FinTech

Singapore Cryptocurrency Firms Facing Bank Account Closures

Singapore banks have closed accounts of several companies which specialize in providing cryptocurrency and payments services, according to two local …

Banking

How Consulting Firms Are The Key To Saving Fintech Brands

With all the buzz around fintech as an industry set to revolutionize financial services, banking, payments, and other segments, it may be surprising to hear that many companies within it are also struggling to make it. However, there are many issues that fintech has to address before it grows into …

Need more room? Twitter testing 280-character limit

NEW YORK (AP) — Need more room to type those deep thoughts? Twitter is testing a 280-character limit, doubling the current length restriction that's been in place since the company's founding 11 years ago.<p>The test is being made available to a small subset of users and applies to languages other …

Business

Bitcoin, Ethereum And The Parallel World Of Crypto-Finance

While much of the world remains unaware or skeptical, Bitcoin and its crypto-cousins are quietly building a parallel financial system. It’s a friction-less system of economic networks with global 24/7 availability and advanced functionality that, in many respects, already exceeds the capabilities …

Bitcoin

Payment processor Nets acquired for $5.3 billion

<i>This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, please click here.</i><p>US private equity firm Hellman & Friedman acquired Denmark-based payment processor Nets for $5.3 billion, according to The Wall Street Journal.<p>Nets enables merchants, …

Business

Hold Up, Not Everyone Wants a Robo Advisor (Ahem, Millionaires)

Software is in fact eating the world, but not everyone wants to partake in the feast.<p>Is the world getting more automated and impersonal? I don’t know, ask Siri.<p>The insidious creep of technology has been accepted almost without question, including in our finances. I know the space all too well, as I …

Wealth

Diamond Says Brexit ‘Net Positive’ as Ermotti Sees Europe Doomed

Bob Diamond, the former Barclays Plc chief executive officer turned bank investor, said Britain’s exit from the European Union will bring the …

Brexit

News Highlights: Top Financial Services News of the Day

Equifax CEO Smith to Exit Following Big Data Breach<p>Equifax Chief Executive Richard Smith is leaving the credit-reporting company after a massive data breach under his watch exposed the information of about 143 million Americans.<p>Lawmakers Criticize SEC Head Over Handling of Hack<p>Senators criticized …

U.S. Treasury

Blockchain booster: Singapore eyes commodity fintech firms

SINGAPORE (Reuters) - Singapore is aiming to position itself as a hub for blockchain development in commodity trading, with start-ups looking to boost access to trade finance and eliminate the opportunity for fraud.<p>Several firms launching in coming months will offer digital “smart contracts”, which …

Singapore

Goldman Sachs' move into Main Street lending is growing fast

Goldman Sachs' encroachment into Main Street finance appears to be going well.<p>Its new lending platform, Marcus, which targets prime borrowers with credit scores above 660 is issuing out loans at a fast clip, according to a new report by CBInsights.<p>Marcus, launched in October 2016, is the firm's …

Business

Digital Lending Platform CrediFiable Raises Undisclosed Amount of Seed Funding from Kae Capital

To date, CrediFiable has received more than 1,000 applicants and has tied up with 2 lending partners.

Seed Funding

AIG Assets Surge by ‘Billions of Dollars’ With Digital Effort

American International Group Inc., the 98-year-old insurer and retirement planner, is finding being tech-savvy pays off.<p>Consumers are pumping cash …

Business

Multi Cryptocurrency Payment Gateway Explained

1.<p>What is a multi cryptocurrency payment gateway?<p>It’s a decentralized payment platform that enables users to send and receive payments in multiple …

Bitcoin

China's Ant brings in CK Hutchison as Hong Kong payments partner

BEIJING (Reuters) - Ant Financial, the payment affiliate of Alibaba Group Holding Ltd, said it will create a joint venture this year with CK Hutchison Holdings Ltd to operate its payment app in Hong Kong, ending Ant's solo management of the service.<p>The new venture will allow Ant Financial's Alipay …

China

Mission impossible – Simplifying the world of corporate payments Web Seminar

<b>Web Seminar</b> Mission impossible – Simplifying the world of corporate payments<p>Oct. 05, 2017 | 2 PM ET/11 AM PT<br>Hosted by <i>American Banker</i><p>Let’s face it. …

Losing financial passporting rights post-Brexit might not be so bad after all

LONDON — The loss of passporting rights post-Brexit will not necessarily be disastrous for UK-based financial services firms, according to a financial services lawyer.<p>Depending on the exact nature of the services they provide, and where they provide and advertise them, firms may be able to retain …

Business

KPMG Gupta blunder could see tighter audit policy, says SA central bank

The South African Reserve Bank (Sarb) said on Tuesday recent developments involving embattled audit firm KPMG SA may compel it to consider policy …

News (South Africa)

BRIEF-Edelweiss Financial Services approves raising funds up to 20 bln rupees via issue of securities

Sept 26 (Reuters) - Edelweiss Financial Services Ltd EDEL.NS :<p>* Says approved raising of funds by way of issue of securities worth up to 20 billion …

Financial Services

Selling Banking Shovels In The Digital Gold Rush

Walk into the Bank of America in uptown Charlotte and you’d hardly know you’re in a bank. Instead of tellers behind high counters, you’ll find an interactive touch-screen learning wall, a video-conferencing room, a table showcasing new technology features, and a digital greeter.<p>In almost every …

Entrepreneurship

Labour plans a conference on financial services in bid to win over the City

Labour will seek to widen its influence in the City with a financial services conference this year, City A.M. can reveal.<p>The party's shadow City …

John McDonnell

Envestnet to buy FolioDynamix for $195 mln

<b>Envestnet</b> said Sept. 25 that it will buy <b>FolioDynamix</b> for $195 million. <b>Actua Corp</b> is the seller. FolioDynamix, of Secaucus, New Jersey, provides …

Investing

Report: Iran says it files charges against Telegram app CEO

TEHRAN, Iran (AP) — A semi-official news agency in Iran says authorities have filed charges against the CEO of the popular encrypted messaging app Telegram.<p>The comments carried by the ISNA news agency represent the latest back-and-forth between the Iranian government and Telegram, which millions of …

Business

Fundbox's Big Opportunity In Changing The Way Small Businesses Get Paid

<b>What it does:</b> Provides short-term financing to small businesses.<p>U.S. small businesses collectively have $825 billion in invoices outstanding, and often struggle with cash flow while waiting to get paid. Fundbox founder and CEO Eyal Shinar thinks he has a solution to that problem: a network that …

Entrepreneurship

Tech sector advisory network expands to Spain

The network of IT leaders and entrepreneurs which started out promoting the London tech scene has added Spain to the regions it supports.<p>Tech Spain …

Business Technology

UBS investment bank chief: If Brexit fragments European banking, the 'only clear beneficiary is the United States'

LONDON — The United States of America will be the only beneficiary of any financial services fragmentation after Brexit, the head of investment banking at UBS believes.<p>Speaking at a breakfast event hosted by Financial News in London on Tuesday, Andrea Orcel warned that neither the UK nor Europe …

Business

Russia threatens to block Facebook over data storage

MOSCOW (AP) — In its latest attempt to wrest control of the Internet, Russia's communications agency on Tuesday threatened to block access to Facebook if the company refuses to store its data locally.<p>Alexander Zharov, chief of the Federal Communications Agency, told Russian news agencies on Tuesday …

Technology

City firms urge free trade agreement for financial services after Brexit

London and Frankfurt will lose out to New York and Singapore if UK and EU do not agree deal, says report<p>London and Frankfurt will lose out to New York and Singapore unless a free trade deal on financial services after Brexit is agreed, according to leading City businesses.<p>The report from key banks, …

Brexit

Diversity and courage: European regulators tell financial services to introduce gender diversity targets for independent management

European financial services firms should introduce gender diversity targets and prove their management has the “courage, conviction and strength” to …

Financial Services

BRIEF-Geojit Financial Services approves increase in authorised share capital

Sept 26 (Reuters) - Geojit Financial Services Ltd GEOJ.NS<p>* Says approved increase in authorised share capital of co

SEC chairman faces questions from Congress after data breach

NEW YORK (AP) — The chairman of the Securities and Exchange Commission is likely to face an especially tough hearing in front of Congress on Tuesday, after the agency acknowledged that it also was a victim to a hack.<p>News about the breach of an SEC network that delivers company news and data to …

News (U.S.)