Your weekly resource for noteworthy news, fascinating features, and fintech titbits that caught our eye. Whether you live by your Twitter lists, save your Google Alerts or simply scroll through LinkedIn for insights and commentary – there is a wealth of content that weaves a global story around fintech.
Our job at Fintech Talents is to work within that global story – finding the news items, conventional wisdoms and hard data that aids us in bringing the industry the best content, community and experiences in the business. This week’s FTT Bookmark of timely resources and real time conversations that are shaping fintech is brought to you by VC Innovations Director, Liz Lumley.
This week the regulators get busy with crypto currencies, incumbent banks jump up and say ‘See, sir, we innovate, we INNOVATE!’, Wise pulls a Robinhood, and fintech comes to my hometown. Oh, yes, and I tweet further evidence that both female and black entrepreneurs exist, for realz.
Stablecoins must face ‘difficult questions’, warns Bank of England – California News Times
The Bank of England said Monday that so-called stable coins (cryptocurrencies pegged to other assets) need to be closely monitored.
The BoE said it has not yet decided on a detailed regulatory approach to stable coins, but stable coins are always well prepared to back up unpaid coins and have a strong legal claim of one-on-one. He said he hopes to offer redemption.
“The outlook for stable coins as a means of payment … [has] It caused a lot of problems, “said BoE President Andrew Bailey. “It is imperative to ask difficult and appropriate questions about the future of these new forms of digital money.”
Basel committee says it will study crypto-asset rules – Coindesk
The Bank for International Settlements’ Basel Committee plans to hold a public consultation on the treatment of crypto-asset exposures. Growing interest in crypto assets and the pace of innovation in the industry “could increase global financial stability concerns and risks to the banking system,” the committee said.
Liz’s take: We’ve watched crypto currencies being born, take their first steps, spend a few lost years cavorting with booth babes and fast cars, now they are facing increased scrutiny from global regulators. *Snif, snif* they grow up so fast – just yesterday they were constructing puzzles and keys for wallets and now they are shaving and spell checking their regulatory reporting documents *SOB*!
ING hosts virtual CX Day – Finextra
ING has brought together nearly 3,000 employees from around the world for a virtual CX Day, brainstorming some 300 ways to improve the customer experience.
With coronavirus restricting travel, the latest CX Day saw ING staffers from technology, retail, business and wholesale teams in 27 countries log in remotely for the event, hosted by a game show-esque figure in a virtual auditorium.
HSBC opens up API Suite with new developer portal – Yahoo! Finance
HSBC API Developer Portal gives a secure route to integration with HSBC’s suite of solutions.
HSBC has launched an Application Programming Interface (API) Developer Portal, providing customers with direct access to a suite of tools with which they can integrate the bank’s API solutions into their own products, as well as make use of a secure testing environment.
The portal enables customers and developers to easily find the right APIs for their business needs, access the technical documentation, and try out APIs in the test environment, enabling rapid integration into their own products.
Liz’s take: I was going to make a comment about how legacy bank innovate, but I can’t get the ‘game show-esque figure’ image out of my head. WHY ARE THERE NO PICTURES???!!
Wise vets unveil European investing app – Finextra
Lightyear, a commission-free investment platform founded by two early Wise employees, has raised $1.5 million in pre-seed funding.
Founded by early Wise employees Martin Sokk and Mihkel Aamer, Lightyear is promising to shake up the retail investment landscape in Europe. With its waiting list now open, the startup plans to start rolling out in the third quarter, marrying multi-currency accounts with unlimited access to global markets so customers can invest freely without hidden fees or charges.
Liz’s take: Just what the world needs more of, a retail investment platform for people who already have money to invest without paying more money. Wait…ya’ll remember how Robin Hood really makes it money, right?
Massachusetts launches fintech hub – Crowdfund Insider
Massachusetts Fintech Working Group has set up a fintech hub to boost the Commonwealth’s financial services technology network and growth.
The public-private hub follows nearly a year of work by financial and fintech experts, investors, government and elected officials.
Named Mass Fintech Hub, the alliance will build on talent pool and innovation economy to support fintech in Massachusetts, US.
Liz take: Welcome FinTech people! Grab yourself a coffee regular from Dunkins, disable your indicator from your automobiles (they’re banned in the commonwealth) and head up route 95 to Essex – Woodman’s really is the best fried clams in the world.
What I RT’d this week:
Black and female founders exist? And Google knows about this? Who knew! *mind blown*
30 startups led by Black founders, 40% of them led by women of colour, to receive a share of Google’s $2 million Black Founders Fund in Europe.https://t.co/yyeZkuGuBR#Diversity #inclusion #DiversityInTech #Startups
— Sabine VanderLinden (@SabineVdL) June 4, 2021
Stay tuned for next week when our VC Innovations news hounds takes the reins of the news cart and to fill the basket with insights, interviews and interesting stuff!