Fintech Insider By 11:fs

In this episode Alipay dominates financial news. On FinTech Insider, we joke about creating a jingle for ‘Alipay does a thing.’ What’s really interesting to us about Alipay is the Ant Financial business model of ‘payments as a wedge product’ to drive other financial services. We talk to a lot of banks now that want to become marketplaces, having looked at Alibaba and Alipay as the model to copy. In this episode, Rita Liu, Head of Alipay Europe, Middle East, and Africa, talks to us about Alipay’s growth ambitions and why China is such an exciting region for FinTech and financial services. “We have been active in the global market for a while, all driven by our consumers’ needs,” Rita says. “Alipay is the most popular online payment option for Chinese buyers. So we have been distributing Alipay as a payment option for ecommerce players outside of China. “In China, mobile wallet has become an increasingly popular way to pay in the physical world, and that is driving us to do the same in the global market.

In this episode RegTech is sexy. No, really, it is! RegTech goes beyond developing new technology to meet regulatory requirements – and it does more than save banks money. It’s about automating manual tasks and upskilling humans so their new work makes them feel valued. It’s about helping customers get better advice and service. It’s about making sure the business doesn’t come crashing down when the person in charge of the spreadsheet moves on. In this episode of FinTech Insider, we’ve assembled an expert team to explain what RegTech is and how to take advantage of this opportunity –  and imperative – to transform your business (you’ll also learn about Jason’s regulation chaos monkey idea ????). Guests Nick Cook, Head of Market Intelligence, Data, and Analysis at the Financial Conduct Authority Michelle Katics, Co-Founder and CEO, PortfolioQuest & BankersLab Diana Paredes, CEO & Co-founder at Suade Labs Evgeny Likhoded,  Co-Founder and CEO at ClauseMatch Enjoying FinTech Insider? Tell a fri

In this episode Article 50. Well, we went through with it and signed the divorce papers. Does the triggering of Article 50 put FinTech at risk in the UK? On this episode of FinTech Insider News, you’ll hear a range of opinions, from fear the UK is throwing away its work to lead the globe in FinTech, to optimism that London has the talent and regulatory regime to remain one of the world’s greatest cities. We also talk about BBVA joining Hyperledger; Alibaba and Tencent and the coming FinTech boom; and 11:FS celebrating its first birthday ???????????? As part of this milestone, we’ve officially launched 11:FS Pulse, our competitor insights research platform. We think you’ll love it. Guests this week Paul Titterton, Managing Director at Barclays Kadhim Shubber, Reporter at the Financial Times News this week Crowdfund Insider – Lawrence Wintermeyer, CEO of Innovate Finance, says triggering of Article 50 puts FinTech at risk – Link Parliament – Time to act on ‘unacceptable’ level of UK financia

In this episode What were you doing when you were 20 years old? Ollie Purdue was studying law…and founding a company to transform the banking experience. He didn’t want to be a lawyer, or a banker, but he did want to solve a problem facing many students: budgeting and forecasting how much money they’ll have and need every month. “At the time I was studying, I kept getting really frustrated with my bank account. It was just unable to tell me basic things about money, and that’s, kind of, what a bank’s meant to do, right?” Ollie says. “My bank wouldn’t tell me, when I got paid, how long that money will last. It wouldn’t tell me where I can cut down on my spending, and it wouldn’t tell me if my spending’s normal. So I was in a position where I never really understood my money, and I just didn’t get it, and then I tried budgeting apps and things like that, and they were really clunky…So it became really clear that a bank needed to be much smarter with data, and present that in a better way, and that’s kind of

In this episode A lot has been happening in the Singapore FinTech scene recently. The Monetary Authority of Singapore (MAS) is bound to invest more than $225 million Singapore dollars, or $158 million US dollars in FinTech by the end of 2020, and there’s a lot of hope that this can cut out costs from back office systems, and become truly transformational for the market and the region. In this episode, we take a step back, and, with help from FinTech experts in the field, paint a rich picture of what’s happening in Singapore today. Our guests Anna Vanessa Haotanto, CEO of The New Savvy; Business Development Director at Tera Capital Gerben Visser, Co-Founder of Singapore FinTech Consortium Joe Seunghyun Cho, CEO at LATTICE80; Co-founder and Chairman at Marvelstone Group Scott Bales, Managing Director at Innovation Labs Asia Varun Mittal, Associate Director, Asia-Pacific FinTech at EY Enjoying FinTech Insider? Please leave us a review on iTunes – this helps people discover us. The post Ep231 – Singapor

In this episode We’re very excited about the launch of Clear Bank, the first clearing bank to be authorized in the UK for nearly 250 years. There’s been a lot of business model innovation at the front end – we’ve seen apps doing more convenient FX, more convenient remittance, we’ve even seen peer-to-peer payments, but nobody’s really attacked the rails. “This is where I’m super excited to see FinTech go. This is a proper, proper geek moment,” says guest Sarah Kocianski, Senior Research Analyst, FinTech, at Business Insider Intelligence. “There has been a lot of interesting stuff on personal finance management, consumer banks – that’s happened already – but for any kind of change to happen in the wider financial services ecosystem, those back ends have got to be updated. They’ve got to be upgraded. They’ve got to be using Cloud and API. That’s why this story really, really excites me. Because I think now we’ve got that key piece of the infrastructure. We can start to see movement. They’re not just looking

In this episode Antony Jenkins, former CEO of Barclays, has spent 35 years working in large financial services institutions. He says that it struck him that, although there’s a lot of technology in banks, it doesn’t help much when it comes to improving the customer experience or lowering costs, and it hasn’t improved the reputation of banks within society. He founded 10x to create a new banking experience — one that is more diverse, open, and fair. In this episode, he talks to us about his new company, the future of banking, and the transition from running one of the biggest banks in the world to founding a startup. “When I left Barclays, I began to look at what was happening, not only in the FinTech scene, but also with the underlying technologies. I became convinced that there was an opportunity to create the beginnings of a very different way of doing banking,” Antony says. “We set up 10x to deliver the capability to do that. It’s basically a full set of capabilities that a bank would need to operate.

In this episode We’ve brought together some of our favourite folks from the world of FinTech challenger banks. In this episode, we talk to Starling, Fidor, and Loot about their business models, who their customers are, and how they’re using technology and data to provide a great customer experience. We also discuss the challenges they’re facing, what agile really means, and what’s coming up for them in 2017. Enjoy the show! Our guests Megan Caywood, the Chief Platform Officer at Starling Bank Sophie Guibaud, the Vice President of European Expansion at Fidor Ollie Purdue, Founder and CEO at Loot “We like to spend a lot of time talking with our customers,” Megan says, “not just usability sessions, but chatting with them and understanding how they’re currently using their banking products and where those pain points are. What we hear time and again is that what they’re used to expecting –  seamlessness and ease of use from other apps and products – just isn’t what they see from their bank.” Learned som

In this episode On this episode of FinTech Insider we cover all sorts of intrigue, from money laundering, to tantric blockchain, to narcotics. Of course, we also analyze the latest FinTech headlines so you don’t have to, and interview some of our favourite folks at solarisBank and Penta. Thank you to our guests for another fun episode. Our guests Monty Munford, writer for The Economist, BBC, Forbes, and Fast Company, and Founder of Mob76 Megan Caywood, Chief Platform Officer at Starling Bank Sophie Guibaud, Vice President European Expansion at Fidor  News stories Forbes – Meet The European banks of the future…you might even like them – Link Business Insider – German FinTech startup solarisBank raises €26.3 million and lands Deutsche Bank exec as CEO – Link Pymnts – Penta launches to help SMEs cherry-pick banking services – Link Mastercard – Prepaid card programmes in France (no link) Independent – Banks are getting bigger, not smaller. Clearly they learnt nothing from the 2008 financial cri

In this episode The  Financial Conduct Authority’s progressive regulatory policies have been credited with helping to make London one of the world’s finest FinTech centres. In episode 126 of FinTech Insider, we spoke with several participants of the FCA’s regulatory sandbox, created as a ‘safe space’ for startups and companies to test ideas before becoming fully regulated. In this episode, we interview FCA Policy Director David Geale on the thought behind the sandbox, and more. Enjoy the show! “The sandbox is there for firms who really need to test in a live environment,” David says. “The example I often give is around disclosure. If I actually present something to you and say, ‘This is the current disclosure, here’s a new version, which one of these do you prefer? Which one of these do you understand?’ well, to a degree, that’s cheating. It’s better than nothing in terms of testing, but you’ve cheated, because you’ve got people to read it in the first place, and that’s generally the core challenge, is ge

In this episode Technology is failing banking. Bankers know what a great customer experience should look like, but they’re often prevented from delivering on that due to ancient legacy systems. And as long as they operate in a cobbled environment with 1,000 subsystems, they will never have a truly digital bank. Meaning they can’t compete with the banks that will win in the future. But don’t despair. Our guests discuss the steps to take to create a state-of-the-art core banking system that can deliver next-gen solutions. Our guests Mark Warrick, Director of Creative & Design at Thought Machine Ben Robinson, Chief Strategy Officer at Temenos Conor Fennelly, CEO at Leveris “The nature of this problem is systemic, it’s not symptomatic,” Conor says. “Banks are not afraid to invest in their technology. In fact, they invest massively in technology. The real issue is that it’s not effective spend, and the real problem facing most CEOs or boardrooms in banks is the risk associated with making the move. “Bank

In this episode Taking the bull by the horns. We absolutely loved the statue that Wall Street fund manager State Street installed as part of International Women’s Day. A bronze girl faces the bull of Wall Street as part of a campaign to encourage companies to put more women on their boards. FinTech Insider co-host Simon Taylor saw a second message in the symbolism: State Street will protect your money, standing up to the scary market without fear. Another best-in-class example of good marketing this week: the customer communications that came out of the FinTech firms’ outage. Monzo, Loot, and other companies got a thumbs up from customers for the transparent way they managed the issue. Hear all about this and more on this week’s FinTech Insider News. Guests this week Andra Sonea – Fellow at Anthemis Group Jeff Tijssen – Head of FinTech & Digital Partnerships at Capco Ali Paterson – Editor in Chief at Fintech Finance In the news this week City A.M. – More than half a dozen fintech firms hit by outa

In this episode As CEO of WeChat Africa, Brett Loubser’s role is to leverage the WeChat platform to the greatest extent possible in Africa. However, the market conditions in this continent are completely different from China. A focus on a chat app didn’t make sense for Africa, given the significant competitor products. Instead, Brett and his team focused on ‘the absolute power of the platform.’ In this episode of FinTech Insider, Brett shares great examples of how working with partner companies has proven to be such a great business model. “Our first major push into showcasing the power and potential of WeChat as a platform was the launch of Cliff Central,” Brett says. “We worked with a very bright young chap by the name of Gareth Cliff, who is one of the biggest media personalities in South Africa. At the time, he was the most popular radio DJ on the biggest free-to-air radio station in the country. He was looking to launch something of his own, and so we launched a digital radio station along with him o

In this episode FinTech isn’t disrupting the financial industry in Africa – it’s building it across the continent. And because it’s being building without much legacy, by default it’s digital as a platform. In this episode of FinTech Insider Insights, we’ll shine a light on some great FinTech stories coming out of Africa, including approaches and ideas that incumbent institutions will find incredibly useful. Our guests Gerhard Coetzee, Lead Financial Sector Specialist at CGAP Lesley-Ann Vaughan, M-PESA Co-Creator Ron Webb, Director of Financial Services at Safaricom Brett Loubser, CEO at WeChat Africa “I’m extremely excited by how we’re going to see an increasing daily relevance of payments in people’s lives,” Ron says. “P2P transactions have been hugely important, and have been the bedrock of what M-PESA became. But you only send money P2P to your relatives, or people that you’re supporting, on a periodic basis. But you do merchant payments every single day – and many of them – and the increasing use

In this episode Is PSD2 an opportunity or a headache for banks? FinTech Insider News guest Ben Robinson says we’re still underestimating the magnitude of what the regulators are asking banks to do, “which is basically to put their inventory online. Asking banks to give up their transactional data is like asking Google to give up its metadata.  You can see why banks wouldn’t want to.” Also in the news, Monzo’s crowdfunding (and outage); our new favorite rap song; and Orange is the new bank. Guests Christopher Burniske, Blockchain Products Lead at ARK INVEST Ben Robinson, Chief Strategy and Marketing Officer at Temenos News this week Finextra – EBA to relax controversial PSD2 authentication rules – Link  Finextra – Brits warm to mobile tap and pay – Link Finextra – Singapore commuters can now tap-and-pay for their fares with Mastercard – Link JP Morgan, Intel, Microsoft join Ethereum Blockchain Alliance Link 11FS – 11 things your CIO needs to know about blockchain today – Link  FT – Top ba

In this episode Blythe Masters spent 27 years at JP Morgan in a variety of roles, including running the global commodities business, working in structured credit and fixed income markets, and serving as CFO of JP Morgan’s global investment bank. After leaving in 2014, she planned on taking a year off, but then blockchain caught her eye and she joined Digital Asset, where she’s CEO. In this interview, Blythe describes their technology as blockchain-inspired, explains what this means, and shares what Digital Asset is working on. “This is a once in a generation opportunity to fundamentally change the way the financial market infrastructure works,” Blythe says, “and that is for the greater good of everybody.” Like this episode? Please tell a friend about FinTech Insider, and leave us a review on iTunes. This helps people discover us. The post Ep220 – Blythe Masters on Blockchain’s Once in a Generation Opportunity appeared first on 11:FS.

In this episode When it comes to innovation, can big, established banks compete with agile startups? Culture is the major barrier to digital transformation for larger organizations, so we talked to execs at the Global CIO Banking Summit to get their insight. Stay tuned for actionable examples on how to change your culture, how to measure this, and where to look for inspiration. “At DBS, we gave up our training budget of sending executives to fancy business schools and have started putting them through hackathon experiences,” says Paul Cobban, COO, Technology & Operations at DBS Bank. “You take these guys and you give them three days of digital exposure, and then for two days they work with a real startup on a real problem. So you get the stodgy banker meets the 22-year-old coder, and the stodgy banker says, “Let me tell you how this is going to be,” and then the 22-year-old coder says, “I don’t think so,” and so you go through this storming, norming, performing cycle in about half an hour, and then they’r

In this episode Bill Gates wants a robot tax to compensate for job losses; Liverpool launches its own local currency; Atom Bank hires will.i.am as a banking consultant; and more. Guests Alessandro Hatami, Managing Partner at The Pacemakers Andra Sonea, Fellow at the Anthemis Group News this week Business Insider – Will.i.am is reportedly doing a deal with app-only bank Atom that could see the singer invest – Link NYTimes – Silicon Valley tried to upend banks. Now it works with them. – Link FT – The trouble with ‘free’ banking for challenger lenders – Link Finextra – RBS to become fintech fund and high street outlet for challenger banks under HMT remedy – Link Standard Digital – Banks take on M-Pesa with own money transfer service – Link Bloomberg – Facebook Messenger now lets you send money with Transferwise – Link PSFK – Liverpool receives its own digital currency – Link Engadget – Bill Gates wants a robot tax to compensate for job losses – Link Forbes – Why Ant Financial’s $200M i

In this episode We talk to James Lloyd about the incredible FinTech innovation and uptake happening not only in China, but across Asia. James is the Asia-Pacific FinTech Leader at EY, and our point of reference for most of the phenomenal stats coming out of the region. Did you know that during Chinese New Year – which is only 6 days – 46 billion transactions happened on WeChat alone? That’s 46 billion “red packets” – the money you send as gifts. 46 billion! “In London, getting access to a bank account or a credit card or a basic investment or savings product is relatively straightforward,” James says. “In China, traditionally the banks have focused on supporting corporates and state-owned enterprises. So there has been this unmet need, this market gap, that the big technology players have really moved pretty aggressively to fill.” If you enjoyed this episode, please share the love and tell a friend about FinTech Insider, and leave us a review on iTunes—this helps people find us. The post Ep217 – EY’s

Our mantra is digital banking is only 1% finished, and people usually react in two ways to this. Either they believe banking has got miles to go when it comes to tech advancements, or they think digital is merely a way to distribute analogue products. At 11:FS, we believe we’ve got 99% to go, and we’re really excited about the future of banking. But how do we get there? At a recent event in Oulu, Finland, 11:FS CEO David Brear shared the first 5 steps to transform your bank. Watch the video. The post Ep216 – The First 5 Steps to Transform Your Bank appeared first on 11FS. The post Ep216 – The First 5 Steps to Transform Your Bank appeared first on 11:FS.