In the news - 01.04.16

The Marketing Eye Newsletter

The latest news from the world of Alternative Finance and FinTech

Peer-to-peer lending: What will happen in a downturn?

Some of the top names in the AltFi space, including Ablrate's Andy Sweeney and Zopa co-founder Giles Andrews, talked to Harriet Green at City A.M. this week to discuss the possible impacts a downturn could have on the P2P lending sector. (City A.M.)

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FinTech boom will lead to 30% bank staff cuts - Citi

US bank Citi has forecast that the continued growth of FinTech startups will mean 30% of bank staff will lose their jobs over the next ten years. The bank's 112-page report, titled 'Digital Disruption', predicts that US and European banks will shed 1.7 million jobs by 2025 as the banking sector undergoes its own "Uber moment". (Finextra)

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FCA warns of bottleneck in P2P platform approvals

A flurry of companies are queuing for authorisation to open peer-to-peer (P2P) lending platforms to take advantage of a new savings product to invest in tech start-ups, Financial Conduct Authority said on Thursday. The rush for P2P platforms comes just before the government launches on April 6 the Innovative Finance ISA, a tax free savings product designed to encourage more investment in start-up technology firms. (Reuters)

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Platform giants beaten to Innovative ISA approval

A small peer-to-peer lending platform has been given the green light to offer the Innovative Finance ISA on 6 April, as the bigger players still wait for regulatory approval. Abundance has confirmed its ISA will be open for investment on the first date it can be offered to the public, making it the first peer-to-peer lending platform to be accepted under the new ISA regime. (FT Adviser)

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London FinTech startup said it would only join a FinTech group if it could pay its membership in bitcoin

A London FinTech startup determined to drive forward the use of digital currencies said it would only join trade body Innovate Finance if it could pay its membership in bitcoin. Bitfury, a company that provides the Blockchain infrastructure underpinning bitcoin payments, paid £10,000, or 37.55 BTC (bitcoin), to join Innovate Finance, which counts Visa, IBM, and Mastercard among its founding members. (Tech London)

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FinTechs gain accreditation for faster payments 

Two FinTech companies have become the first to gain accreditation to supply access to Faster Payments through the New Access Model, following an announcement on Tuesday. (Finextra)

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Small businesses claim FinTech service is better than banks

Nine out of ten SMEs (87%) have stated that, when it comes to foreign exchange, they receive better service from FinTech providers than the banks. New research, carried out by Work First, also reveals that 89% of SME bosses would recommend using a specialist provider for their international currency transfers compared with just 35% of those using a bank. (Business Comparison)

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