HYPR Corp., the leading provider of decentralized authentication for enterprises, announced today its expansion to the UK and EU, citing demand driven by GDPR and PSD2 regulatory requirements.
The New York-based firm already has large deployments in Europe, having secured millions of users worldwide. With major customers in the financial services and healthcare sectors including Mastercard and Vhi — Ireland’s largest Health Insurer — the new London office solidifies HYPR’s presence in the two financial capitals of the world. HYPR team leaders and industry veterans, Marc Ewin and Kevin Turner, will be leading the EMEA go-to-market initiative.
“We’re seeing urgency from enterprises in Europe who view the new regulatory requirements not as a road block – but an opportunity to enhance security, privacy, and user experience,” said George Avetisov, Chief Executive Officer of HYPR Corp. “Establishing a presence on both sides of the Atlantic allows HYPR to deliver on that urgency and speaks to the global momentum we are building, following our news of strategic investments from industry leaders like Samsung. I have no doubt that our EU team will execute and achieve great success in the region.”
Demand for HYPR solutions is being accelerated by Europe’s latest regulatory requirements. GDPR has shined a spotlight on the importance of how user data is stored, especially with regards to identity, user credentials and biometrics. HYPR’s ability to decentralize credentials and enable secure password-less experiences has proven an attractive solution for GDPR-compliant user authentication.
With regards to PSD2 requirements for customer authentication, HYPR’s decentralized approach focuses on eliminating credential reuse and accelerating transaction speeds. Having deployed secure biometric payments and transaction signatures for major financial institutions, HYPR helps enterprises achieve regulatory compliance while empowering a faster, more secure, mobile and online checkout experience.
“Bringing HYPR decentralized authentication to a critical market like the UK and Continental Europe with leaders like Marc and Kevin is invaluable to eliminating credential re-use, preventing breaches and securing millions of password-less experiences. Looking at the regulatory landscape, particularly in the EU with GDPR and PSD2, one could say regulators are mandating solutions like HYPR — and we are responding in kind,” said Seth Robbins, Chief Revenue Officer, HYPR Corp.
“Kevin and I are excited to join the HYPR team and match the EMEA financial services market needs with our innovative and secure password-less solution. So many favorable conditions — regulatory, standards based, and technological — are aligned to make HYPR adoption assured. Aside from validation by Vhi, early interest here already shows great promise,” said Marc Ewin, Vice President, EMEA, of HYPR Corp.
Marc Ewin joins HYPR Corp. with more than 20 years in cybersecurity software sales and building high-performing EMEA sales operations for disruptive startup technologies. Marc has been involved in successful IPO/acquisition outcomes for a number of startups including Axent Technologies, Securant Technologies, Cybertrust, and Fireglass. Kevin Turner joins the team with over 25 years in sales and engineering roles at Oracle, Sun Microsystems, RSA Security, and most recently Okta, where he built and directed the systems engineering operation in Europe. Kevin’s career has allowed him to undertake a variety of responsibilities which require a strong combination of consultancy and technical depth.
“There is a pressing need to upgrade legacy identity and authentication platforms to prevent data breaches and to support modern digital services. This comes at a time when new EU regulations, GDPR and PSD2, mandate the use of strong customer authentication including the use of biometric technology,” said Alan Goode, CEO and Chief Analyst with Goode Intelligence. “HYPR’s entry into the UK market comes at an ideal time and I am confident that organizations in the UK and internationally will benefit from HYPR’s innovative decentralized authentication platform.”
HYPR is the leader in decentralized authentication with millions of users secured across the Fortune 500. Named a “Cool Vendor” by Gartner in 2017, HYPR is trusted by major enterprises such as Mastercard and Samsung to prevent breaches, eliminate fraud, and accelerate transaction speeds.
As enterprises transition to password-less experiences, they often store user credentials in a centralized repository. Centralized authentication creates a single point of failure targeted by hackers and has remained the #1 cause of major data breaches – until now.
The HYPR solution ensures that personal credentials always stay safely decentralized and encrypted on your users’ devices. By eliminating the need for a centralized credential store, HYPR removes the target and minimizes your risk of a data breach. With HYPR, enterprises are changing the way millions of users experience secure, password-less access to our connected world.
Additional information is available at: https://www.hypr.com/
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)
G20 to show united front on support for global economic recovery, cash for IMF
By Michael Nienaber and Andrea Shalal
BERLIN/WASHINGTON/ROME (Reuters) – The world’s financial leaders are expected on Friday to agree to continue supportive measures for the global economy and look to boost the International Monetary Fund’s resources so it can help poorer countries fight off the effects of the pandemic.
Finance ministers and central bank governors of the world’s top 20 economies, called the G20, held a video-conference on Friday. The global response to the economic havoc wreaked by the coronavirus was at top of the agenda.
In the first comments by a participating policymaker, the European Union’s economics commissioner Paolo Gentiloni said the meeting had been “good”, with consensus on the need for a common effort on global COVID vaccinations.
“Avoid premature withdrawal of supportive fiscal policy” and “progress towards agreement on digital and minimal taxation” he said in a Tweet, signalling other areas of apparent accord.
A news conference by Italy, which holds the annual G20 presidency, is scheduled for 17.15 (1615 GMT)
The meeting comes as the United States is readying $1.9 trillion in fiscal stimulus and the European Union has already put together more than 3 trillion euros ($3.63 trillion) to keep its economies going despite COVID-19 lockdowns.
But despite the large sums, problems with the global rollout of vaccines and the emergence of new variants of the coronavirus mean the future of the recovery remains uncertain.
German Finance Minister Olaf Scholz warned earlier on Friday that recovery was taking longer than expected and it was too early to roll back support.
“Contrary to what had been hoped for, we cannot speak of a full recovery yet. For us in the G20 talks, the central task remains to lead our countries through the severe crisis,” Scholz told reporters ahead of the virtual meeting.
“We must not scale back the support programmes too early and too quickly. That’s what I’m also going to campaign for among my G20 colleagues today,” he said.
Hopes for constructive discussions at the meeting are high among G20 countries because it is the first since Joe Biden, who vowed to rebuild cooperation in international bodies, became U.S. president.
While the IMF sees the U.S. economy returning to pre-crisis levels at the end of this year, it may take Europe until the middle of 2022 to reach that point.
The recovery is fragile elsewhere too – factory activity in China grew at the slowest pace in five months in January, hit by a wave of domestic coronavirus infections, and in Japan fourth quarter growth slowed from the previous quarter with new lockdowns clouding the outlook.
“The initially hoped-for V-shaped recovery is now increasingly looking rather more like a long U-shaped recovery. That is why the stabilization measures in almost all G20 states have to be maintained in order to continue supporting the economy,” a G20 official said.
But while the richest economies can afford to stimulate an economic recovery by borrowing more on the market, poorer ones would benefit from being able to tap credit lines from the IMF — the global lender of last resort.
To give itself more firepower, the Fund proposed last year to increase its war chest by $500 billion in the IMF’s own currency called the Special Drawing Rights (SDR), but the idea was blocked by then U.S. President Donald Trump.
Scholz said the change of administration in Washington on Jan. 20 improved the prospects for more IMF resources. He pointed to a letter sent by U.S. Treasury Secretary Janet Yellen to G20 colleagues on Thursday, which he described as a positive sign also for efforts to reform global tax rules.
Civil society groups, religious leaders and some Democratic lawmakers in the U.S. Congress have called for a much larger allocation of IMF resources, of $3 trillion, but sources familiar with the matter said they viewed such a large move as unlikely for now.
The G20 may also agree to extend a suspension of debt servicing for poorest countries by another six months.
($1 = 0.8254 euros)
(Reporting by Michael Nienaber in Berlin, Jan Strupczewski in Brussels and Gavin Jones in Rome; Andrea Shalal and David Lawder in Washington; Editing by Daniel Wallis, Susan Fenton and Crispian Balmer)
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...
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...
GameStop rally fizzles; shares still on pace for 130% weekly gain
By Aaron Saldanha and David Randall (Reuters) – An early surge in the shares of GameStop Corp fizzled and left...
Oil drops on dollar strength and OPEC+ supply expectations
By Jessica Resnick-Ault NEW YORK (Reuters) – Oil prices fell on Friday as the U.S. dollar rose while forecasts called...
Stocks try to recover from bond whiplash, dollar gains
By Herbert Lash NEW YORK (Reuters) – Global equity markets swooned on Friday, even as the Nasdaq and S&P 500...