The Fintech Race Sees the U.S. Playing Catch up to the U.K.
As the U.K.’s Financial Conduct Authority accepts 24 applicants to take part in its FinTech sandbox, a House bill in the U.S. has been introduced aiming to prevent financial businesses from moving to the U.K. At the British Bankers’ Association conference, Christopher Woolard, director of strategy and competition at the FCA, gave a two-year progress report on the watchdog’s Project Innovate, which provides advice to businesses on what regulations they need to follow, reports Finextra. Naturally, as London is considered a prominent location, the FCA is keen to provide the ideal setting for....
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As the Chinese government is turning toward researching and exploring possible applications of blockchain technology, the country’s big banks are increasingly hiring experts and developers to keep up with digitization and a technology-driven landscape. Having included blockchain development in its latest 5-year plan, the Chinese government’s efforts to embrace FinTech also sees the country’s central bank, the People’s Bank of China (PBOC), explore and research the possibility of introducing its own digital currency. The agenda is contrary to the usual notion of central banks being late to....
A lot of people active in the world of Bitcoin, Fintech and blockchain business have almost no affinity left for banks and other traditional financial institutions. It has to be said, though, banks are facing a fair amount of challenges these days. Not only are there more competitors in the financial space than ever before, but internal changes are taking place as well, albeit at a slower pace than most people would like. Especially for those people active in the FinTech world, it only seems to make sense for banks to embrace technology and evolve. One thing people have to keep in mind is....
The Dogecar. Despite struggling to find sponsorship most weeks, Josh Wise found himself thrust into NASCAR's most exclusive event-the Sprint Cup All-Star race. Though his competitors possessed superior equipment, Wise made the most of what he had and turned in a respectable finish, beating out several of NASCAR's all-time greats. Josh Wise Finishes 15th in NASCAR All-Star Race. After overcoming almost insurmountable odds, the Dogecoin community voted Josh Wise and the Dogecar into the NASCAR All-Star Race, where he placed 15th. During the qualifying round before the race, Wise was several....
The Wall Street Journal reports that Japan’s second-largest bank Sumitomo Mitsui Financial Group (SMFG) is eager to enter the fintech space. Japan has been playing catch-up with other nations who are quickly embracing the financial technology revolution. It was only recently that the Japanese government and regulators allowed the bitcoin exchanges to be registered. Until now, the government had been lackadaisical in foraying into the fintech space, which includes bitcoin and its technology blockchain. Speaking to WSJ, Koichi Miyata, President at the bank said that the group is keen to make....
Putin’s business ombudsman says Russia must become the world’s blockchain leader, as he’s certain the country has the necessary resources. There are currently around 500 000 of Blockchain users in Russia, and the number is growing. Following the UK’s decision to leave the EU the race is now on to replace London as the global fintech capital, and Moscow may join the race. Focus on Blockchain. The Party of Growth led by Boris Titov has developed a program which will be presented in the parliament elections this September. Researching and testing Blockchain applications are one of the main....