Covid-19 Impact on Banks, And fixes. The Black Swan Opportunity

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  Fill in the form to download the IBSView on Covid-19 impact on banks, and fixes. The black swan opportunity.

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California based Fundbox, revolutionising B2B economy by transforming how funding flows has announced that the FinTech has received a fresh equity investment from MUFG Innovation Partners, the corporate venture...

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Visa has completed the first request-to-pay message sent and received using PayUK’s standards, in a pilot ahead of the full commercial service launch later this year. The request-to-pay service...

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London-based FinTech Nucoro’s research has revealed that 24% of the respondents plan to reduce their bank branch visits after the COVID-19 lockdown is lifted. Meanwhile, 9% of them believe...

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API-based Banking-as-a-Service provider, OpenPayd announced the appointment of Ruth Evans as Advisor to the Board. The new appointment is expected to support the company’s growth in areas of corporate...

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The COVID-19 pandemic has heightened the need to adopt higher levels of automation amongst fund providers and their investors. J.P. Morgan Asset Management has announced that the firm has...

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Spain-based Minsait, an Indra company, and Auriga have collaborated in a bid to boost their digital transformation strategies for bank branches in Spain, Portugal, Brazil, Colombia, Mexico and Peru....

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Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise (SME) sector, has allocated AED 20 million for the capital guarantee scheme launched by...

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Canadian online lending platform LendingArch has announced its plan to launch into the United States in response to the increased demand for the platform by USA consumers looking for...

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London-based Koine announced today an integration with digital broker GC Exchange Limited (GCEX). The integration will enable the latter to leverage Koine’s platform for fiat and digital currencies. It...

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Klarna, a payments provider company and BigCommerce, a SaaS e-commerce platform for fast-growing and established brands, have announced the further expansion of their partnership into the Australian market. Since...

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Walmart, along with Green Dot, has announced updated features and benefits for the Walmart MoneyCard Reloadable Debit Card program. According to the announcement, the Walmart MoneyCard, issued by Green...

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UK FinTech and savings technology platform Smart announced today that Natixis Investment Managers (IM) has invested in the company in a bid to combine their expertise for developing workplace...

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GBG, a global technology specialist in fraud and compliance management, identity verification and location data intelligence, today announced its expansion of AI and machine learning capabilities for its transaction...

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FutureFuel.io, making the implementation of student debt centric benefits easy has announced the launch of its category-defining offering: Giveback by FutureFuel.io. With the new Google Chrome extension, Giveback enables...

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Cloud banking platform Mambu has entered into a partnership with Swiss FinTech NetGuardians today. The collaboration will enable NetGuardians to offer its fraud mitigation software to the former’s clients...

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Toronto based Cinchy, a data collaboration company has announced that it has raised $10 million in Series A financing, led by Information Venture Partners (IVP). The funding round saw...

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Edinburgh-based startup Blockchain Technology Partners (BTP) announced today the appointment of Paul Forrest as its inaugural non-executive chairman. The company recently held its angel funding round led by Aberdeen...

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Hong Kong-based Blockpass has launched the WebID version of its identity verification protocol – KYC Connect. The company has mentioned that it has responded to market demand and an...

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Ola Financial Services (OFS), the financial arm of taxi-hailing app Ola, has raised INR 2.05 billion in funding from Matrix Partners and others, according to its regulatory filings. The...

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Investing can now definitely become a child’s play with India’s leading wealth-management app Cube Wealth. The Mumbai-based FinTech has launched some fun games to cultivate smart investing habits and...

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National Payment Corporation of India (NPCI), an umbrella body for all kind of digital payments in the country, said that it has launched an artificial intelligence (AI) based chatbot...

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India’s leading InsureTech Digit Insurance has recently launched a health insurance product ‘Arogya Sanjeevani, Go Digit’, a standard product that provides basic health insurance cover of between INR 100,000...

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Indian first payments bank (PB) to go live Airtel Payments Bank (APBL) has partnered with global payments player Mastercard to develop customized products catering to customers across the underbanked...

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In its bid to provide end-to-end value-based services to the mutual fund industry, India’s stock exchange BSE will soon start onboarding investors through e-KYC and Video-KYC on its Star...

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Open banking API provider Yolt Technology Services (YTS) claims it has reached over 80% API coverage across Italy, France, and Spain. This growth forms part of the company’s European...

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Crowdfunder.co.uk was founded in 2014 and claims to be the UK's number one rewards-based crowdfunding platform, also working with corporates to help them leverage their philanthropic investments. In just under six years, Crowdfunder.co.uk has helped raise more than £100 million for charities, businesses and community projects across the UK as well as working with several corporates including Santander and RBS NatWest to distribute grants.

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The FinTech sector has risen to the challenge of the Covid-19 pandemic, responding to customer needs and filling gaps in services that may not otherwise have been addressed in the short and medium term. The impact of Covid-19 and of lockdowns around the world has forced many businesses to rethink their strategies and the FinTech sector, in particular, has received a lot of attention in recent weeks, with some actors seeing a significant rise in business activity even though whole economies have been shut down. Sub-segments such as lending, digital banks, wealth management and digital payments have witnessed massive traction globally.

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Governments around the world are offering aid businesses in distress but are government-backed Covid-19 lending schemes being hobbled by old tech? Governments across the world are offering financial aid and loans through different schemes to companies large and small but getting access to the schemes has proven a struggle due to the volume of applications. In the UK, data from the British Chambers of Commerce (BCC) suggested that in mid-April, only 1.4% of businesses enquiring about the government’s Coronavirus Business Interruption Loan Scheme (CBILS) for SMEs had been successful in receiving a grant while figures from UK Finance suggested that the figure is even lower at 0.65%.

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More resources are being set aside by banks as the Fundamental Review of the Trading Book (FRTB) looms large. large part of banks’ preparation involves them balancing their capital between the standardised approach (SA) and the internal model approach (IMA). For smaller banks, the costs of infrastructure requirements for the IMA in terms of systems, data and processes wouldn’t be justified compared to the lower capital requirements they could achieve with IMA compared to SA. The SA calculations also have some synergies with risk calculations for other regulations, such as the upcoming Initial Margin (IM) requirements.

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More resources are being set aside by banks as the Fundamental Review of the Trading Book (FRTB) looms large. large part of banks’ preparation involves them balancing their capital between the standardised approach (SA) and the internal model approach (IMA). For smaller banks, the costs of infrastructure requirements for the IMA in terms of systems, data and processes wouldn’t be justified compared to the lower capital requirements they could achieve with IMA compared to SA. The SA calculations also have some synergies with risk calculations for other regulations, such as the upcoming Initial Margin (IM) requirements.

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IBS Intelligence held its second FinTech Roundtable at the CedarIBSI FinTech Lab in Dubai Media City on 28 November 2019. Representatives from FinTech Lab members including i-Xceed Solutions, Fournxt, Clayfin, Expleo (formerly Thinksoft) and Clari5 came together with a clutch of banks based in United Arab Emirates (UAE); among them National Bank of Fujairah, Mashreq, Emirates NBD and Dubai Islamic Bank. The roundtable event was staged to discuss the need for innovation in treasury management systems and regulatory technologies in the banking ecosystem.

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This section is a monthly snapshot of activity in the banking technology system space. This is useful for anyone who wants to track banking system sales on a regular basis. The Who’s Bought What provides all the key details of the deal such as the bank that bought the system, the type of system, the supplier and the system name, and the country of sale.

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