FinTech Crypto Briefing: RoboCop justice?
Revolut has gained recognition as a pioneering digital banking 'unicorn' – but it turns out the company is pretty good at using technology to find money launderers.
Earlier this week the London FinTech revealed it had reported suspected money laundering activities on its network to British police and regulators.
Revolut didn't reveal the amount of money that was involved, but said it had contacted the National Crime Agency and the Financial Conduct Authority after finding the suspected payments.
A company spokesperson said it was able to "swiftly detect" suspicious behaviour through a combination of humans and machine learning technology.
"As we begin to approach three million users and expand the business into North America and Asia, we need to make sure our compliance is absolutely top notch," they said.
The robo Revolut-ion may be here, but it looks like there’s still a place for humans in this brave new world.
Spare any change? Doesn't matter!
How many times have you sincerely wanted to help a homeless person, only to have to give them the rehearsed - but true - excuse of not having any change?
I've often read stories about beggars in China collecting donations through contactless payments, but I've never known what to believe.
Cambridge City Council has now installed two contactless 'giving points', which allow people to tap their card or phone to make donations to a charitable fund for rough sleepers.
It's not quite the same as issuing as contactless payment machines to individuals - but it's certainly a good way of making it easier for people to make donations.
Alluring world of crypto snags another
A former director at accountancy firm PwC in Australia has joined a long list of high-profile professionals switching their traditional careers for new opportunities in the crypto world.
Ben Ingram left PwC, where he was director in charge of digital strategy, earlier this year and has now been appointed as the new CEO of cryptocurrency exchange Bitcoin.com.au.
He will be focusing on building crypto-based investment products.
You're so Moneysupermarket!
Whether you're a fan of Moneysupermarket's silly adverts (I am) or not - you have to admit that the company's got it right when it comes to brand marketing.
The group has announced that it's now looking to disrupt and digitise the mortgage market with a new joint venture called Podium.
It's been established alongside Matt Denman and Mark Hawkins, the founders of HD Decisions, a search engine for credit cards and loans.
The portal will allow people to compare and apply for mortgages online.
Two sides of the Bitcoin
As the unofficial FinTech and cryptocurrency expert at BusinessCloud headquarters, I've become accustomed to take a lot of what some crypto enthusiasts say with a pinch of salt.
Having said that, when three world-renowned economists predict that Bitcoin's value could drop to just a $100 in 10 years after being "regulated into oblivion" - it's hard not to sit up and pay attention.
It's fair to say that the comments have attracted a mixed reaction, but experts from trading platform Blocktrade.com and LoyalCoin stressed that regulation will be vital to crypto's growth.
In fact, they say that regulation is the only way to properly protect users and cut down on criminal activity.
Paolo Bediones is a well-known TV presenter in the Philippines and is also the COO of LoyalCoin. He's confident that global regulation will encourage more businesses to start taking the emerging technology seriously.
"Regulation will be essential to the adoption of cryptocurrency on a global scale, but authorities shouldn’t be too strict — making sure they allow room for growth and innovation," he said.
As with any emerging market, there's always going to be volatility and differences of opinion. I think the only thing I know for certain is that cryptocurrency isn't going anywhere anytime soon.