Are you doing transaction reporting wrong & Experts reveal 2024's key InsurTech trends

Top Story of the Week

Firms are getting transaction reporting wrong, Novatus Advisory offers the solution to resolve this - Transaction reporting is a necessary requirement for countless regulations, and yet Novatus Advisory co-founder Matthew Ranson believes many firms are getting this process wrong, and they might not even be aware of it. Read the full story here.

Research highlight

2023's Top 10 FinTech deals in Europe were dominated by UK companies

2023 has seen a stark comparison to the previous year with no European FinTech deals reaching the $1bn mark, compared to two in 2022. The UK accounted for the majority of the top 10 deals with seven deals making the list. Blockchain & Digital Asset technologies was the most active FinTech subsector on the list with three deals. This was followed by PayTech and WealthTech which both had two deals each on the list.

Blockchain & Digital Asset technologies remain innovative in 2023 with digital assets such as Bitcoin reemerging. Bitcoin’s price increased 155% in December 2023 from December 2022. The number of jurisdictions creating regulatory frameworks has also significantly increased in 2023, for example MiCA in the EU which cements Blockchain & Digital Assets importance going forward in 2024.

European PayTech’s total transaction value is projected to reach $2,144bn in 2024, a 20.1% share of global payments . Europe’s total transaction value is expected to show an annual growth rate (CAGR 2024-2027) of 12.6% resulting in a projected total amount of $3,061bn by 2027.

Digital banking in Europe saw a major increase in usage during the Covid pandemic although figures in the following years have not really increased so dramatically, peaking at an average of 61.9% by the end of 2022, across all EU countries. EU countries that have the most online banking penetration are Finland (94.5%), Ireland (84.9%) and Sweden (84.5%).

Weekly FinTech deal roundup

$73m hyperexponential deal headlines this week’s FinTech funding rounds

The FinTech sector bounced back after a slow start to 2024, with 17 deals getting over the line, the highlight of those was a $73m tranche secured by hyperexponential.

Read the full story here.

RegTech news

• Adapting to the cloud: How UC platforms are transforming workplace collaboration – Over the last five years, the landscape of workplace communication has drastically evolved. Organizations are increasingly leveraging cloud-based unified communications (UC) platforms, ushering in a new era of collaboration. These platforms have significantly diminished the reliance on corporate-based email, facilitating a more dynamic interaction through various channels like chat, video, voice, and more. Read the full story here.
• The future of compliance: Emerging trends and predictions for 2024 - 2023 was a pivotal year in digital communications governance. In the US, regulatory bodies imposed hundreds of millions in fines, extending their reach from banks to broker-dealers, investment advisers, and credit rating agencies. Similar actions were observed in the UK, with regulatory bodies sanctioning banks and fining firms for non-compliance in trading communications. Read the full story here.
• The role of AI and RegTech in enhancing perpetual KYC practices - In the latest episode of the Fenergo FinTalks podcast, host Dhanum Nursigadoo engages in a thought-provoking conversation with Rory Doyle, Fenergo’s Head of Financial Crime Policy. The focus of this discussion is on a key term in AML compliance: perpetual KYC (pKYC). Read the full story here.

InsurTech news

• The key InsurTech trends to look out for in 2024? - 2024 marks a pivotal chapter in the dynamic world of InsurTech, where innovation and technology converge to redefine the insurance landscape. Read the full story here.
• The vision and road to Underwriting 3.0 - Against the backdrop of rapid technological advancements and the evolving needs of the InsurTech landscape, hyperexponential hosted a meeting of the minds to discuss the future of underwriting. In a sector that has been chastised for its lack of mobility and agility in regard to change, the webinar discussed the possibility that it is now time to enter a new era – the age of Underwriting 3.0. Read the full story here.
• Akur8 and Quincy Mutual Group unite to revolutionise insurance pricing strategy -?Akur8, a next-generation insurance pricing solution, has partnered with Quincy Mutual Group, a highly esteemed regional mutual insurance company in the United States. Read the full story here.

WealthTech news

• Piab Group advances with Tietoevry for cloud-based ERP solution - Tietoevry Tech Services has been chosen as the key strategic partner for Piab Group’s latest technological advancement. Read the full story here.
• Kinecta partners with FusionIQ to revolutionise digital investing -?FusionIQ, a leading provider of cloud-based wealth management solutions, joins forces with Kinecta Federal Credit Union in a strategic partnership aimed at enhancing digital investing services for financial institutions. Read the full story here.
• ZILO secures ￡25m funding to transform asset management - ZILO, a UK-based company specialising in asset and wealth management software, has successfully completed a significant Series A fundraising round, securing ￡25m. Read the full story here.

CyberTech news

• ExtraHop bolsters cybersecurity stance with $100m capital boost for NDR expansion - ExtraHop, renowned for its pioneering work in cloud-native network detection and response (NDR), has secured $100m in growth capital from its existing investors, a deal set to be finalised early in 2024. Read the full story here.
• Palo Alto Networks reveals alarming cyber gaps in banking and insurance - In an eye-opening study by Palo Alto Networks and IDC Research, the state of cyber resilience across EMEA has been brought into sharp focus. Read the full story here.
• DataTribe fuels Vigilant Ops with $2m investment for cybersecurity innovation - Vigilant Ops, an emerging leader in the automation of Software Bill of Materials (SBOM), has secured a $2 million seed investment from DataTribe. Read the full story here.

Don't Miss Out - Data Management Tech Forum will be hosted on 31st January 2024!

Don’t miss the most exclusive data management event where data leaders and tech innovators converge to discuss and debate best practices in data governance and compliance!

Find out more here.

ESG FinTech news

• Key takeaways from COP28: Is the fossil fuel era coming to an end? - The COP28 Summit, held in Dubai from 30 November to 12 December 2023, could have marked a historic turning point in the global approach to climate change. Read the full story here.
• ECON proposal fuels ESG ratings cost concerns for asset managers - The proposed amendments to the EU ESG Ratings Regulation by the ECON of the European Parliament could lead to increased costs for users. Read the full story here.
• Merging expertise: Holtara unveils enhanced ESG services for global investors -?Today marks the introduction of Holtara, a subsidiary of Apex Group, a financial services behemoth known for its all-encompassing solutions for asset managers. Holtara emerges as a new brand in sustainability services, blending expertise from Apex Group and MJ Hudson, a recent acquisition. Read the full story here.

Other FinTech news

• NatWest’s new IP lending boosts high growth companies - NatWest Group, a prominent UK banking institution, has announced an innovative lending proposition targeting high growth businesses. Read the full story here.
• Trustly and SlimPay unite to revolutionise European recurring payments - Trustly, a leader in open banking solutions, has completed its acquisition of SlimPay, a prominent player in the European recurring payments sector. Read the full story here.
• Radian backs FinLocker with a fresh investment -?Radian Group, a leading company in mortgage and real estate services, announced a strategic investment in FinLocker, a revolutionary app designed to assist in personal financial fitness and homeownership. Read the full story here.