Right here’s our decide of 5 of the highest information tales from the world of finance and tech this week.
UK fintech funding defies international downturn with 24% development
UK sees fintech funding enhance
New information launched by Innovate Finance, the business physique representing the fintech neighborhood within the UK, has revealed that the nation noticed a 24% year-on-year improve in fintech investments within the first half of 2022, regardless of a world slowdown in funding.
UK-based fintech corporations obtained $9.1 billion in funding unfold throughout 294 offers in comparison with $7.3 billion throughout 375 offers within the first half of 2021.
The US has obtained essentially the most funding within the first half of this yr, bringing in $25 billion, with the UK rating second. India got here third with $3.9 billion, Germany fourth with $2.4 billion and France fifth with $2.3 billion.
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Apple sued over alleged “anti-competitive” Apple Pay practices
Tech big Apple is being sued within the US over alleged anti-trust violations referring to its Apple Pay cellular pockets.
In line with Reuters, plaintiff Affinity Credit score Union says Apple’s “anti-competitive” behaviour forces 4,000 banks and credit score unions that use Apple Pay to fork out a minimum of $1 billion price of extra charges a yr.
The category motion lawsuit was filed within the US District Courtroom of the Northern District of California and alleges Apple “coerces” shoppers who use its units into utilizing Apple Pay for contactless funds.
That is in distinction to producers of units that use Google’s Android working system, which offer choices for customers over which pockets they want to use.
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Monzo rapped by CMA over failure to supply transaction historical past information
CMA points instructions to Monzo
The UK’s Competitors and Markets Authority (CMA) has ordered challenger Monzo to make sure clients leaving the financial institution obtain their historic monetary transaction information.
The challenger knowledgeable the CMA it had didn’t ship transaction histories to greater than 13,000 clients, regardless of reporting an identical breach final yr.
Monzo has since contacted all affected clients to supply them a replica of their transaction historical past, the CMA says.
“It’s merely not ok for a serious financial institution like Monzo to repeatedly fail its clients by not following clear guidelines,” CMA senior director Adam Land says.
“Having a file of your monetary transactions can act as necessary proof wanted to safe a mortgage or mortgage – so Monzo’s failure to supply these put an pointless impediment in the best way of hundreds of consumers.”
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New group CEO and complete strategic evaluation at Credit score Suisse
Credit score Suisse has named Ulrich Körner as group chief government officer (CEO) following the resignation of Thomas Gottstein. Körner, who’s at present main the Swiss financial institution’s asset administration division, will begin his tenure on 1 August.
He rejoined Credit score Suisse in April 2021 having beforehand labored at UBS for 11 years, the final six as head of the agency’s asset administration enterprise.
On the identical time, Credit score Suisse has additionally introduced a “complete strategic evaluation”, which goals “to form a extra centered, agile group with a considerably decrease absolute value base, able to delivering sustainable returns for all stakeholders and first-class service to shoppers”.
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Lloyds Banking Group to shut 66 extra financial institution branches
Lloyds Banking Group publicizes department closures
Lloyds Banking Group is about to shut 66 extra branches — 48 Lloyds Financial institution and 18 Halifax — between October and January of subsequent yr.
The closures are the most recent in a protracted line of department closures as excessive avenue banks grapple with altering buyer behaviours and the shift to cellular and digital-first banking.
Lloyds Banking Group says it has 19.1 million on-line banking clients and 15.6 million cellular app customers, whereas visits to the 66 branches set to shut have tumbled by 60% on common within the final 5 years.
The brand new closures are on prime of the 60 department closures introduced by Lloyds Banking Group in March, that are anticipated to be accomplished by September.
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