Every Wednesday, we delve into the latest fintech updates from across the UK. This week sees Airwallex partner with Visa to create its first mass marketing campaign; while Telegram allows its first cryptocurrency to be sent directly through its app.
Airwallex launch first ‘above the line’ campaign in London
Airwallex, the global payments platform, has launched its first mass-marketing campaign in London to showcase its Borderless Cards. These allow companies to make digital and physical card transactions worldwide. The campaign is being run as part of a partnership with Visa, launching a total of 5,000 adverts across 35 of London’s underground stations.
These underground adverts, alongside a short video advert, focus on the ability to spend numerous currencies across the world with zero transaction fees, while also creating multiple virtual debit cards, alongside various other features within one app.
The advertising is already experiencing success with Airwallex reporting a 366 per cent increase in website traffic and a 67 per cent increase in sign ups from London-based consumers.
“This campaign sheds light on the frustrations many businesses face when managing money across borders, and the negative impact that can have on a company’s bottom line. At Airwallex, we believe every business should have the right financial infrastructure to expand globally, and are proud to offer businesses limitless opportunities with our suite of financial solutions,” explained Tilly Michell, Airwallex’s content marketing manager.
Interactive Investor’s latest poll highlights consumers cost of living concerns
A poll of over 3,000 people, conducted by Interactive Investor, between 21 and 25 April 2022 has shown that over a third of consumers believe the current cost-of-living crisis will inhibit them from reaching a significant financial milestone. The results of the poll shows that 36 per cent of people believe they would be substantially affected by the numerous recent rises in the cost of living.
The significantly rising cost of energy in the UK was cited as one of the main reasons for this, with 63 per cent of people highlighting this as the form of expenditure that caused them the most concern.
“For the majority of the sample, the inflationary pinch is most felt from their energy bills, which is set to rise by £693 a year following a rise to the energy price at the start of April,” commented Myron Jobson, senior personal finance analyst at Interactive Investor. “For investors, the current stock market malaise is the most pressing concern, with the FTSE All Share, S&P 500 and the MSCI Word indices all down since the start of the year, and even the most celebrated funds have stumbled.”
Cloud accounting firm FreeAgent launches software solution for Making Tax Digital
Cloud accounting firm FreeAgent launched its new software solution aiming to tackle problems caused by the UK’s digital tax legislation for businesses and landlords. This specific software has been designed with landlords in mind, who will largely be affected in April 2024 in which all taxpayers who file income tax Self-Assessments for property income of more than £10,000 a year.
The program aptly named ‘FreeAgent for landlords’ will initially only be available to accountancy firms partnered with FreeAgent but will allow them to migrate landlords in time for the changes in filing tax submissions to HMRC in 2024.
“From 2024, many landlords will be facing the prospect of having to use some form of accounting software – possibly for the first time ever – in order to comply with Making Tax Digital for Income Tax Self Assessment,” said Roan Lavery, CEO and co-founder of FreeAgent. “Making Tax Digital is the biggest tax change in a generation and we are committed to making it as stress-free as we can.”
Toncoin becomes first cryptocurrency to be sent in Telegram chats
The Open Network (TON)Foundation’s cryptocurrency Toncoin has become the first cryptocurrency that can be sent in chats by Telegram’s 550 million monthly active users. The Open Network Foundation believes that this could transform how cryptocurrency is used in daily life; with no transaction fees or limits to sending it through Telegram.
This new service eliminates the need to enter long wallet addresses; without requiring the need to download any other apps or programs. Instead, it makes use of Telegram’s open platform for bots; simply requiring the user to open the relevant bot. Once this is added correctly, Toncoin can be sent to someone with only a couple of taps.
A TON Foundation spokesperson said: “Over time we anticipate that this functionality will extend into consumer to business payments, so that people can easily acquire goods and services by sending Toncoin via bots in the Telegram app.”
London regtech receives significant investment alongside important appointments
London based regtech startup ALT/AVE has announced three major appointments to its advisory board this week. The UK government backed company added Keith MacDonald, formerly leading EY’s wealth management and private banking business for over 10 years.
Dag Lee joins him in an advisory role, having held a variety of positions across banking and finance. The third appointment is Sarah Ronald, a founding partner of two tech companies who has invested in a number of early stage companies.
These members have also each become significant investors in ALT/AVE and their contributions added to a funding boost totalling £530,000. The company explained that this would aid in the commercialisation of their technology.
ALT/ AVE chair Phil Shelley said: “I am delighted to complete our second fund raising of £530,000 with strong support from existing and new shareholders. I am also delighted to welcome new advisory board members who I am confident will enable the company to continue growing. Each of the three new appointments bring unique and very relevant experience as well as broad connectivity that will help ALT/AVE continue its rapid progress.”