The Tony Blair Institute for Global Change is urging the Labour Party to harness the potential of the FinTech sector to drive economic growth, opportunity, and inclusivity across the UK if it secures victory in the upcoming UK general election.

In collaboration with the Startup Coalition, led by former Prime Minister Tony Blair, the Institute has released a report highlighting the capacity of FinTech firms to fuel economic expansion, provided they operate within a conducive environment, as reported by Finextra.

This necessitates optimizing incentives such as R&D tax credits and share option schemes, fostering FinTech export opportunities, and ensuring regulatory clarity.

With Labour maintaining a significant lead in the polls, there is widespread anticipation that Keir Starmer’s Party will return to power after 14 years in opposition. Blair is urging them to articulate a progressive vision for FinTech.

Labour has already committed to developing an open finance roadmap, aligning with recent government initiatives such as the establishment of a task force. However, the Blair report emphasizes the swift establishment of an Open Finance framework within the first 100 days of taking office.

Furthermore, the report advocates for the implementation of a comprehensive national financial inclusion strategy, prioritizing innovation.

It also recommends introducing regulations for Buy Now Pay Later lending within the same timeframe, along with mandating financial education in primary schools by 2025.

Jeegar Kakkad, Director of Government Innovation at the Tony Blair Institute for Global Change, stated, “FinTech startups have a crucial role to play in breaking down barriers to financial opportunity across the UK. By developing a national financial inclusion strategy with FinTech at its core and delivering innovations like Open Finance, we can enhance choice and competition in financial services. This will empower individuals and communities to take control of their financial well-being like never before.”

Source: fintech.global

Keytom, a newly launched digital asset-focused neobank, has entered the UAE market with the goal of simplifying the management of customers’ digital assets in a single, accessible location.

Established in 2022, this fresh addition to the UAE’s financial landscape is committed to breaking down financial barriers and creating a unified framework that merges traditional fiat and cryptocurrency domains, making it accessible to all.

Currently, Keytom enables customers to engage in crypto and USDT transactions and provides saving and investment products, with plans underway to introduce swaps and fiat options in the near future.

Headquartered in Dubai, the startup offers customers a unified interface accessible via both mobile applications and web browsers, allowing them to easily monitor their funds.

Eugene Krasicki, the founder and CEO of Keytom, emphasizes the company’s substantial efforts in integrating cryptocurrencies into its services, driven by the ongoing prominence of crypto in financial markets. Krasicki believes that this inclusive approach and acknowledgment of market potential set Keytom apart in the neobanking sector.

Keytom’s future plans include the rollout of cashback services, collateral loans, and staking, scheduled for implementation in late 2024 and early 2025.

Furthermore, the company is gearing up for global expansion, having obtained licenses in various jurisdictions worldwide. These include a VASP (Virtual Asset Service Provider) license in the Czech Republic for operations in Europe, and an MSB/FINTRAC (Money Service Business) license in Canada.

Keytom’s launch coincides with a surge of fintech activity in the UAE, with other players such as Ruya Bank recently announcing their intentions to enter the market.

Source: fintechfutures.com

Mercury, a neobank based in the United States catering to over 100,000 startups, has introduced its latest offering, Mercury Personal. This consumer-oriented banking solution is tailored specifically for entrepreneurs and investors.

Established in 2017, Mercury highlights that users of its new product will enjoy benefits such as customizable debit card limits, global ATM fee reimbursements, fee-free domestic wires and ACH transfers, all without requiring minimum balances.

Moreover, at its launch, Mercury Personal offers potential customers up to $5 million in Federal Deposit Insurance Corporation (FDIC) insurance coverage. Additionally, subscribers can access a high-yield savings account with a 5% annual percentage yield (APY) for an annual subscription fee of $240.

Alexey Likuev, Mercury’s head of personal banking, remarks on what he sees as a “paradox in today’s banking landscape,” noting that while most neobanks focus on offering “basic offerings” aimed at lower-income individuals and the underbanked, traditional banks provide private banking and wealth management services, which typically involve frequent interactions with a banker.

Likuev asserts that Mercury Personal aims to address this perceived gap in the market by providing enterprise founders with a robust self-service banking option tailored to their personal needs.

The fintech announces that, for the time being, interested individuals can sign up for a waiting list for the solution, with the company expecting a full launch for US customers later this year.

Source: fintechfutures.com