IBS Journal June 2017
09
CLEARLY gears up for launch
later this year. The challenger is headed up by a team that includes former Tandem CTO James Greenwood. It offers banking “at your fingertips” via a mobile model. CLEARLY will provide account openings “in seconds” and “completely online”. Users will be issued a plastic card. The startup isn’t aiming for a banking licence at this time, but instead will partner with an established FI to use its regulatory capital.
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The UAE is ripe for a digital-first bank, according to CEO Mike Cunningham. It ranks as “one of the most technologically developed countries in the world” and has consumers that are “more tech-focused than ever”.
CLEARLY is backed by European and Middle Eastern Barclays boosts FinTech credentials
London, in Shoreditch, labelling it Europe’s largest co- working FinTech space. This will house 40-plus startups, along with the bank’s banking and technology teams, and will serve as a gathering place for leaders in the FinTech and venture capital communities. It will also play host to more than 200 hours of learning, workshops, hackathons and networking on a monthly basis. Rise, Barclays’ FinTech innovation arm, has seven workspaces around the world, including New York and Cape Town.
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Jes Staley, Barclays’ Chief Executive, says: “We believe that technology must be a core competency of a global financial institution, and we intend to be a leader in the industry. We recently announced the creation of 750 new jobs in our UK technology centres. FinTech startups are at the front of the technology wave that is changing our industry. Through Rise, we glean important insights; we can actively experiment with emerging technologies, and we can spot early trends and new markets as they form. This allows our employees, customers and clients to do things faster,
arclays has opened an innovation site, Rise ubai-based neo-bank CLEARLY will launch
investors. In addition to Greenwood, Cunningham was formerly of Abu Dhabi Commercial Bank and Barclays, whilst CFO Fara Remtulla is a former director at Deutsche Bank. Customers can already register on its website to receive invitations and closed-door sessions.
“When you hear people talking about the next Silicon Valley the focus is often on Europe and South Asia,” says Remtulla. “[Dubai is] the heart of the Middle East and the gateway to Africa and the Indian sub-continent. Couple this with pioneering leadership of His Highness Sheikh Mohammed bin Rashid al Maktoum, there is no doubt that Dubai will be at the forefront on many technological advancements for years to come.”
Alex Hamilton
better and at lower cost.”
Michael Harte, Group Head of Innovation at Barclays, comments: “Rise is an open innovation platform to engage FinTech startups with customers and clients to invent new business solutions. Our vibrant community taps into the agile and disruptive nature of these ventures. By matching FinTechs with the business challenges that we face as a diversified financial services firm, we drive customer and shareholder value. For us, the more vibrant we make the FinTech community, the greater the value contribution to customers and shareholders as well as to the financial services sector as a whole.”
Scott Thompson
www.ibsintelligence.com
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