A surge in complaints was one of the main contributing factors to the high-profile collapse of Wonga. Add to this the recent announcement that UK lender Amigo is now for sale in light of a rise in customer complaints, as well as increasing regulatory pressures, and it’s safe to say that subprime lenders are up against it. Nowhere is this more the case than when it comes to the issue of customer vulnerability.

Increased regulation

 Kompli-Global, the leading RegTech AML specialist, is taking the fight to fraudsters and money launderers, as it today unveils Kompli-QED, the most comprehensive remote corporate onboarding platform.

Jaya Baloo has been Chief Information Security Officer at information security company Avast since October 2019. Previously, Ms. Baloo held the position of CISO at KPN, the largest telecommunications carrier in the Netherlands, where she established and led its security team for 7 years. The team’s best practices in information security strategy and policy are today recognized as world leading. Prior to this, Ms. Baloo held the position of Practice Lead Lawful Interception at Verizon and worked at France Telecom as a Technical Security Specialist.

After a slow climb in January, the covid-19 pandemic flushed all profits down the drain in a matter of weeks. This was mostly personified by Tesla’s Q1 rollercoaster, going from a short squeeze which sparked a 50% increase in the stock price to being hit by the covid-19 lockdown, which made it drop back to where the year started.

Following a fantastic year in 2019, the market took a tumble in the first months of 2020. This resulted in a 24% drop on the S&P 500.

The global payment industry has gone through a massive change over the past decade, with more and more people utilizing the benefits of innovative financial technologies. The global shift towards a cashless society produced a massive space for mobile wallets as a new, safer, and more convenient way of making payments. With the coronavirus outbreak, electronic payments became even more appealing as people started questioning the safety of using banknotes for fear of transmitting the virus.

Leading paytech, cloud based payment processor Paymentology, has achieved certification in record time from Jetco, the consortium of thirty leading banks in Hong Kong and Macau, which owns the 3,000 ATMs across the region, to support the launch of a new digital bank in Hong Kong.

Today the British Business Bank has announced that it has approved four new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS) - The Co-operative Bank, Cynergy Bank, OakNorth Bank and Starling Bank.

Following their approval, each lender will be putting in place the operations required to start lending under the scheme and will confirm shortly the dates from which they will be ready to start receiving CBILS applications from smaller businesses across the UK.