Welcome to our weekly news roundup featuring our edit of interesting news in the world of Open Banking this week. Want to get this sent straight to your inbox? Please click here.
PensionBee continues open banking integration - via FT Adviser
The integration into the Money Dashboard app further embeds pensions into the open banking ecosystem. According to Clare Reilly, head of corporate development at PensionBee, bringing together short- and long-term finances as part of open banking was an "important step towards driving up financial capability skills for life and starting to tackle the UK’s long-term savings crisis". Read the full article here: https://hubs.ly/H0fDFvl0
John Hallsworth of KPMG discusses open banking in the UK and elsewhere - via PYMNTS
John describes the U.K. as a “lightning rod … where there has been strategic debate about the potential change on the marketplace — not only around the evolution of banking models and new entrants who are not banks — but also around the consumer’s needs and how best to serve that consumer in the future.” Hallsworth also mentions that SMEs are wary of open banking and adapting to and adopting it. Listen to the podcast here: https://hubs.ly/H0fDGcX0
Chinese authorities wary about expansion of technology giants in financial industry? - via Caixin
Zhu Jun, head of the PBOC’s international department, warned on Saturday that technology giants are endangering financial stability.
“The development of large technology companies and fintech has contributed to innovation in the financial industry. But it has also exposed the sector to credit risks, systemic risks, new information safety risks and unprecedented regulation arbitrage risks. Therefore it is a threat to financial stability,” she said. Read full article here: hubs.ly/H0fB3vm0
First investment in continental Europe as China’s Ping An invests 41.5 million euros in Berlin fintech start-up - via CNBC
The fund's investment in Finleap represents its first foray into the continental European market, after inking some deals in the U.K. Donald Lacey, managing director and chief operating officer of Ping An Global Voyager added he sees big opportunity in Europe's "immense" financial services industry, which he said needs the help of start-ups like Finleap to innovate. Read more here: hubs.ly/H0fBV2V0
The future of open banking - the calm before the storm - via TLT Solicitors
This downloadable report is a good read (no sign-in required) and reveals:
What businesses are investing in, and who they are collaborating with.
Why global tech giants might be eyeing up the industry as ripe for entry.
What Open Banking strategies look like - and why strategy-setting in such a radical environment is challenging.
Download it here: hubs.ly/H0fDhby0
42Crunch and CriticalBlue Announce Partnership to Tackle End-to-End API Security at Finance Edge’s API Security for Open Banking Summit - via EIN Presswire
At the API Security for Open Banking Summit (21st November 2018) 42Crunch, the leading backend API security platform and CriticalBlue, provider of Approov, the leading frontend mobile API security solution, announced that they are now offering enterprise customers an end-to-end API protection service. Combined together, the two solutions efficiently address critical API security issues for mobile application development: fake apps, bots, stolen tokens and attacks.
Read the full release here: hubs.ly/H0fCv_h0
Open banking real-time data analysis can win back consumer trust and satisfaction - via Computer Business Review
If banks embrace open banking to its full, the potential to rebuild trust and loyalty is huge. By providing customers with value at the right time, banks could repair the relationship and begin to regain trust. Read it here: hubs.ly/H0fDhx40