Best CASS Solution award for AutoRek

Scottish fintech company, AutoRek just announced it had won the Best CASS Solution’ award at the Systems in the City Financial Technology Awards 2020.

Lyn Canavan, Head of Marketing at AutoRek, commented,

“We are delighted to have been recognised as the provider of the Best CASS Solution’ at the Systems in the City Financial Technology Awards 2020. Achieving this accolade is a testimony to the team’s continued hard work and dedication in consistently striving to offer a superior CASS Solution.”

for the first time in 18 years the ceremony was done remotely via digital conferencing. This award is organised by Goodacre and recognises suppliers of services and systems to the regulated financial services sector. Based on an independent and factual annual accreditation process the selection process is overseen by three independent judges.

AutoRek are delighted to have been recognised at this awards ceremony again this year having previously won Best Reconciliation System’ for the past 5 years.

The Awards provide an important point of reference for user firms assessing the suitability of their operational infrastructure.

Next Stop Japan: Apply for the Tokyo Financial Award 2020

The Tokyo Metropolitan Government established the Tokyo Financial Award in 2018, aiming at nurturing financial players and contributing to solving social issues through finance. From digitalizing the banking experience, providing cybersecurity solutions, offering easy comparisons between financers to making the most of data intelligence, you might have the solution Tokyo is looking for!

The Tokyo Financial Award recognizes financial companies developing and providing innovative financial instruments and services that help meet the needs of Tokyo residents, or working to promote socially impactful investments.

This is the best gateway to enter the Tokyo market. It has two award categories:

Financial Innovation Category

Awards financial technology companies providing innovative financial products and services that contribute to specific needs and challenges of residents and companies in Tokyo.

10 companies will be selected to go through a support program, where local industry experts will mentor your team and matching your startup with major Japanese companies. This is also a great opportunity to access new funds and sales channels, with great exposure to key stakeholders in the innovation ecosystem in Tokyo.

This contest will allow you to gain visibility in the Japanese ecosystem, meet potential business partners and perhaps win the 10M Yen cash prize!

You can find the list of challenges here and the application form here.

The application deadline is September 11^th and the final award ceremony will take place in February 2021.

Investment Category

ESG Investment ”“ Awards financial companies that are promoting unique ESG Investments. Applicants will select up to 5 activities and up to 3 related themes for each activity that the business is particularly committed to.
SDGs Initiatives ”“ Financial and non-financial companies will select up to one activity and up to 3 goals related to the activity, out of the 17 Sustainable Development Goals (SDGs) published by the United Nations.

The application deadline is 16^th October and the award will be given in February 2021.

“ Japan is emerging as a key player in the Global Fintech landscape, showing the right market features to promote massive technological disruption in the financial sector. Tokyo Metropolitan Government has been working to create the right environment to promote international business practices and innovation ”“ relaxing regulations, providing free tailored support to foreign companies, and building the right living environment to welcome entrepreneurs from across the world. “

Max Berre, Economist expert in Japanese Fintech

“Japan is a huge financial market and inbound travel market, so the business potential for us is big. Winning the Tokyo Financial Award allowed Fly Money to explore the right opportunities. Accenture introduced us to the largest financial institutions in Japan – Mizuho, Mitsubishi, Rakuten and many others; as well as the largest travel companies. It also gave us the chance to search the right local representative to create strong relationships with partners and build trust, essential aspects of doing business in Japan. “

Tal Ekroni, CEO & Co-founder of Fly Money Technologies, Winner Tokyo Financial Award 2019

Feel free to write to the London representative, Maria, who will be able to answer all your questions and help you apply, you can find her at London@access2tokyo.com. Best of luck!

Fintech Previse, finalist in Innovator of the Year Awards

Fintech Previse announced today that they have been named a finalist in The Spectator’s Economic Innovator of the Year Awards. The awards recognises the companies that will rewrite the rules and help rebuild the economy in 2020.

This is a very prestigious award and the winners will be announced after digital presentations made today by the various businesses to the judges.

Paul Christensen, CEO of Previse, said:

“Being named a finalist for Economic Innovator of the Year by The Spectator is a testament to the team at Previse, who have been working day-in-day-out during the pandemic to ensure that SMEs get the support that they need. This year, we have been accredited as a CBILS lender, and our £2.5 million grant from the BCR to accelerate growth, along with the partnership with the FSB, has been an exciting new chapter in our story. However, the hardest work is yet to come as the global economy must innovate its way out of a depression unapparelled in modern economic history. What we are building here goes beyond just a great product: we’re creating a movement that ensures that every SME has the option of instant payment whenever they issue an invoice.”

EedenBull now with PSD2 licenses – ready to drive change in commercial payments through Open Banking

The Norwegian Financial Supervisory Authority has formally approved EedenBull’s PSD2 extension to their E-Money Institution (EMI) license, and the FinTech is now a fully licensed PIS and AIS provider, enabling the access of data and the initiation of payments from bank accounts throughout Europe.

The Payment Services Directive 2 (PSD2) was introduced in Europe in 2018 and regulates payment services and providers in Europe. PSD2 enables open banking by allowing customers to use the services of third-party providers to access account information or initiate transactions on their behalf. PSD2 gives providers a regulated, open market to compete in, while providing customers more payment options and increased security.

Says Nicki Bisgaard, CEO of EedenBull:

New technologies, new regulations like PSD2 and new players entering the payments space changes forever the way consumers and businesses think about payments. At EedenBull, we’re not only embracing change, but seeking to work with our partner banks to drive change and leverage the opportunities provided. With our E-Money License extended to include the right as an Account Information Service Provider to pull data from our customers’ bank accounts and as a Payment Initiation Service Provider initiate payments directly from bank accounts, we are in a unique position to develop and launch truly unique payment services.’

EedenBull was founded in 2018 and has recently launched it’s Q Business® programme with 65 banks in the Nordics and are now expanding the platform to include full commercial cards issuing capabilities across all segments from small business to large corporates and across all B2B spend categories. EedenBull is a fully licensed and regulated e-money institution under EU/EEA legislation, AISP & PISP licenses and is uniquely also holding principal issuing licenses from Mastercard, Visa and UnionPay. The company is targeting bank partners in select markets around the world and are aiming to launch programmes in multiple regions over the coming 12-24 months.

Further information:

Nicki Bisgaard ”“ nicki@eedenbull.com

Photo: Nicki Bisgaard, CEO EedenBull

Photo by: Debra Hurford Brown

Announcing 2020 Scotland’s Fintech Festival

FinTech Scotland confirmed today the programme for the third Scotland Fintech Festival.

The September festival will see a diverse range of fifty plus events throughout the month sharing fintech developments in Scotland and from around the world.

The festival will build on the successful events from the last two years which has seen it grow in popularity welcoming thousands of people

The 2020 edition will be different with events being held online and the virtual nature of this year’s festival will provide the opportunity to reach an even broader global audience.

The large number of events range from very focussed one-hour sessions to full day generalist digital conferences involving a diverse set of contributions from participants.

FinTech Scotland has worked in close collaboration with the teams at Scottish Development International and Visit Scotland to showcase the very best in innovation with a strong global emphasis.

The fintech cluster in Scotland is maintaining the momentum despite the current economic uncertainty. In many respects, the challenges of the pandemic have driven an accelerated adoption of fintech innovation, very much reflecting the creativity and adaptability of fintech entrepreneurs and SMEs.

This year’s festival will offer plenty of occasions for the innovative firms in the community to share their propositions as well as the collaborative and inclusive approach to reinventing the financial world and more.

Economy Secretary Fiona Hyslop said:

“I’m pleased to be supporting the FinTech Festival, an event which will demonstrate yet again the collaborative and innovative approach of the sector.

“We want the tech sector to play a key role in our economic recovery, and this festival will be a chance to discuss how FinTech can lead the way in supporting growth and creating jobs.”

Stephen Ingledew, Chief Executive at FinTech Scotland said:

“More than ever before this year, we have appreciated the valuable engagement and collaboration of our strategic partners and friends in hosting events on such a broad range of themes. From fintech firms , citizen groups, the regulator, student associations, universities, financial firms, global enterprises, government bodies and many others all reflecting the inclusive nature of Scotland’s fintech cluster.”

All events can be accessed on www.scotlandfintechfestival.com where new events are being added daily.

Follow the festival on social media #ScotlandFintechFestival

Zumo launches crowdfunding campaign via Seedrs

This article was written by Nick Jones, CEO at Zumo. Fintech Scotland doesn’t give financial advice and only help Scottish fintech firms with relaying their messages. As with all investment your capital is at risk.

Approved by Seedrs.

We’re delighted to announce that we’re working with Seedrs on our crowdfunding campaign.

This is an exciting investment opportunity and we’ve already had a lot of interest from investors from all walks of life. We’d love it if you could join us for this limited opportunity to own a piece of Zumo!

You can access the pre-registration page here.

Here’s a recap of the opportunity:

Our digital wallet has already gained significant recognition in the form of funding, user feedback and extensive press coverage in the UK. Further funding will enable us to expand our marketing efforts to make Zumo available to everyone, everywhere and to start rolling out our B2B offerings – the ZumoKit software development kit and our payments platform, ZumoPay.

Our main source of revenue is our in-app currency exchange. We charge users 0.5% for any exchange transaction, across all currencies available within the Zumo wallet. This makes us one of the most cost-effective as well as secure ways to buy and sell cryptocurrency.

Our convertible debit card, which is planned for launch next month, will allow users to make card payments in both cryptocurrency and GBP. As time goes on, we’ll be adding more traditional and cryptocurrency options.

If you know of anyone else that might be interested, we would appreciate it if you could share the link.

Zumo: Smart Money for Everyone

https://www.youtube.com/watch?v=SUuyI40dxDE&feature=youtu.be

Scotcoin announces the launch of its new ERC20 token

Scotcoin’s new token uses the Ethereum blockchain, the second largest distributed ledger network in the world by market capitalisation after Bitcoin. Adoption and use of the Ethereum blockchain assures that Scotcoin remains a bona fide distributed ledger cryptocurrency whose future sustainability is not in the hands of a few.

Temple Melville, CEO of The Scotcoin Project CIC said:

“I am delighted that we have finally reached this milestone in the evolution of Scotcoin. We have worked hard to meet the condition laid down by our stakeholders and funders that the durability and sustainability of the token would never be in the hands of the few. Use of the Ethereum blockchain assures that that objective is met”.

The Scotcoin Project is a not for profit community interest company that seeks to educate and inform the public on digital currencies and blockchain technology. It occupies the ethical space and is developing a program of initiatives designed to help improve the personal and financial prospects of those with the fewest opportunities afforded by the current economic landscape.

Moving to an ERC20 token means that our coin is basically acceptable on any exchange, and in fact we will be having an IEO (Initial Exchange Offer) over the next year. The move will enable us to engage with nearly everyone who has an interest in digital currencies. As an aside, digital currencies are most definitely now an asset class but are also a hedge against the massive quantitative easing that has taken place world-wiide during the Corvid-19 pandemic. We are already seeing inflation creeping into our daily lives in contrast to the mildly deflationary effect of digital and crypto currencies.

For further information please contact Temple Melville on temple@scotcoinproject.com

DirectID Launch Collections & Recoveries Solution

Scotland based FinTech, DirectID just announced the launch of its Collections & Recoveries solution.

DirectID has built a solution to make the collections process easier and faster in collaboration with the UK’s leading banks, lenders and debt collections agencies,

Using Open Banking data, agents will be able to access accurate customer’s financial statement and an assessment on their disposable income, and how much they can afford to repay.

The new solution combines DirectID’s categorisation engine with the categories defined within the Standard Financial Statement.

For individuals who have built up large amounts of debt, it removes a lot of the stress and uncertainty. The use of bank data negates the need for them to supply lots of details around financial commitments with existing creditors.

Currently, collections agents can spend a large volume of time with a customer assessing how much income they have, and what their discretionary and non-discretionary spend looks like. This process is also prone to customer error, downplay spend, or deliberately mislead, in an attempt to keep repayments low.

DirectID’s product circumvents the often unpleasant collections process from a period of weeks to just minutes.

Collections & Recoveries uses an individual’s bank data to help lenders streamline the collections process. This supplies the lender with an up-to-date and accurate view of an individual’s debt commitments and subsequently their capacity to repay debt.

DirectID’s Collections & Recoveries solution identifies income streams; expenditure; insight into a customer’s profile; including discretionary and non-discretionary; and summarises payments to lenders.

James Varga, CEO of DirectID, said:

“I am immensely proud to be today launching our new Collections & Recoveries solution. This is an extremely important proposition which will help both collections agents and their customers, during which can be a difficult process.

“With the launch of this product, and because of the impact of bank data, DirectID now covers the whole customer lifecycle, from onboarding, portfolio management, and now Collections & Recoveries.

The launch of DirectID’s Collections & Recoveries product marks an important step for DirectID, as we not only launch our first product of this year, but the first of several that we have completed, or are near to completion. Now that we can cover the whole product lifecycle with bank data, we are in a position to work with businesses across industry, and differing needs and challenges.”

LendingCrowd approved for accreditation under CBILS

Scottish fintech LendingCrowd, just announced it had been approved for accreditation by the British Business Bank as a new lender under the Coronavirus Business Interruption Loan Scheme (CBILS).

This accreditation will allow the fintech to distribute UK government-backed loans to SMEs impacted by the Covid-19 pandemic. LendingCrowd will provide loan product from £50,001 to £250,000 across either a three or a five-year term to SMEs who are experiencing lost or deferred revenues, leading to cashflow difficulties.

SMEs will have nothing to pay for the first 12 months so they can focus on bringing back their company to a healthier position.

Stuart Lunn, founder and CEO of LendingCrowd, said:

“We appreciate the stress and struggle that SMEs are going through and that time is of the essence in providing support. Our agile and flexible approach means that we can distribute funding responsibly to those who need it quickly. We have already spoken to every existing borrower, implemented repayment holidays for qualifying borrowers and changed repayment dates to better suit their cashflow patterns at no cost. In offering CBILS loans, LendingCrowd can play its part in supporting the survival and resurgence of as many SMEs as possible.”

If you’d like to apply for CBILS funding through LendingCrowd go to https://www.lendingcrowd.com/cbils

LendingCrowd will begin offering CBILS loans imminently and they will be available to new and existing borrowers, subject to eligibility.

EedenBull and Mastercard Asia Pacific partnership

Mastercard and Scottish fintech EedenBull have announced the extension of their strategic partnership from Europe to the Asia Pacific region to support the fintech’s new digital platform launch. The platform will allow banks and businesses to process spending and payments more efficiently.

Building on a partnership in Europe, this relationship will enable Eedenbull to tap into opportunities in the Asia Pacific business-to-business payments market.

For banks and their business customers, the new service provides innovative commercial payments services, including EedenBull’s spend management platform Q Business® that offers a sophisticated yet easy-to-use solution to digitise the slow and costly processing of checks and cash. With Q Business now offered by a network of banks in the Nordics, more than 10,000 registered businesses are benefitting from the process efficiencies and control of spend provided.

Yunsok Chang, Executive Vice President, Market Development, Asia Pacific, Mastercard said:

“Following Europe, Mastercard is delighted to partner with EedenBull in Asia Pacific and to support its unrivalled expertise to leverage the commercial payments space in the region. With Mastercard’s leading advisory experience, sophisticated commercial solutions and wide network of customers and partners, Mastercard will be able to help EedenBull thrive in this market of significant opportunities.”

The extension of the partnership beyond Europe is a testament to Mastercard’s strategy of working with fintech firms to drive innovation and create opportunities for other partners in the Asia Pacific region. As a frontrunner in payments technology, Mastercard is continuously developing new solutions catering to the evolving demands driven by rapid digital transformation.

Nicki Bull Bisgaard, CEO of EedenBull said:

“At EedenBull, we uniquely combine specialist commercial payments expertise with tech-savvy talent, making us the ideal partner to banks. While payment products and services are now more user-friendly, product management is growing more complex and requires access to specialists in marketing, revenue management, IT, legal, regulatory and many other areas. Selecting Mastercard as our preferred partner to support us in creating real value for our partner banks and their customers and to support our expansion in Asia Pacific was easy as we share the same view on what businesses require and how we can best meet those requirements in an ever-changing world.”