10 fintech startups of December

21 December 2016

As the 2016 is keeping its pace towards the end, we continue publishing the review of startups announced or introduced in the fintech industry within the month since our last article on the subject. To date within several days reach to the Christmas both financial giants and less significant players have launched a great number of projects, ten of which have been highlighted in our think piece to your attention.


bank.VISIONIn November Irish company Payment Cloud Technologies announced its digital banking service called bank.VISION. The new platform was developed to help various institutions provide financial services of the bank level to customers. With bank.VISION clients have access to the financial convenience provided by conventional banking accounts. The service is accessible through an array of channels, including mobile devices on the basis of iOS and Android operating systems.

An executive from Payment Cloud Technologies noted in the press release that the product was designed to allow its partners to provide access to a wider audience of consumers who have been previously underserved or who at the moment are paying for financial services not meeting their needs.

Barclays investment service

Barclays investment serviceAt the end of November Barclays unveiled its new online investment service providing customers with the tool to shape customized plans for financing and managing their funds. Using the online direct investment instrument customers will be able to gain comprehensive information for achieving their goals.

With the new platform Barclays account holders can access an array of financial tools to manage and review their investments, savings and current accounts. The service will at the launch be accessible only to Barclays clients and in 2017 it will be offered to a wider audience. Online investment tool has no minimum deposit amount and features open and clear commission structure.

Royal Mint Gold

Royal Mint GoldBritish body authorized to strike coins and owned by Her Majesty’s Treasury, the Royal Mint reported in late November that it is devising a plan to bring a digital gold offering to the market in the cooperation with CME Group, American futures company operating large derivatives exchanges in Chicago and New York City.

The new product called Royal Mint Gold (RMG) was developed on the basis of the blockchain technology. The new platform is aimed at providing enhanced and safe tools to purchase, keep and sell gold for investors. The new project will have up to $ 1 billion worth of gold to be digitally sold through the blockchain environment, that will be developed and maintained by CME Group. The launch of the trading platform is scheduled for the middle of the next year. It will be accessible 24 hours a day, seven days a week and a whole year round. Apart from other benefits the RMG will allow investors to convert digital gold into the physical one at no additional cost for storage.

eCFA digital currency

eCFA digital currencyThe same week the Royal Mint uncovered its strategic blockchain partnership, announcement was made about ambitious initiative of Senegal authorities to introduce a national digital currency powered by blockchain. To be known as eCFA the new blockchain currency will be deemed a lawful payment instrument just as the CFA Franc circulating across fourteen French colonies in Africa.

The alternative currency recognized as legal tender will be developed in the partnership between Banque Régionale de Marchés and eCurrency Mint Limited. The eCFA will comply with the electronic money standards established by the Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO), the Central Bank of the West African Economic and Monetary Union (WAEMU).

Mastercard Instalments

Mastercard InstalmentsOn December 1 Mastercard Inc uncovered its teaming up with Verifone Systems Inc. over the launch of monthly installments application for shoppers in the UK, the first of its kind. The new service will be available on payment terminals offered by some retailers in Britain starting January. After some while it will be expanded to become accessible to general audience nationwide.

Mastercard Instalments application will be incorporated into the payment terminals by Verifone allowing financial technology companies like Alipay to develop their own applications for electronic transactions. Inserting their payment card into the terminal shoppers will be offered an option to make payment in installments with the interest instantly calculated for them.

Flender P2P Lending

Flender P2P LendingFlender became another fintech service announced in early December. This peer-to-peer lending platform according to the statement from the founders will integrate the trust-based lending into the social networking enabling consumers and businesses to borrow and lend using their social network profiles.

On Flender borrowers have an opportunity to set their own interest rates and specify the maximum amount of funds they want to pay back within the period they select. Lenders will also be offered to choose the return they want to get back. Flender leads the way becoming the first in UK and Ireland to formalize usual lending between friends and relatives over the social media as there is still no special contracts regulating and facilitating from a legal point of view such kind of loans.

Betcade Pay

Betcade PayJust roughly two weeks ago Betcade selling gambling applications for Android-based devices uncovered its new offering Betcade Pay. This mobile payments service is specifically developed for and targets the gambling industry. According to the announcement made by the startup the service will go live across the UK processing transactions by first quarter of 2017.

Betcade Pay will accept payments made by customers on their Visa or Mastercard cards both with and without charge-back protection. Besides, gamers will also be able to make bank wire transfers. In the course of the further expansion to other European countries Betcade Pay will be processing payments of over 50 global payment options and more payment methods are expected to be added to the service within the whole year. Betcade Pay is licensed by Financial Conduct Authority and is PCI compliant.


AlliedExchangeSeveral days after the announcement about the new gambling payment method another report appeared in the media sources about the launch of peer-to-peer service by AlliedCrowds, based in the United Kingdom. To be known as AlliedExchange the platform is supported and financed on the part of Financial Sector Deepening Africa (FSD Africa), a non-for-profit organization subsidized by the government of the UK.

AlliedExchgange will be using P2P lending for providing loans in sub-Saharan Africa to retailers and corporate investors, including high net worth individuals, hedge funds, family offices and others. Using the platform account holders will be able to transact trades and manage their accounts. At the inception the P2P platform will be under regulation of the Financial Conduct Authority with further authorization to be sought at a regional level.

Sony Mobile t-Wallet

Sony Mobile t-WalletA few days ago Sony Mobile Communications unveiled its plans to deploy mobile payments and host card emulation (HCE) services across Taiwan. Vendor boosts more than 2 million Xperia smartphones manufactured by Sony with total 28 smartphone models supporting near-field communication payments.

Partnering with Taiwan Mobile Payment (TWMP), Sony Mobile will be powering its Xperia smartphones with the t-Wallet mobile payment platform designed by TWMP. Apart from this Sony Mobile will be teaming up with some local banks over the launch of HCE credit card services on smartphones.

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