What's been happening in the world of fintech this week? Sit yourself down, ask someone you love to pour you a glass of gin laced with tonic and read on.
Investment Association launches fintech incubator
The Investment Association is to launch a fintech incubator in an attempt to kickstart the adoption of new tech within asset management, Citywire Wealth Manager reported.
The VeloCity program will launch later this year.
Tandem launches credit card
Tandem came one step closer to world domination this week with news it has launched its first banking product, a credit card that offers cashback on every purchase and no exchange fees abroad. This comes hot on the heels of its recent acquisition of the banking arm of Harrods.
Ahoy there! Lloyds Banking Group to splurge £3bn on tech
Lloyds Banking Group plans to spend £3bn on IT investment, as reported by The Register.
In a trading update, Lloyds said it intends to "deploy new technology to drive additional operational efficiencies that will make banking simple and easier for customers whilst reducing operating costs."
The news comes as the Group announced plans to lay off 1,000 workers as part of its new strategy.
Moneybox app integrates with Monzo
Monzo users can now invest their cash by rounding up their purchases of avocado and coffee to the nearest pound.*
Money saving and investments app Moneybox has added support for Monzo using the digital challenger bank's API. Read CityAm's coverage for more details.
*Important note: purchases can actually be of any variety.
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