Here are this week’s favourite stories across tech and finance from our Head of PR, Bilal Mahmood. Happy reading!
UK third in cashless rankings
According to research by Forex Bonuses, the UK is the third most cashless society in the world, behind Canada and Sweden.
The rankings were based on the percentage of payments made with a cashless method, and the number of debit cards held with contactless functionality. Read more
EU raids banks for blocking fintech growth
EU officials have confirmed raids on multiple banks across the Union amid concerns the banking establishment is preventing fintech companies from accessing customers’ account information, despite having permission to do so.
Described as preliminary antitrust investigations, they are being seen as a nudge ahead of new EU rules coming into effect January 2018 that will require that banks to give third parties access to account data with consent. Read more
Jenkins: AI will shape the future of financial services
Former Barclays CEO Anthony Jenkins has warned that the heyday enjoyed by big banks in the lead-up to the financial crisis will never return as the rise in AI threatens some of their services.
Discussing how AI will shape the future of financial services, Mr. Jenkins said there could be a big societal, consumer and corporate payoff from AI technology as inefficient systems speed up – but the changes are “unfortunately not so good for the banks”. Read more
Paul Uppal appointed small business commissioner
The secretary of state for business, Greg Clark, has announced the appointment of Paul Uppal to the newly established role of small business commissioner.
Mr. Uppal will lead a team providing general advice and information to small businesses regarding resolving disputes with larger businesses and help to drive a culture change in payment practices. Read more
‘Cyber court’ to tackle online fraud in City
A new court to tackle cyber-crime and fraud in the financial sector is to open in the City of London with the aim of enhancing Britain’s reputation as a country where banking and finance is underpinned by the rule of law.
Dominic Raab, the Justice Minister, said: “This new flagship court will build on UK legal services’ unique comparative advantage, by leading the drive to tackle fraud and crack down on cyber-crime.” Read more