The FinTech Five – 24th February 2023 

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Welcome to the FinTech Five, where we take a fortnightly look at the best articles, news, insights and features from our FinTech Wales members.  

1. Coincover and Cobo partner to provide peace of mind 

First this week, Coincover have announced their partnership with Cobo, the largest digital asset custodian and blockchain infrastructure provider in the Asia Pacific (APAC) region, to provide their customers with access to Coincover’s disaster recovery and transaction protection technology. 

This is The first major infrastructure provider in Asia to partner with Coincover. With Asia’s booming crypto market, this partnership between Coincover and Cobo means that Cobo is ahead of the curve on protection and is uniquely positioned to provide the most secure crypto wallets to financial institutions across Asia, and beyond.

Oliver Cummings, Strategy & Partnerships Director at Coincover said:

“This marks a significant expansion of our technology into Asia. We are rapidly becoming the industry standard for security and are now well-established in the US and EMEA. But to succeed in our mission to make crypto as safe as possible, we must build our presence in Asia, which has a booming crypto market. The good news is we are in a very strong position to do so. It’s gradually becoming essential for crypto firms all over the world to have disaster recovery technology or they risk giving their competitors an edge. We want people to be asking ‘Do you have Coincover?’ when speaking to custodians. Eventually, it will be detrimental if you don’t, which is exactly what we want if we are going to transform attitudes to security in digital assets.”

Click here to read more on Coincover’s website. 

2. Insurance Comparison Expert Go.Compare Joins TCI Futures Board

Left to right: Natalie Sankala, Lee Griffin and David Lewis

Next, Insider Media reported that Insurtech start-up TCi Futures has appointed a Go.Compare co-founder as its first non-executive director.

Launched last year, TCi Futures is developing tech-led services such as embedded insurance.Comparison expert Lee Griffin will now be joining David Lewis, managing director on the board of TCi Futures. 

“TCi Futures is creating something truly unique – made by brokers, for brokers – it will build products for the independent broker market, creating new revenue streams for both the broker, and their clients. 

“Its technology will also allow businesses to create a more dynamic sales process that’s tailored to the individual, providing options that are affordable, relevant and convenient. The potential of the new embedded insurance market is estimated to be around £405bn, this is an exciting time, and I am delighted to be a part of that.” said Griffin. 

TCi Futures managing director David Lewis said: 

“We have big plans for TCi Futures and have already had some great successes for our clients, so to add someone of Lee’s calibre to our board at such an early stage in our business really gives us confidence that we have something special here.

“There’s not much that Lee doesn’t know about both insurance, insurance comparison and technology development, so his knowledge, insight and vision is going to be key to getting TCi Futures to where we want it to be and help our customers create new revenue streams and enhance customer value.”

Click here to read more. 

3. Backbase retains leadership position in Omdia Universe: Digital Banking Platforms, 2023

Next this week, the Digital Banking Platforms 2023 report is out – and Backbase has again been recognized as a leader, ranking strongly across all areas of evaluation. 

Analysts at Omdia recommend that Backbase appear on every vendor shortlist, particularly for FIs that are looking for a wide-ranging platform that can be customised to meet specific business needs.

The Omdia Universe: Digital Banking Platforms, 2023 is the latest report on the digital banking vendor marketplace published to help C-level executives, heads of digital, technology executives, and digital channel directors gain important insights and select the right platform for their bank.

Philip Benton, Principal Analyst & Ouliana Smith, Senior Research Analyst, Omdia, said: 

“Backbase has retained its leadership status thanks to its strong solution capabilities and breadth out of the box with the ability to further customize in terms of business processes, user journeys, and personalization.”

Click here for more information or to download the report. 

4. Retrofitting – Sero and partners create groundbreaking report

Next, a ground-breaking report about retrofitting, supported by the Department for Business Energy and Industrial Strategy, has discovered a correlation between increased energy efficiency retrofit in homes and resale value. 

The VALUER (Valuations And Lending Underwriting Energy Reduction) report, produced by energy tech company Sero, Monmouthshire Building Society, The Royal Institution of Chartered Surveyors (RICS), and Rightmove, found that increased energy efficiency that can be achieved through retrofitting can be directly linked to increased property value and demand. 

Cerys Williams, Finance Partnerships Manager at Sero, who has been at the forefront of the Optimised Retrofit programme in Wales to improve the energy efficiency of affordable homes said:  “With such compelling evidence to support that ‘green technologies increase property value, I am confident this will help to accelerate the adoption of retrofitting ‘green’ technologies into homes across the UK.” 

Sero and other partners behind the report are now looking for support from the UK Government to help private homeowners wanting energy efficiency work on their homes through possible funding schemes, incentivisation, or policy updates. There is also the need for an appropriate assessment tool, regulated by the RICS, to help home buyers understand from the outset, what improvements will be required to make their home more energy efficient. 

Click here to read more on sero’s website. 

5. Monmouthshire Building Society receives Outstanding product rating and Best Buy rating from Moneyfacts

Last but not least, Monmouthshire Building Society has received independent recognition from Moneyfacts with both an Outstanding Product Rating and a Best Buy rating for a fixed rate remortgage offer that went to market Friday 10th February 2023.  

Moneyfacts said, “Monmouthshire BS has reduced fixed rates by up to 0.75% and reduced fees on fixed rates. Its 2 year fixed rate at 75% loan-to-value for remortgage only has seen this cut, and is now priced at 4.45%. This option now benefits from having no fee payable and incentives of a free valuation and free legal fees are offered, making this a Moneyfacts ‘Best Buy’.”

Chris Jeanes, Senior Product Manager for Mortgages said:

“We appreciate these are challenging times for homeowners as we continue to live with a rising rate environment and inflationary pressures.

Click here to read more. 

Until Next Time

And 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 content from across our FinTech Wales membership.

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