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OCC’s New Office of Financial Technology Portends Increased Supervisory Activity

CFPB Monitor

The OCC’s announcement that it will establish an Office of Financial Technology to “bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape” should come as no surprise to those who have been following recent pronouncements of Acting Comptroller Michael J.

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Core Unicorn Deals Rattling the Future of Financial Technology

Gonzobanker

Bank executives should take these new deals’ valuations as a sign that the free market sees the future of finance as unbundled from the traditional industry structure. These levels of revenue and EBITDA multiples have never been seen in the history of core banking platforms. Response From The Other Two Big 3 Players.

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FinTech Revolut’s Losses Triple As Customer Base Grows

PYMNTS

With its losses mounting, the London-based digital bank may need to tap into its corporate reserves to keep up with its expansion plans. Revolut attributed the losses to its expansion into new markets and the introduction of new products. The company posted a total loss of $139.6 million (£106.5 million) in 2019 — up from £32.9

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Revolut Brings Open Banking To Germany In Deal With TrueLayer

PYMNTS

Earlier this year, the European digital bank had taken on Ireland, France and Italy. In a press release, Revolut said the latest expansion would bring open banking to its users in Germany. Revolut said its new open banking offer was developed with TrueLayer , a London-based financial technology (FinTech) company.

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Why Not All FinTech Providers Are FinTech Firms

PYMNTS

Such is the case in financial services, where “ FinTech ” is often used to describe financial technology vendors. “A A firm that offers financial technology is not necessarily a FinTech,” said Provenir Managing Director Paul Thomas, who thinks the distinction between the two needs to be clearer.

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Canadian Fintech Market Map

CB Insights

Finally, looking at Canadian “fintech” (financial technology) specifically, funding was up substantially in the first half of the year. The 2019 Canadian fintech market map. Startups headquartered in Ontario dominate the table, with over 40 fintech companies from this market map headquartered in the Greater Toronto Area.

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Mastercard, EedenBull Extend Into Asia Pacific

PYMNTS

Mastercard and Norwegian financial technology (FinTech) company EedenBull have agreed to expand their partnership to the Asia Pacific region, the firms announced Monday (June 29). Under the terms of the new deal, Mastercard will support EedenBull’s product development and digital services.

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