Tech City UK and the UK Government are on the hunt for fintech start-ups which can help those let down by traditional finance providers.
Tech City UK today launches the hunt for fintech start-ups that can make a difference to those people who are in danger of being left behind by financial services such as conventional banks, building societies and credit card providers.
As part of the government’s Digital Strategy, which aims to make a digital economy that works for all, the Department for Digital, Culture, Media and Sport has asked Tech City UK to run a competition to find the best products and services from the fintech sector that promote financial inclusion.
Supported by the DCMS and the Treasury, TechCity has launched the Fintech For All competition, run in association with partners the Money Advice Service and Experian, the global information services company.
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Online lender Spotcap has this week announced the launch of a Fintech Scholarship program, with $10,000 being awarded to an Australian student attending university in a fintech-related field. The lender launched the program with the aim of supporting local fintech talent and ensuring the longevity of financial innovation in Australia.
“Fintech is a relatively new industry, disrupting the more traditional financial services such as banks,” said Spotcap Australia and New Zealand managing director Lachlan Heussler.
“However, awareness of the industry and what we do in general is quite low. The result of this is a natural restriction of local talent actively choosing to start their career in fintech. Spotcap wants to change this.”
KUALA LUMPUR, Sept 7 — Malaysia’s financial technology (fintech) development is strong compared to other Asean countries, said CIMB Group Holdings Bhd’s Chief Fintech Officer, Olivier Crespin.
He said the country’s strategic location allowed it to reach the Asean market with a population of 650 million, which provided a huge opportunity for the local fintech industry.
“If you compare Malaysia with Singapore, Malaysia receives a higher number of fintech investments, which has been quite successful,” he told reporters on the sidelines of the Fintech Innovation Summit 2017 here, today.
From the regulator’s perspective, Crespin said Malaysia had done a lot in developing the fintech services, including creating the sandbox while the implementation of application programmeming interface (API) and the e-know your customers (eKYC) process had set up the foundation to benefit the customers.
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CEO of Never Stop Marketing, Jeremy Epstein, identifies this as one of the innovations helping drive cryptocurrencies into the mainstream.
According to Epstein, crypto debit cards will enable people to start using their digital currency for regular purchases. He explains that whether one particular platform succeeds or fails, the concept will prevail and push crypto into the mainstream. Epstein says:
“The multi-crypto/fiat cards are SaltLending, which allows you to use your crypto assets as security against fiat loans and the industry-wide Crypto Is Currency initiative is another.”
Epstein also notes that each of these innovations drive crypto further into mainstream acceptance whether as collateral or for practical exchange of value. Additionally, new groups like Crypto Explorers are emerging as communities for people dedicated to bringing crypto into the mainstream.
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