1. UK – FinTech
“Green investment tracker Sugi is today launching a new feature to help customers offset the carbon impact of their investments.
The Moneyhub-powered portfolio checker allows retail investors to check the carbon impact of their investments and compare investments with industry benchmarks to help them build a greener portfolio and now lets them offset the impact too.
Often investing in exclusively ESG-friendly stocks and shares is not always possible, so Sugi’s new tool helps customers maintain a diversified portfolio while offsetting their carbon impact—for a small (undisclosed) fee, of course.
“We recognise that there are a number of valid reasons for investors to have holdings in higher carbon industries, which is why we’re enabling investors to rebalance their impact through our new offsetting feature,” Josh Gregory, CEO and founder of Sugi, said.”
2. UK – FinTech
“TrueLayer, which is one of Europe’s leading Open Banking platforms, reveals that Mariko Beising has been appointed as the firm’s Head of Payment Partnerships, bringing around 10 years of professional experience, most recently at Fintech company Klarna where she was responsible for forming partnerships with various payments services providers.
As the demand for TrueLayer’s Open Banking payment services continues to rise, Mariko is expected to serve a key role in managing the Fintech company’s partner strategy. She’ll be reporting directly to Max Emilson, the firm’s CRO.
An experienced commercial manager, with a solid understanding of European digital commerce and the payments landscape, Mariko will be working closely with PSPs, and also with TrueLayer’s customers, in order to get a better understanding of their emerging payments requirements.”
3. UK - FinTech
Savings and investment fintech Chip has today launched a new savings account, which carries a (whopping) 0.70 per cent interest—compared to the market average of around 0.01 per cent, it’s an attractive offering, according to Altfi.
“Chip customers are able to deposit up to £30,000 into the new savings account, with the limit potentially being raised in the future.
Users can deposit a maximum of £5,000 at a time up to five times a day and is available to customers on the ChipAI and ChipX, which cost £1.50 and £3 every 28 days respectively.”
4. International – FinTech
“The central American nation today sets a world-first as it adopts the cryptocurrency for use across all goods and services – even taxes.
The move was pushed forward by President Nayib Bukele who has long sung the praises of the digital currency and has courted controversy throughout his tenure. For instance, this week he also called for mandatory retirement of judges over the age of 60 - meaning a dismissal of one third of judges currently serving.
Bukele has framed the adoption of Bitcoin over Twitter as needing to “break the paradigms of the past” and that “El Salvador has the right to move toward the first world.” The plan is reportedly aimed at reducing or eliminating the $400 million El Salvador spends annually on commissions for remittances - largely sent from the US.
The country’s legislature convincingly passed the law on June 9, with 62 in favour, 19 opposed and three in abstention. Yet, a report released by JP Morgan following the ‘Bitcoin Law’s’ passing found that a 54% of Salvadorans viewed the law as “not at all correct”, 24% felt the law was “only a little correct” and just 20% were in favour of its approval.
The International Monetary Fund (IMF) also warned of the risks that Bitcoin adoption could present given its volatile nature, and others have raised concerns that this new legal tender could tarnish El Salvador’s efforts to seek financing from the IMF. Moody’s also downgraded the nation’s creditworthiness when the Bitcoin Law was passed.”
5. International – FinTech
Standard Chartered is teaming up with Singapore's National Trades Union Congress (NTUC) to launch a digital-only bank, according to Finextra.
“Standard Chartered subsidiary SCBSL is contributing S$144 million for 60% of the joint venture, with NTCU-controlled BetaPlus holding the other 40% for a S$96 million price.
The move comes after Standard Chartered was granted a full banking license in December 2020.
The as-yet unnamed venture will "focus on providing digital banking services, in line with Singapore's efforts to digitalise its economy".
The new lender will be Standard Chartered's second digital-only Asian bank, following the launch of Hong Kong's Mox last year.”