F|T: The FinTech Times – How AI is transforming banking

Welcome to the FinTech Times, a weekly newsletter covering the biggest FinTech news from around the globe. If you want to read F|T before anyone else, make sure to subscribe using the form at the bottom of this page.

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STACK FinTech Times

While banks win on capital, startups win in technology, says #CSMEBF17(BETAKIT)

“Banks globally serve no sector worse than we do small businesses,” says BMO’s head of commercial banking.

STACK RECOMMENDS: Shopify, Google among 30 companies committing combined $80 million over 10 years to Vector Institute(BETAKIT)

“We have some of the best talent and leaders in the world….and we’re getting all the right attention.”

– Miro Pavletic, CEO and co-founder of STACK

HSBC partners with Tradeshift as banks increasingly see FinTech as friends not foe(BUSINESS INSIDER)

The two firms are working together to allow buyers to automate and digitise paper-heavy supply chain processes from all their suppliers and organise supply chain financing in one place.

Robinhood stock trading app valued at $1.3 billion with big raise from DST(TECHCRUNCH)

Robinhood’s huge fund raise, led by Yuri Milner investment vehicle DST Global, will fuel its attack on old brokerage firms that charge around $7 to $10 per trade. Just don’t call it free trading.

RBC piloting service that allows clients to connect with investment advisors over video(BETAKIT)

The new digital platform MyAdvisor is a product of RBC’s Toronto-based innovation lab.

Bahrain signs FinTech pact with Singapore amid plan for ‘country level’ blockchain adoption(CCN)

The Bahrain Economic Development Board has joined Dubai-based advisory firm Trucial Investment Partners to ink a partnership with the Singapore FinTech Consortium to further its blockchain expertise.

BofA promises $1.5M for Charlotte FinTech push(FINEXTRA)

The Bank of America is committing the money over three years to “help formalise and launch” Charlotte, North Carolina’s efforts to build up a FinTech hub.

FinTech startup soCash raises US$600K to help consumers withdraw cash from shops(YAHOO)

The funding, which came from a group of undisclosed angel investors, will be used to boost soCash’s sales team to tap into more banking networks and expand to new regional markets.

Everything you want to know about how AI is transforming banking but were too afraid to ask(BOBS GUIDE)

The rise of AI is set to change the way banks and financial services operate, as well as the way consumers approach their personal banking

Dublin FinTech player ClaimVantage raises €2m(SILICON REPUBLIC)

The funding, which came from the Davy EII Tax Relief Fund 2015, will be used to finance ClaimVantage’s Asia-Pacific expansion.

Goldmoney Network adds new payment providers, expands offerings for Chinese market(BETAKIT)

Goldmoney has expanded its product presence around the world to countries like Brazil and China. The company will also allow users in Canada and the US to purchase gold via Apple Pay.

Singapore FinTech startup OOjiBO raises US$3.6M to serve the unbanked(E27)

OOjiBO, which offers a full stack solution that allows the unbanked to make digital payments even without data, raised the funds from Centurion Private Equity.

Preventing due diligence issues with FinTech and RegTech(FINEXTRA)

Using FinTech and RegTech solutions to unify processes and systems, enforce requirements, and centralize data might help auditees feel more confident as they approach an audit or regulatory exam.

The AI in FinTech market map: 100+ companies using AI algorithms to improve the fin services industry(CBINSIGHTS)

CB Insights formed a list of companies that are using AI in financial services and mapped them according to the areas where they’re operating.

Trulioo expands its ID verification product to South Korea(BETAKIT)

In South Korea, Trulioo’s product will be used to help register for a bank account, e-commerce, online transactions, and accessing government services.

SelfScore makes credit cards for the international students Trump wants to keep out(MASHABLE)

SelfScore, which uses machine learning to determine the creditworthiness of international students in need of a credit card, has launched a new card with a much higher spending limit in a very different political climate.

Singapore: The dark horse of FinTech(FORBES)

Forbes contributor Madhvi Mavadiya says the country she believes has the most potential to become the FinTech center of the world is Singapore.

AI and IoT dominate insurtech startup funding(FINEXTRA)

AI and IoT now account for almost half of total investment in insurance technology (insurtech) startups globally, new research from Accenture shows.

TouchBistro POS system expands its Square integration to Australia(BETAKIT)

Restaurants in Australia can now use the Square integration to “help improve their operations and deliver exceptional customer service,” said TouchBistro CEO and founder Alex Barrotti.


Amira Zubairi

Amira Zubairi is a staff writer and content creator at BetaKit with a strong interest in Canadian startup, business, and legal tech news. In her free time, Amira indulges in baking desserts, working out, and watching legal shows.

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