For the first time since the beginning of the coronavirus pandemic, the Bank of England opened the door to cut interest rates, confirming forecasts that the inflation rate will reach the target level in the coming spring, and warning of the likelihood of renewed price pressure.
The Bank of England on Thursday, February 1, is likely to keep the interest rates at 5.25%, keeping this indicator within what can be described as sustainable stability.
Digital bank Revolut has introduced a new cross-border money transfer service called Mobile Wallets that redefines remittance experiences, requiring only receivers’ contacts for transactions.
The World Economic Forum emphasised the role of thriving fintech hubs hosting clusters of fintech corporate headquarters and providing significant operating markets such as Singapore, the UK, the US, Mexico and India for the global growth of the fintech industry.
Customers at the checkout-free concept Aldi store in London can now simply tap their contactless payment card or mobile phone at a barrier to enter the store.
British asset and wealth management software provider Zilo has announced that it has managed to raise 25 million pounds in a Series A funding round.
Inflation, increased interest rates, geopolitical instability, and other macroeconomic challenges brought US and UK fintechs 36% and 63% less money last year, respectively.
HSBC has joined the list of financial institutions that are participating in a kind of race for the right to acquire Tesco Bank.
In the United Kingdom, the executives of local companies appealed to the Bank of England to lower interest rates shortly, arguing that this decision by the financial regulator would be able to support the country’s weakening economic system after the so-called depressed confidence turned out to be at a four-month low.
Recent UK research showed that almost 6 in 10 ethnic minority-owned businesses (EMBs) have ambitions to both grow and take risks, significantly higher than the overall percentage of SMEs nationwide (27%).
The British fintech company Revolut reported that its revenue for 2022 amounted to $1.1 billion.
The United Kingdom’s economic system is currently on a path that could end in recession.
Digital identity company Yoti has received debt financing for 12.5 million pounds from HSBC and another 7.5 million pounds of convertible debt financing from existing shareholders.
The Supreme Court of the United Kingdom ruled that, from a legal point of view, it is not possible to designate artificial intelligence as an inventor to ensure patent rights.
The economy of the United Kingdom in October this year showed a contraction that turned out to be stronger than expected.
A proposed cap on cross-border interchange fees charged by Visa and Mastercard aims to avoid businesses overpaying after Brexit eliminated fee limitations applied in the EU.
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