The latest news from the world of Alternative Finance and FinTech
In the news this week
Bitcoin dominated the news this week after its price hit a new record high of £8,200, but Bank of England Governor Jon Cunliffe seems unfazed, saying that Bitcoin is not big enough to threaten the world economy. However, the Bank of England also said this week that Britain's banks may be overstating their ability to stop FinTech companies stealing customers and eating into profits. Elsewhere, a new report revealed 4 in 10 consumers would be open to using FinTech companies for their mortgages.
Bitcoin not big enough to threaten world economy, BoE deputy says
Bitcoin is not at a size where it would pose a risk to the global economy, Bank of England Deputy Governor Jon Cunliffe said on Wednesday, as the virtual currency soared... (Reuters)
BoE says banks may be underestimating FinTech threat
Britain's banks may be overstating their ability to stop "FinTech" firms stealing customers and eating into profits, the Bank of England (BoE) said on Tuesday. (Business Insider)
Four in 10 consumers open to FinTech competitors for mortgages
Financial technology start-ups like Revolut and Trussle threaten established banks in the UK’s £1.3 trillion mortgage market, with four in 10 customers being open to FinTech competitors instead. (Mortgage Introducer)
Blockchain P2P lending partnership formed
Ethlend, a peer-to-peer lending application that runs on the Ethereum blockchain network, has formed a partnership with Brickblock to explore the possibilities of lending with blockchain technology. (P2P Finance News)
New EU rules increases competition and security between banks and FinTech
The European Commission approved rules on Monday to increase competition and toughen up security in how people pay for goods and services across the European Union, pitting banks against financial technology firms. (Independent)
First cryptocurrency property fund launched
London-based firm Bond has launched a first $5m (£3.75m) digital equity offering enabling institutional investors to buy property bonds and real estate on the blockchain. (Property Week)
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Analysis: FinTech vs Top 500 UK Websites
How the FinTech/Altfi/Finance world stacks up against the best sites in the UK!