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Fintech layoffs round-up: 18 August 2017

FSB: fintech brings risks and benefits

A distinctly cheerless round-up as we highlight some key moments regarding fintech layoffs. Features Simple and Royal Bank of Scotland (RBS). US-based digital banking service Simple has fired 33 staff members (about 10% of its workforce), including several executives, according to The Oregonian. Simple’s CMO, chief people officer, VP of operations, and VP of engineering […]

HSBC teams with Capita for new broker platform

HSBC-Logo

HSBC is introducing a new improved software platform for brokers and also confirms Personal Touch Financial Services as its next intermediary partner. The new software, provided by Capita, replaces the current system and provides a single platform which “drives greater automation, making it easier for brokers to transact, upload documents, and track details of mortgage […]

eMerchantPay gets e-money licence, joins PIF

eMerchantPay 1

Payments service provider eMerchantPay has received authorisation from the UK’s Financial Conduct Authority as an e-money institution (EMI), which means it can issue products including payouts, e-wallets and prepaid cards – and it has joined the Prepaid International Forum (PIF), reports Banking Technology‘s sister publication Paybefore. “The EMI licence allows for the opportunity to develop new payments capabilities […]

Plaintiff appeals UK Competition Appeal Tribunal decision in £14bn suit

Mastercard

Former financial ombudsman Walter Merricks is appealing the UK’s Competition Appeal Tribunal’s decision not to certify his claim in a proposed £14 billion ($18.2 billion) class action lawsuit against Mastercard over interchange.

Is this the end of fintech as we know it?

Armands Broks, Twino

In the age of the internet, fintech dominates finance. In the UK, the sector is currently worth £7 billion, employing around 60,000 people with figures set to increase. The industry is definitely awe-inspiring, but as the lines between traditional banking services and fintech blur, fintech could disappear entirely.

£3.6m emergency cash injection pumped into Tandem

Tandem's future is secured

UK-based challenger bank Tandem received an emergency cash injection of £3.6 million from its existing investors earlier this year when a major funding deal with House of Fraser collapsed.

UK has a go at new data protection laws and it’s not a bad effort

Is there fintech life outside London? Yes, there is. And it is vibrant!

The UK has unveiled details for its new Data Protection Bill, and while it is largely in line with European Union rules, there is also some substance to it (for once).

Barclaycard pilots Alipay payments in eight retail stores across UK

Paulette Rowe, Barclaycard

EXCLUSIVE: Barclaycard is launching a pilot that enables merchants in the UK to accept in-store Alipay transactions. The pilot will commence on 14 August 2017 in eight retail stores across the UK, with Barclaycard providing the POS solution for payments via Alipay.

Lloyds Bank target of Trickbot banking trojan

Cyber crime

Trickbot is back, new and improved, and is targeting customers of Lloyds Bank in the UK in a new phishing campaign, according to cybersecurity specialist Cyren.

Harrods Bank acquired by challenger Tandem

Farewell, Harrods Bank

UK-based challenger bank Tandem has singed an agreement to acquire Harrods Bank. Tandem says it will “benefit from around £80 million of capital coming into the business”. It will also provide Tandem with a banking licence.

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