Ep209 – Should UK Prepare for FinTech Exodus?; China Tests Digital Currency

In this episode

How do I change my culture? And what the hell happens to all those bank fines?! Our guest Richard Peers, Director of Financial Services at Microsoft (@Peerster), joins us to discuss these hot issues as part of our weekly roundup of FinTech Insider News.

Digital DNA is radically different from legacy culture, and that needs to change, Richard says. To make digital transformation happen, technology is not enough. You have to have the right culture. It’s hearts and minds and empowering people.  It’s not a quick fix, which many people are looking for.

Deutsche was recently fined over money laundering claims – but where the hell do these fines go and what’s the politics behind it? How can bitcoin prevent money laundering?

What are the new business models we need? Can we serve markets in new ways? Can we make money from data? It’s often a defensive conversation, it’s time for banks to go on the offense and look at open banking as a good thing, Richard says.

News this week

1. Telegraph – Fintech ‘boom’ risks fresh ‘bust’ if left unchecked, warns Carney – Link –
2. Scalable Capital – An open letter to Mark Carney on robo advice – Link
3. BBC – Deutsche Bank fined by regulators over money laundering claims – Link
4. Yahoo Finance – Neo and challenger bank customer base to grow by 50.6%, globally, by 2020 – Link
5. FT – The UK should prepare for an exodus of fintech experts – Link
6. Finextra – Chinese central bank tests digital currency system – Link
7. Acumin – Details come to light after Lloyds’ cyber attack – Link
8. BBC – Savings protection limit raised – Link
9. Finextra – CMA issues final order on open banking – Link
10. Telegraph – Which country is the most corrupt in the world – and where does Britain rank? – Link

Thanks for listening! Visit 11fs.co.uk to learn more about the team behind FinTech Insider.

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