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Revolut introduces robo-advisor service in the Republic of Ireland

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Revolut, the global financial super-app with a customer base exceeding 35 million worldwide, has recently unveiled its Robo-Advisor service in Ireland.

The company, known for its innovative approach to banking and financial services, aims to simplify the investment process for its users.

The introduction of the Robo-Advisor is a response to the growing demand for accessible investment options. Many potential investors find the research and management of investments time-consuming and complex, especially those with limited trading experience or those who cannot dedicate time to actively manage their portfolios.

Revolut operates as a financial super-app, offering a wide range of services from traditional banking to cryptocurrency trading. The app is designed to be a one-stop solution for users’ financial needs, making it easier to manage money in a fast-paced digital world.

The new Robo-Advisor service is designed to automate the investment process. By answering a series of questions, customers can have a fully diversified and customized portfolio created for them. This portfolio is then automatically managed, with investments made based on the customer’s risk tolerance and financial goals. The minimum investment to access the Robo-Advisor is EUR 100, with an annual management fee of 0.75% of the portfolio value.

Additional features of the Robo-Advisor include the ability for customers to set up recurring transfers from as little as EUR 10, allowing for regular portfolio growth and minimization of the impact of market volatility. The service also automatically rebalances portfolios and conducts periodic reviews to ensure alignment with the customer’s investment objectives.

Rolandas Juteika, Head of Wealth and Trading (EEA) said, “We are excited to add a Robo-Advisor to our suite of wealth and trading products. We know that many of our customers do not have the time to manage a portfolio or invest in individual securities. In fact, 53% of customers we surveyed last year said they simply don’t know where to start when it comes to investing. Built to make investing more accessible, we want to give our customers the ability to make their money work for them in what we believe will be a tailored and stress-free solution.”

Revolut’s recent expansion of its investment offerings across the EEA, including shares of European listed companies and the introduction of Trading Pro for advanced traders, highlights its commitment to providing comprehensive financial solutions. With over 2,200 US-listed securities, 220+ EU-listed securities, and 270 ETFs available through the app, Revolut continues to enhance its platform, making investing more accessible to a broader audience.

Investment services in the EEA are provided by Revolut Securities Europe UAB, which is regulated by the Bank of Lithuania. While Revolut aims to make investing straightforward and efficient, it’s important for customers to remember that investments carry risks, including the potential for loss and currency fluctuations.

Source: Fintech Global

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Fintech

Central banks and the FinTech sector unite to change global payments space

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The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.

Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.

Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).

At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.

The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.

As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.

Source: fintech.globa

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Fintech

TD Bank inks multi-year strategic partnership with Google Cloud

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TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.

The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.

This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.

TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.

Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.

TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.

Source: fintechfutures.com

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MAS launches transformative platform to combat money laundering

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The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.

According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).

Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.

Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.

Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.

Source: fintech.global

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