Industry News

FCA Warns P2P Lenders to Steer Clear of Wholesale Lending

Peer-to-peer (P2P) lending companies are seeking clarification from the Financial Conduct Authority, (FCA) as it warns platforms to steer clear of wholesale lending because it falls outside of current P2P regulations. Wholesale lending refers to the practice of lending to financial services companies and institutions so they can then issue their own loans to borrowers.…

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The UK Sees Investment In Fintech Falter

UK fintech venture capital investment was down 33.7 per cent in 2016 at $783m, compared to the $1.2bn raised in 2015, according to figures compiled by M&A data analysts, PitchBook for fintech trade group Innovate Finance.   The research revealed while UK fintech investment slowed, global investment rose by 11 per cent to $17.4bn. The…

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Digital Currencies Will Reshape the Banking Industry Says, Carney

The Governor of the Bank of England (BoE), speaking at a conference in Germany last week, said: “Virtual currencies could soon replace traditional bank-based payment services and systems” and he revealed The BoE has been researching the possibility of issuing its own digital currency for over a year. Mark Carney’s speech was about Fintech, Financial inclusion, and…

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50,000 SMEs fold waiting for supplier payments

The UK’s poor supply chain practices put SMEs out of business says a new report from the FSB. The report, ‘Time to Act: The economic impact of poor payment practice, says British SMEs are owed a massive £67.4 billion in unpaid invoices and these late payment practices force an estimated 50,000 firms out of business each year.…

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Financial Service Firms Are under Threat from Fintech

The alternative finance market is becoming bigger, and more diverse. It is being driven by financial technology and proponents for change argue that fintech will level the playing field and alternative finance will soon become the new normal. Industry players who don’t step up to compete in this evolving ecosystem will be left behind. Those are…

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Misys Launches White Label Crowdlending Tool

Misys Launches White Label Platform to Extend Use of P2P Lending Financial software developer Misys has announced the launch of peer to peer lending module aimed at enabling retail and corporate banks to enter the “crowdlending” market. Dubbed FusionBanking Crowdlending, the platform represents an acknowledgement of the growing importance of P2P lending to SMEs, individuals…

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Building the UK from the bottom up – SME’s are a vital part of economic growth

This week the Government launched its new green paper, Building our Industrial Strategy, setting out its long-term vision and growth plans for the United Kingdom. The consultation paper recognises the importance of the SME’s contribution to the economy and it proposes some policies to help this sector. The biggest challenge for government is addressing the…

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Challenger Banks Are Reinventing the Banking Landscape

Challenger banks are breaking the hold that the big five banks (HSBC, Barclays, Lloyds Banking Group, Royal Bank of Scotland and Santander) have over the industry.  Not only are they changing the banking landscape but they are redefining the way we manage our finances with innovative products and fully digitalized services. Last summer KPMG issued…

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