Internet Watch Foundation Partners to Stop Illicit Bitcoin Use
The #Internet #Watch #Foundation has announced a partnership with a #blockchain industry startup aimed at fighting online child sex abuse.
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Evaluating the EU’s New Definition for Virtual Currencies
Jacek Czarnecki is an attorney at Warsaw-based law firm Wardynski & Partners, where he specializes in areas including #FinTech, digital #currencies and #blockchain. In this opinion piece, Czarnecki discusses a new proposal in the European Union aimed at terrorist financing, and its potential larger implications for the blockchain sector. The European Commission this week adopted a […]
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Seamless Expands SEQR Payments Solution to Four New Countries
#Seamless adds #SEQR #payments #solution in Austria, Ireland, Malta, and Luxembourg.
FinTech – Finance Magnates | Financial and business news -
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Blockchain in Auto Finance Coming Up Next
The R3 CEV #blockchain consortium has a new member that’s not like the others. Last week, Toyota Financial Services announced it has joined R3’s consortium to explore distributed and shared ledger tech for potential applications in #auto financing. TFS is the first captive to collaborate with the more than 50 ofRead More
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Balkanisation of Europe’s Finance Hubs – Great for Fintech, Challenge for the Banks
It will take a while for the penny to drop for many, but despite a concerted rearguard action from London to protect its position as #Europe‘s pre-eminent finance centre, its position in Europe has already changed forever. Much of the speculation in the aftermath of the Brexit vote has been around who might replace London, which in my opinion is the wrong question, since a more likely result will be the development of many centres rather than one. This is an opportunity for the #fintech sector, but a major logistical challenge for the #banks.
The City of London is gearing up for an almighty effort to try to salvage its position as Europe’s most important finance hub. Central to this effort will be a fight to maintain “passporting” rights, to give allow UK-regulated businesses to carry out regulated business in other European jurisdictions without the need to be regulated directly in each country. It is central to many activities in the finance industry and key to protecting London’s position. It is precisely for this reason that it is inconceivable that the other 27 EU members will accede to retaining passporting rights without freedom of movement and contribution to the EU budget as a minimum. These two issues are red lines for the Brexiteers, so although there will be much talk of optimism that passporting can be retained, the chances are too low for banks to take a chance, and jobs will move in coming years, regardless of what comes out of trade negotiations, which could take years to even get started, according to the EU Trade Commissioner. Whether its 20-30% of jobs or 40-60% of jobs in the banks that move from the UK will depend on the outcome of the negotiations, but regardless of what happens in the long term, you can be sure that committees are being drawn up in all of the banks, decisions are in process and the biggest realignment of finance companies since the introduction of the single market in 1992, and possibly since Big Bang in 1986 is under way.
This is confirmed, off the record, by a range of banking executives the New York Times spoke to for an article about which finance centre could replace London, but as with all such articles, the conclusion is vague since the answer to where finance will relocate to should really be “all of the above”. Allow me to explain.
As the NYT article makes clear, many centres have distinct advantages but all have drawbacks, so these banking committees now tasked with re-allocating human resources to Europe will doubtless come up with a committee-style response. Send the trading floor to somewhere high end, the back office somewhere cheap and the middle office somewhere in between. Bets will be spread, which will both make the development of multiple hubs a certainty, as well a real challenge to manage for the banks. Of course, all of the financial centres will pitch for the high end, high value-added departments, rather than the back office, but the mix that each ends up with will depend on its own pros and cons. In addition, all European banks will be under pressure to pull staff back from London to their home market.
For the fintech community this creates enormous opportunity, since a distributed ecosystem will be dependent on smarter, better ways to do things that creates a natural demand for fintech solutions. In addition, an ecosystem that is more distributed provides opportunities for fintech businesses across Europe, rather than looking solely towards those with a London presence.
In continental Europe there are some really smart, innovative fintech businesses thriving despite more challenging regulatory environments and despite not being in the pre-eminent European finance hub. With the playing field now being levelled London is going to have to wake up to the fact that it has some serious fintech competition.
[linkedinbadge URL=”https://www.linkedin.com/in/geoffmiller66″ connections=”off” mode=”icon” liname=”Geoff Miller”] is CEO of Afaafa and this post was originally published on linkedin.
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Baydonhill Rebrands as EarthportFX
The relaunch of Earthport FX is a major step forward in driving synergies across the Earthport group.
FinTech – Finance Magnates | Financial and business news -
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Wealth Managers ‘Dangerously Behind’ in Digital Tech Adoption
The rise of #technology has altered how we live and do business, impacting all parts of the economy, including finance and #wealth management. But as #digital disruption advances, wealth #managers are found to be “dangerously #behind” the curve in #adoption, overestimating their capabilities and underestimating the impact of emerging technologies such as #robo-advisors, according to PricewaterhouseCooper (PwC).
In a new report, the consultancy firm explores expectations among high net worth individuals (HNWIs) for wealth management and their use of digital technology, and assesses attitudes to, and provision of, digital technology within the wealth management industry.
The findings of the report, based on survey responses from 1,000 HNWIs and interviews with 100 client-facing relationship managers who work in wealth management firms, suggest that there is a big gap between HNWIs’ expectations and wealth managers&8217; perception of digital technologies.
The research found that wealth management is one of the least #tech-literate sectors of financial services; a trend that comes into conflict with HNWIs&8217; growing enthusiasm in adopting new technologies.
85% of HNWIs are using three or more digital services in their day-to-day lives, and yet, only 25% of wealth managers are offering digital channels beyond email.
Over half of HNWIs surveyed believe it is important for their financial advisor or wealth manager to have a strong digital offering – a proportion that rises to almost two-thirds among HNWIs under 45.
47% of HNWIs who do not currently use robo-advice services would consider using them in the future. Meanwhile, two-thirds of wealth relationship managers said they do not consider robo-advisors a threat to their business and repeatedly insist their clients do not want digital functionality.
Only 39% of clients would recommend their current wealth manager, highlighting the growing dissatisfaction. This figure decreases to 23% for US$ 10m+ clients. This weak affiliation to traditionally wealth managers is creating a sector vulnerable to #fintech incomers, the report says.
&8220;This conflict within wealth management firms, combined with a client-base that feels only weak affiliation to its chosen providers, is creating a sector that is now acutely vulnerable, to digital innovation from fintech incomers, including robo-advice services,&8221; said Barry Benjamin, global asset and wealth management leader at PwC.
&8220;Ignoring this state of affairs is not an option. If firms do not respond now, they simply will not survive in the medium to long term.&8221;
To survive, PwC advises wealth management firms to accelerate efforts to adopt a comprehensive digital infrastructure that integrates every aspect of their activities and corporate culture, harness the potential of digital, and be willing to partner strategically with fintech innovators.
PwC&8217;s ‘Sink or Swim: Why wealth management can&8217;t afford to miss the digital wave&8217; report echoes another paper released two weeks ago by Capgemini that advises wealth management firms to explore partnerships with fintech ventures to ensure their long-term success.
Capgemini, which surveyed 5,200 HNWIs and 800 wealth managers, found that clients&8217; demand for automated advisory services, or robo-advisors, has risen to nearly 20% points over the last year, from 49% in 2015 to 67% in 2016. The report also found that the wealth management sector has been falling to exploit their digital capabilities including social media and mobile tools.
However, Capgemini said that wealth management firms were beginning to wake up to the digital gap issue, noting that several of them have been exploring accelerator programs to attract startups, partnering, investing in or acquiring robo-advisory companies.
Featured image: Robot by Ociacia, via Shutterstock.com.
The post Wealth Managers &8216;Dangerously Behind&8217; in Digital Tech Adoption appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
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Fintech Startup Kavout Launches A.I. Driven Investment Platform
Seattle-based #startup, #Kavout, unveils its AI-#driven #investment #platform today.
FinTech – Finance Magnates | Financial and business news -
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How Amex Is Going After Banks with Its New SMB Lending
American Express is taking a page from Square’s book and launching an online platform for small business loans of up to $ 750,000 — but its main target may be #banks. The news came today via Bloomberg, which reported funds could be available as soon as two days #after loan approval.Read More
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At W3C Event, Industry Seeks to Weave Blockchains into New Web
A recent W3C #event saw the wider #blockchain community coming together to discuss standards in an increasingly fragmented market.
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