Every Wednesday, we delve into the latest fintech updates from across the UK. This week we look into the impact of Eastern European conflict on UK business plans; while debt collection takes a digital approach.
Ukrainian conflict affects UK business expansion
Proactis, which offers software solutions for digital trade, has released research that highlights the impact the Russo-Ukrainian war has had on UK business plans.
The Proactis eRecovery Report shows that 19 per cent of major UK businesses had expected or planned to expand into at least one of Central and Eastern Europe prior to the Russia-Ukraine conflict. The study outlines how the impact of this disruption in Eastern Europe will force UK businesses to change their plans to instead explore expansion elsewhere in the world.
CEO of Proactis, Tim Sykes, said: “There is a sense of positivity about international trade, but while UK firms continue to seek out expansion opportunities, the one in five that were considering Eastern Europe as a prospective market will now have to look elsewhere.”
Online gambling guide opens for Irish users
CasinoAlpha Ireland has now officially launched. The database contains a selection of various online casinos; all of which are licenced by the Irish Revenue Commissioners as well as other regulatory bodies including the UK Gambling Commission and the Malta Gaming Authority.
The aim of the company is to ensure players are able to access the information that will allow them to make better financial decisions when gambling. Its website contains both an ‘education’ and ‘blog’ tab. The first of these tries to raise gambling addiction awareness as well as game rules and strategies. The blog section attempts to bring gambling specialist’s perspectives on subjects that will be specifically important to Irish readers.
CasinoAlpha attempts to analyse the market accurately and update the facts when required to give its users the best information to make gambling related decisions. Adina Minculescu, head of content at the company, said: “Through forming and expanding our team with members with various academic backgrounds, we aimed for data accuracy and critical thinking.”
ESG investment platform from Temenos
Cloud-based banking-as-a-service (BaaS) platform Temenos has launched an investment platform that lets banks produce environmental, social and governance (ESG) services at a greater speed and scale. It aims to help banks and wealth managers meet the ever-growing demand for sustainable investing.
ESG investing has created a way to invest in companies based on their commitment to one or more of the ESG factors. Bloomberg analysis has shown that ESG assets are on track to exceed £42trillion by 2025. With the new Temenos investment platform, banks can create investment products and power digital experiences that will allow investors to build a portfolio that aligns with their own personal values.
Product director at Temenos, Alexandre Duret, explained that the platform “provides a fast track for our banking clients to launch innovative ESG investment products underpinned by robust, compliant processes, including new MiFID rules applicable in the EU from August 2022.”
Family saving app reports significant asset growth
Savings app Beanstalk has reported a 350 per cent growth in assets over the last year and has now registered over 12,000 users since its launch in 2020. The app offers a succession of tools that aim to make it easier for specifically parents to save money for both their children and themselves.
Beanstalk lets users manage their own and their children’s accounts in one place. They are given the ability to invite friends or family to contribute towards a child’s junior ISA or send money for special occasions. The app has begun a six-figure crowdfunding round in which it aims to raise funds to help build on its current scale through greater customer acquisition.
Julian Robson, co-founder of Beanstalk, said: “We are on a mission to help parents by making it simple and affordable to build a nest egg for their children’s future, regardless of how much they are able to save.”
Debt collection goes digital
Digital debt collection solution InDebted has announced its launch in the UK in an attempt to transform the way debt is collected. The company wants to offer an intelligent, empathetic and digital-first approach to debt collection. The consumer-first approach comes at the same time as it announces results of consumer polling conducted by Opinium on InDebted’s behalf.
The research reveals that 49 per cent of adults in the UK who have interacted with traditional debt collectors in the past had experienced harassment or aggression as a result of the tactics used to get them to repay. It also found that 56 per cent of those involved in the poll said that their experience with UK debt collection agencies in the past had made it more difficult to resolve their debt.
“At a time when the cost of living crisis will see an increase in debts, consumers in need of support are being failed by the broken debt collection model,” said Josh Foreman, chief executive officer and founder of InDebted. “At InDebted, we are guided by a digital-first, data-driven solution that puts consumer outcomes at the heart of everything we do. Ultimately, we believe that those in debt deserve better from debt collectors.”