By Russell Bennett
The U.K. fintech scene is booming with 2019 expected to be a record year for investment after the sector hit a new high of $2.9 billion (£2.3 billion) in funding in the first six months of the year. The U.K. has now become synonymous with highly successful fintechs, such as Monzo and Starling, which is helping to cement the country as a leading fintech market. The U.K.’s fintech success has led to London being widely considered the ‘fintech capital’ of the world. However, as the U.S. fintech sector continues to go from strength to strength, receiving $18.3 billion in investment across 470 deals in the first half of this year, will London be able to hold on to this this title for much longer?
Compiled by Cara Roberts Murez
By Rob Dixon
As consumer preferences and
lifestyles adapt to tech-driven changes, banks must update their payment card
offerings as well. Among consumers, there is a growing need to receive new or
replacement cards immediately as well as the desire for frictionless, contactless
transactions. Banks will need to embrace both contactless cards and instant
issuance to offer customers an innovative and convenient experience, and work
with the right sources to adapt quickly and cost-effectively.
By Tom Bengtson, Publisher
The foundation of currency is trust. The only reason any of us accepts the U.S. dollar as a unit of value is because we have all agreed it has value. This is something we have derived with our minds. Perhaps it was easier to accept the value of U.S. currency when it was backed by gold. Today, however, there is no asset at the foundation of money. Nonetheless, because we trust it, it is a useful medium of exchange.
Driven by the introduction of blockchain-based payment networks, business-to-business cross-border transactions are expected to hit 14 billion in 2023, rising from 13.5 billion in 2019, a 7 percent increase.