FinTech and Blockchain Law Watch – Page 60 – At the Crossroads of Law, Innovation and Commerce

FinTech in the UK: Regulating Disruption

Mar 04 2016

By Sonia Gioseffi, Shehram Khattak, Jonathan Lawrence and Ronnie Yearwood

Without doubt, FinTech companies are in some ways deconstructing the services offered by larger banks in the UK and elsewhere. However, risks are not resolved because of the technology, as information and financial products are marketed and sold via web-based platforms, social media or other technological applications. Consumers still need to be clearly informed about the firms and the financial products being offered. Firms must still ensure that they adhere to the principle that their communications are “fair, clear and not misleading”. It is, therefore, better for a FinTech firm to apply and take advice on best practice in this regard, which saves money and time in the interim, than to wait either for enforcement from the regulator or for market failure to drive responses. Find our longer article here.

Payment Services and Money Transfer in the FinTech Space: What is Next?

Mar 04 2016

By Jacob Ghanty and Tom Wallace

On 23 February 2016 our London office hosted a seminar discussing the future of payments and money transfer and the opportunities and challenges for businesses in this space, featuring talks from leading industry experts Anthony Watson of Uphold Inc. and Jean-Stéphane Gourévitch of Matchi.biz, alongside our partners Jacob Ghanty and Tom Wallace. Find a link to the audio recording and slides of the event here.

London Calling: London FinTech Podcast

Mar 04 2016

By Jonathan Lawrence

If you’re interested in the industry view from London, how about listening and subscribing to London FinTech Podcast? It provides access to many of the leaders in the London FinTech space and provides podcasts discussing topics including start up and emerging growth, marketplace lending, crowdfunding, alternative currencies, payment systems, equity funding, invoice finance, investment and the existing financial services response to FinTech innovations.

Fintech investment in the UK – a $901m business

Mar 04 2016

By Cameron Abbott and May Giuliani

Investment in fintech systems is becoming increasingly popular globally, but no more so than it is in the UK. Deal volumes in the UK have been growing at 74% per year since 2008 (compared with 27% globally). This digital disruption marks the most major period of change for financial services companies in decades.

According to recent data, the UK alone accounted for $901 million of the $12.5 billion invested in fintech worldwide last year. Five other European nations combined for $1.1 billion. This huge investment in the UK included two of the top 20 fintech deals in the world – Challenger Bank Atom raised $125 million, and peer-to-peer lending platform Funding Circle raised $150 million. Over 60% of fintech venture capital investment investments in 2015 were made into alternative finance and payment services such as Funding Circle, Currency Cloud and Transferwise.

See here for The 2015 Fintech Investment Landscape, February 2016.

Certain Compliance Risks in Marketplace/Peer-to-Peer/Online Lending

Feb 25 2016

By Tony Nolan, Joseph Valenti, and Christopher Bell

The online marketplace lending industry has experienced substantial growth in the past few years. Its share of the global lending market is predicted to continue its increase. In the United States, regulators are starting to take notice.

The first major sign of interest came from the U.S. Treasury. On July 16, 2015, it issued a Request For Information to better understand the impact of online marketplace lending on small businesses, consumers, and the broader economy.

K&L Gates to Sponsor ABS Vegas 2016 Conference

Feb 25 2016

By Tony Nolan

Once again K&L Gates will be sponsoring the IMN ABS Vegas 2016 conference, which will take place at the Aria Resort & Casino in Las Vegas Nevada from February 28 through March 2, 2016.

This is the first year that online lending will be an important focus of attention at ABS Vegas, in testament to the growth of an important new asset class. This will permit K&L Gates to highlight our practice in the converging areas of Fintech, Marketplace Lending, Securitization and Structured Finance and Consumer Financial Services Regulation

Visit our exhibition booth and get cool stuff!

ASX looking to replace CHESS with blockchain

Feb 25 2016

By Jim Bulling and Michelle Chasser

The Australian stock exchange ASX has announced that it has partnered with a US-based firm to develop distributed ledger technology, more commonly referred to as blockchain. The ASX is planning to develop the ledger technology for post-trade services such as clearing and settlement of the cash equities market. Unlike the bitcoin blockchain which operates as a public ledger, the ASX will use a private network which will only allow parties with permission from the ASX to participate.

Australian Government launches FinTech Advisory Committee

Feb 25 2016

By Jim Bulling and Michelle Chasser

The Australian Federal Government is getting behind the Australian FinTech market with the establishment of a FinTech Advisory Committee to help make Australia a FinTech leader in the Asia Pacific region.

K&L Gates Partners to Speak on Marketplace Lending at ABA Spring Conference in Montreal

Feb 25 2016

K&L Gates partner Anthony Nolan (NY) will participate in a panel discussion on Marketplace Lending at the American Bar Association’s 2016 Spring Meeting in Montreal, Canada on Saturday April 9.

K&L Gates London Office to Host Breakfast Roundtable Forum on US Marketplace Loan Investments, March 10, 2016

Feb 24 2016

By Tony Nolan

On March 10, 2016 at 8:30am the London office of K&L Gates will host a Breakfast Roundtable on the US Regulatory Landscape for Marketplace Lending. The Roundtable will cover a range of topics that are relevant to entering into the US market, focusing particularly on ways to facilitate a broad distribution of investments.

New York partner Anthony Nolan and London partner Jacob Ghanty will lead a discussion of how US regulatory and compliance issues may affect UK lenders and investors that are considering entering the US online / P2P / marketplace lending market.