The FinTech Five – 28th January 2022
Welcome to the FinTech Five, the part of the week where we take a closer look at the best articles, news, and features from over the past week from our FinTech Wales members.
1. TrustPayment Bust some of the Most Common Myths About Cryptocurrency, Blockchain and ICOs in recent article
First this week, TrustPayment have broken down some of the most common crypto myths circulating in the crypto-sphere in a recent blog.
“Cryptocurrency and blockchain have grown in popularity recently as new forms of digital currency, but in reality, they have been around for over a decade. Some consider them to be exciting investment opportunities, but they require some level of tech-savviness.”, the article reads.
Myth 1: Blockchain and Bitcoin are the same things
Most people confuse the common crypto coin Bitcoin with the technology behind it – blockchain. Bitcoin is a digital currency that can be exchanged without using a bank. Blockchain is an immutable, shared ledger that facilitates the recording of transactions and tracking assets in business networks.
Myth 2: The use of crypto is for illegal or criminal activities
Although cryptocurrency can be attractive to criminals due to their ease of transfer, crypto-related crime fell dramatically in 2020, according to Chainalysis research.
Read the full article here to demystify other common myths, such as: whether Crypto transactions are anonymous, whether participating in a token sale or ICO is possible in the UK, and more.
2. PropTech platform Credas partners with blockchain network
Next, Credas, a major identity verification service, has partnered with the Coadjute blockchain network, enabling digital identities to be accessed, verified and shared more easily during the property transaction.
Credas announced at their Future of Digital Identity event yesterday that they are joining the Coadjute network with plans to launch a new digital identification service – elevating the end-user experience and taking advantage of the security and encryption the bank-grade blockchain network offers.
Credas and Coadjute will pilot the service during Q1 2022, with a formal launch planned in the second quarter of the year.
It will enable existing digital identities created with Credas to be verified by third parties over the Coadjute network, and if required, for the original source documents to be obtained with consumer consent.
By enabling trusted ID and data to be accessed from Credas in real-time by any business on the Coadjute network, the two companies intend to create a more streamlined digital experience for buyers and sellers, reducing duplication of effort and enabling a more efficient, secure property transaction.
Tim Barnett, CEO of Credas Technologies, said:
“As the UK’s leading AML and identity verification Proptech platform, Credas are excited to be working with Coadjute. Our collaboration will see the integration of our products on the Coadjute network, benefiting thousands of estate agency branches, conveyancers and mortgage brokers and helping them to work together and communicate in a more efficient way with clients whilst seamlessly verifying the various stakeholders in their transaction flow professionally and swiftly.”
3. Currencycloud release whitepaper on Embedded Finance In Asia-Pacific
Next this week, in collaboration with Emerging Payments Association Asia, Currencycloud have developed a whitepaper to share their thoughts alongside other industry experts’ opinions on embedded finance and how cross-border payments play a part in it.
The world of payments has moved dramatically over the last 24 months. Digital payments and embedded finance are hot topics of conversation but everyone has different definitions and an understanding of where we are right now.
In this whitepaper, you will learn:
- What is embedded finance and how does cross-border payments come into play?
- What are the key challenges and opportunities of embedded finance in Asia-Pacific?
- The future of embedded finance in Asia-Pacific
4. What’s in store for CashCalc in 2022?
Next, CachCalc have revealed what’s in store for them in 2022 in a recent article.
“In 2022, we’ll be launching our brand-new Cashflow Modeller which includes tax calculations, enhancing our secure Portal even more, as well as developing further integrations – including an integration with FE Analytics.
What key developments were made in 2021?
The start of the year saw us add a load of functionality to the secure Portal, including a Secure Messenger, Custom Fact Find builder, Letter of Authority generator, and Anti-Money Laundering checks. To re-discover what is now available within the secure Portal, please click here to watch our overview video.
In addition, we also made the secure Portal available as an app, which can be downloaded for free from the Apple App Store and Google Play Store.
Towards the end of the year, we developed a brand-new Cashflow Modeller which includes tax calculations.
What key developments are in store for 2022?
Aside from launching our brand-new Cashflow Modeller, you can expect further enhancements to the secure Portal as well as even more integrations with other software providers typically used throughout your entire financial advice process.
CashCalc will also become a more integrated part of the FE fundinfo product suite, and following the work conducted earlier in 2021, the integration with FE Analytics will also become available. More on this will be announced soon.”
5. EY aims to inspire 100,000 girls in 2022 to pursue a career in STEM with free mobile app
Last but not least this week, EY rececently announced that the EY STEM App will be rolled out to an additional seven countries, following a successful pilot in the US and India. The app aims to inspire girls 13-18 years of age pursue STEM (science, technology, engineering and mathematics) careers.
The Republic of Ireland will launch first, followed by Canada, the UK, UAE, the Philippines, Australia and New Zealand throughout 2022 with the aim of reaching 100,000 girls. The move aligns with EY plans to support the next generation of young people and positively impacting a billion lives by 2030 through the EY Ripples corporate responsibility program.
The EY STEM App was developed by EY teams in collaboration with SkillsVR, an organization dedicated to developing potential talent through immersive learning. It features modules and activities focused on science, such as climate change or space exploration; technology, such as artificial intelligence (AI), 3D printing or blockchain; the future of work and skills that may be required for future, yet-to-be-defined jobs; and inspirational stories of women in STEM. The app is sponsored by the EY Women in Technology program, which was formed to create an inclusive culture to successfully harness technology’s potential to truly transform society.
Julie Linn Teigland, EY EMEIA Area Managing Partner and EY Global Leader – Women. Fast forward, says:
“Advancing girls’ skills and interests in STEM is vital to closing the gender gap. It’s crucial that women and girls have the opportunity to realize their full potential as leaders and change-makers in a world increasingly enabled by technology. We’re proud of the success the EY STEM App has had so far and rolling the app out to more countries is an important step forward in making STEM learning more accessible and rewarding for girls across the globe.”
Until Next Week
And that’s it for the FinTech Five this week. Thank you for reading, and don’t forget to join us next week for more of the best content from across our FinTech Wales membership.