep investment bankers from leaving

A source told the FT on Friday that the bank recently introduced the 4-week paid leave programme but Morgan Stanley declined to comment to the paper.<p>Morgan Stanley is not the only investment bank to use time off as a carrot to try and retain staff. UBS announced this week that it is giving staff a …

Morgan Stanley

Santander Becomes First U.K. Bank to Introduce Blockchain Technology for International Payments

Shutterstock photo<p>Santander U.K. has announced its introduction of blockchain technology for international payments through a new app that is …

Hackers Use 23 Hong Kong Firms to Hide Millions Lifted From Ecuador Bank

Cyber thieves who stole $12 million from an Ecuadorian bank in 2015 routed the funds through 23 companies registered in Hong Kong, some of them with …

Banks Making $17B A Year From Fees For Overdrafts & Insufficient Funds

Overdrafting your checking account might only hit you for $35, but when that happens a few hundred million times each year, it really adds up. A new …

Fitch downgrades Credit Suisse on challenging capital markets

HONG KONG (Reuters) - Fitch Ratings downgraded Credit Suisse Group’s (CSGN.S) long-term default rating by a notch to A-minus and its viability rating to a-minus from a, citing the Swiss bank’s reliance on difficult capital markets.<p>The logo of Swiss bank Credit Suisse is seen outside their branch in …

Credit Suisse

One of the world's smallest museums is hidden inside an abandoned New York City freight elevator

Museums don't always contain winding galleries of classic paintings and sculptures.<p>New York City's Mmuseumm, in fact, looks nothing like that: The 20-square-foot exhibition space is housed inside a former freight elevator in lower Manhattan.<p>Since 2012, curator and founder Alex Kalman has filled …

New York City

Sexual And Seductive: The Art Of Jeff Koons, Reviewed

Jeff Koons is all about attention grabbing artworks that focus on consumerism and reproduction. That’s why it’s easy to think of him as a modern day …

Adult FriendFinder Creator Is On A Quest To Find Robot Souls

An internet pioneer who first taught the world how to find friendship, love, and sex online a quarter century ago is trying to determine at what …

The New Banking Standard

<i>Martin Hagelstrom is a bitcoin enthusiast, project executive and consultant working on IT projects at IBM.</i><p><i>In this op-ed, Hagelstrom touches on the</i> …

Blockchain

We Made A 3D Screw Portrait That A Blind Artist Could ‘See’ With His Hands

This is the story of how we made a portrait of George Wurtzel, a blind artist. It was the first portrait ever that he could feel and recognize as …

These are the 18 highest paying banks in Britain— Goldman Sachs is not number one

But the difference between what each institution pays its employees can vary wildly.<p>We used data provided by salary-benchmarking site Emolument to compare the average annual pay — combining base salaries and bonuses — of associates, and managing directors at some of the biggest banks operating in …

Investing

THE BLOCKCHAIN REPORT: Why the technology behind Bitcoin is seeing widespread investment and early application across the finance industry

Blockchain technology, which is best known for powering Bitcoin and other cryptocurrencies, is gaining steam among finance firms because of its potential to streamline processes and increase efficiency. The technology could cut costs by up to $20 billion annually by 2022, according to …

Blockchain Startups

Hackers stole millions in third attack on global banking system

If three makes a trend, then it's official: The global banking system is under attack.<p>The methods used by hackers to attack banks in Vietnam and Bangladesh appear to have been deployed over a year ago in a heist in Ecuador.<p>The January 2015 attack on Banco del Austro is described in a lawsuit filed …

People think Goldman Sachs broke one of the most important rules in finance

On Wednesday morning, a note was released by Goldman Sachs analyst Patrick Archambault upgrading Tesla's stock to a buy with a price target of $250 a share.<p>Just a few hours later, news broke that Tesla was offering a sale of roughly $2 billion worth of stock, and one of the two main banks assisting …

Goldman Sachs

Bank of America Just Downgraded Hotels Due to Threats Like Airbnb

Bank of America analysts just checked out of the hotel industry.<p>In a note published on Thursday, BofAML analysts led by Shaun Kelley cited a raft of …

What Is Zero UI? (And Why Is It Crucial To The Future Of Design?)

What does UI design look like after screens go away? Fjord’s Andy Goodman explains.<p>For better or worse, a large amount of design work these days is visual. That makes sense, since the most essential products we interact with have screens. But as the internet of things surrounds us with devices that …

Banking industry fears hackers can too easily attack the global financial system

Some of the banking industry's top executives are concerned that hackers will continue to attack the global financial system by breaking into smaller banks.<p>In February, computer hackers stole $101 million from Bangladesh's central bank. In a potentially disastrous move, they gained access to SWIFT, …

Fitbit Gets into Fintech: Acquires Mobile Payment Technology from Coin

By<p>Johanna Bennett<p>Will Fitbit (FIT) users soon be able to pay for a coffee or a subway pass with their their wearable fitness trackers?<p>Perhaps one day. Fitbit announced today its acquisition of the wearable payments technology of Silicon Valley fintech startup Coin.<p>Financial terms of the deal were …

This one group of people won't use robo-advisors when they take over the financial world

<i>This story was delivered to BI Intelligence "Fintech Briefing" subscribers. To learn more and subscribe, please click here.</i><p>Robo-advisors are starting to grow in popularity in the financial world, but one group likely won't adopt them.<p>A new CFA Institute survey reveals that 88% of investment …