Banks & Fintechs Must Collaborate to 'Re-Engineer' the Global Financial Services Industry
In a new report, Santander InnoVentures, the megabank's venture capital fund, argues that banks and fintech startups need to collaborate in order to "reboot" the global financial services industry and trigger the 'Fintech 2.0' revolution. Unlike the first generation of fintech pioneers that are limited to relatively simple propositions such as digital wallets and peer-to-peer lending, 'Fintech 2.0' will deliver fundamental changes to the infrastructure and processes at the core of the financial services industry, according to a new report from Santander InnoVenture, co-authored with Oliver....
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A recent report by CR2 on Africa’s fintech transformation suggests traditional financial institutions can still be a part of the fintech financial revolution if they leverage one of their most significant assets: client trust.
Partnerships Between Banks and Fintechs
The report urges financial institutions that wish to accelerate their advance to success in the fintech space to forge partnerships with fintech startups and technology companies. Having such partnerships, as well as their longstanding client networks and more defined regulatory environment, means financial....
Liink wants its 400-plus financial institutions (including 25 of the largest 50 banks) to start building on top of the platform.
The Nigerian central bank governor and bitcoin critic, Godwin Emefiele, recently remarked that the rise of fintechs and cryptocurrencies among other technologies have forced banks and financial institutions to change the way they operate. According to Emefiele, this requires the central bank’s monetary policy committee (MPC) to rethink the way it regulates the financial system. Rethinking Financial System Regulation The governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, reportedly said the MPC, which was set to meet on July 18 and 19, must chart a new path that changes....
European FinTech firms believe that banks are lobbying against EU legislation that could see the power balance shift, in a report from the Financial Times. In the report, it discusses PSD2, which is the second payment-services directive that has been created to improve competition by getting banks to allow third parties, such as FinTech companies, to access the data of customers who sanction it. In return, FinTech companies would face greater regulation, but the belief is that this would provide greater confidence to users in the reliability of the services. However, the European Banking....
In September Bitcoin Magazine reported that nine global banks were pooling resources to fund R3, a next-generation global financial services company focused on applications of cryptographic technology and distributed ledger-based protocols within global financial markets. R3 will seek to establish consistent standards and protocols for this emerging technology across the financial industry in order to facilitate broader adoption and gain a network effect, according to an R3 press release. Several other top banks joined R3 soon thereafter. Now, five more banks - ING, BNP Paribas, Wells....