In the midst of the continuing uncertainty around Brexit, the UK’s Financial Conduct Authority (FCA) and the Hong Kong Authority (IA) have announced their partnership to enhance collaboration in supporting fintech innovation. The two parties hope that the agreement will encourage information sharing on innovation and increase the number of innovative firms seeking to enter the counterpart’s market. The FCA has struck similar agreements with the Hong Kong Monetary Authority and the Securities and Futures Commission, which it says will provide a "full spectrum of co-operation and assistance in fintech innovation in the banking, securities and insurance sectors" in both the UK and Hong Kong markets.
Earlier this week BBVA, a multinational Spanish banking group, launched a diagnostics tool to its app that provides customers with a picture of their financial health and provides a personalised plan for improving it. This initiative should allow individuals to find the best way to finance what they want in life, whether that is spending more time with family and friends or traveling. Ultimately, the tool will aid individuals in evaluating and balancing both their lives and money, and do the things that makes them happier and better off a year from now.
Fingopay, a unique biometric technology that enables customers to use the pattern of the veins in their fingers, is enabling students at Brunel University in London to pay for goods at the campus convenience store, Costcutters. Biometrics verification is continuing to develop and it is very exciting to see how the innovation in the payments space will continue to grow – watch this space.
Unfortunately, sexual harassment cases continue to rise within the fintech space. Social Finance Inc (SoFi), an online personal finance company, is the latest company to be sued by one of its employees for being repeatedly sexually harassed. Yulia Zamora is one of at least three lawsuits filed in recent months against SoFi, which last week replaced co-founder and Chief Executive Officer Mike Cagney amid allegations that he sexually harassed female employees.
AI undoubtedly has its benefits, with the financial services industry being one of the trailblazers as the sector looks to improve efficiency, engage and connect more effectively. According to a recent study by Infosys, ‘Amplifying Human Potential: Towards Purposeful Artificial Intelligence’, the adoption of AI is rising smartly, creating the expectation that worldwide by 2020, companies will see AI contributing a 39 percent average increase in revenue and a 37 percent average cut in operating costs.