The race for digital supremacy has already started, now it’s not just about survival, it’s about winning, achieving the goals and exploring technologies that can accelerate the banking sector into the digital age with a focus on emerging channels such as Blockchain, Next- Generation Payments, Artificial Intelligence, Big Data and Cyber Security. Along with the new trends, Big Techs are shifting to financial services
Gary Brown, GDPR Program Director, Banco Santander UK while attributing the threats associated with shifting of Big Techs to the financial services explains, “Whilst Fin Techs need capital, Big Techs already have investment backing, but do not have at this stage a demonstrable track record in FS. The banks should again look to partner with chosen Big Techs to make game-changing strategic marriages.”
Further explaining the threats associated with shifting of Big Techs to the financial services, Cauchi David, Head of Compliance, Office of the Information and Data Protection Commissioner states, “The Tech Giants have revolutionized the way humans interact and carry out their daily activities. They have also given more power and convenience to the end-user, by presenting different services and options under one platform.
Change is inevitable and control is also likely to be shifting from the industry to its clients as these will entrust the platform providers.
The challenge is how to strike the right balance between convenience and intrusiveness. Big Techs already process huge amounts of personal data about individuals and their activities, including profiling on a micro-level. Adding transaction and online purchasing habits to all this will make a dream come true for niche-marketing enthusiasts but not for data protection activists and watchdogs.”
Digital Banking Influencers from Leading Banks will be joining the 6th Edition New Age Banking Summit (#NABS) – Europe organized by UMS Conferences on the 19th & 20th June 2018 in Warsaw.
The Summit will host the thought leaders from the digital finance world representing the largest banks, financial institutions, associations and regulators addressing key issues around payment solutions, mobile banking, AI, machine learning, robotics and blockchain.This editionsspeakerincludesStéphane Nappo, International Banking – Global CISO, Société Générale IBFS, Michal Hoppel, Chief Data Officer, Bank Zachodni WBK, Tomasz Dymowski, Head of Retail Banking Department, Raiffeisen Polbank, Magdalena Borowik, Director for Technology Research, Fintech Poland, Robert Fischer, Senior Expert Digital Customer Journeys, Tomasz Jakubczyk, Fintech &InsurTech Expert, AkosVeisz, Managing Director of Strategy, MKB Bank, Filip Pawczyński, Chairman, Polish Bitcoin Association, Cauchi David, Head of Compliance, Office of the Information and Data Protection Commissioner, Fernando Garcia-Quismondo, CTO – Security & Digital Identity, Banco Santander, Punit Bhatia, Author, ‘Be Ready for GDPR’, Shukri Mustafa, Chief Operations Officer, Raiffeisen Bank Kosovo, Gary Brown, GDPR Program Director, Banco Santander UK, Piotr Widacki, Managing Director – Head of Digital Transformation, BGZ BNP Paribas, MaciejKostro, Board Advisor, Secretary of the Electronic Banking Council, Polish Banking Association, Mitesh Soni, Innovation and Fintech Director, Finastra, Giovanni Michela, Account Manager, Liferay, Sanat Rao, Chief Business Officer and Global Head, Infosys, Sean Salloux, Chief Operating Officer, Baanx
About UMS Conferences:
The wholly owned subsidiary of UMS International a multinational media company and publisher of Bloomberg Businessweek Middle East, UMS Conferences is the global leader with several summits, conferences, awards and strategic forums which attracts the world’s brightest mind and most influential decision-makers.
UMS Conferences presents an extensive portfolio of industry-leading and stimulating summits, conferences, awards and expos around the world. Known for building platforms which create value and deliver an unmatched delegate experience, UMS events offer premium branding as well as networking opportunities for partners.
With flagship events like UAE India Economic Forum, Arab IPO Summit, CDO Conclave SME Banking Egypt, New Age Banking Summit, our events attract a high calibre of delegates, speakers and partners, who value the knowledge that our events offer. Aligning with our events is a powerful way to engage with this high-profile audience and reinforce your expertise and credibility.
Sunak to use budget to expand apprenticeships in England
LONDON (Reuters) – British finance minister Rishi Sunak will announce more funding for apprenticeships in England when he unveils his budget next week, the government said on Friday.
Employers taking part in the Apprenticeship Initiative Scheme will from April 1 receive 3,000 pounds ($4,179) for each apprentice hired, regardless of age – an increase on current grants of between 1,500 and 2,000 pounds depending on age.
The scheme will extended by six months until the end of September, the finance ministry said.
Sunak will also announce an extra 126 million pounds for traineeships for up to 43,000 placements.
Sunak’s March 3 budget will likely include a new round of spending to prop up the economy during what he hopes will be the last phase of lockdown, but he will also probably signal tax rises ahead to plug the huge hole in the public finances.
Sunak is also expected to announce a “flexi-job” apprenticeship scheme, whereby apprentices can join an agency and work for multiple employers in one sector, the finance ministry said.
“We know there’s more to do and it’s vital this continues throughout the next stage of our recovery, which is why I’m boosting support for these programmes, helping jobseekers and employers alike,” Sunak said in a statement.
(Reporting by Andy Bruce, editing by David Milliken)
UK seeks G7 consensus on digital competition after Facebook blackout
LONDON (Reuters) – Britain is seeking to build a consensus among G7 nations on how to stop large technology companies exploiting their dominance, warning that there can be no repeat of Facebook’s one-week media blackout in Australia.
Facebook’s row with the Australian government over payment for local news, although now resolved, has increased international focus on the power wielded by tech corporations.
“We will hold these companies to account and bridge the gap between what they say they do and what happens in practice,” Britain’s digital minister Oliver Dowden said on Friday.
“We will prevent these firms from exploiting their dominance to the detriment of people and the businesses that rely on them.”
Dowden said recent events had strengthened his view that digital markets did not currently function properly.
He spoke after a meeting with Facebook’s Vice-President for Global Affairs, Nick Clegg, a former British deputy prime minister.
“I put these concerns to Facebook and set out our interest in levelling the playing field to enable proper commercial relationships to be formed. We must avoid such nuclear options being taken again,” Dowden said in a statement.
Facebook said in a statement that the call had been constructive, and that it had already struck commercial deals with most major publishers in Britain.
“Nick strongly agreed with the Secretary of Stateâ€™s (Dowden’s) assertion that the governmentâ€™s general preference is for companies to enter freely into proper commercial relationships with each other,” a Facebook spokesman said.
Britain will host a meeting of G7 leaders in June.
It is seeking to build consensus there for coordinated action toward “promoting competitive, innovative digital markets while protecting the free speech and journalism that underpin our democracy and precious liberties,” Dowden said.
The G7 comprises the United States, Japan, Britain, Germany, France, Italy and Canada, but Australia has also been invited.
Britain is working on a new competition regime aimed at giving consumers more control over their data, and introducing legislation that could regulate social media platforms to prevent the spread of illegal or extremist content and bullying.
(Reporting by William James; Editing by Gareth Jones and John Stonestreet)
Britain to offer fast-track visas to bolster fintechs after Brexit
By Huw Jones
LONDON (Reuters) – Britain said on Friday it would offer a fast-track visa scheme for jobs at high-growth companies after a government-backed review warned that financial technology firms will struggle with Brexit and tougher competition for global talent.
Finance minister Rishi Sunak said that now Britain has left the European Union, it wants to make sure its immigration system helps businesses attract the best hires.
“This new fast-track scale-up stream will make it easier for fintech firms to recruit innovators and job creators, who will help them grow,” Sunak said in a statement.
Over 40% of fintech staff in Britain come from overseas, and the new visa scheme, open to migrants with job offers at high-growth firms that are scaling up, will start in March 2022.
Brexit cut fintechs’ access to the EU single market and made it far harder to employ staff from the bloc, leaving Britain less attractive for the industry.
The review published on Friday and headed by Ron Kalifa, former CEO of payments fintech Worldpay, set out a “strategy and delivery model” that also includes a new 1 billion pound ($1.39 billion) start-up fund.
“It’s about underpinning financial services and our place in the world, and bringing innovation into mainstream banking,” Kalifa told Reuters.
Britain has a 10% share of the global fintech market, generating 11 billion pounds ($15.6 billion) in revenue.
The review said Brexit, heavy investment in fintech by Australia, Canada and Singapore, and the need to be nimbler as COVID-19 accelerates digitalisation of finance, all mean the sector’s future in Britain is not assured.
It also recommends more flexible listing rules for fintechs to catch up with New York.
“We recognise the need to make the UK attractive a more attractive location for IPOs,” said Britain’s financial services minister John Glen, adding that a separate review on listings rules would be published shortly.
“Those findings, along with Ron’s report today, should provide an excellent evidence base for further reform.”
Britain pioneered “sandboxes” to allow fintechs to test products on real consumers under supervision, and the review says regulators should move to the next stage and set up “scale-boxes” to help fintechs navigate red tape to grow.
“It’s a question of knowing who to call when there’s a problem,” said Kay Swinburne, vice chair of financial services at consultants KPMG and a contributor to the review.
A UK fintech wanting to serve EU clients would have to open a hub in the bloc, an expensive undertaking for a start-up.
“Leaving the EU and access to the single market going away is a big deal, so the UK has to do something significant to make fintechs stay here,” Swinburne said.
The review seeks to join the dots on fintech policy across government departments and regulators, and marshal private sector efforts under a new Centre for Finance, Innovation and Technology (CFIT).
“There is no framework but bits of individual policies, and nowhere does it come together,” said Rachel Kent, a lawyer at Hogan Lovells and contributor to the review.
($1 = 0.7064 pounds)
(Reporting by Huw Jones; editing by Jane Merriman and John Stonestreet)
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