Fintech, Finance, Technology, Banking Highlights – 2 April 2018
Lattice80 creates fintech database
With explosive growth in the fintech ecosystem, startups in several sub-categories, investors, regulatory bodies and various other stakeholders have developed along globally.
‘FintechDB’, an AI powered database aims to resolve the lack of specific information in a vast ecosystem. Investors looking for accurate information about emerging startups based on a set criteria, companies that wish to enter new markets and seeking local support to establish their business quickly, young startups that need support to scale and improve their offerings are just some of those which will benefit from the FintechDB. Tailored information and support is crucial when already available information is diluted and inaccurate.
The ‘FintechDB’, presently in the alpha version, is active and continuously porting raw data on over 11,000 startups in the fintech, blockchain and cryptocurrency space. It will be part of the LATTICE80 KAYA Network, ICO private sales for which are currently in progress.
The global database will contain extra data on emerging markets such as Asia compared to other markets. The absolute number of startups in emerging markets still remains to be a small portion of the overall infrastructure. Investors will be able to subscribe to the FintechDB on an invite-only basis within a few days.
Joe Seunghyun Cho, Co-founder and Founding CEO at LATTICE80, explains:
“We are absolutely focused on two things. One, to provide a robust platform for investment information. To identify trends and opportunities based on market data, track records of old companies, correlating custom variables developed over time. It is a complex machine learning algorithm crunching data in the background. Big data will take over the function of the human VC to a certain extent. A human VC is limited by the number of pitch decks s/he can review; we review many times more, and reliable data, through our engine. And we will even be able to set up venture funds and accelerators based on the system. Secondly, we shall be able to identify trends for corporates and financial institutions. Something everyone wishes they had in my various interactions across the globe, but somehow not available.”
Starling Bank moves into business banking
Starling Bank, after recently being voted the Best British Bank, has become the first fully licensed mobile-only bank to launch business accounts for small businesses and entrepreneurs in the UK.
Starling’s app is simple to use and allows small business owners to open an account in less than 10 minutes, direct from their smart phone.
There are no fees for having an account, no fees for making a payment to another bank account, and no fees for withdrawing cash.
Starling business customers will be able to manage their business bank account entirely from the mobile. Starling customers will be able to make payments to suppliers from the app (including international payments), see monthly categorised breakdown of transactions and export transactions directly to their accounting software. They’ll also be able to set aside money for purposes such as tax using our Goals feature, and they’ll also receive an instant notification any time they receive money into their account.
AI startup vPhrase wins Temenos Innovation Jam Hong Kong
Temenos (SIX: TEMN), the banking software company, announces that the audience of the Innovation Jam in Hong Kong has voted vPhrase the winner of the fintech competition.
Held in conjunction with Fintech Supercharger, Asia’s leading fintech accelerator, the Hong Kong Innovation Jam, brought together eight fintech companies from across the Asia Pacific region to compete for the chance to move on to the Innovation Jam Final at the Temenos Community Forum (TCF) in Dublin, Ireland.
The Innovation Jam series is part of Temenos’ strategy to identify and partner with the very best fintechs, those that add real business value to its customers. At the Hong Kong competition, each of the contestants had seven minutes to present their solution to an audience of 100 leaders from banks, software providers and others in the financial and technology space. vPhrase now qualifies for the final, joining winners from each of the regional heats, including upcoming events in Abu Dhabi, London, Geneva, Amsterdam, and Luxembourg.
