Finance Disrupted at St Pancras
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OPERATED BY FINTNEWS.COM THE WORLD'S FINTECH NEWSPAPER | THEFINTECHTIMES.COM #10 | FEBRUARY 2017 | £2 Human Intelligence Big Bad Bank 345 Working Days "p. 7 Diversity in fintech & Small Data Data to GDPR The General Data Protection Regulation replacing the current Data Protection Act impacts every tech and finance company "p. 7 Bank Passporting Is UK is likely to lose it's passporting rights to the EU single market when (if) it leaves the EU Foreign Aid Politics "p. 7 The government needs to chart a fresh start for her troubled relationship with Europe PEPPER come closer "p. 8 Blockchain "In Japan I'm a boy, in other places I'm more feminine. But my gender is Robot." The £14Billion game changer for UK tech Biomimicry "p. 9 Can the natural world offer valuable Insights for fintech? By joining the dots of UK foreign aid distribution The humanitarian case for development of the and tech sector expansion a massive opportunity Foreign Aid Blockchain is irrefutable. becomes increasingly clear and present. "p. 11 Regtech Investments The commercial case, the benefits to the UK London is set to lead Blockchain technology has reached real world tech sector, are extraordinary. pilot phase in the distribution of overseas aid, Fin-essence City Life "p. 13 and with it comes a New World of opportunity Continued page 3. New monthly lifestyle column and Global expansion for UK tech companies. Greening Fintech "p. 15 New monthly lifestyle column Innovation to address the environmental issues Finance Disrupted at St Pancras The Economist Event held at the end of January in the 5 Stars Is London set to lose its fintech crown? Provokes the third panel, Professionally Ethical "p. 17 St. Pancras Renaissance Hotel raised more questions than Eileen Burbidge delivers the No, along with CEO of Innovate Finance Disruptive business models for the answers, not least of which being what banking may look Lawrence Wintermeyer to the genial agreement of Nicolas Veron charity sector will allow us to do more like in 2030. To branch or not to branch, that being a question and Olle Zetterberg representing the Bruegel and the Nordics. good Craig Donaldson of Metro Bank addressed, his answer can be An anatomical dissection of a startup acquisition follows lunch, found on 41 streets in the UK. Millennial chasing marketeers with unlocking big data for those still hungry for small bites. The talk in apps only, and Ann Cairns, president of international blockchain versus blockchain panel attracts attention, Jeremy markets, MasterCard, spoke of Applepay and the need to add Wilson, vice-chairman of Barclays Corporate Banking, spoke at more features to widen appeal. She’s probably wrong about length regarding the highly sophisticated operating systems being this, sorry Ann, Applepays’ weakness is that it’s embedded in developed in house. Adam Ludwin, CEO of Chain.com, spoke of his a phone it doesn’t need more features it needs less hardware. work in developing blockchains for NASDAQ and VISA, including a Let’s discuss over canapés. ‘B2B service to rival Swift’. The technological challenges of these are daunting, especially the final of the ‘three chasms’ as described by Adam Ludwin, that being the migration of (data) assets from the The panel debate moved on to Collaborate or Die?, a question old systems to the new. This may prove so problematic as to give answered some time ago we feel, by this newspaper, regarding rise to parallel products and services to attract new customers the relationship between fintechs and incumbents. Regardless, the and clients rather than migrating existing ones. Auto-Disruption Silver or Lead non-refusable offer still makes a catchy header for may become the new collaboration in coming years; it’s a long play any event or campaign slogan for political office elect. and the beat goes on. 2 THE FINTECH TIMES February 2017 FINTECH NEWS AND UPDATES Free App Anyone? UKBAA Winter 6 lights go off ... BTcoinX launching retail based cryptocurrency Investment trading platform iOasys and The Bakery Dinner returns The six giant advertising billboards, Piccadilly lights, are are partnering to debut on 22nd February going offline for at least 6 months. In the past, the only BTcoinX.com, one of the world’s most popular cryptocurrency the next big startup 2017 time the Piccadilly Lights were switched off was during exchanges, announced today that they will launch a retail based competition for mobile, World War II, for Winston Churchill’s funeral in 1965 and cryptocurrency trading platform to cater to retail investors to trade the App Factor. The two Princess Diana’s funeral in 1997. Owned and operated in small blocks in January 2017. The firm says the push into retail The UKBAA Winter stage competition format by Land Securities, the six advertising hoardings at cryptocurrency trading is part of an effort to make the cryptocurrency Investment Dinner will showcase the best new the landmark Piccadilly Lights are to become one giant accessible to everyone and to create the most advanced digital welcomes a range of guests mobile projects and ideas curved screen, re opening in the Autumn. Until then currency exchange platform on the market. from the angel and early- coming from across the UK. the existing advertising screens will be covered by stage finance ecosystem, scaffolding and, you guessed it, adverts. The three-year old platform, BTcoinX.com has registered an explosive including private On 14th March 2017, in the growth since its launch in 2013, providing two-sided liquidity trading investors, angel groups grand final, entrepreneurs for institutional investors of digital currencies. It is now one of the and syndicates, fund will pitch to investors and 600 go on.... top cryptocurrency exchanges in the world. Its world-class matching managers, crowdfunders, guests and compete to engine is capable of processing close to a million transactions per disruptive entrepreneurs have their mobile app Meanwhile, Flow.City continue to expand their taxi top second. BTcoinX.com has created a retail trading platform with a and established thought business developed for coverage, with 600 cabs now in the network. So if your right look and feel, after conducting extensive market surveys with leaders. At last winter’s FREE by iOasys. marketing budget doesn't extend to the £30M required retail investors. The platform will operate 24 hours a day, 365 days dinner, UKBAA was for Piccadilly lights, you can always have 600 taxis doing a year, have round-the-clock security monitoring and centralized theappfactor.com delighted to welcome some the work for around 0.001% of the price. account management to allow easy management and tracking of of the most inspiring and digital currencies and trade history. pioneering leaders in the industry. The emerging trend of cryptocurrencies as an investment can be seen all over the world. Cryptocurrency trading volumes set new The Fintech Times readers records in nearly a dozen regions all over the global yet again. can benefit from a special Consumers and investors are starting to flock to cryptocurrency as 10% discount on tickets. a safe haven asset, despite its volatility. An exciting future awaits for cryptocurrencies as it challenges to take over traditional fiat currencies and BTcoinX is proud to be part of this future. by Jennifer Kelly THE WORLD’S FINANCE AND TECHNOLOGY NEWS AGENCY FINTNEWS.COM FINTECH.TV All you need to watch in fintech The Fintech Times Editors: Designer: Katia Lang Veronika Bondareva Published by Disrupts Media Limited Bird Lovegod Images: 10 Finsbury Square, London EC2A 1AF Alice Beckett pixabay.com; pexels.com To identify Social, Economic, Political, and Cultural problems thefintechtimes.com To explore potential tech enabled solutions To bring stakeholders together to develop those solutions Copyright The Fintech Times 2017 Reproduction of the contents in any manner is not permitted without the publisher's prior consent. "The Fintech Times" and "Fintech Times" are registered UK trademarks of Disrupts Media Limited. February 2017 THE FINTECH TIMES 3 COVER STORY. FOREIGN AID BLOCKCHAIN The following has been produced as a result of conversations, interviews, debates, presentations and other interactions from companies, individuals and organisations in the technology, finance, fintech, political, and media sectors, including: Nick Andrews, MpacGroup Colin Hanna, Balderton Capital Rupert Scofield, FINCA Int. Laura Bailey, Disberse Ben Joakim, Disberse David Shepherdson, Hullcoin Jay Carey, Blocksure.com Eric Van der Kleij Simon Taylor, 11FS Luis Carranza, Blockchain Week Rudi Kruger, INDeX Innovation Eddy Travia, Coinsilium plc Rhodri Davies, Charities Aid Foundation Dagmara Lacka, Flow.City Peter van Veen, Transparency International Elizabeth Diaferia Kathryn Llewellyn, United Purpose Suresh Vaghjiani, Global Processing Services Helen Disney, Unblocked Adam Ludwin, Chain.com Nick Williamson, Credits Amy Dodd, UK Aid Network Tomasz Mloduchowski, Disberse Jeremy Wilson, Barclays The Economist Events Shane Ninai, Day One Investments And many others, held in equal gratitude. Tony Francis Gary Nutall, Distlytics Guy Halford, Thompson, btl.co Obi Ofokansi, United Purpose BIRD LOVEGOD, Editor of The Fintech Times Aid distribution, especially foreign aid distribution systematically rewarding the creation of more poverty. tokens are cashed in for sterling, or dollar, or whatever the by the UK government, currently stands at 0.7% of There is zero incentive for reducing poverty if poverty itself appropriate local currencies are. GDP, which in 2016 was £12.7Billion. becomes a driver of aid. Funding corruption is utterly self- A system as above would cut costs by what? 90% possibly? defeating from an ‘aid’ perspective, it has the perverse And reduce exposure to corruption by a similar percent? This percentage is going to be revised in the coming year, outcome of making poverty into a revenue generating asset Maybe more. as will its status as a ‘legal’ obligation. There's considerable for corrupt officials.