AltFi News - 08.06.18

 
The latest news from the world of Alternative Finance and FinTech
 
 
In the news this week
The Bank of England announced this week that they will force banks to publish plans showing how they would wind up operations if they go bust, in an effort to avoid a repeat of the “too big to fail” Lehman contagion. Banks will have to submit a “self-assessment of their resolvability” to regulators, with the BoE intending to publish elements of the plans. In other news, P2P lenders, such as RateSetter and LendingWorks, have let it be known that they are GDPR compliant, with the former saying they’ve “implemented a comprehensive cross-departmental project” to ensure compliance with the new legislation. If you still have concerns, or need some help getting GDPR compliant, we've developed a package to help.
 
 
 
BoE to make banks publish death plans to avoid repeat of Lehman contagion

 

 

The Bank of England (BoE) will force banks to publish plans showing how they would wind up operations if they go bust, a top official announced, in the next step in regulators’ efforts to clamp down on “too big to fail” lenders. (City A.M.)
 
P2P lenders prepared for new data rules
Peer-to-peer lending platforms have welcomed the new General Data Protection Regulation (GDPR) and confirmed that their processes meet with the new EU standard. “We welcome any measures which safeguard personal information, and very much see GDPR... (P2P Finance News)
 
 
 
 
British fintech startup Revolut to seek U.S. banking license: CEO
British financial technology startup Revolut plans to apply for a banking license in the United States, Chief Executive Officer Nikolay Storonsky said on Monday. The company, launched in 2015, could apply by the end of the year in California, Storonsky told Reuters in an interview at the sidelines of a fintech conference in Amsterdam. (Business Insider UK)
 
 
 
What we’ve seen in Search
After the spike in searches a few weeks ago due to the TSB online issues, ‘switching current accounts’ is still trending higher than last year.
 
 
 
Are you using search trends to inform your strategy?
Search trend data can provide your business with the ability to create a well-defined strategy. Contact us today to find out how we can help.
 
 
 
 
Fintech unicorn Transferwise partners with first major European bank BPCE, gaining 15.1m new customers
Out with the old and in with the new: digital money transfer service Transferwise has partnered with Banques Populaires’ and Caisses d’Espargne (BPCE), France’s second largest bank, to integrate its API directly into BPCE’s banking apps. (City A.M.)
 
 
 
 
Assetz Capital reaches lending milestone
Manchester-headquartered Assetz Capital has lent more than £500m to SMEs and property developers, as appetite for alternative forms of finance continues to rise. Since launching in 2013, the peer-to-peer lender has enjoyed strong levels of growth with lending having doubled in each of the last two years. More than £200m was lent in 2017 alone. (Insider Media)
 
 
 
Stat of the Week
The annual growth in cash savings came in at 1.4% for April, the lowest rate in more than 10 years
 
 
 
 
UK fintech start-up Revolut reaches 2 million users
London fintech start-up Revolut has announced that it has grown to 2m users following its launch in 2013. Revolut said that it has now signed up 2m customers in Europe ahead of plans to launch in the US this year. Customers have also made over 100m transactions, the company said, with a monthly transaction volume of $2bn (£1.4bn). (The Telegraph)
 
 
 
Tweet of the Week
 
 
 
The Marketing Eye says
 
 
7 reasons to ditch the annual marketing plan
Conventional wisdom is that we should plan everything: our business strategy, our cash flow, what to buy on our next trip to the supermarket. We are obsessed with knowing where we want to be and how we are going to to get there.
Why should SMEs revise their thinking about social media?
Whilst social media might not be your thing on a personal level, there is no reason why your business shouldn’t be using it. We understand that when you run a business your time can be spread thinly, but that doesn’t mean you should ignore...
 
 
 
If you’re not GDPR compliant, it’s too late… isn’t it?
It is never too late to be compliant.
Click here to find out how we can help your business with the new General Data Protection Regulation.
 
 

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