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Money.Net chooses OpenFin to Accelerate Institutional Deployment

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Money.Net chooses OpenFin to Accelerate Institutional Deployment

Money.Net joins community of firms building on OpenFin to accelerate innovation and collaboration across the industry

NEW YORK and LONDON: Money.Net, the disruptive, web-based platform for financial data, news and analysis, today announced that it has selected OpenFin technology to quickly and seamlessly onboard, deploy and deliver Money.Net software at scale, particularly within global financial institutions.

OpenFin is the secure desktop operating system built specifically for the high-performance needs of capital markets and used by more than 50 of the world’s largest banks, buy-side institutions and trading platforms to launch and realize their digital transformation strategy.

OpenFin standardizes the operating environment for hundreds of industry applications on financial desktops, allowing seamless deployment, interaction and interoperability between apps to enhance workflows and increase efficiency. Banks, brokers, asset managers and hedge funds now use OpenFin to unify a fractured ecosystem of financial applications to build their own unique desktop environment, selecting the very best applications necessary for each end user’s workflow. The OpenFin roster of applications includes hundreds of apps that can now be leveraged by Money.Net.

“Using OpenFin to provide interoperability among desktop applications is one of the most requested features we have seen,” said Morgan Downey, CEO of Money.Net. “Additionally, market data administrators like the seamless updates which OpenFin enables, and users love the ability to save windows without borders and remember the position of multiple windows on their desktop. Money.Net’s multi-window web-based desktop apps do not require a download and OpenFin’s technology makes the Money.Net app look and feel just like natively installed app.”

At the same time, Money.Net announced that it is becoming a member of the Fintech Open Source Foundation (FINOS), a nonprofit foundation promoting open innovation in financial services and its FCD3 (Financial Desktop Connectivity and Collaboration Consortium) initiative, which is driving and defining industry-wide standards for desktop application interoperability.

Initially launched by OpenFin in October 2017, the FDC3 initiative has garnered the support of 50 major financial industry players across banks, asset managers, hedge funds and cross-industry vendors representing financial data, trading and communications. The FCD3 initiative was incorporated into FINOS’ open source governance framework in May 2018, to support the long-term growth and adoption of the FDC3 standards by the fintech community.

Deploying Money.Net through OpenFin addresses the need for a universal collaboration tool across the financial services industry that meets stringent security and compliance standards while accommodating modern communications preferences. Using Money.Net over OpenFin will introduce the following new features to Money.Net:

1) Secure, seamless installation and updates;

2) Borderless multi-screen windows;

3) Memory of window position on screens;

4) Interoperability with other applications running on OpenFin;

5) Native application experience for web-based apps not requiring any download.

“We’re thrilled to welcome Money.Net as a partner on OpenFin,” says Mazy Dar, OpenFin’s CEO. “We are now present on more than 145,000 financial desktops globally and we constantly look to our partners to improve the collaboration experience with relevant, high-quality content. We are passionate about enabling innovation and we want to make it as easy as possible for FinTech firms, banks, buy-side firms and hedge funds to build and deploy new applications quickly and efficiently, directly onto permissioned desktops.

He adds: “When a user adds Money.Net to their workflow, they’re getting real-time content that informs better decision-making and ultimately drives better performance. And that translates to the kind of results customers expect in the future of work.”

“Joining the OpenFin ecosystem affords us an opportunity to sell content directly to customers on the OpenFin platform, an entirely new channel to deliver and monetize innovations to some of the world’s largest companies. By presenting Money.Net content through a secure and compliant platform, we’re becoming part of the workflow for the modern worker.” said Morgan Downey, CEO of Money.Net.

The Money.Net desktop application, Excel add-in, MATLAB integration and mobile apps provide multi-asset class (equities, commodities, FX, fixed income) global coverage at 1/15th the cost of a legacy terminal.

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Sunak to use budget to expand apprenticeships in England

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Sunak to use budget to expand apprenticeships in England 1

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)

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UK seeks G7 consensus on digital competition after Facebook blackout

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UK seeks G7 consensus on digital competition after Facebook blackout 2

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 State’s (Dowden’s) assertion that the government’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)

 

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Britain to offer fast-track visas to bolster fintechs after Brexit

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Britain to offer fast-track visas to bolster fintechs after Brexit 3

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.”

SCALING UP

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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