There are around 5.9 million small and medium sized enterprises (SMEs, or any business with fewer than 250 employees) in the UK according to the Department for Business, Innovation & Skills. Seen to be the backbone of any healthy economy, they drive growth, create a group of skilled and semi-skilled workers, generate competition and encourage innovation across a range of industries, as well as supporting future industrial and business expansion in the country. They keep the business sector energised, generating a healthy flow of new skills and ideas.
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I was recently invited to a meeting where the Marketing Director of a fintech company told me how he was going to revolutionise the sector with the launch of their new venture. He explained that they would march through the industry, gaining market share like an indestructible army, as their technology destabilised the established players.
Radius Bank, the best online US bank of 2020*, and Currencycloud, the leader in providing B2B embedded cross-border solutions, have partnered to offer Radius clients the ability to send money to more than 180 countries.
IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions, today announced the appointment of Gay Huey Evans OBE as an independent director to its board, effective August 21, 2020. She will also join the company’s audit committee. Following the appointment, 40% of the independent directors on the IHS Markit board are female.
On the 4-5th August 2020, over 3,000 financial services executives from 90 countries around the world gathered at the Virtual FinTech Fair 2020, Asia’s first fully virtual conference, to discuss how the industry can come together to overcome the biggest challenge it has faced since the 2008 financial crisis – COVID-19.
In view of increased client need for wealth management via digital channels, Citibank has long been devoted to bringing innovative banking experiences to clients. "Move Money to Citi" service was recently launched in the Citi Mobile® App to facilitate real-time money transfer from accounts at other banks to Citibank accounts upon registration.
COVID-19 has had an unparalleled impact on all aspects of life globally, including business and across all industries. Payments is no different.
Financial services SMEs have emerged as the most resilient and confident sector group in the wake of lockdown, according to Sage’s SME Sentiment Index.
Businesses in this sector are the most likely to have been profitable by the end of Q2 2020, with 63% expecting to turn a profit by mid-year. They are also the most resilient to future disruption; 55% say a second wave of Covid-19 and tightening of lockdown restrictions would not have a severe negative impact.
On Monday 24 August 2020 digital bank Zopa is launching it’s Fixed Term Savings account, offering UK savers the ability to earn rates of up to 1.3% over one to five years.