Fintech
Fintech
More than 750 applicants from in excess of 90 countries applied to the world’s biggest fintech competition this year.
Garanti BBVA held the Turkish round of the world’s largest fintech competition, BBVA Open Talent, for the fourth time at the Impact Hub in Istanbul. Five startups reached the finals of the event, which encourages innovating businesses to submit cutting-edge creative projects that contribute to financial technology. Pisano was the event’s top prize winner and as such has qualified to attend the BBVA Open Summit in Madrid on October 24.
When it comes to 21st century banking, there is no shortage of terms bandied about that those in the industry are expected to know. Among the more obtuse are those related to banking’s next frontier, open banking.
The digital onboarding process based on biometric identification technologies, which is already available in Spain, will now reach other countries thanks to the reuse of globally designed components.
As part of the European directive PSD2 (the Revised Directive on Payment Services), banks and other payment providers will have to implement strong customer authentication, a mechanism designed to enhance the technical requirements for identity verification. Edward Corcoran, Senior Manager for Regulation and Internal Control Area at BBVA , sheds light on what strong authentication is and what its impact will be.
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Edward Corcoran
Atom bank, the U.K.’s first bank built exclusively for mobile, has today been awarded a £10 million grant to boost genuine competition in lending to SMEs. Atom will use the grant to help transform banking for small businesses and deliver an additional £3 billion of business financing by March 2024. Atom will also create 70 jobs in the North East of England.
The financial industry’s current environment of continuous innovation requires a more sophisticated approach to balancing public policy objectives. Lucia Pacheco, Regulation and Internal Control Manager at BBVA, explains the impacts of the big tech entry into finance.
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Lucía Pacheco