The FinTech Five – 15th September 2023
Welcome to the FinTech Five, where we take a fortnightly look at the best articles, news, insights and features from our FinTech Wales members and the Financial Services industry in the UK.
1. Fintech Awards Wales 2023 Winners Announced
The highly anticipated FinTech Awards Wales 2023 unveiled its winners last week, marking a significant celebration of innovation and excellence in the financial technology sector. Steve Dukes, CEO of principal sponsor Confused.com, described the event as nothing short of “fantastic.”
Hosted at the renowned Tramshed in Cardiff, the FinTech Awards Wales were established by leading technology recruiter Recruit 121. They serve as a platform to honour the visionary trailblazers propelling the FinTech industry in Wales while contributing to the growing momentum of the UK’s premier digital finance hub.
Matt Hyde, Managing Director of FinTech Awards Wales, reflected on the remarkable journey of the FinTech sector within the Welsh economy. He noted,
“Few sectors in Wales have witnessed such rapid growth, even during challenging times. The expanding FinTech sector is a testament to the convergence of digital skills, talent, and unwavering determination. These awards shine a spotlight on both emerging and established tech companies and entrepreneurs who are driving growth not only for Wales but for the entire UK.”
2. Delio launches Vaults functionality to power B2B2C distribution of private market investment opportunities
Delio, the financial technology firm that digitises the private market strategies of leading financial institutions, has launched its new Vaults functionality as part of the flagship Delio Core platform.
Vaults enables financial institutions to syndicate deals to selected industry partners, across wider ecosystems, or as part of a B2B2C distribution strategy, all whilst enhancing operational efficiency and reducing regulatory risk. This seamless connectivity means that firms can easily create private distribution networks across a unified digital infrastructure.
Gareth Lewis, chief executive of Delio, believes Vaults offers a solution to one of the biggest challenges facing private markets participants. “Delio’s mission is to help financial institutions to overcome the distribution and reporting challenges associated with private markets and participate in the continued opportunities that exist within the space.
Our technology and investment vehicle solutions are already powering the strategies of some of the world’s leading banks, wealth managers and investment firms. Vaults represents the next phase of this evolution; it will enable the interconnectivity of firms that want to collaborate and syndicate deal flow, while maintaining their own white-labelled client experience.
Many organisations are proactively looking to form partnerships with other private markets players in order to source more interesting deal flow for their clients. Thanks to Vaults, Delio Core now offers these firms the opportunity to collaborate more effectively while retaining complete control over their distribution network.”
3. Go.Compare launches first ever short term car insurance comparison service
Go.Compare has launched the first ever temporary car insurance comparison service, designed for drivers who only need insurance for a short amount of time.
The comparison service is offered via a white label service with Comparison Creator, who already supply breakdown, gadget, wedding and home emergency comparison for Go.Compare. The new comparison has launched with two insurance panel members, with others due to join in the coming weeks.
Drivers will be able to compare policies offering cover for a few hours to a month, from fully comprehensive to third party cover, as well as those who need insurance for business purposes.
Commenting on the launch Ceri McMillan, Managing Director of Go.Compare, said: “Short-term car insurance is a product that has grown significantly in recent years. We’ve seen more and more people looking for this type of cover, so we are thrilled to be able to offer a comparison of this product for the first time.
“Gone are the days when everyone owns their own car, some families now share cars while others only need a car for a few weeks at a time, and that’s where services like this come in. Having the flexibility to have a car insurance policy for just a few hours, or even just for a short business trip will help ensure that all drivers are properly protected when on the road, no matter their circumstances.”
4. Acquis whitepaper reveals inflation is top concern for SMEs across Europe
Acquis’s recent ‘Opportunity in Change’ research report has revealed the top concern faced by SMEs in 2023 is inflation, with 46% of those interviewed citing this as their biggest challenge.
The report, which surveyed over 1,250 SME decision makers across Europe, was released in July and found that, after inflation, fluctuating energy prices (39%) and global recession (27%) made up the top three challenges for those interviewed.
The report found a few exacerbating factors, including the macroeconomic environment SMEs are currently contending with, the fallout from the 2021 global pandemic, compounded by factors including supply chain issues, inflation, and the threat of recession. For SMEs in the UK in particular, these factors have been worsened by the lasting effects of Brexit, with 25% of UK businesses still perceiving Brexit as a key challenge, whereas just one in 10 businesses across Europe feeling its impact.
Within the research, Acquis also asked about current levels of optimism amongst SMEs and compared responses with similar research conducted during the pandemic in 2021. Responses in 2023 revealed that there has been an overall decline in optimism amongst European SMEs – falling from 62% in 2021, to just 46% in 2023.
To learn more about the results of our European survey of SMEs and download the full research report, click here.
5. De Novo Solutions announces new cohort of talented apprentices
De Novo Solutions recently welcomed their new cohort of talented apprentices who are about to embark on an incredible journey through the de Novo Degree Apprenticeship Programme!
De Novo shared the following comments on their LinkedIn page: “In partnership with the University of South Wales and the Llywodraeth Cymru / Welsh Government, we are thrilled to offer this unique opportunity that combines the best of both worlds. Our apprentices will split their time between university study and the workplace, ensuring they gain real-world experience while earning a salary.
Our apprentices are not just students; they are the future of de Novo, and they’re certainly off to a flying start! With their enthusiasm, commitment and the opportunity to apply their knowledge in real-world situations, they’re ready to achieve significant milestones in their professional journeys.”
For more details about the de Novo Degree Apprenticeship Programme, visit: https://lnkd.in/e__Ws6YU
Until Next Time
That’s it for the FinTech Five this week. Thank you for reading, and don’t forget to join us fortnightly for more of the best news highlights from across our FinTech Wales membership.