46
THE MONTH IN NUMBERS The month in numbers
On this page we take a helicopter view of the fi gures that caught our eye this month. It seems that the industry is adopting and bolstering fi ntech, including cryptocurrencies. The Islamic sector and UK invoice payments, however, are stuck in a downward trend
Junior Reporter Henry Vilar
80%
of bankers see Open Banking as an opportunity, not a threat
62% said that they would be prepared to distribute third-party products through their platforms and channels, compared with just 29% in 2016.
55% said that internal procurement in startups was an issue. Other challenges cited by the respondents were meeting regulatory requirements (17%), securing customer loyalty (17%), using data effectively (15%), addressing increased competition (15%) and managing the growing risk of cybercrime (10%).
The Core Banking industry is set for 5.1% growth by 2027.
The segment could be worth as much as $65 billion by 2027, and will see “steady revenue growth throughout”. 2017
Global sukuk issuance expected to drop in 2018
Global sukuk issuance is expected to drop by 28% in 2018 due to tighter liquidity, mounting geopolitical risks, and hurdles when it comes to standardisation, according to S&P’s Global Sukuk Market Outlook.
Although the number of bonds of this type issued went up by 45% year-on-year in 2017, to $97.9 billion, things look different for the new year. 2017 hit record numbers since 2014, boosted by Saudi Arabia’s $9 billion inaugural sukuk in April and other GCC sovereign issuances.
2017 a record year for London and UK fi ntech investment
London-based fi rms accounted for more than 90% of this fi gure. The capital saw major funding rounds for fi ntech companies TransferWise, with £211 million ($299 million), Funding Circle with £81.9 million ($110.9 million) and Monzo with £71 million ($96 million).
Between 30 December 2017 and 1 January 2018, the total transaction volume of UnionPay reached a new record high of $111.2 billion, growing by 36.8% compared with the 2017 New Year’s holiday.
Companies shares are going up after they declared crypto and blockchain interest. Net Element shares up by 300% after it declares focus on cryptos and blockchain. Kodak pivots to blockchain
and cryptocurrency, and its shares triple in value. 2027 3/4 of UK
invoices sent abroad are paid late as processing speeds plummet.
A study revealed that 73% of invoices sent by UK businesses to EU fi rms were paid late, a clear increase from 40.4% in 2016. Late invoices by US business increased similarly, from 45.7% to 71% in each respective year.
Venture capital investment into the UK’s tech sector reached an
all-time high in 2017 with UK fi rms attracting £2.99 billion ($4.05 billion) – almost double the total amount invested in 2016 (£1.63 billion/$2.21 billion).
London’s tech sector brought in the lion’s share of investment, with the capital’s tech fi rms raising a record £2.45 billion ($3.32 billion), around 80% of all UK venture capital tech funding in 2017. Fintech was the leading sector for investment in 2017, with UK fi nancial technology fi rms attracting a record £1.34 billion ($1.81 billion) in VC funding.
£
www.ibsintelligence.com | © IBS Intelligence 2018
5.1%
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