This week was especially rich in good news from the UK and EU FinTech industry, however some disturbing things happened too, mostly in the crypto market, with another major bank banning transfers to the largest crypto exchange. Read the news for all the details you need!
Weekly FinTech news digest: 6 July—12 July 2021
Fintech Week London Begins: Deputy Mayor Announces “London is Open for Business.”
2021 edition of the best FinTech event in London is on!
It’s been 8 years since the first Fintech Week London and the event has evolved a lot during this time. Now, a brand new team is organising it in a brand new format, so all traditional financial institutions can meet FinTechs. From high-street banks to challengers, technology giants to disruptors, this five-day event is your opportunity to understand the global themes of fintech, with sessions available both in-person and virtually. There are 2000+ delegates, 100+ speakers and 25+ exhibitors meeting for 5 days of networking and learning, as well as 2 days of the central conference. Don’t miss it!
Read more about FinTech events in 2021
Starling Bank wins the British Bank Awards 2020 in four categories
In other words: best in everything
British Bank Awards is the most prestigious competition for UK banks, financial institutions and FinTechs. It is organised by Smart Money, a review site where everybody can rate companies, so in fact who wins is decided by voices of the public. The 2021 edition was quite surprising, because rarely just one competitor wins four top prizes! Starling Bank managed to do it in four categories: Best British Bank, Best British App, Best Business Banking Provider and Best Current Account Provider. Congratulations, Starling Bank!
Read more about successful product development
P27 Nordic Payments secures merger approval from EU Commission
A huge merger meant to make banking services in the EU better
The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control over Bankgirocentralen BGC AB (‘Bankgirot’), through a newly-created joint venture, the P27 Nordic Payment Platform (‘P27 NPP’), both of Sweden, by six Nordic banks. Interestingly, this merger is not meant to decrease competition, but to further increase the comfort of the clients and to offer them more seamless experiences in banking.
“Our platform will enable domestic and cross-border payments in real-time, in batches and in multiple currencies throughout the Nordic region”, says Lars Sjögren, CEO of P27.
Read more about open banking apps
Crypto and Investment Scams Skyrocket
Crypto market is crazy – be careful of scams!
Crypto and Investment Scams Skyrocket in 2020 and 2021, according to a survey and data gathered by the Federal Trade Commission (FTC). On one hand, it is surprising, considering the fact that trust towards crypto is rising, on the other hand – it’s quite obvious. Crypto assets are still a new phenomenon and so many people are not aware of the dangers. However, Scams are present in every type of the financial industry, right now we may be looking at scammers just switching to a new, trendy medium.
Read more about security in FinTech
Barclays and Santander ban card payments to Binance, following the FCA’s warning to consumers
Will Binance even be able to function in the UK soon?
Binance, the largest crypto exchange market, is struggling after a series of problems generated by quite a negative opinion issued by the FCA. More and more banks ban card payments to Binance – this time giants like Barclays and Santander did it. Users still can use different ways to transfer their money to Binance, but the loss of the most popular method hurts. Even though FCA and banks are trying to prevent frauds, the users are furious: “As one of your long standing account holders, DO NOT tell me how I can spend MY money,” said Twitter user Brian Moore. “If I choose to use Binance then that is MY choice.”
Read more about crypto-assets software development