Fintech, Finance, Technology, Banking Highlights – 20 November 2018
Japan and France sign Cooperation Frameworks regarding Innovation in the Financial Sector
Japan’s Financial Services Agency (FSA) has signed two cooperation frameworks, respectively with the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) of France to promote innovation in their respective markets.
This will lead to increased exchanges regarding innovative trends, regulatory issues and any other relevant information pertaining to innovation in the financial sector. These cooperation frameworks also include referral mechanisms for financial innovators which will therefore facilitate their entry into French or Japanese markets.
Both France and Japan already support the development of FinTechs and innovation in the financial industry while also ensuring that regulations are adapted to warrant consumer protection and financial stability. More specifically, the authorities accompany these new market participants regarding authorisation applications and how regulation applies to them. Enhanced cooperation between authorities is essential as FinTechs and other financial innovators are increasingly offering services at a global level.
FinTech data startup Banked raises £1.5m
New financial data start-up, Banked, has secured £1.5 million seed funding from lead investor Backed VC.
Launched in November, Banked is now expected to close a significant seed raise for the UK market, underlining its potential to transform the way businesses and individuals use financial data.
Banked’s mission is to be the trusted channel between banks, businesses, and individuals, unlocking the potential of financial data for all. Banked’s simple tools help banks make financial data more accessible; help developers quickly integrate it into better, more personalised products; and put individuals in control of their data and financial lives.
Banked brings together a team of serial entrepreneurs, tech developers, creatives and regulatory experts. It was co-founded by CEO Brad Goodall, an Australian entrepreneur who moved to London in 2014 and spent time working with the teams who created Level39, Innovate Finance and ENTIQ (now Plexal) before co-founding 10x Future Technologies with ex-Barclays CEO Antony Jenkins.
Banked’s first product will be available in Q1 2019, with a Beta product currently up and running with test clients.
Brad Goodall, CEO and founder of Banked, said: “We started Banked because there is an opportunity for consumers to engage with their financial lives in more meaningful ways, that can lead to better financial health, greater awareness, and more intuitive user experience.
“We believe banks should leave customer experience to those nimble enough to meet changing consumer demands, and instead embrace developing an ecosystem that allows banks to play to their strengths as dependable custodians of people’s money. The now global open banking movement makes it possible for Banked to work with banks, product developers and consumers to use data securely, enriching user experience whilst maintaining privacy and control for the customer.”
Andre De Haes, Founder of Backed VC, said: “We are delighted to be the lead investor in Banked – a platform that we believe will transform the way people think about and use their financial data. What set Banked apart in our eyes, was the combination of a team of serial entrepreneurs, connected minds and a truly killer concept.”
Five Degrees and ieDigital partner to create digital banking portfolio
Five Degrees, the Dutch FinTech specialising in digital core banking software, and ieDigital, the UK market leader in digital engagement for financial institutions, together launches a premier digital banking portfolio aimed explicitly to fulfil consumer needs.
As a part of the agreement signed today, the digital banking portfolio is one of the most comprehensive solutions for financial institutions. It consists of a straight forward and cost effective method to build end-to-end banking products that help to identify and generate revenue opportunities. The offering ensures a highly personalised digital experience for the end-user, combining ieDigital’s ‘Interact’ digital engagement platform, with Five Degrees’ ‘Matrix’, a digital core banking platform.
Forrester survey data shows that decision makers in financial services firms are typically sticking to existing monolithic back-end applications that are, in many cases, decades old and focuses on the digital front end without addressing the need to update the core. This is known as the ‘Potemkin effect.’
A combined Core (Matrix) and Engagement Platform (Interact) from two dedicated experts of their fields, solve the ‘Potemkin effect’ by creating a seamless digital end-to-end experience that customers need. This allows new banking products and services to be easily designed, and quickly delivered.
The joint partnership between Five Degrees and ieDigital strengthens their position in the retail and business banking, private banking, and NBFI’s such as Motor Finance, adding value to all core banking customers and delivering faster digital channel deployments.
Martijn Hohmann, CEO of Five Degrees, states: “Five Degrees’ partnership with ieDigital will enhance the digital experience for our customers and prospects and reinforce our proposition by adding world-class consumer-oriented solutions to our offering. Furthermore, this agreement grows our business and secures our leadership position in banking across the globe.”
“Our global vision is to give everyone the chance to have a healthier and more convenient life while choosing and interacting with financial products. Joining forces with ieDigital will help make our vision a reality much faster by accelerating the development of our digital solutions portfolio. Our joint venture provides financial institutions with the tools to offer a better experience for consumers when managing their finances daily.”
