The latest news from the world of Alternative Finance and FinTech
In the news this week
UK FinTech companies have been put on notice by the French central bank. In an email sent last week by the bank’s regulatory unit, it questioned firms’ intentions in France post-Brexit and requested information regarding their contingency plans as the UK sets to depart the EU. The survey asked for information including when the company expects to be authorised to operate within the EU. Elsewhere, Moneysupermarket is moving into the mortgage market with a new FinTech product, while Seedrs has launched its new AutoInvest product.
French central bank investigates UK fintech Brexit contigency plans
Payment providers and fintech companies in the UK have been put on notice by the French central bank, in an email from the bank’s regulatory unit that questioned firms’ intentions in France post-Brexit. The email seen by City A.M., which was sent last week to firms highlighted by “UK authorities as providing payment or electronic money services in France”, requested information regarding their... (City A.M.)
Moneysupermarket sets up fintech joint venture for mortgage comparison
People will be able to compare and apply for mortgages online, through a new joint venture announced by Moneysupermarket. The Cheshire firm has established a 50/50 JV alongside Matt Denman and Mark Hawkins, the founders of HD Decisions. Podium forms part of the group’s “Reinvent strategy” to move into new comparison markets. (Prolific North)
Investment Association opens doors to first fintech cohort
The Investment Association (IA) has opened its doors to establish the first cohort of ground-breaking innovators for Velocity, the IA’s specialist FinTech accelerator for the asset management industry. (Finextra)
Equity crowdfunding platform Seedrs has announced a pioneering move for the sector with the launch of its new product AutoInvest. Following recent game changing products such as its Secondary Market and Portfolio Update, Seedrs continues to lead the way with expansion into automation. (Finextra)
Growth Street has joined Starling Bank’s marketplace, enabling customers to access its flagship finance product through the mobile-only bank. The peer-to-peer business lender will be the first small- and medium-sized enterprise finance provider to go live on Starling’s marketplace, which gives users access to a range of services including pensions and insurance. (P2P Finance News)
The UK's shadow banking sector is worth at least £2.2 trillion
Fintech Revolut called police and regulator over money laundering worries
Digital banking fintech Revolut called in police and regulators in the last few months after finding suspected money laundering on its system. Revolut contacted the National Crime Agency and City watchdog the Financial Conduct Authority after finding the suspected payments. (City A.M.)
MP’s comment about “unregulated crowdfunding” could set the industry back years
So we now have another prominent member of public life shooting from the hip with inaccurate generalisations about the peer-to-peer industry. First it was Lord Adair Turner with his now famously rescinded comments about peer-to-peer lenders making bankers look like geniuses. Now we have Martin Whitfield, MP for East Lothian, warning entrepreneurs away from...
6 things you need to know about the ePrivacy Regulation
So, you thought the General Data Protection Regulation (GDPR) was something to worry about? Well, get ready for the ePrivacy Regulation, a new regulation that focuses specifically on the privacy of individuals as it relates to electronic communications. The regulation aims to work in conjunction with the GDPR to ensure data is handled with care by organisations and give individuals more control over their internet data...