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Global outlook #2 – Spain – TheLogicValue

TheLogicValue integrates in a one stop solution the vast majority of financial information that up to date is spread out in expensive and diverse sources. This allows private banks and financial advisors access to data, analysis, risk control and proposals anywhere they go from any device.
Recent legal changes (MiFID II) are requiring advisors to be extremely transparent with their clients, meaning that market data, risk levels, client information”¦ should be integrated in the same tool, TheLogicValue does exactly that allowing parameters to be introduced by the entity to ensure maximum control and security.
Our platform is also fully modular, this way services can be used directly from our platform or be purchased separately via API, depending on personal needs (stocks, funds, pension plans, portfolio tools”¦). The program can be installed within the servers of banks and other entities, insuring data storage and protection of their client’s information.
In addition, our platform handles more than 200,000,000 data information in English, Spanish, French, German and Portuguese from our main supplier Reuters, broken down in:

  • Around 2,000 quoted stocks from 25 countries, 1,122 of which are evaluated by our analysts.

  • More Than 46,000 funds from over 40 countries.

  • Around 35,000 fixed income issues from more than 130 countries.

We can also provide entities with Julia, an online financial advisor that can also be tailored (with more than 900,000 hypothetical questions with a success rate of 85% with a response time of less than 5 seconds) which will help employees be more efficient and productive in there day to day information seek.
“TheLogicValue built a virtual assistant that draws on its wealth of investment and risk analysis data, providing rapid, useful responses to questions from financial advisors and investors.”
“As record-low interest rates eat into returns, banks are under pressure to retain and grow market share. TheLogicValue set out to help banks offer sound investment advice more efficiently”. IBM Watson and IBM Cloud
We are currently working with a few Spanish banks, one of which (Bankia) has more than 8,000,000 clients and is one of the leading banks of the country. As well as being in partnership with IBM.
Winners of the first edition of “Cuatrecasas acelera” a program on the look for legaltech, as well as being subject of a case study carried out by IBM.

4th International Call by Spanish Bank Bankia

Bankia Fintech Program allows startups from all around the world to develop a PoC for one of the most important banks in Spain without moving from their home country.
The organiser, Innsomnia, operates with a No Equity model, so startups can continue freely working for other clients of investors. Innsomnia just extended the deadline for international applications until the 30th of September.
The duration of the program is seven months during which startups will have direct access to the innovation partners of Bankia, and access to mentorship experts.
This call is for companies involved in the following verticals:

  • Solutions for SMEs

  • RegTech

  • Blockchain

  • WealthTech

  • Alternative Scoring

  • Cyber security

  • Artificial Intelligence ”“ Machine Learning

You can find all the information about the Open Call here. You can also speak to FinTech Scotland to be introduced to the team at Innsomnia.

Global outlook #1 – New Zealand – Banqer

Banqer transforms the classroom into a virtual economy
Banqer is an award-winning innovative financial education platform that gives primary and elementary students hands on experience with personal finances.
Through an online classroom currency, Banqer gets kids everywhere curious, creative, and ultimately, confident with money.
The startup was awarded the Child Youth Finance International Economic Citizenship Education’ Award at the Global Inclusion Awards in 2017. Banqer is the first New Zealand company to ever be recognised by the Global Inclusion Awards.
Kendall Flutey, who co-founded Banqer in Christchurch, New Zealand launched the business in January 2015 with four business partners, after developing the concept at a start-up event the previous year.
She says New Zealand needs to ensure educators are comfortable in the digital world and creating a digital-centric educational environment is critical.
Her company partners with Kiwibank, helping more than 63,000 students in Australasia teaching students about saving, investing, borrowing and purchasing by turning the classroom into a virtual economy.
Flutey says one concern she has with ed-tech is that people are confusing digital consumption with digital production ”“ and students need to become future leaders in the digital creation space.
“The other remaining stigma is around girls and tech. We urgently need more females to get into tech as a career. People are doing awesome mahi (work) in this space, but this issue needs to be quashed. It’s the last thing we need. Women who get into tech are doing amazing things.”
Flutey says to crank up to the digital revolution in New Zealand, businesses, organisations and people need to reduce barriers, be it devices, literacy, confidence or capabilities.

Finding your Finance Seat at the Fintech Table

Fintech is a rapidly growing area that has captured imaginations in recent years; from entrepreneurs and CEOs to office workers catching up over a coffee. However, the integral role of the accounting professional within a fintech has perhaps slipped beneath the radar for many. It is worth lifting the lid on this innovative industry and looking at the highs and lows of working in finance for a fintech SME.

Taking stock of the fintech landscape

Financial technology is at the heart of a fintech business and as technology evolves it has the potential to change the way we carry out transactions and work. The industry, in line with the rate which new technology is advancing, is fast paced and always looking for new ways to challenge convention. The big trends in fintech to be aware of this year include diversifying cryptocurrencies such as Bitcoin, the increasing use of blockchain, improving the reach of contactless payment technology, greater competition between SMEs and large firms and increasing regulation.

Where do I fit in as a finance professional?

Most fintech organisations are progressive SMEs, where the function of the finance team evolves as the organisation grows. At an early growth stage, the finance team will often be outsourced. As the SME grows in terms of transaction volume and product and service offering, in the interests of cost and efficiency, the finance function tends to be brought in-house.

According to Andrew Robinson, iMultiply Senior Consultant this is a key time to join the business:

“Once a fintech, as with any SME, hits a critical point in the growth curve they will be looking to bring an agile finance team on board. The ability to roll up your sleeves and embrace variety and challenge are crucial. One minute you might be transaction focussed and the next you might be producing the management accounts and working with the CEO on finance strategy and company projections.”

What skills do I need to work for a fintech?

A recent PwC report revealed that 61% of CEOs believe that innovation is a priority, while 75% of executives are concerned with not having enough ideas. Bearing in mind this emphasis on innovation, you need to bring the right mind-set to this exciting sector. Although SMEs look for a variety of skills, we have set out the top three attributes which are a priority for fintech and SME employers:

Analytical Mind: You need to be able to solve problems, but also demonstrate logical thinking, strong numeracy skills and the ability to analyse data and information. If you can demonstrate strong analytical ability, you will be in high demand.

Dynamism and Adaptability: A lot of the firms working in this sector operate very much within a growth environment and will be looking for accounting professionals who have the ability to work across departments and position functions. Being able to bring new ways of working and showing an entrepreneurial spirit is key for being successful.

“You will need to be the right cultural fit. Working for an SME or fintech is like riding a rollercoaster ”“ you need to embrace change and enjoy the peaks and troughs. Adapting to evolving business needs and bringing a powerful blend of technical expertise, commercial nous and the ability to connect to different functions will enable you to rise quickly in the business”, confirms Kirsty Mackenzie, iMultiply CEO.

Resilience: This sector is unpredictable and things may not always go to plan, so developing resilience skills and the ability to bounce-back is highly prized.

The future of fintech is right there in the name. The industry has a heavy focus on finance and technology, and the remit of finance and technology is constantly changing. The only thing that we can know with any certainty is that the fintech market is set for further disruption and that the rewards for those who get the mixture of innovation and practicality just right will be enormous.

One thing’s for sure – it’s an exciting time to be a part of the industry, and it’ll be interesting to see how it continues to develop. As an accounting professional, if you spot the right opportunity with one of these SMEs, perhaps you’ll be the one to usher in the change.

On May 3rd, FinTech Scotland’s CEO, Stephen will be speaking, amongst other things, about career in fintech at the iMultiply event: Artificial Intelligence, the Business Reality

University of Stirling Launches new Fintech Masters Course

In September 2018, students will begin the new MSc. Fintech at the University of Stirling, studying computing, data analytics, banking, finance and entrepreneurship in a course designed to lead to a job in the new and exciting field of fintech.
A course relevant with today’s challenges
Banking and finance are undergoing a revolution driven by new technology and changes to regulations. New cryptocurrencies such as Bitcoin and Ethereum are changing the way people hold money and are driving a new boom in investment. Mobile currencies such as M-Pena are empowering people across the world who would otherwise not have access to banking facilities.
Open banking regulations are allowing technology companies to produce new financial products based on mobile communications, using new business models and challenging the existing banks. It is a time of change, and an exciting field to work in.
To succeed in fintech you need skills and expertise in computing, finance and business. Many fintech companies are small startups so you need entrepreneurial skills and the ability to manage change and innovation.
Bringing tech and management together
The MSc. Financial Technology (Fintech) at the University of Stirling has been designed to give you the skills you need to get ahead in fintech. It is taught jointly by Computing Science, Finance and Accounting, and the Management School to provide you with the broad set of skills and knowledge demanded in the sector right now. The main taught modules in the course cover:
Manipulating data and scripting in Python
An introduction to blockchain
Cyber security and data protection
Relational and NoSQL databases
Contemporary issues in banking
An introduction to corporate finance
Data analytics and machine learning
Cluster computing on Hadoop and Spark
Fintech app development
Investment regulation and ethics
Heuristics and bias in behavioural finance
Innovation management and disruptive technology
Business startup planning
Professionalism, regulation and ethics in banking
The course will take its first students in September 2018 and can be studied full time over one year or part time over two years. Students study in the beautiful Stirling campus. Stirling University is 1st in Scotland and 3rd in the UK for graduate employment and 98% of our postgraduate leavers are in employment of further study within six months of graduating. The fintech course was designed in consultation with banks and companies who recruit into fintech jobs to ensure our graduates will have the best chance of landing that dream fintech job. For more details and to apply for a place on the course, go to stir.ac.uk/1hw

The Glasgow University FinTech Society – the story so far

What is Glasgow University FinTech Society?

The society was created in summer 2017. It’s goal is to increase knowledge and raise the profile of fintech among university students.

They have adopted a fresh approach to fintech, opening membership to students of any degree as long as they are interested in technology innovations. This is important as successful start-ups and SMEs will need more than tech and financial skills. As with all businesses, marketing, data, user experience, human sciences and much more will be necessary to develop sustainable and fruitful businesses.

A fast-growing society

The group has developed very quickly, acquiring 70 members in 3 months. They are a mix of first-year to PhD students. Through this group they will get opportunities to develop their knowledgge about everything fintech thanks to the organisation of events on various topics such as blockchain, cryptocurrencies,

P2P lending, and much more.

Jan Jindra, President of the society told us:

“What makes our society unique is that our society members form teams in advance to the event to

research the specific FinTech-related topic on their own first, write a group report and eventually

deliver the presentation at the event to other students. This supports the idea of “learning by doing”

and it becomes a very useful experience for everyone involved”.

3 events have been held so far:
-What does fintech mean?
-Blockchain and Cryptocurrencies (Students were able to create their

own crypto tokens and learn from speaker Dug

Campbell, Blockchain consultant and writer.)
-Peer-to- Peer lending and Stock Trading Apps.

What are the plans for the future?

More vents are being planned especially around the topics of AI and Ethics which is a growing topic within the tech community.
They’ll also cover regulations in FinTech.

One of the most exciting initiative is their Applied FinTech Project. Members will work with existing FS brands on FinTech matters.
They are looking to contact businesses interested in partnering with the society to look at challenges and opportunities. If it wasn’t interesting enough, they decided to provide this at no cost at all.

More information is available on www.uogfintech.com and if you want to get in touch with them you can do so at info@uogfintech.com