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10th FinTech Future Conference (IFPI2018) has concluded successfully!

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10th FinTech Future Convention 2018 (hereinafter referred to as IFPI2018) has concluded successfully on October 15th-16th in Shanghai, China. The conference was co-organized by CDMC Finance Research Institute (hereinafter referred to as CFRI) and CDMC Group, with strategic partnerships of FinUp Group and Yirendai.

IFPI2018 brought financial elites together from government institutes and associations, regulatory agencies, domestic and international banks, insurance companies, consumer finance companies, supply chain finance companies, AI companies, big data, cloud computing, blockchain, investment companies, and so on. IFPI2108 discussed the most hottest topics, including “The Next Decade of Global FinTech”, ” FinTech+: Exploring The Way of Future Finance”,”Situational Finance”, “Insurtech”, “AI, Blockchain, Big Data and Cloud Computing”, “‘The Belt and Road’FinTech Cooperation”, “Future Banking Technology”, “Banking Credit”, and “FinTech Industry Development of Beihai”. The conference featured with 6 forums, 3 closed-door meetings, FinTech Awards Ceremony, with 90+ speakers, 20+ exhibitors, and 100+ media partners.

Strong Conference Lineup

China is now in pole position in the global FinTech field. According to the study, China comprised over half of the total number and amount of investment and financing, ranking first in the world, among the global FinTech financing activities in 2017.

Currently, banking, payment, insurance, P2P, big data, cloud computing, AI and blockchain have profound influence on financial innovation and revolution. How to draw a blueprint of China’s FinTech? What are the major changes in the business models and operating models of banking and insurance? How do banks position themselves, acquire customers and strengthen risk controlling? How do consumer finance and supply chain finance integrate with FinTech? How do blockchain, AI, big data and cloud computing empower the future finance? What are the preferences and directions of the capital market for FinTech? What are potential FinTech cooperation opportunities in Singapore, Thailand, Philippines, Indonesia and Vietnam? What capabilities should financial talents have in the future? How to pick up financial talents? What advantages has Beihai for development of FinTech industry?

In this context, CFRI invited eminent experts and leaders to discuss the hottest topics, such as, “FinTech Empowers the Future”, “AI and the Future Society: Opportunities and Challenges”, “FinTech: Cooperation Builds a Bright Future for All”, “Life Insurance and InsurTech”, “FinTech Empowering Traditional Credit”, “Exploring the Future Banking Models: The Path Choice of Constructing Digital Ecological Banking”, “Electronic Certification Promotes New Financial Development”, “FinTech: From Tradition to Refinement”, “Starting the Banking Revolution”, “Insurance: From Industrial Thinking to Intelligent Thinking”, “InsurTech at AXA: Innovationto Capture New Insured Needs”, “Blockchain + Internet Insurance—Reshaping the Insurance Service Model”, “AI Powers Intelligent Insurance”, “The Application of AI in Ping An’s Property Insurance”, “Technology Contribute to Healthy Development of Inclusive Finance”, “Analysis of Global InsurTech Trends”, “Effective Risk Management As A Core Pillar for Sustainable Consumer Finance Business”, “Science and Technology to Help Construction of Finance Ecology”, “Innovative Application of Call Big Data in Risk Control”, “Blockchain: Banking Transformation and Innovation Foresight”, “Creating Borderless Consumer Finance Services”, “How to Cultivate Consumer Finance (Living Scene)?”, “Ten Relationships of Banking Transformation”, “The Innovative Practice of Social AI in Financial Front Office and Middle Office Business”, “The Big Data Layout in FinTech Field”, “FinTech Drives Consumer Finance Development”, “AI Brings the World Closer”, “ ABCD Empower Inclusive Finance”, “ Blockchain: Towards Consensus”, “The History of Artificial Intelligence and It’s Application in Inclusive Finance”, “Blockchain Development Trends and Its Application in Finance”, “Adopting Emerging Tech in Financial Services”, “Innovative Application of Big Data and AI in Banking Industry”, “ FinTech in the Digital Age”, “Financial Data Intelligence”. The conference aimed to build a splendid platformfor networking, learning and business exchanges through high-quality conference content and a variety of guest interaction forms.

10th FinTech Future Conference (IFPI2018) has concluded successfully! 3

Speakers (the list is in no particular order):

Ben Shenglin, Professor, Academy of Internet Finance, Zhejiang University

Chen Xin, Vice Mayor, Beihai City Guangxi Province

Yang Qiang, Professor at HKUST, President of IJCA

CaoYang, COO & CTO, Yirendai

Chia Hock Lai, President, Singapore FinTech Association

Chen Shili, DGM of the Internet Financing Center, ICBC

Sun Zhongdong, President, Chongqing Fumin Bank

Chen Shaoguang, Chairman, iTrusChina Co., Ltd.

Jane Fang, VP of Data Science, MobData

Brit Blakeney, Executive Director, Head of Innovation & Ecosystems, DBS Hong Kong

Zhao Lei, Executive Director of China Insurance Association, Secretary General of Shanghai Insurance Institute

Sun Xing, Head, AXA Next Lab Asia

Pan Gaofeng, Assistant President & CTO, Tk.cn Insurance Co., Ltd.

Ma Jianzhong, DGM, Cloopen

Huang Yi, AI Senior Expert, Ping An Property Insurance

Shi Hui, Co-founder & CIO, Quantum Insurtech

Tian Fengzhan, Chief Data Scientist, Sunshine Insurance Group

Yang Xuan, Founding Partner, Warp Speed Capital

Andrii Grab, Risk Management X-sell Underwriting Director, Home Credit China

Qi Wenping, DGM, Suning Consumer Finance Co., Ltd.

Mao Yujian, Founder &CEO, Dianhuabang

Zhang Minglai, Security Department of Data Center, Bank of Communications

Zhang Zhengyuan, GM of the FinTech Department, 100Credit

Han Zhiyuan, GM of Direct Bank Department, Zhongyuan Bank

Joey Xu, Vice President, Beike Finance

Eric Kang, Head of FSI China, Wisers

Zhou Nan, Head of Data Mining Department, JIGUANG

Zheng Xiaobin, Product &Technology Leader, BSB Consumer Finance

Ken Huang, Founder and Chairman, Nuclear Chain

Xu Lei, Professor of Computer Science and Engineering of Shanghai Jiao Tong University, Academician of European Academy of Sciences

David Ye, Co-founder, Chairman and CEO, Jianpu Technology Inc

Kevin Guo, Chairman of Starwin Capital, Founder of Dianrong

Yao Jian, Chief Technology Officer, PPmoney

Altona Widjaja, Head of New Digital Venture, Bank OCBC NISP

Li Feng, Chief Data Scientist, Tencent Cloud

Chuck Chen, CTO, YeePay

Ken Huang, Founder and Chairman, Nuclear Chain

Rollin Zhang, Staff Solution Architect, Alibaba Cloud

Adam Gao, Founder, Treasure Online

Diverse Meeting Formats

Be filled up with various meeting formats, IFPI2018 had the main plenary on the first day with the theme of “The Next Decade of Global FinTech”, “FinTech+: Exploring The Way of Future Finance”, and 3 sub-forums on the second day, including “Insurance Technology Summit”, “Situational Finance Summit”, “Smart Finance Technology Summit”.

Besides the informative keynote speeches, IFPI2018 also has several round table discussions, with the themes of “How Do Financial Institutes Use Technologies to Strengthen Financial Integration and Connectivity in the Context of ‘The Belt and Road’ Initiative”, “2028, Dialogue with Banking Future——Mission, Technologies, Key Players, and What Measures Should Companies Take in 2018”, “How to Shape the Future of China’s InsurTech”, “Is It Still the Best Time for Chinese Consumer Finance in the Context of Stricter Risk Control”, “AI +Big Data +Blockchain +Finance, 10 Innovative Ideas for 2019”. Through these discussion, we have brought together high level experts to discuss and analyze the latest policies, and tendency,which have a lot benefits and impacts for the audience, even to the Fintech industry.

Panelists:

Chia Hock Lai, President, Singapore FinTech Association

Lito Villanueva, Managing Director of FINTQnologies Corp, Chairman of FinTechAlliance.ph

Akaradej Disyadej, Managing Director, Thai FinTech Association

Duncan Kuo, Head of Strategic Investment Department, FinUp Group

Song Yuqian, Expert in Banking Analytics London, McKinsey &Company

Brit Blakeney, Executive Director, Head of Innovation & Ecosystems, DBS Hong Kong

Sun Zhongdong, President, Chongqing Fumin Bank

Chen Shili, DGM of the Internet Financing Center, ICBC

Altona Widjaja, Head of New Digital Ventures, Bank OCBC NISP

Zhao Lei, Executive Director of China Insurance Association, Secretary General of Shanghai Insurance Institute

Shi Hui, Co-founder &CIO, Quantum Insurtech

Tian Fengzhan, Chief Data Scientist, Sunshine Insurance Group

Pan Gaofeng, Assistant President & CTO, Tk.cn Insurance Co., Ltd.

Sun Xing, Head, AXA Next Lab Asia

Yu Baicheng, President, O1Caijing

Shea Chen, Chief Risk Officer, Xiaomi Financial

Andrii Grab, Risk Management X-sell Underwriting Director, Home Credit China

Qi Wenping, DGM, Suning Consumer Finance

Liang Yupin, VP of Finance Department, ZhongAn Insurance

Wang Gang, GM of Consumer Finance, Hairongyi

Li Feng, Chief Data Scientist, Tencent Cloud

HuangLing, Founder& CEO, AHI-FinTech (Beijing) Technology Co., Ltd.

Chuck Chen, CTO, YeePay

Wang Bao, Dean, Silver Valley FinTech Research Institute

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The Belt and Road” FinTech Cooperation & Beihai FinTech Business Invitation Summit

IFPI2018 also held“The Belt and Road”FinTech Cooperation & Beihai FinTech Business Invitation Summit at15 October. Co-organized by CFRI, CDMC Group, and FinUp Group, the summit gathered executives from private equity funds, consumer finance, supply chain finance, big data, AI, blockchain, and smart credit to discuss FinTech cooperation in Southeast Asia, planning of financial industry development and preferential policies of Beihai, the latest hotspots of global financial development.

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Banking Credit Closed-door Meeting

Banking Credit Closed-door Meeting, co-organized by CFRI and Yirendai, has concluded successfully on October 16th in Shanghai, China. The meeting invited more than 20 managers of bank credits department to discuss the hottest topics, such as, “How to Realize the Growth of Geometric times for Bank Credit Business in the Context of FinTech”, “Innovations of Retail Finance and Micro-Finance in Services, Business Models, Products, Organization and Risk Control”, “How to Use Big Data, Cloud Computing, AI to Directly or Indirectly Expand Customer Scale, Enhance Service Experience, Technological Innovation and Business Model Competitiveness”, “Think of Acceptance, Scene Selection, Technology Application, Credit Review, Risk Control Capabilities, Customer Post-Loan Management. Apart from closed-door meeting, it also arranged a “one-to-one” cooperative docking service to effectively support the development of bank credit business.

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Future Banking Technology Closed-door Meeting

The organizing committee invited senior leaders from foreign banks, state-owned banks, nationwide joint-stock commercial banks, city commercial banks and internet banks to the seminar to discuss some core topics, such as, “What Are the Future Bank?”, “Technology Route, Realization Path, Bank Risk Control in the Era of FinTech”, “New Exploration and New Ideas of Retail Banking”, “What Are the Major Changes in the Business Model and Operation Mode of Banks?”, “What Capabilities Should Be Needed for Future Financial Talents and How to Pick Up Financial Talents”.

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IFPI FinTech Global Cooperation Closed-door Meeting

IFPI2018 invited Singapore FinTech Association,Thai FinTech Association, FinTechAlliance.ph, JD Finance,PPmoney, Xiaomi Finance, HengChang, Worldpay, Rong 360, Home Credit, Hong Kong University of Science and Technology to discuss regulatory policies, landing procedures, introduction of local financial technology development, technical environment, legal environment, support for landing, taxation, and risk warnings in Southeast Asia.

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Brand Display and Corporate Promotion

At IFPI2018, dozens of industrial famous enterprises at home and abroad carried out the outstanding products and solutions through booth showcasing, such as, Dianhuabang, CAAD, iTrusChina, Yourongwang, MobData,Wisers, Yirendai,Quantum Insurtech, XuanWu Technology, JiGuang, mobvoi, SinoVoice, Beihai City Guangxi Province, FinUp Group, Shanghai Goodview Electronics Co. Ltd, DataVisor, yuntongxun, Somur.com, Vhall, Chinadatapay.com. The excellent booth showcase had attracted many participants to exchange ideas and promote further cooperation.

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AtIFPI2018, the participants also gained the valuable media exposure opportunities from the following media partners:People.com, Sohu.com, CBN, Shanghai Securities News, Leiphone, Lanjinger.com, Caixin.com, Beijing News, Wdtianxia.com, 21st Century Business Herald, Gold Master, Cfsatn.com, RELUXE, Industrial Economic Review, Treasurychina.com, ABCfinance.co.uk, Sh.QQ.com, PR Newswire.

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IFPI FinTech Awards Ceremony

IFPI FinTech Awards Ceremony & VIP Appreciation Banquet was hold on the evening of the October 15th. This list aimed to recognize outstanding companies and individuals who have made  prominent contributions in the industry.

10th FinTech Future Convention 2018 has concluded successfully on October 15th-16th in Shanghai, China! Looking forward to meeting you next year!

Event Website: http://www.theifpi.com/indexen.html

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Financial transformation is the new digital transformation

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Financial transformation is the new digital transformation 4

By Luke Fossett, ANZ Head of Sales for global recurring payments platform, GoCardless

The term ‘digital transformation’ has become somewhat synonymous with COVID-19. As teams and operations became decentralised, companies looked to quickly build their remote tech stacks, striving for ‘business as usual’ despite the circumstances.

But in the background of COVID’s chaos, different regions and industries experienced major changes, sparking a different breed of transformation beyond the digital spectrum.

Take Australia as an example. In July, the market saw the local arrival of Open Banking, as well as further detail into the regulated and planned transition away from the existing Direct Debit system to the central-backed New Payments Platform (NPP) and it’s Mandated Payment Service. With these changes comes the impetus for a wave of ‘financial transformation’; a term that describes the process of making financial operations, processes and outputs more efficient.

Despite its potential for broad interpretation, financial transformation has the potential to produce use-cases that drive value for the customer; from things like seamless payment experiences, to data-rich APIs and integrations, to managing real-time bank to bank payment and the automation of everything from customer acquisition to using data to retry a failed transaction on the date that gets the best success. These innovations are well within reach for enterprise organisations, however, to extract real value, business leaders need to plan their financial infrastructure in parallel with making digital investments.

With the right deployments, financial transformation can reap significant rewards from a customer and internal operations perspective – so here’s why business leaders should be paying attention:

Value speaks volumes to the C-suite 

Financial transformation benefits enterprise organisations as well as small and medium-sized businesses (SMEs) that need to create efficiencies as they scale, but translating its value is not always easy.

Payments are a complex part of any business, impacting many different consumer-facing and internal functions. Yet the role of ‘payments specialist’ is a rarity in most organisations.

Responsibility for financial transformation often falls – and gets lost – somewhere between the Chiefs of Technology, Information and Finance. That’s why leaning on platform providers and payments experts as early as possible, is key to understanding your customers and capabilities, before you implement and invest.

Outsourcing financial transformation initiatives is a much easier sell to enterprise decision-makers than redirecting IT resources to new DevOps projects. Credible payment providers, and the specialised knowledge that comes with good ones, are in most cases a more cost-effective solution than employing a full-time expert. Translating the value of financial transformation to achieve buy-in from the C-level boils down to maximising efficiency and return on investment (ROI).

A simple solution is using automation for tasks like streamlining processes, such as collecting payments on time without human contact. Find the sweet spot between how you want your customers to pay, and how they prefer to pay; then offer those options, while making sure they can be done with little to no touch internally.

Fintech-led transformation 

‘Best-in-class’ platform providers typically describe innovative fintech companies, who, as opposed to generalist banks, are deemed specialists in niche elements of financial services.

Again, using the example of Australasia, there are nearly 5,000 active fintechs, and it’s a market that legacy-laden big banks are tapping into. For example, Australia’s largest bank, the Commonwealth Bank of Australia, recently partnered with venture capital firm Square Peg, and AI-focused capital fund Zetta Ventures Partner;  pouring $AUD28 million into new financial technology that delivers better digital banking services to its customers.

Fintech-led transformation doesn’t only have to benefit the customer; it can offer significant value for financial teams too.

In an enterprise environment, choosing the right technology allows for slick front end payments, but the true value comes in optimising financial management behind the scenes.

Take the rising consumer demand for subscription services as a use-case. According to Zuora’s Subscription Impact Report, 50 per cent of all subscription companies are growing just as fast as they were before the pandemic, while 18 per cent are actually seeing subscriber growth rates accelerate. With this trend comes a rise in companies looking to invest in recurring billing platforms that make it easy to accept regular payments, however, finding a low-touch platform that offers the financial infrastructure to support subscription-based payments will generate much greater ROI. There is no point blowing budgets on a ‘rip and replace’ billing platform if internally, finance teams still have to revert to a manual process of uploading payment files in a spreadsheet.

The future is financially transformed

The Reserve Bank of Australia’s latest Consumer Payment Behaviour survey shows that in 2007, cash was used for 69 per cent of all transactions, while last year it accounted for just 27 per cent. Additionally, over 50 per cent of Australian businesses prefer bank-to-bank payments, known as Direct Debit, over credit cards as a way to collect payments.

Payment preferences are rapidly evolving, and keeping up with consumer payment trends is key to staying competitive. To be effective, however, you need to have the infrastructure to support and accept diverse payment methods.

‘Payments as a Service’ (PaaS) is a phrase used to describe platform providers that connect multiple payment systems, enabling companies to offer several payment options while replacing outdated practices like paper-based Direct Debit.

In 2020, the most successful enterprises are utilising PaaS providers, built for self-serve and high rates of conversion. Take Bulb, for example; the UK-based energy company allows users to sign-up, switch energy providers and lock-in their payment preferences, all in under two minutes. Better yet, the process requires almost no people management.

Taking a visionary lens on financial transformation means building greater payment efficiencies for both the customer and the enterprise. Additionally, the specialist and agile nature of fintech platforms puts the organisations who use them on the cutting-edge of innovation, future-proofing operations in a fast-moving market without significant investments in research and development.

Best-in-class platform providers are driving financial transformation change; helping business navigate and plan so they are prepared for today, and for what’s coming.

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RegTech 2020: Exploring financial crime and the emergence of RegTech in the USA

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RegTech 2020: Exploring financial crime and the emergence of RegTech in the USA 5

with host, Alex Ford, VP Product and Marketing, Encompass, and guests, Dr Henry Balani, Head of Delivery, Encompass; Pawneet Abramowski, Chief Compliance Officer

Today, financial institutions deal with increasingly complex transactions and regulations that are continually changing. For the financial services industry, the cost of regulatory obligations has dramatically increased in recent years and, as a result, there has been a strong demand for more efficient reporting and compliance systems to better control risks and reduce compliance costs.

The complexity of regulation has made it more difficult for compliance and legal teams to manage risk. Also, the rise in large monetary fines, the impact of reputational damage, personal liability and even prison sentences have all played a factor. However, it remains essential that RegTech and AI is not seen as the only answer to addressing all financial crime risk, but rather a tool that, if used properly, can create more efficiency in the management of money laundering, bribery, corruption and fraud.

This month’s insightful and thought-provoking RegTech 20:20 podcast, from Encompass Corporation, delves into these topics from a US perspective, as guests, Dr Henry Balani, Head of Delivery, Encompass, and Pawneet Abramowski, Chief Compliance Officer. Pawneet has more than 17 years of combined experience in both public and private sectors with a focus on compliance and Henry has experience supporting innovative technology solutions that address issues of financial crime and money laundering. He advises technology firms as a Non-Executive/Board Director.

Encompass Corporation aims to demystify RegTech for listeners and understand what practitioners and experts are doing to overcome organisational challenges. This time,

Pawneet discusses how the US is at the forefront of the utilisation of technology, while also reflecting on the long history of money laundering and financial crime there, saying that “the birth of RegTech in the last 5-7 years has been really prominent in the United States”.

Henry, having had more than 25 years’ of financial services industry experience, speaks about how so many transactions worldwide are cleared in a US bank and how the US dollar is a powerful weapon, especially when money laundering comes into play.

When asked about her thoughts on technology assistance, Pawneet suggests that organisations are having to continuously evolve their programme and controls, telling the audience: “I think that’s where this desire for having technology assist in making things more efficient and operationally effective”.

Henry gives listeners an insight into regulatory penalties being a driver in changing behaviour, suggesting that this type of enforcement is a successful method.

 “…as we see the increasing use of these penalties, organisations are noticing the reputational damage as embarrassing. We have seen a lot of these companies coming to RegTech firms asking for solutions to help them identify these potential challenges and issues”

Later on in the podcast, he goes on to speak about the challenges for regulated banks in the US. Breaking down the latest data and survey figures, Henry insists that the US has huge workforces in this organisation of growth. “To be a compliance professional, you are certainly in huge demand.”

Technology advancement is increasing at a rapid rate in the US. Regulated firms have a challenge not only to stay ahead of criminals, but there is often a rush to introduce new technology and continue to improve the experience of customers. Regulated bodies in the US, especially banks, have long been reinventing and adapting their compliance programmes to meet both their legal and community obligations and, as Pawneet explains, “it feels like a constant regulatory revolving door as a compliance professional”.

More expert commentary, RegTech conversation and industry insight can be found in the full episode of RegTech 20:20. You can listen here  https://www.encompasscorporation.com/regtech2020-podcast/, and across all major podcast players

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86% of UK businesses face barriers developing digital skills in procurement

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86% of UK businesses face barriers developing digital skills in procurement 6

A shortage of digitally savvy talent, and a lack of training for technical and soft skills, hinder digital procurement initiative

Research from Ivalua, a leading provider of global spend management cloud solutions, has shown that a majority of UK businesses (86%) face significant barriers developing digital skills in procurement. The findings reveal that a shortage of digitally savvy talent (31%), a lack of training for technical and soft skills (28%) and a lack of understanding of the skills required (13%), are some of the main barriers preventing UK business from developing the digital skills they need. Additionally, over half (55%) of UK businesses say that digital skills in procurement are less advanced compared to other departments

The research, conducted by Vanson Bourne on behalf of Ivalua, surveyed 200 UK-based procurement, supply chain and finance professionals about the true nature of digital skills within procurement, and the challenges businesses looking to digitally transform will face. More than eight-in-ten (84%) UK businesses believe that the skill set required of procurement professionals has shifted from procurement-first to digital-first. The study also highlighted that most respondents believe that greater digitalisation (84%) and better digital skills (83%) in procurement would have enabled UK businesses to mitigate the impact of the COVID-19 outbreak more effectively.

“Over the last decade, the role of procurement has transformed from one of cost-cutter to a vital ally that can help inform and enable a business’s strategy. The global COVID-19 pandemic accelerated this trend even further, reinforcing the importance of procurement as businesses adapt to the new normal,” commented Alex Saric, smart procurement expert at Ivalua. “However, for too long, procurement has been seen as a digital laggard, with technology adoption trailing behind other departments. In order to keep its seat at the table in strategic discussions, procurement must ensure it has people with the right skills in-house, as well as easy to use technologies, or risk being unable to offer significant strategic value.”

Challenges in hiring digital skills in procurement

As part of ongoing digital transformation efforts in procurement, the report found that UK businesses have started to introduce new technologies such as data analytics (55%), cloud-based platforms (53%), automation (35%) and AI/machine learning (30%) in the last 12 months.

But when it comes to deploying these technologies, UK businesses are finding it difficult to complement them with the digital skills required. The study found that 88% find it challenging to hire the right digital skills to work with technologies such as AI, cloud-based platforms or data analytics, while 76% say they are concerned that existing procurement teams will struggle to work with new technologies. Developing digital skills is vital for businesses, as 91% of respondents say that improving digital skills can make procurement more strategic, while 94% say it will help them gain a competitive advantage.

“In a rapidly evolving business environment, digital skills are essential for procurement teams to analyse and mitigate risk, identify new opportunities and collaborate with suppliers. However, procurement teams are struggling to both attract digital talent and upskill existing teams, which puts them at risk of falling behind competitors, losing market share, and struggling to identify risk and opportunities ahead of time,” comments Saric.

“To address the digital skills gap in procurement, UK businesses need to ensure they are focusing on adopting tools that are easy to use and improve access to actionable insights. By making procurement smarter, businesses are giving teams the tools and skills needed to thrive in the new normal, allowing the business to react and proactively address the shifting sands of a post-COVID world.”

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