The Fintech Fix Weekly Roundup 22/06/2022
Welcome to The Fintech Fix, where we cover the biggest stories of the financial week. Whether it’s the next groundbreaking trend in cryptocurrency or Blockchain technology, a new partnership about to change the global, economic landscape or an upcoming startup generating a huge following.
Hot Topics – Kicking off this week’s roundup is a story from the world’s first purpose-built global clearing, agency, and transaction bank, The Bank of London. The organisation looks set to expand its footprint further, as shown by opening its Centre of Excellence in Belfast, Northern Ireland. This new venture will create a total of 232 new jobs by 2026, with 54 roles already being advertised that will generate around £20 million worth of annual salaries for the local economy when filled.
Anthony Watson, Founder & Group Chief Executive Officer of The Bank of London, said “to build the future of finance, we need to be where the future is. Belfast is now the UK’s gateway city to the European Union, and this coupled with Belfast’s exceptional FinTech talent across multiple disciplines, makes it the logical choice for The Bank of London’s Centre of Excellence to power our UK expansion.”
Revolut, the financial superapp with over 18 million customers worldwide, continues to dominate headlines as the team announced its launch in five new countries across LATAM, the Middle East and South Asia. With the aim of launching in dozens more countries by the end of 2022, and additional features to be added soon, Revolut is “redefining how to send and receive money by simplifying the process of international transfers, offering competitive fees, and always providing the best possible exchange rate”, according to Vlad Yatsenko, Revolut Chief Technology Officer. Using global money transfer infrastructure, there is no fee between Revolut customers, and a 1% fee to non-Revolut bank accounts with a $1 USD minimum fee for customers in these five new countries.
Our team at Fintech Finance has recently released some excellent content, as always, in our latest edition of The Paytech Show. We discuss the role of the digital wallet in the future of the payments ecosystem, with Jukka Yliuntinen, Global Head of Digital Solutions at G+D, Shachar Bialick, CEO and Founder of Curve, and Andrew Mitchell, Vice President For Development and Infrastructure Support at JCB.
In our Virtual Arena, hosted by Douglas Mackenzie, we also talked with Paul Wong, Director of Product, CBDCs and Institutions for Stellar Development Foundation about how we can make CBDCs a reality, and why should Central Banks expand CBDCs to the public. Wong’s impressive experience makes way for a truly rich discussion.
Ensuring digital trust in today’s day-and-age is a difficult task, as fraudsters continue to get more and more sophisticated. Having said that, GBG, the expert in digital location, ID verification and fraud, announced record preliminary financial results for FY22, growing revenue by 11.4% to £242.5 million.
Big Partnerships To Watch – Revolut has caught global attention once more, this time in the world of partnerships. As if moving into 5 more countries wasn’t enough, the team is working with Salesforce, the global leader in CRM, to help grow Revolut Business. Revolut will use Salesforce technology including Sales Cloud, High-Velocity Sales, Sales Cloud Einstein, Sales Enablement, and Marketing Cloud Engagement, to optimise Revolut Business operations. These technologies will allow the company to streamline processes and grow their sales organisation.
In addition, Revolut aims to hire 2,800 new sales agents in the next year and will employ Sales Enablement, Salesforce’s digital skilling platform, to provide enablement materials and allow new agents to onboard quickly with training resources.
Airwallex and Xero strengthened their long-term partnership towards the start of June, with the launch of a new payment link integration for Xero invoices. This increases the ease and speed of receiving invoice payments for Australian businesses and is a pivotal addition as it synchronises the payment trail for Xero customers, from collections to bank feed reconciliation. We’ve also brought our unique cross border payment capabilities to this solution to help our customers collect and hold in the currencies that are important to them, avoiding unnecessary conversion fees,” said Sam Kothari, Airwallex’s Head of Growth for ANZ, as customers can now issue and settle invoices in multiple currencies.
Within this decade, the ongoing and worldwide shift from physical to digital represents hundreds of billions of dollars of value in the banking industry alone. Asia’s emerging economies are at the cutting edge of these trends. With that in mind, Episode Six, a leading global and payment infrastructure provider, announced a new partnership with Galaxy FinX, Vietnam’s newest fintech builder that is re-shaping the future of money and banking in the country. Galaxy FinX selected Episode Six to provide modern cloud-based card and payment processing, which includes consumer credit- and debit-card services as well as connections to Vietnam’s domestic financial switch services.
And our last partnership for this week’s roundup comes from Cogo, who are working with The Cumberland to help customers track their carbon footprint. The building society’s 70,000 current account customers are being encouraged to download the Cogo app and link their Cumberland account to give them a clear picture of how their spending affects the environment – covering financial transactions, investments, and day-to-day purchases. Nigel Taylor, Head of Marketing and Brand, at The Cumberland, voiced how “through our partnership with Cogo, we aim to help educate our colleagues and customers so they can understand their carbon footprint.”
Funding – And to conclude this week’s roundup, INSTANDA, the world’s first no-code dedicated insurance platform, announced a $45 million fundraising led by Toscafund. The funds will be used to grow the company’s geographical presence in Europe, US, Japan and the UAE, as well as to rapidly augment platform capabilities including developing the existing ecosystem into a future-proofed marketplace. This move will further cement its position as the insurance industry’s most adaptive, fast, best value end-to-end platform for carriers, brokers and MGAs.