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Fintech Regulation: Navigating the Legal Landscape for Innovation

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On May 3, 2024

In FinTech, Jacob Parker-Bowles

The financial technology (fintech) industry has experienced rapid growth in recent years, revolutionizing traditional financial services and offering innovative solutions to consumers and businesses alike. However, with innovation comes the need for regulation to ensure consumer protection, financial stability, and market integrity. In this blog post, we’ll explore the evolving regulatory landscape of fintech and discuss how companies can navigate the legal complexities while driving innovation.

The Importance of Fintech Regulation

Fintech regulation aims to balance innovation with consumer protection and financial stability. As fintech companies leverage technologies such as artificial intelligence, blockchain, and data analytics to offer new financial products and services, regulators must adapt to keep pace with these developments and ensure that they meet the needs of consumers while mitigating potential risks.

Regulation provides a framework for fintech companies to operate within, promoting transparency, accountability, and trust in the financial system. It also helps protect consumers from fraud, abuse, and unfair practices, ensuring that they have access to safe and reliable financial products and services.

Key Regulatory Challenges

Navigating the regulatory landscape can be challenging for fintech companies, particularly startups and innovative firms. One of the main challenges is the lack of uniformity and consistency in regulations across different jurisdictions. Fintech companies often operate on a global scale, which means they must comply with multiple regulatory frameworks, each with its own requirements and standards.

Another challenge is the pace of technological innovation, which often outpaces the development of regulatory frameworks. Regulators must strike a delicate balance between fostering innovation and protecting consumers, which can be challenging in fast-moving industries such as fintech.

Regulatory Considerations for Fintech Companies

Fintech companies must take a proactive approach to regulatory compliance to navigate the legal landscape effectively. Here are some key considerations:

  1. Stay Informed: Fintech companies must stay abreast of regulatory developments and changes in the legal landscape that may impact their operations. This includes monitoring regulatory announcements, industry publications, and legal updates from relevant authorities.
  2. Engage with Regulators: Building positive relationships with regulators can help fintech companies navigate the regulatory landscape more effectively. Engaging with regulators early and transparently can help companies understand regulatory expectations, address concerns, and build trust with regulatory authorities.
  3. Compliance by Design: Fintech companies should adopt a “compliance by design” approach, integrating regulatory compliance into their products and services from the outset. This includes conducting thorough risk assessments, implementing robust compliance policies and procedures, and embedding compliance controls into their technology systems and processes.
  4. Partner with Compliance Experts: Fintech companies can benefit from partnering with compliance experts, such as legal advisors and regulatory consultants, who can provide guidance and support on navigating the regulatory landscape. These experts can help companies understand their regulatory obligations, assess compliance risks, and develop strategies for achieving compliance.

Conclusion

Fintech regulation plays a crucial role in shaping the future of financial services and ensuring that innovation occurs in a safe and responsible manner. Fintech companies must navigate the legal landscape effectively, balancing innovation with regulatory compliance to drive growth and success. By staying informed, engaging with regulators, adopting a compliance by design approach, and partnering with compliance experts, fintech companies can navigate the regulatory landscape with confidence and drive innovation in the financial industry.

Financial Education and Fintech: Empowering Consumers with Financial Literacy Tools

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On March 11, 2024

In FinTech, Jacob Parker-Bowles

In today’s fast-paced and digitally-driven world, financial literacy has become more important than ever. With the rise of fintech (financial technology) solutions, consumers have access to a wide range of tools and resources to help them manage their finances more effectively. From budgeting apps to investment platforms, fintech is revolutionizing the way people approach money management and financial planning. In this article, we’ll explore the intersection of financial education and fintech and how these tools are empowering consumers with the knowledge and resources they need to make informed financial decisions.

The Importance of Financial Education

Financial literacy is the foundation of sound financial decision-making. Yet, studies consistently show that many individuals lack even basic knowledge about key financial concepts, such as budgeting, saving, investing, and debt management. This lack of financial literacy can have serious consequences, leading to poor financial choices, debt problems, and limited opportunities for building wealth.

Financial education plays a crucial role in addressing these challenges by providing individuals with the knowledge, skills, and confidence they need to navigate the complex world of personal finance. By empowering consumers with financial literacy tools and resources, they can make more informed decisions about their money, set and achieve their financial goals, and ultimately improve their financial well-being.

Enter Fintech: Revolutionizing Financial Services

Fintech has emerged as a powerful force in the financial services industry, leveraging technology to deliver innovative solutions that streamline processes, improve accessibility, and enhance user experience. From mobile banking apps to robo-advisors, fintech companies are transforming every aspect of financial services, making it easier and more convenient for consumers to manage their money.

One of the key advantages of fintech is its ability to democratize financial services, making them accessible to a broader audience. Traditional banking and investment services were often reserved for those with significant wealth or access to brick-and-mortar institutions. Fintech has changed that by offering low-cost, user-friendly alternatives that cater to the needs of everyday consumers, including those who may have been underserved or overlooked by traditional financial institutions.

Empowering Consumers with Financial Literacy Tools

Fintech and financial education go hand in hand, with many fintech companies incorporating educational components into their platforms to help users improve their financial literacy. These tools provide users with valuable insights, guidance, and resources to help them make smarter financial decisions.

Budgeting Apps: Budgeting is the cornerstone of financial planning, yet many people struggle to create and stick to a budget. Budgeting apps like Mint, YNAB (You Need a Budget), and PocketGuard make it easy to track expenses, set savings goals, and monitor progress toward financial milestones.

Investment Platforms: Investing can be intimidating for newcomers, but fintech has made it more accessible than ever. Robo-advisors like Betterment and Wealthfront use algorithms to provide automated investment advice and portfolio management, making investing simpler and more affordable for the average investor.

Financial Education Portals: Many fintech companies offer educational resources and content to help users improve their financial literacy. These resources may include articles, videos, webinars, and interactive tools covering a wide range of topics, from basic budgeting and saving tips to more advanced investment strategies.

Credit Monitoring Services: Understanding and managing credit is essential for financial health. Fintech companies like Credit Karma and Credit Sesame provide free credit monitoring services that allow users to track their credit scores, review credit reports, and receive personalized recommendations for improving their credit profiles.

Peer-to-Peer Lending Platforms: Peer-to-peer lending platforms like LendingClub and Prosper offer an alternative to traditional bank loans, allowing individuals to borrow and lend money directly to one another. These platforms provide access to credit for borrowers who may have difficulty obtaining loans from traditional sources and offer investors an opportunity to earn attractive returns on their investments.

Cryptocurrency Platforms: Cryptocurrency has emerged as a new asset class with the potential for significant returns, but it also comes with unique risks and challenges. Fintech platforms like Coinbase and Gemini make it easy for users to buy, sell, and store cryptocurrencies, while also providing educational resources to help users understand the complexities of the crypto market.

In conclusion, financial education and fintech are powerful tools for empowering consumers with the knowledge and resources they need to achieve their financial goals. By leveraging technology and innovative solutions, fintech companies are democratizing financial services and making them more accessible to a broader audience. By embracing financial education and taking advantage of fintech tools, individuals can take control of their finances, build wealth, and secure their financial future.

FinTech Trends To Know About In 2024

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On January 31, 2024

In FinTech, Jacob Parker-Bowles

The financial technology (FinTech) sector has been a catalyst for transformative changes in the way we manage, invest, and transact with money. As we embark on the journey through 2024, the FinTech landscape continues to evolve, promising innovations that will redefine the financial industry. In this article, we explore the key FinTech trends set to dominate and reshape the financial landscape in the year ahead.

  1. Decentralized Finance (DeFi) 2.0: Decentralized Finance, or DeFi, has been a revolutionary force in the FinTech space, and 2024 is poised to witness the evolution of DeFi 2.0. As the ecosystem matures, DeFi platforms are expected to address scalability challenges, enhance security measures, and offer more sophisticated financial products. Smart contracts, lending protocols, and decentralized exchanges are likely to become more user-friendly, attracting a broader audience and fostering mainstream adoption.
  2. Central Bank Digital Currencies (CBDCs) Take Center Stage: The concept of Central Bank Digital Currencies (CBDCs) has gained momentum, with several countries actively exploring and implementing their digital currencies. In 2024, we anticipate an acceleration in CBDC initiatives globally, marking a significant shift in the traditional financial landscape. These digital currencies, backed by central authorities, aim to streamline payments, enhance financial inclusion, and provide regulators with more control over monetary policies.
  3. Integration of Artificial Intelligence (AI) and Machine Learning (ML): The marriage of FinTech and artificial intelligence is set to reach new heights in 2024. AI and ML algorithms will play a pivotal role in enhancing data analytics, risk management, fraud detection, and personalized financial services. Advanced predictive analytics will empower financial institutions to offer tailored solutions to individual users, providing a more seamless and efficient customer experience.
  4. Rise of Embedded Finance: Embedded finance, the integration of financial services into non-financial platforms and applications, is gaining traction. In 2024, we can expect to see an increased collaboration between FinTech firms and non-financial businesses, such as e-commerce platforms, ride-sharing apps, and social media networks. This trend allows consumers to access financial services seamlessly within the applications they already use regularly, blurring the lines between traditional banking and everyday activities.
  5. Sustainable and ESG Investing: Environmental, Social, and Governance (ESG) considerations are becoming integral to investment decisions, and FinTech is aligning itself with this trend. In 2024, we anticipate a surge in FinTech platforms offering sustainable investment options, ESG ratings, and tools for conscientious financial decision-making. Investors are likely to have more access to transparent information on the environmental and social impact of their portfolios, driving a shift towards responsible and sustainable investing.
  6. Enhanced Cybersecurity Measures: With the increasing digitization of financial services, cybersecurity remains a top priority. In 2024, the FinTech industry will continue to invest heavily in advanced cybersecurity measures to safeguard sensitive financial information. This includes the adoption of blockchain technology for secure transactions, biometric authentication methods, and real-time threat detection to stay ahead of evolving cyber threats.
  7. Open Banking Evolution: Open banking, which allows third-party developers to build applications and services around financial institutions, is evolving. In 2024, we can anticipate more comprehensive and secure open banking ecosystems. This evolution will lead to improved collaboration between traditional banks and FinTech startups, resulting in a broader range of innovative financial products and services for consumers.
  8. NFTs and the Tokenization of Assets: Non-fungible tokens (NFTs) have taken the world by storm, and their application is extending into the financial realm. In 2024, we expect to witness the tokenization of various assets, from real estate to art and intellectual property. This trend will democratize access to traditionally illiquid assets, allowing a broader range of investors to participate in asset ownership and trading.
  9. Quantum Computing Impact: As quantum computing progresses, its impact on the FinTech sector becomes more imminent. While still in its early stages, quantum computing has the potential to revolutionize financial modeling, optimization, and encryption. In 2024, we may see increased exploration of quantum-resistant encryption methods and early experiments leveraging quantum computing capabilities for financial calculations.
  10. Financial Inclusion Initiatives: FinTech is increasingly becoming a force for financial inclusion. In 2024, expect to see more initiatives focused on providing banking and financial services to the unbanked and underbanked populations. Mobile banking, digital wallets, and innovative lending platforms will play a crucial role in bridging the financial inclusion gap and empowering individuals in underserved communities.

In conclusion, the FinTech landscape in 2024 promises to be dynamic, transformative, and marked by a wave of innovations that redefine how we interact with and perceive financial services. From the evolution of decentralized finance to the integration of advanced technologies like AI and quantum computing, the FinTech trends of 2024 are set to shape a more inclusive, efficient, and secure financial future for individuals and businesses alike.

The Biggest Myths about Fintech

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On February 8, 2023

In FinTech, Jacob Parker-Bowles

Financial technology, better known as FinTech, is a broad term used to refer to software, mobile applications, and other technologies that are designed to facilitate and automate financial transactions. This includes mobile banking, crowdfunding platforms, cryptocurrency, blockchain, and more. FinTech ultimately makes financial processes more easily manageable and efficient.

The fintech industry has been experiencing tremendous growth for some time now, gaining interest from investors, business owners, consumers, and bankers alike. However, new buzz is often accompanied by myths and misconceptions; this can lead to hesitation from those who are interested in the industry and would benefit from taking advantage of the opportunities it can offer. Don’t let these misconceptions and myths stop your business from growing and reaching its full potential. To help you distinguish facts from fiction, here are nine of the biggest myths about the fintech industry.

MYTH 1: Fintech carries a high degree of risk.

Risk management in the fintech industry has caused a lot of rumors and speculation. The truth is, as the field grows, new types of risks have become apparent, such as fraud, merchant, consumer, and credit risks. This has put immense pressure on fintech firms to strengthen their risk management capabilities. As a result, fintech firms are now implementing some of the most robust security measures available.

MYTH 2: Fintech is limited to larger markets.

There is a common misconception that fintech services only cater to big, privileged corporations in major cities like Silicon Valley, New York, London, and Hong Kong. While they certainly make up a large portion of the sector, Fintech in Emerging Markets (EMs) has been steadily increasing. Previously, many EMs were hindered by a lack of access to financial services, low income, outdated technology, and insufficient infrastructure. However, the landscape is changing, and EMs now provide fruitful opportunities for fintech companies, which offer customers better and more affordable services.

MYTH 3: Fintech is solely for younger generations.

It is undeniable that young generations have embraced Fintech due to their technological savvy. Nevertheless, baby boomers should not be underestimated, as they are quickly becoming frequent users of FinTech services, with an estimated 27% using the services. In fact, they are the fastest-growing segment of fintech users, predicted to make up 51% of urban consumption growth by 2030. Fintech has plenty of features that appeal to all age groups, so it’s important to consider these needs when developing services.

MYTH 4: Fintech is disrupting banking.

The media sometimes casts banking and Fintech as opposites, but in reality, they can work together in many mutually beneficial ways. For instance, digital account opening, mobile wallet, fraud management, and subscription management are all areas in which collaboration between the two sectors can work well. Referral partnerships are now being established, whereby banks refer customers to suitable Fintech services, getting a commission in return while providing users with improved services and a better customer experience. Collaboration between these two industries offers advantages for all involved, showing that Fintech doesn’t necessarily have to compete with banks but simply enhance their offerings.

MYTH 5: Fintech is all about money

We know that Fintech utilizes the application of technology in the world of finance as it relates to payment processing, lending, and online and mobile banking. But Fintech also covers security, insurance, and investment management. Therefore, Fintech is a broad term that should be used to describe a variety of financial solutions that are revolutionizing the way people manage their finances.

MYTH 6: Fintech should be cheap.

The truth is that developing your own fintech solution from scratch is far from the most cost-effective option. The final cost of a fintech service may depend on the type of app, the hourly rate of the developers, and any additional functionality. Despite the initial investment, using function as a service (FaaS) can be the best choice for any business looking to launch a fintech product.

MYTH 7: The Fintech bubble will burst.

When Fintech first emerged in the 2010s, it was met with skepticism and criticism — a passing trend that would soon end. However, Fintech has since become a revolutionary force in the financial industry. More than 210 million Americans are utilizing fintech services, making up 65% of the total population. In 2022, over 10,000 fintech startups were launched in the United States alone. Clearly, the fintech industry is still going strong and doesn’t look to be stopping any time soon.

MYTH 8: Regulations will put an end to Fintech.

Fintech leaders are well aware of the potential barriers and restrictions that can be imposed on them by government regulations. As such, they are actively seeking out ways to collaborate with governments in order to provide citizens with better financial services. This is evidenced by the UK Chancellor, Rishi Sunak, who has outlined a plan to further develop the UK’s fintech sector and make the financial markets even more efficient. His plan is a testament to the fact that governments are supportive of the fintech industry, as their ultimate goal is to ensure citizens are provided with quality services.

MYTH 9: Emerging Fintech products must be unique.

Countless companies and business owners are hesitant to invest in fintech solutions, thinking that it must be a revolutionary idea to be successful. However, innovation isn’t the only thing that will bring success. Quality, cost-effective, and user-friendly services are often more important to customers. Last year alone, 26,000 fintech startups were created, few of which were truly innovative or unique. The key to success lies in identifying what customers need and how you can add to or change your services to meet those needs.

Setbacks of Using Fintech

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On June 23, 2022

In FinTech, Jacob Parker-Bowles

Fintech has become a big part of our lives, even if we don’t realize it. Fintech essentially refers to any financial technology and can fall into something as simple as the banking app you use on your smartphone or more complicated such as companies that focus on things such as mobile payments or insurance. Fintech has made our lives easier in a lot of ways, but like most things, it’s not without its problems. Here are some of the setbacks of using fintech.

 

Data Security

The rapid growth of financial technology in Europe led to a 78% increase in the number of people using it in 2020. However, this growth has been accompanied by unintended consequences. One of these is the rise of cybercrime, in which attacks occurs at least once every minute. Unfortunately, many of the companies that are using fintech are also being targeted by hackers. Due to the rise of digital money, the number of people who rely on financial technology to manage their money has increased significantly. This has increased the amount of data that banks and other financial institutions can collect. Unfortunately, this has also led to the potential for data breaches at major companies such as credit bureaus and foreign exchange brokers, such as Pepperstone, an Australian brokerage company that had its own customer data stolen in 2020.

 

Regulations

One of the biggest challenges the fintech industry typically contends with are the regulations that come with it. Government regulations and fees affect fintech banks in a big way, and they typically end up straining the resources of the bank. Regulations such as the Dodd-Frank Act and the Financial Account Standards Boards’ Current Expected Credit Loss play a big role in how a bank utilizes fintech, to the point where some may provide their customers with more limited options due to wanting to avoid compliance fees and the like.

 

Keeping Up With Evolving Tech

While operating through digital platforms can be extremely beneficial and sometimes even necessary for the survival of many financial institutions, making the actual jump to digital platforms can be costly and risky. Financial platforms that haven’t made the jump to digital need to make an important decision; do they take the risk in order to keep up and stay relevant, or do they stick with what they know and not have the same offerings as other platforms?

 

There are many drawbacks to using fintech beyond the three mentioned here, but many would argue that the pros outweigh the cons. As we continue to move through this digital world, financial institutions will have to do their research to see if investing more into fintech will ultimately help them succeed.

What To Look For In Fintech In 2022

What to Look for in Fintech in 2022

By

On September 21, 2021

In FinTech, Jacob Parker-Bowles

Fintech has developed and expanded increasingly over the last decade, with firms leveraging technology, innovations, big data, and analytics. These developments are far from the last we’ll see in the financial sector; as new developments arise, everything that involves finance will be impacted by fintech. Here are some fintech trends to keep in mind as we draw closer to 2022.

 

Banking

 

Society is steadily leaning towards becoming cashless, and digital-only banks lend to this growing trend. Fewer people have physically needed to go to a bank and handle their financial issues, resulting in fewer lines and no physical cash to hold. Current online banks, such as the UK-based Monzo, Revolut, and Starling, have seen rapidly growing customer bases that force existing banks to rethink the focus on mobile apps. Fintech improvements continue to shift the banking industry, which has forced banks to close branches as a result. 

 

As customers continue to say they plan on converting to digital-only banking, it’s no surprise that a quarter of all bank branches are expected to close within the next three years.

 

On the other hand, open banking pledges to deliver more competitive financial services to both individuals and businesses. This banking method connects banks, third parties, and technology providers, consensually sharing customer data with authorised providers.

 

Blockchain

 

As digital ledger technologies continue to advance and interest in cryptocurrency grows, blockchain technology will continue to open opportunities to fintech companies. According to PWC, worldwide economies are expected to adopt blockchain technology at scale by 2025. Blockchain continues to disrupt the payment industry, with many people expecting it to become apparent in both the financial sector and, specifically, fintech. This technology enables secure payments and transactions for all who use it while removing the middleman, therefore reducing costs by a large percentage. Presently, cryptocurrencies have successfully used blockchain technology and are prepared to be incorporated into financial institutions, applying them to traditional banking operations.

 

Financial Literacy

 

Fintech also provides a way to improve people’s financial literacy, allowing customers access to easy-to-understand financial information so they can make sensible decisions about their personal finances. Not all people, for example, understand the importance of budgeting; not all people are completely informed of the details when making spending decisions. Fintech uses data accessible through open banking to inform customers about the best available choices for them. The hope is to continue educating people in financial literacy throughout 2022 so that everyone can make smart financial decisions.

How Has Fintech Impacted Different Industries

How Has Fintech Impacted Different Industries?

By

On September 21, 2021

In FinTech, Jacob Parker-Bowles

Fintech has spread massively over the years, to the point where it impacts more than just the financial industry. Thanks to the development of fintech, two types of products were created for the benefit of others: B2B and B2C. The first type, B2B, offers different financial services through fintech apps, while the second type, B2C, offers apps that are user-oriented for clients. The B2C model, specifically, was created to compete with financial service providers. 

 

From mobile apps to trading areas, fintech projects vary immensely and allow entrepreneurs to get their money without having to visit the bank. Here are a few industries that fintech has impacted over the years.

 

Funds Transfer

 

Transferring funds used to be slow and expensive. If you wanted to transfer money, you really had to think about when you would do it and when you needed the money transferred by if you wanted to get it done in time. However, with fintech, the funds transfer field started to develop; according to Think with Google, 69% of smartphone users transfer money using a mobile app rather than a website. Plenty of online services exist for money transfers, such as TransferWise. These services give small companies and private users the chance to send money to others at a lower price. 

 

Loans

 

Since many people have credit cards with certain payment limits, it’s possible to take out a loan online. Web and mobile applications such as KreditBee and MobiKwik allow people to use their sites and take out a loan quickly; users can usually apply and be approved for a loan in fifteen minutes. Once approved, the whole sum of the loan can be transferred to any banking card within an hour, and users can access their personal information (balances, arrears, etc.) quickly and easily. It’s no longer necessary to stand in lines and sign physical documents to get a loan; this trend could completely replace habitual crediting.

 

Chatbots

 

Chatbots are artificially intelligent bots that can, among other things, help improve the financial process. They can send notifications about changes to whoever is listed, provide helpful information to users, and more. Due to this, chatbots have increased user loyalty, which increases a business’s profit and makes a product more competitive. Several banks globally already use chatbots and have seen these results, using them to notify clients, help clients pay their bills, and so on. Some, like MasterCard, even have a chatbot for Facebook Messenger to improve digital services.

How Your Company Can Harness Fintech

How Your Company Can Harness FinTech

By

On July 2, 2021

In FinTech, Jacob Parker-Bowles

Covid-19 may have slowed down business, but Fintech has achieved double-digit growth in volumes and transaction numbers in the same period. In addition, many companies required employees to work remotely during the pandemic and needed to develop new working methods.

The fintech industry became the choice for businesses that needed to implement digital tools for working at home. Companies found out that Fintech has more uses beyond sorting disruption of traditional business practices. Some teams in accounting and finance found fintech tools can streamline operations, improve productivity and cut costs in these ways.

Simplifying complex processes

Corporations became less productive during the pandemic. Spend reconciliation was one way that finance teams could create efficiencies, but innovation in the area has been slow, and it consumes a lot of labor-intensive time.

Fintech reduces that challenge with tools to automate most of the processes such as:

  • Three-way matching to approve incoming supplier invoices
  • Complex and fragmented area travel and expense spend

Fintech tools can automatically link expenditures to individual employees and functions. As a result, they simplify and hasten budget allocations that are ordinarily time-consuming.

A company can harness fintech to provide greater visibility into:

  • Employee spending
  • Delivering control
  • Flagging out of policy expenditures real time
  • Automated analytics

Another upside is the chat AI that interprets customer questions. Requests increase efficiency by automating financial tasks that involve answering questions about expense processing and invoice payment.

Solution to Fraud

An ACFE survey found that organizations lose 5% of annual revenue to fraud, and detection can take 14 months. A third of all fraud cases occur because organizations lack internal controls.

The pandemic created a perfect environment for fraud as it thrives during recessions and economic instability. Fintech AI and machine learning algorithms in its software control fraud mastering standard patterns of company finance and flag anything unusual or new. The team in charge will notice and review. A/ML has a higher level of sophistication to root out fraud than the rule-based approach. The tools can search and compare data to sense questionable correlations or other irregularities.

The payoff for shifting to newer processes is transformation. Finance practices in an organization will gain the same benefits that the financial sector has gained by adopting Fintech tools. It only requires collaborating with a reliable Fintech provider.

Great Podcasts All About Fintech

Great Podcasts All About Fintech

By

On June 6, 2021

In FinTech, Jacob Parker-Bowles

Podcasts have become one of the most popular forms of media over the last few years, and for good reason. Practically anyone can make a podcast if they put the energy into it and podcasts can be about pretty much anything. One topic that has plenty of podcasts to check out is FinTech. You can find many podcasts covering the subject, with each one giving a different perspective than the other. Some may discuss news, while others may attempt to teach their listeners all about the subject. Regardless of what you’re looking to listen to, there’s a FinTech podcast out there for everyone. Here are a few great podcasts all about FinTech.

For FinTech’s Sake

Although this podcast is only around 2 years old, it’s easily one of the most popular and high-quality FinTech podcasts out there. Hosted by Zach Anderson Pettet, the show takes a look at what happens at the intersection between finance and technology, exploring the perspectives of founders, investors and, incumbents. Episodes of the show range anywhere from 20 minutes to an hour and a half, so you’ll get plenty of variety as well as many guest hosts.

Breaking Banks

Highly considered to be the #1 FinTech podcast in the world, Breaking Bank is hosted by Brett King, a FinTech expert who has written several books under his belt. The show takes a look at how technology and the way customers behave are bringing about changes and will continue to change banking over the next 10 years, as well as how it’s affected banking over the past 200 years. Every week Brett and his team discuss the most important financial topics and they’re constantly inviting new guests to give their own perspectives so you’ll always have something new to look forward to.

Banking Transformed

Technology has changed banking drastically, and there’s no denying that. But for some of us, that isn’t easy to accept, especially if you’ve been working in banking for a long time. Banking Transformed is hosted by Jim Marous, one of the top 5 banking and fintech influencers in the world. In each episode, Jim takes a deep dive into the impact that digital disruption has had on banking and will continue to have on banking, as well as the leadership and cultural challenges that come with it. Jim’s ultimate goal is to help listeners embrace the change and make the most of it because things will only continue to change with the passage of time.

Jacobparkerbowles.co.uk

FinTech 101: What is a Green Bank?

By

On February 8, 2021

In FinTech, Jacob Parker-Bowles

What Is a Green Bank?
You may have heard the term “Green Bank” and wondered what it meant. This short article will explain the term and concept behind it.

Green Banks in a Nutshell
A green bank is a bank that exists for the sole purpose of battling earth climate change by funding projects that may be able to decrease the global carbon emissions and increase the use of alternative and renewable fuels and energy. They tend to support infrastructure spending in wind, solar, and other renewable energy space.

Green Banks: Functional Model
Green banks are not climate charities. Their funding is expected to be paid back with a profit for the bank. Currently, they are supported by some states in the U.S. and also by private funding. Green Banks utilize philanthropic and public funds. They generally fund energy projects that beyond the research stage and “good to go”. The Coalition for Green Capital (CGC) is a nonprofit agency that is deeply involved in advocating for green banks’ continued development.

Where Did the Idea for Green Banks Originate?
The idea for green banks started in 2008 when two entrepreneurial-minded, Ken Berlin and Reed Hundt, came up with the concept as part of the Obama transition team’s plans for promoting cleaner energy changes in US society. A proposal to enact federally supported green banks was attached to the American Clean Energy and Security Act. The concept never made it as legislation at the federal level. Green bank supporters were not daunted. Consequently, green bank advocates persuaded some states to take up the cause.

Green Banks: Some Statics
Currently, there are at least ten states that have at least one green bank. In addition, they are in the early stages of catching on globally as well. They also exist in Australia, the United Kingdom, and Malaysia. Within the U.S., green banks have already been involved in the funneling of some $3 billion in funds for clean-energy projects.

Green Banks: Their Future Development
With the advent of the Biden presidency, green banks may again find a firmer footing at the federal level. Indeed, in December 2020, Mr. Biden proposed the idea of a national green bank. They appear sure to gain more traction internationally as the desire to dampen climate change takes hold.

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