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July/August 2018 The definitive source of news and analysis of the global fintech sector | July/August 2018 www.bankingtech.com DEEP MINDS For fintech that matters SINGAPORE GOES AI Training, incentives and regulation START-UP LIFE The art of selling to a bank FINTECH FUTURES IN THIS ISSUE THEM US Contents NEWS 04 The latest fintech news from around the globe: the good, the bad and the ugly. 15 Interview: Darryl Twiggs, SmartStream Blockchain – the time is now. 16 Banking Technology Awards: now open for entries! Categories, deadlines and how to apply. 18 Country spotlight: France The lowdown on the country’s vibrant fintech sector. 26 Spotlight: artificial intelligence Man and machine – the importance of education. 30 Fintech funding round-up Money making the fintech world go round. 34 Case study: DBS Build my fintech high. They struggle with Fintech complexity. We see straight to your goal. 38 Focus: start-up life We leverage proprietary knowledge and technology to solve complex regulatory challenges, create new products The art of selling to a bank. and build businesses. Our unique “one fi rm” approach brings to bear best-in-class talent from our 32 offi ces worldwide—creating teams that blend global reach and local knowledge. Looking for a fi rm that can help keep REGULARS 43 Appointments – the movers and the shakers. your business moving in the right direction? Visit BCLPlaw.com to learn more. 43 Industry events – mark your calendars! 44 Out of office – a slice of satire. LAWYERSOFFICESYEARSBCLPLAWCOM July/August 2018 | www.bankingtech.com | 01 Managing Director & Editor-in-Chief Tanya Andreasyan +44 207 551 9010 The definitive source of news & analysis of the global fintech sector tanya.andreasyan@knect365.com Deputy Editor Antony Peyton +44 207 551 9010 antony.peyton@knect365.com Monthly page views: Reporter Henry Vilar +44 207 017 5709 520,000+ henry.vilar@knect365.com Design & Production Manager Kosh Naran kaushik.naran@knect365.com Editor’s note Newsletter subscribers: Head of Sales Jon Robson +44 203 377 3327 42,000+ jon.robson@knect365.com As the conference season is about to take a are charlatans out there – at the recent Business Development Executive Alec Gost break for summer holidays, here are some Blockchain Summit in London, our +44 207 017 6122 observations from the evermore busy correspondent googled one of the alec.gost@knect365.com sector so far: speakers, who claimed to be from a big ADVERTISE ■ Location and venue matter. Please UK bank but who gave the impression of Customer database: Marketing Manager Irena Andrisevic don’t choose just with your wallet – you’ll having just walked in off the street having +44 207 017 5379 get what you pay for. Drab surroundings, read the Wikipedia entry for blockchain. 50,000+ irena.andrisevic@knect365.com WITH US bad acoustics, non-working microphones, ■ And please, please don’t turn the Subscriptions and Renewals bad layout, no wifi reception – you get the contents part of the conference into Tel: +44 207 017 5533 idea. Speaking from real-life experience a vendor fest! Another recent fintech Magazine distribution: Email: telecoms.enquiries@informa.com here. event in London had a direct correlation Subscription for one year: ■ Don’t leave the organisation and between sponsors/exhibitors and speakers ■ £495 logistics to chance. Delegates should be – virtually every speaker and presenter 55,000+ ■ €625 ■ $795 able to get through the doors quickly, was from a company that was listed as presenters should know in advance when a sponsor. The higher the status of the Subscription for two years: and where they are speaking, there should sponsor, the more speakers they had. One ■ £800 ■ €880 be enough trained staff on the ground panel even had a representative from the print and online ■ $1,000 to ensure everything runs smoothly and event’s PR company, discussing a subject efficiently. that had nothing to do with either PR, ■ The vibe created around the communications or media relations. event matters. This includes marketing ■ Diversity is vital. Say no to an all Twitter @FinTech_ Futures: LinkedIn group: campaigns, the website, social media, “male, pale and stale” panel. Today there on-site atmosphere and so on. The event is no shortage of specialists from different should be, dare I say it, fun (in addition to backgrounds, ethnicity, race and gender. being useful). ■ And finally, put on a decent lunch! © Banking Technology 2018 All rights reserved; Banking Technology material ■ Think thoroughly about what makes (Do you know how journalists remember may not be reproduced in any form without the event stand out (in a good way!) from conferences? By how good or bad the the written permission of the publisher. the myriad of other fintech conferences. lunch was. I’m not kidding.) bt 33,000+ followers 2,000+ members Banking Technology is published ten times a year ■ Put an effort into creating strong content. Please at least try to avoid Address “Captain Obvious” panel discussions and Maple House 149 Tottenham Court Road presentations. Do your research: find fresh London W1T 7AD angles, unconventional points of view, Request a media pack for more information UK practical case studies and original topics. Printer The industry is moving so fast, and there Hobbs the Printers Ltd are lots of things to learn and debate on! Hampshire, UK ■ Speakers could be a major attraction Tanya Andreasyan www.bankingtech.com ISSN 0266-0865 or disappointment. Not everyone who Editor-in-Chief www.bankingtech.com claims to be an “expert” is one. There Banking Technology Contact Jon Robson Tel: +44 203 377 3327 | Email: jon.robson@knect365.com July/August 2018 | www.bankingtech.com | 03 NEWS NEWS R3 hits back at Alior, solarisBank, Raisin and UK challenger bank Project Lemonade takes financial woe Mastercard unveil European bank Imagine preps for launch wefox to court for IP story Poland’s Alior Bank has teamed with a focus on the German market during the A new London-based challenger bank is struggling to maintain a momentum, so infringement solarisBank, Raisin and Mastercard to first phase of the project. gearing up for launch in the UK, called their market share is considered by many Enterprise blockchain software firm R3 is unleash a pan-European digital bank. Daniel Daszkiewicz, head of fintech at Project Imagine. Self-defined as a “second not big enough to present a threat to New York-based insurance platform fighting back against a news article that The new offering, which is planned to be Alior Bank, says: “For example, a customer generation digital bank”, it also aims to be traditional high street banks. Lemonade has filed a lawsuit against German claimed it was running out of money. launched in the fourth quarter of 2018, will be in Germany, while opening an account a wealth management alternative from the “We want to be a mix of Monzo, Nutmeg company ONE Insurance, its parent company David E. Rutter, CEO of R3, says: “Last built on the “strengths of all partners”. with solarisBank, will instantaneously gain get-go. and Moneybox, all in one, which means wefox, and founder Julian Teicke. week a negative and inaccurate news Alior Bank will deliver multicurrency access to a multicurrency account with On its site, it claims to provide a digital current account, savings and The complaint was filed in the US article about R3 was published. We accounts with international transfers and Alior Bank and to Raisin’s savings products.” “accessible financial future for all”, and that investment all in one, with heavy focus on District Court Southern District of NY, were saddened that any of our previous deposits. He adds that with Mastercard, is “built on a keen interest in people and personal finance management (PFM),” the and it claims that ONE was the product of employees saw fit to spread false, malicious solarisBank will add the banking customers will be able to buy additional their behaviour, not numbers and stats”. CEO tells Banking Technology. “We want to reverse-engineering by wefox. rumours about the company, and were infrastructure with its technological, value-added services. The bank says it will combine original encourage savings and money management, Lemonade claims wefox is “infringing very disappointed that unsubstantiated compliance and regulatory framework. According to solarisBank, the open API finance and tech solutions to help people and help people get out of the overdraft/ Lemonade’s intellectual property, figures and comments were taken seriously Raisin through its network of partner platform will use the opportunities from save and grow their money, rather than over-spending loop – hence we will offer violating the Computer Fraud and by a reporter, who then subsequently banks, is adding various savings and the EU directive PSD2 and open banking. just enhance usability. 3.14% in deposits from the start.” Abuse Act, and breaching its contractual chose to ignore our factual response.” investment possibilities to the offering. While they have unveiled a joint website The bank is led and was founded by According to the CEO, the bank will obligations to Lemonade not to ‘copy According to Fortune, former employees Mastercard’s benefit optimisation for this development, solarisBank tells Aritra Chakravarty, who comes from launch in Q4 this year with an e-money content… to provide any service that is of R3 are claiming a recent fundraise of $15 programme will be used to offer additional Banking Technology the name of the bank HSBC, where he worked in mergers and licence, and will be looking to acquire a competitive… or to… create derivative million fell far short of what was needed for it services for the customers. The product has not been disclosed yet. acquisition, wealth and private branches, banking licence some time in 2020.
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