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How Brexit Will Affect the UK Fintech Industry? Experts Answer

Will Brexit attract more fintech business to the U.K. or force those that already settled in London to leave England? Experts in the fintech industry answer. Back in 2016, there was a referendum that caused Brexit, which has since been affecting all spheres of British life. Would Brexit’s effects be positive or negative for the fintech industry in the United Kingdom? We asked experts from the London Fintech Week, the U.K. in a Changing Europe, the University of Nottingham and more. Meanwhile — and this should be underlined — a lot of experts declined to give comments on such a politically sensitive topic. While the U.K.’s government was trying to deal with Brexit, with numerous negotiations taking place during 2018, the European Union has made a turn to the blockchain industry, coming up with several major initiatives. Although the U.K. gained its position back in 2015 “as the world’s leading global financial services centre,” with an ambition to become a world leader in developing f..

Arizona to Test Marijuana-Oriented Stablecoin in State Fintech Sandbox

An Arizona startup is testing its stablecoin payments platform for the medical marijuana industry through the state’s fintech sandbox. The state of Arizona has accepted a blockchain-based, cannabis industry-oriented payments solution into its fintech sandbox. According to a recent press release from the Office of the Attorney General, the company — called Alta — is a cash management solution for licensed medical marijuana providers and vendors. The Arizona-based financial services startup intends to offer a stablecoin that is pegged 1:1 with the United States dollar. During its sandbox testing phase, Alta will trial its member onboarding and remittances platform. The end goal of the platform is to let users pay for goods and services using the stablecoin instead of fiat money. Banking problems for the cannabis industryCannabis, while legal in some states in the U.S., is still considered a controlled and illegal substance by the federal government. As such, banks are hesitant to deal ..

BlockShow Asia 2019: Cointelegraph to Moderate Special Event for Fintech Journalists

BlockShow Medialogue aims to spark lively debate on the challenges facing the cryptocurrency media industry. Cointelegraph is going to moderate an international media event at the BlockShow Asia 2019 conference in Singapore. The closed session for fintech journalists will take place at Marina Bay Sands on Nov. 13 — a day before the so-dubbed “Festival of Decentralized Technology” begins. Organizers say the event, known as BlockShow Medialogue, will bring top media outlets and PR agencies under the same roof, enabling them to network and discuss new trends. Addy Crezee, CEO of BlockShow, said: "Events are important and Medialogue is a great step for all journalists interested in the decentralized tech space to gather together and make a step forward. There are lots of things to discuss and share, that’s a totally new field for the media.” Lively debate on a wide range of challenges facing the crypto media industry is also expected. Issues such as how best to communicate with anonymous..

Northern Trust Hands Off Blockchain Solution to Fintech Firm

Asset management firm Northern Trust gives blockchain solution to Broadridge for further development. Northern Trust has handed over its blockchain platform to fintech firm Broadridge Financial Solutions, according to a press release on June 26. The Chicago-based asset management firm Northern Trust has handed over its blockchain-based private equity (PE) management solution to Broadridge for further improvement. The platform purports to streamline and automate certain tasks, such as middle office functions. The PE blockchain solution will initially roll out “to all PE funds domiciled in Guernsey and Delaware, including those administered by Northern Trust.” Pete Cherecwich, President of Corporate & Institutional Services at Northern Trust commented on the hand-off, saying: “For the benefit of our clients and the industry as a whole, it’s now time to hand over the reins to a technology provider with deep fintech expertise. Broadridge’s administrator-agnostic position, coupled with its..

Royal Bank of Scotland Onboards Former Circle Exec to Head Fintech...

The Royal Bank of Scotland has hired a CEO for its digital banking service Mettle, Marieke Flament — a former managing director at the crypto firm Circle. The Roybal Bank of Scotland (RBS) has hired a former executive from cryptocurrency finance firm Circle, according to a report by the Financial Times on June 18. Marieke Flament, who formerly worked as the European managing director of Circle, will reportedly join RBS as CEO of Mettle, its digital service for small and medium-sized enterprises (SMEs). Mettle has reportedly been operational since November 2018, and RBS is aiming to roll out a standalone version of the service in August. Flament commented on potential for financial disruption in the SME sector with Mettle, saying: “There is a huge opportunity for disruption in SME digital banking. Insight and feedback garnered during the pilot stage have shown that we are in a very strong position to capitalize on this opportunity through Mettle.” As previously reported by Cointelegrap..

BNP Paribas Venture Arm Among Investors to Inject $16.5M in Fintech...

Token says it will use the investment to develop its operating system and “accelerate new ways of innovating payments with digital money and ID solutions.” Fintech firm Token has received a $16.5 million injection from investors including the venture arm of banking giant BNP Paribas, a news release announced on June 18. The self-described open banking platform says it will use the capital to further develop its TokenOSTM operating system — and “accelerate new ways of innovating payments with digital money and ID solutions.” According to the company, its ecosystem enables banks, customers and developers to complete transactions securely, instantly and with less friction. Token claims more than 4,000 banks have connected to its platform, with Mastercard recently coming on board as a partner. Steve Kirsch, Token’s founder and CEO, said: “For banks, establishing an early position in this new hyper-connected market is a competitive advantage; a new wave of independent financial apps and se..

3 Top Executives Depart Online Lending Fintech Startup SoFi

Fintech startup SoFi — known for its online lending services — has seen three top executives depart from the company. Fintech startup SoFi — known for its online lending services — has seen three of its top executives depart from the company, the Wall Street Journal reports on June 4. As Cointelegraph reported at the time, SoFi partnered with major United States-based crypto exchange Coinbase in February to roll out crypto trading support. Per the WSJ report, head of risk, Kevin Moss, the lender’s top capital markets executive, Ashish Jain, and marketing chief, Joanne Bradford, recently told CEO Anthony Noto about their plans to abandon their positions. All three have reportedly been working at the company before Noto took place as CEO last year. Bradford, former Pinterest and Yahoo executive, was responsible for overseeing SoFi’s marketing, while Moss, a former executive at Wells Fargo, set the startup’s lending standards and Jain managed interactions with banks. A SoFi representativ..

Chinese Central Bank-Led Fintech Research Institute Seeks New Blockchain Talent

A fintech research institute established by China's central bank has posted several new job openings for blockchain talent. A fintech research institute established by China's central bank, the People’s Bank of China (PBoC), has posted several new job openings for blockchain talent. The three listings were published to Chinese recruitment website Lagou.com on May 21. As its profile on Lagou.com outlines, the Shenzhen Fintech Research Institute is a unit jointly organized by the PBoC’s Digital Currency Research Institute, the Shenzhen Local Financial Supervision Bureau and the Futian District People's Government. It is tasked with spearheading fintech and digital currency-related development projects under the aegis of the central bank and the Shenzhen municipal government. The new listings for blockchain talent have been posted as part of a broader recruitment effort, with openings for a total of 29 positions. The institute is specifically seeking to fill three new role..

Facebook Registers New Fintech Firm in Switzerland

Facebook has registered a new fintech firm that will center on blockchain, payments, data analytics, and investing. Social media giant Facebook has apparently formed a new financial tech firm, Libra Networks LLC, according to a filing on the Geneva Commercial Register. Libra Networks was registered in Geneva on May 2 by Facebook Global Holdings II LLC. Per the official filing the firm provides: “...services in the fields of finance and technology, as well as the development and production of software and related infrastructure, in particular in connection with investment activities, the operation of payments, financing, identity management, data analysis, big data, blockchain and other technologies.” Facebook registered the trademark “Libra” with the United States Patent and Trademark Office back in June, which was reportedly part of its secretretive in-house crypto project. Facebook has also hired two cryptocurrency compliance experts who formerly worked at the major crypto exchange ..

Fintech Firm Billion Seals $2.1 Mln European Commission Grant for Blockchain...

Billon has reportedly sealed an almost €2 million grant from the European Commission’s SME Instrument program. Polish-British fintech firm Billon has reportedly sealed an almost €2 million (~$2.1 million) grant from European Commission’s Small and Medium-Sized Enterprises (SME) Instrument program to develop a blockchain document management system. The news was reported by Billion in a press release on May 14. The Commission’s SME Instrument program provides funding for innovation projects which are close-to-market, and has reportedly awarded Billon a grant under Phase 2 of the program — which provides enterprises with up to 70% of the costs of their proposed project. Billon’s system, dubbed B4TDM (Blockchain for Trusted Document Management), is reportedly a proprietary blockchain-powered solution for storing, signing and sharing digitized documents. The system reportedly both digitizes documentation and provides encryption and customizable access control rights. Billon is said to have..
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