Banks Scramble to Fix Old Systems as IT 'Cowboys' Ride into Sunset
An aging programming language known as COBOL underpins much of the U.S. financial industry, but it has fallen out of favor among coders. This sets up a problem when systems run into glitches or need updates, and companies no longer have COBOL experts on hand.
Three Crucial Things the UK Must Do to Keep Its Fintech Crown - Eileen Burbidge, HM Treasury Special Envoy for Fintech
As the UK continues to usher in the fourth industrial revolution by making enormous advances in technology and digital innovation, it’s fintech that shines as the brightest example of where we lead the world.
We’re fortunate to have the basic ingredients for a thriving fintech ecosystem - a position as a world financial capital, a broad and deep financial services expertise, best-in-class developers, a robust supply of investment and supportive regulators. In addition, the government’s willingness to engage with innovators to ensure resilience, innovation and competition is a key element in driving our fintech success story.
Regtech: Making WhatsApp and WeChat Compliant with Market Trading Rules
Mobile messaging apps within capital markets and a culture of bring your own device are not going away. Not everybody has Bloomberg or some form of proprietary messaging system. Many people communicate with clients very conveniently using WhatsApp, WeChat, and Telegram –and these will have to become compliant with regulations.
Money Migrants Send Home a 'Critical Lifeline' for One in Seven People Worldwide
It is estimated that there are almost 250 million migrants living outside their home countries. Remittances – the money sent back to relatives – are believed to support an additional 750 million people worldwide.
Making Regulation Invisible: Using RegTech to Embed Rules into Workflow
Financial institutions are increasingly no stranger to innovative technology as a way to boost their efficiency while cutting costs. The use of RegTech (defined by the UK Chief Scientific Adviser as technology "applied to regulation and compliance to make financial regulation and reporting more transparent, efficient and effective") has similar aims to streamline related processes, human capital and cost.
Jack Ma-Funded Robo-Advisor App Targets Lower-Income Investors
Alibaba-backed financial services firm Yunfeng has created a robo-advisor wealth management application aimed at lower-income investors in Hong Kong and China.
While Yunfeng has traditionally catered to wealthier investors, the Youyu app is targeting investors with a Hong Kong bank account and at least US$800 to invest. The goal is to attract tens of thousands of users of the service by year’s end.
UK Calls for Global Fintech Regulations
The UK's Financial Conduct Authority (FCA) has called for an international regulatory framework to be applied to fintech startups in order to prevent a 'Wild West' approach to governance of the sector.
Euroclear Plans 2017 Launch for Blockchain Gold Market
Euroclear announced today that it completed the second stage of testing for its platform, developed in partnership with blockchain startup Paxos, with a group of 16 financial institutions including Citi, Scotiabank and Société Générale. More than 100,000 bullion settlement transactions were conducted over a two-day period, the firm said.
Bitcoin Price Breaks $1,215 Due to Rapid Mainstream Adoption in Japan
Over the past two days, Bitcoin price stabilized at $1,215 primarily due to the increasing adoption of Bitcoin in Japan.
On April 1, the Bitcoin legalization billdraftedby the Japanese government’s Financial System Council was taken into full effect, officially recognizing Bitcoin as a legal payment method. As a result,businesses began to integrate Bitcoin paymentsand offer the digital currency as an option to consumers.