Grow Advisors FinTech Minute: The Global FinTech Eco System

Grow Advisors (a Grow VC Group company) publishes its daily insight into the world of alternative finance and fintech. Here are some highlights:
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The Global FinTech Eco System

Representatives from across the world argue that their region is the home of Fintech with the best eco-system. It’s claimed that Silicon Valley has the best tech but less finance that New York which has in turn less tech that California. Berlin, Zurich, Paris and Amsterdam argue that they are mainland Europe’s FinTech capital, while Dublin is home to some of the world’s best tech firms Google and Facebook. Deloitte has produced a report which aims to rank the different Hubs across the world. What it illustrates is that fintech is growing everywhere.

Banks will rebuild trust through transparency and Open APIs

Last week I wrote about Wells Fargo’s fraudulent opening of accounts without customer consent. Following the Senate Banking Committee hearing on these charges, the emerging theme for banks to consider is transparency and trust. For a vast majority, banks operate in a black box, in which customers have no knowledge as to how their money is used once deposited. Annual reports lack details of a bank’s operations, banks reveal commercial loan values, but the intricacies are hidden. The credit-worthiness of borrowers and delinquency status of loans are simply unknown. This secrecy has harmful effects, exemplified in the 2008 mortgage crisis and the most recent fraud case at Wells Fargo.

Read more at Grow Advisors Blog.​