The FinTech Five – July 2nd 2021

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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.  FinTech Wales Release Podcast with John Glen MP, Economic Secretary to the Treasury

First, on this week’s FinTech Five, The Economic Secretary to The Treasury, John Glen, attended a proceeding for the launch of the FinTech Wales Foundry on the 23rd of June this year. 

During a private meet & greet at Tramshed Tech, John heard pitches from several companies in our first accelerator cohort, including: Sero, Zing Cover, viaduct group, Wagonex, Ship Shape, Yimba and Voltric.

We had the opportunity to catch up with John afterwards and sit down to record a podcast about the days’ highlights, with the support of Tramshed Tech. 

In the podcast John and FinTech Wales CEO, Sarah Gardener-Williams, discuss the FinTech sector and some of the findings found in the UK Government-commissioned Kalifa report, as well as his impressions having met of some of the companies who have been successfully chosen to take part in FinTech Wales Foundry’s inaugural accelerator programme earlier in the day. 

2. Business News Wales Release Podcast with FinTech Wales and its founding partners

At the Foundry’s Launch event on the 23rd, Business News Wales also recorded a special 30 minute podcast with representatives from the founding partners of the FinTech Wales Foundry – Admiral Pioneer, Principality Building Society, and Cardiff Capital Region – who shared their hopes and vision for the Foundry’s accelerator programme. 

Business News Wales invited us and our partners to share more about the Foundry – why we have launched it and what people can expect from the programme. 

The podcast touches upon the Kalifa report and how it identified Cardiff as an emerging cluster for FinTech. It was highlighted in the report that a connected ecosystem would boast FinTech in Cardiff, South Wales and across Wales. 

You can listen to us discuss how we plan to create such an ecosystem by listening to the full podcast linked above. 

3. W2 Global Data shares blog on how they are helping solve compliance challenges brought about by Cryptocurrency

Cryptocurrency payment instruments offer lower costs and much faster settlement compared with traditional cards and digital wallets. 

However, in a new blog post from Warren Russell, CEO & Founder of W2, Warren explains how those very advantages – speed and immediacy – are proving a real headache for regulators looking to crack down on money laundering and criminal activity by identifying the parties behind transactions. 

In response to this compliance challenge and in anticipation of new regulations coming to market in 2022 and 2023, W2 has developed an Ultimate Beneficial Ownership (UBO) addition to their Know Your Business (KYB) solution.

W2’s UBO identifier reduces risk and enhances compliance by displaying the connections between companies, officers and shareholders within and across jurisdictions.

The UBO solution also makes it possible to automatically retrieve documentary evidence that supports ownership, allowing for identification using these records both automatically through W2’s software, and manually by investigators.

You can read the the full blog post on W2’s website here, or for more on W2’s new Ultimate Beneficial Ownership add-on to its existing KYB solution, contact W2 here 

4. Currencycloud partner with Global Processing Services to offer Complete, Enterprise-Grade, Cross-Border Payments Solution

Next, Thursday the 29th of June saw Currency Cloud, the experts simplifying business in a multi-currency world, announce their partnership with multi-award-winning payments processor, Global Processing Services, to widen access to cross-border payments for financial institutions and Fintechs, providing a passport to a post-COVID world.

The proposition will enable businesses to offer customers compliance and regulatory infrastructure, cross-border payments infrastructure, real-time FX for overseas card transactions, access to a global banking network, multi-currency accounts, banking cards and much more. 

Stephen Lemon, Co-founder and VP, Partnerships & Enterprise at Currencycloud, said:

“For Fintechs, building a multi-currency solution requires a huge effort across multiple functional and regulatory domains. By working with Currencycloud and GPS, Fintechs can reduce the complexity involved and get to market much more quickly for a fraction of the cost of self-building, while vastly reducing ongoing operational risk and overhead.”

Shaun Puckrin, Chief Product Officer of GPS, commented: 

“There is a major opportunity for payment players to further displace cash with seamless card-based FX payments. Integrating our respective platforms provides Fintechs with enterprise-grade capabilities, driving speed to market, and an invaluable competitive advantage as we emerge from the pandemic.”

Read the full article on Currencycloud’s website here

5. Yoello, the UK’s leading Mobile Order & Pay solution launches in New Zealand

Last but not least this week, just months after launching in Australia, Yoello have announced the exciting news that they have now launched their Order & Pay platform in New Zealand.

Yoello allows customers to conveniently order food and drinks to the table by simply scanning a QR code, and without needing to download an app. Merchants can also operate takeaway and delivery services all through one platform.

Yoello’s Founder and CEO Sina Yamani said: 

“It’s really exciting to see the Yoello platform launch and support hospitality businesses in New Zealand only months after successfully launching in Australia. 

There is a growing demand for order and pay technology in New Zealand, and we hope our award winning solution will help to rebuild business for venues after such a difficult year for many businesses, particularly in areas like Auckland where multiple lockdowns have taken place.” 

Read the full press release on Yoello’s website, here 

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.

If you want to join our dynamic FinTech Wales community, then click here to learn more about the exclusive benefits FinTech Wales membership has to offer.