Latest Innovation News: Finextra Research

Sberbank takes 25% stake in facial recognition startup

Russia's Sberbank has acquired a 25% stake in facial recognition startup VisionLabs as part of a wider effort to build an all-encompassing biometric identification platform.

27 November 2017

News/Innovation

UK Open Banking expanded to cover all PSD2 products

The UK's Open Banking project is being expanded to embrace all payment account types - including credit cards, prepaid cards and e-wallets - covered by PSD2.

22 November 2017

News/Innovation

Robots outpacing back end number crunchers at OCBC

OCBC Bank is reporting astonishing productivity gains following the introduction of robotic process automation to handle number crunching tasks in its secured lending and sales reporting units.

22 November 2017

News/Innovation

Canadian banks rally round Montreal AI lab

BMO Financial group is to inject $2 million into a new AI lab in Montreal that will aim to help startups make the transition from science projects to high-growth companies.

22 November 2017

News/Innovation

Norway's banks look to merge payment services

A group of Norwegian banks are preparing to merge their payments systems in an effort to protect themselves from an expected challenge from Silicon Valley.

22 November 2017

News/Innovation

Robeco launches fintech investment fund

Robeco has launched a Global Fintech Equities fund to give wholesale and retail investors exposure to companies that are transforming the financial sector.

21 November 2017

News/Innovation

HSBC names former Google engineering lead as CIO for RBWM digital

HSBC has appointed Mike Warriner, a former engineering director at Google, as chief information officer for its retail banking and wealth management digital division.

21 November 2017

News/Innovation

DBS builds lifestyle branch for tech generation

Singapore's DBS is bidding to attract the tech generation back into the branch via a new instore 'lifestyle space', featuring freshly-brewed coffee, humanoid robots, video tellers and virtual reality retirement planning.

20 November 2017

News/Innovation

Ripple boss predicts central bank adoption of blockchain

Central banks will use distributed ledger technology (DLT) to settle high-value interbank payments within the next five to ten years, predicts the chief executive of Ripple.

17 November 2017

News/Innovation

Brexit uncertainty causing skills gap say UK tech leaders

The ongoing uncertainty around freedom of movement post-Brexit is affecting the recruitment of technology talent and causing concern among UK tech entrepreneurs about a possible skills shortage.

16 November 2017

News/Innovation

Boardroom ignorance holding back bank's tech plans

Bank's IT departments are unable to pursue innovation with the latest digital technologies because they have lost influence in the boardroom with senior managers that do not properly understand new technology.

16 November 2017

News/Innovation

SEC and exchanges in spat over surveillance system

A row has broken out between the US capital markets watchdog and a number of exchanges over the plan to impose a new market surveillance system on the US equities and options market.

15 November 2017

News/Innovation

Singapore offers $20m grant for banks' AI and data projects

Singapore has stepped up its fintech ambitions with the offer of a S$27m ($19.91m) grant to promote the further use of artificial intelligence and data analytics in the financial services market.

15 November 2017

News/Innovation

DIFC establishes $100 million fintech fund

Dubai International Financial Group (DIFC) has established a $100 million fintech-focused fund to invest in start-ups from incubation through to growth stage.

14 November 2017

News/Innovation

Singapore central bank open sources blockchain prototypes

An industry consortium led by the Monetary Authority of Singapore (MAS) and the island's Association of Banks has released the source-codes of three successful distributed ledger prototypes for inter-bank payments, in an effort to encourage other financial institutions and central banks to experiment with the technology.

14 November 2017

News/Innovation

Asean countries launch fintech network

National financial technology organisations from six Asean countries have banded together to form a network designed to foster collaboration and boost the region's position as a fintech hub.

13 November 2017

News/Innovation

SocGen opens internal startup programme

Societe Generale is the latest French bank bidding to tap into latent employee talent through a major intrapreneurship programme.

09 November 2017

News/Innovation

Bank of Amazon? US regulator calls for rethink on separation of banking and commerce

A senior US regulator has floated the possibility of ending the long-standing separation of banking and commerce, paving the way for the likes of Amazon, Facebook and Walmart to take on Bank of America, Wells Fargo, Citi et al.

08 November 2017

News/Innovation

Ontario preps fintech sandbox

The Canadian province of Ontario is looking to burnish its reputation as a financial innovation hub by setting up a fintech regulatory sandbox and accelerator office.

08 November 2017

News/Innovation

Visa payment gloves keep the cold at bay at Winter Olympics

Sports fans attending the Olympic Winter Games in PyeongChang will be able to keep their hands warm and fend off frostbite while paying for goods and services thanks to a special pair of wooly mittens bearing the Visa brand and an embedded NFC chip.

08 November 2017