Global FinTech News - 31st of July

Monzo has been dealing with new challenges in terms of continuing its business due to Covid-19. Spanish bank BBVA is collaborating with Fujitsu in order to look for quantum technologies implementation in their firm structure. PayPal Holdings Inc. sees an accelerating and permanent shift away from cash due to the current pandemic. Amazon, Apple, Facebook and Google owner Alphabet appeared in front of US lawmakers earlier this week to defend their companies against the allegations regarding their misuse of power to destroy the competition. Huawei has surpassed Apple and Samsung in smartphone shipments in the last quarter. Barclays, Deutsche Bank and Banco Santander have added billions more to their reserves to cover bad debts, following the economic impact of Covid-19. Acrisure, an insurance brokerage, agreed to purchase an artificial-intelligence business from Tulco and digital wealth manager Moneyfarm has launched its own APIs in Italy and the UK in collaboration with Fabrick.

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Auth0 platform, providing authentication and authorization services, secured $120 million (€101m), with Salesforce Ventures leading the round. Neobank Revolut further received an $80 million (€67.9m) in series D. Other fundings were received by Thought Machine, an UK-based cloud native core banking technology firm, EMQ start-up focused on network infrastructure for fast international payments, Swiss crypto financial services provider Bitcoin Suisse, robo advisor operator StashAway, vision-powered AI to detect manufacturing anomalies start-up Instrumental, remittance company Remitly, data science platform Explorium, True Link, ComplyAdvantage and Hevo.

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The 2020 SonicWall Cyber Threat Report emphasizes the high risk that businesses face in regards to becoming a target of a cyberattack, such as Microsoft. FinTech Futures latest report explores the obstacles that the wealth management industry is facing, while McKinsey & Company show the economic impact of Covid-19 on banks, companies, finance and policy makers. The World Economic Forum finds in their study possible low-cost alternatives for companies to approach in order to minimize security breaches. Rise Fintech Insights report brings the latest news on how fintechs are opening up credit for small businesses.

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We have conducted an extensive member survey in collaboration with FinTech Aera to measure and validate the current market pulse. This research was done just before and during the peak of the Corona outbreak and gives nice insights into the market’s opportunities and challenges.

Read more about the State of the Dutch Market 2020 report:

In order for digital asset exchanges to attract institutional traders, numerous obstacles need to be overcome, according to Apifiny. A further increase in the workload is seen throughout businesses, due to regulatory and market pressures, as Fintech Futures observes. BDO USA and Pasich discuss recommendations for companies to protect themselves against income losses. Chris Skinner looks further into the trend of cloud systems. The new success of remote working varies across different levels of the C-suite. Microsoft also partnered up with Mastercard to accelerate innovation in their digital commerce. FinextraTV sits down with the World Economic Forum (WEF) and Temenos. The Paypers explores the key drivers of innovation for B2B payments.

Read more about the analysis & opinion section.

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