Metro Bank, which launched into the UK retail banking sector in 2010, more than tripled its lending to businesses last year.
The bank’s business lending, which focuses on small and medium-sized enterprises (SMEs) lent £97.5m to British companies in 2012 compared with £32.3m earlier. The sums are modest compared to the lending figures of the UK’s ‘Big Four’ of Barclays, HSBC, RBS and Lloyds, but contrast with the reduction in lending by the major banking groups.
Metro’s expansion has focused on London and southeast England. The bank, which will open its 19th branch this month and aims for a total of 200 by 2020, also wants to list on the London stock market as early as next year.
Metro Bank’s founder and former chairman, Anthony Thomson, said: “I believe there is a real opportunity for the creation of new banks that can serve the needs of individuals, communities and businesses. I think we will see between five and 15 new [UK] banks over the next three to five years.”
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.