1. UK – FinTech
“Open banking was long expected to kill off credit cards, but now instead the latter is embracing the former.
More than half (55 per cent) of UK credit providers are planning to implement Open Banking in 2021, according to research by Equifax.
In the next 12 months, a survey of more than 100 respondents found, more than nine out of 10 (93 per cent) are planning to do so.
Equifax also found that c. four million UK consumers and small businesses are now active users of open banking-enabled products.”
2. UK – FinTech
“Open finance partnership platform mmob has added a host of firms, including PensionBee, Upside, and Glint Pay, to its network as it bids to become a 'SuperApp-as-a-Service' provider.
Mmob's network is designed to help banks and large fintech quickly and easily, with a single line of code, embed a plethora of services to their online ecosystems from a range of industries including pensions, money transfers, insurance, cashback, and household services.
The new partners include online pension provider PensionBee, money transfer service Glint Pay, cashback provider Upside, household services platform Homebox, mobile insurance provider So-Sure, life insurance provider Anorak, and insurtech provider Uinsure.”
3. International – FinTech
“Coinbase is joining the NFT party, creating a decentralised marketplace where users can mint, collect and trade non-fungible tokens.
The crypto exchange has opened a waiting list ahead of an expected launch by the end of the year that will initially support Ethereum-based standards.
Coming a day after rival exchange FTX.US unveiled its NFT marketplace, the move sees Coinbase take on the likes of OpenSea in a market that has seen trading activity more than double between July and August this year.”
4. UK – FinTech
“New research from Plaid, an open finance network and payments platform, and The Harris Poll, reveals that fintech use and adoption has reached mass scale in the UK, with an 86% consumer adoption rate.
From the use of QR codes to digital banking, the COVID-19 pandemic has accelerated consumer adoption of fintech, particularly in the realm of payments. The Fintech Effect, Plaid’s 2021 annual report, found that UK consumers on average use 2.8 fintech products and services, with the average UK user managing 67% of their finances online. When asked, current users expect to increase the number of apps and services they use to 3.5 over the next six months, signaling digital finance adoption will continue to grow.
In addition, Plaid’s report found that consumers find utility in open banking and it has made a positive impact on their financial lives; 76% of Brits now feel confident using technology to manage their finances. In addition, UK consumers reported that using fintech had helped them benefit by saving time (59%) and money (42%), as well as greater stress reduction (36%).”
5. UK – FinTech
“Fintech Founders has published a survey in collaboration with the UK Department for International Trade (DIT). Once again the group notes there is significant optimism for the Fintech industry while calling for more government support in a rapidly changing and dynamic market.
Originally called the Digital Finance Forum, Fintech Founders is a group of some of the the UK’s leading Fintech entrepreneurs. Fintech Founders aims to advocate on behalf of the young industry providing a voice for the Fintech sector – highlighting challenges for what has emerged as a vital sector of the financial services industry.
According to this new survey which was completed this past summer, worryingly, two in five founders doubt UK’s position as a leader in Fintech. Approximately half of these founders believe their voice is unheard by the UK government.
The findings indicated that 96% of founders felt either confident or very confident about the future of their business, with three-quarters of founders currently looking to expand their business internationally. Fintech Founders says this demonstrates the significant untapped potential for the Government’s ‘Global Britain’ agenda.”