Fintech, Finance, Technology, Banking Highlights – 17 September 2018
US Commodity Futures Trading Commission and Monetary Authority of Singapore Sign Arrangement to Cooperate on FinTech Innovation
The US Commodity Futures Trading Commission (CFTC) and the Monetary Authority of Singapore (MAS) signed an arrangement to foster greater cooperation in FinTech.
The arrangement supports both authorities’ efforts to facilitate FinTech development and innovation in their respective markets. This arrangement is the CFTC’s second FinTech cooperation arrangement with a non-US authority and its first with an authority in Asia.
The Cooperation Arrangement on Financial Technology Innovation (FinTech Arrangement) focuses on information sharing on FinTech market trends and developments. This includes sharing insights derived from each authority’s relevant FinTech sandbox, proofs of concept, and innovation competitions. The FinTech Arrangement also facilitates referrals of FinTech companies interested in entering the other’s market. This will help FinTech companies better understand and navigate the regulatory regime and capitalize on opportunities in each jurisdiction.
KPMG acquires a minority stake in fintech startup AdviceRobo
KPMG acquires a minority stake in AdviceRobo, a Dutch fintech startup developing technology that predicts financial risk of people and companies taking out loans. To predict risk, the company applies artificial intelligence(AI) on non-financial data including the behavior of potential borrowers.
AdviceRobo’s technology enables lenders, such as banks and retailers, to limit the risks of lending and reach a larger group of clients. The cooperation will enable KPMG to help its clients across the world to strengthen and future-proof their existing risk management. As part of this alliance, AdviceRobo will have access to KPMG’s expertise in the fields of risk management, regulation, data and analytics. Advice Robo will also have access to KPMG’s global network. Erik Rood, partner at KPMG Financial Services, will lead the cooperation on KPMG’s behalf.
Bill.com international business payments now widely available with new multi-currency and mobile app support
Bill.com, a digital business payments company, announced the general availability of International Business Payments.
Now all Bill.com customers can make electronic international business payments just as easily as they make domestic payments.
Small and mid-size companies in the United States can now pay vendors in nearly 40 countries, including India, China, the Euro Zone, and many other countries. Payments can be made in both U.S. dollars or local currencies. Additionally, Bill.com International Business Payments is now supported on iOS and Android, making it that much simpler to complete payments. The general availability follows a highly successful pilot which included hundreds of businesses making payments across the globe.
“The future of business is digital, but it’s also global. Today, Bill.com processes over $62 billion annually in business payments,” said René Lacerte, CEO and Founder of Bill.com. “With Bill.com International Business Payments, we provide small and mid-size companies a simple and cost-effective way to pay electronically all over the world, with just a few clicks. We are delighted to see the customer response to this new offering.”
Remitly expands across Europe
Remitly, an independent digital remittance company in North America, announced its expansion to 11 new send countries across Europe giving millions of customers access to a modern and convenient remittance experience.
“In one year we’ve expanded from three send countries to now serving 15, representing over $121 billion in remittance flows annually. This expansion brings Remitly’s world-class product and technology to even more immigrant communities with the need to send money to their loved ones back home,” said Karim Meghji, Chief Product Officer at Remitly.
Remitly launched its service in the United Kingdom last year and has now expanded into additional send countries across Europe. Customers across Europe can use Remitly’s reliable and easy-to-use mobile app that makes the process of sending money faster, easier, more transparent and less costly by eliminating the forms, codes, agents, extra time and fees typical of the traditional, century-old money transfer process.
