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Here are five of the top news from the world of finance and technology this week.
UK sees increased fintech investment
According to new data released by Innovate Finance, a leading industry group in the UK fintech community, fintech investment increased by 24% year-on-year in the first half of 2022 despite a slowdown in global funding. It became clear.
UK-based fintech companies received $ 9.1 billion in 294 transactions, compared to $ 7.3 billion in 375 transactions in the first half of 2021.
The United States received the most investment in the first half of this year, bringing in $ 25 billion, and the United Kingdom is ranked second. India was third with $ 3.9 billion, Germany was fourth with $ 2.4 billion, and France was fifth with $ 2.3 billion.
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Technology giant Apple has been sued in the United States for alleged antitrust violations related to Apple Pay mobile wallets.
according to Reuters, Plaintiff Affinity Credit Union states that Apple’s “anti-competitive” behavior has forced 4,000 banks and credit unions using Apple Pay to pay at least $ 1 billion worth of excess fees annually.
A class action has been filed in the US District Court in the Northern District of California, alleging that Apple has “forced” consumers using devices to use Apple Pay for contactless payments.
This is in contrast to manufacturers of devices that use Google’s Android operating system, which offers wallet options that users want to use.
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CMA gives instructions to Monzo
The UK’s Competition and Markets Authority (CMA) has ordered challenger Monzo to ensure that customers leaving the bank receive historical financial transaction data.
Challenger notified CMA that it was unable to send transaction history to more than 13,000 customers, despite reporting similar breaches last year.
Monzo then contacted all affected customers and provided a copy of their transaction history, CMA said.
It’s not enough for a big bank like Monzo to repeatedly fail its customers by not following clear rules, says Adam Land, senior director of CMA.
“Holding a record of financial transactions can serve as important evidence needed to secure a loan or mortgage, so it gets in the way of thousands of customers because Monzo didn’t provide them. became.”
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Credit Suisse has appointed Ulrich Krner as Group CEO following the resignation of Thomas Gottstein. Kellner, who currently heads the asset management division of a Swiss bank, will begin his tenure on August 1.
He returned to Credit Suisse in April 2021 and previously worked for UBS for 11 years before being responsible for the company’s wealth management business for the last 6 years.
At the same time, Credit Suisse also published a “Comprehensive Strategic Review.” It aims to form a more focused and agile group that “provides sustainable benefits to all stakeholders and provides first-class services, with a significantly lower absolute cost base. client”.
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Lloyds Banking Group Announces Branch Closure
The Lloyds Banking Group plans to close an additional 66 branches (48 Lloyds Bank, 18 Halifax) between October and January next year.
Closures are the latest in a long line of branch closures as High Street Bank is committed to changing customer behavior and moving to mobile and digital first banking.
According to the Lloyds Banking Group, online banking has 19.1 million customers and 15.6 million mobile app users, but visits to 66 branches scheduled to close have dropped by an average of 60% over the last five years. ..
The new closure is expected to be completed by September, in addition to the 60 branch closures announced by Lloyds Banking Group in March.
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