Tech & Tonic: Flux in fishy fintech deal, FCA sandbox goes global and trading apps spark fraud fears

There's something fishy about this week's fintech news.

There's something fishy about this week's fintech news.

We had a letter last week from a Mrs Deirdre Abbot, 81, in Tunbridge Wells, who complained Tech & Tonic had clashed with The Jeremy Kyle Show. So we're putting it out a little later this week as we feel confident a head-to-head with David Dickinson's Real Deal is far more winnable.

Itsu in paperless trial

Business deals can sometimes look a bit fishy – and none more so than a fintech partnership announced this week. London data start-up Flux has partnered with sushi chain Itsu to trial a launch of paperless receipts across the fast food chain’s 72 UK stores.

Flux allows customers to go paperless by having their receipts available on their phone banking app. Now users who have opted in with Flux's banking partners will receive an itemised digital receipt inside their banking app when they pay with their card at any of Itsu's UK outlets, according to Micro Small Cap.

Pod, Costa Coffee and Eat are among other retailers that have already partnered up with Flux to make digital receipts available to customers. 

Fintech sandbox to go global

The FCA has announced plans to set up a "Global Financial Innovation Network" with 11 other regulators to promote innovation in financial services across the world.

Building on proposals earlier in the year to create a “global sandbox", the network is intended to provide fintech firms a more efficient way to interact with regulators as they test new ideas across different markets. Read about the initiative in the FCA's news release.

Security fears at leading investment platforms

Some of the UK’s most popular trading platforms have ‘major vulnerabilities’ to data theft, according to Citywire Wealth Manager.

Security consultant IOActive made the claim after reviewing 16 desktop apps, 34 mobile apps and 30 websites . 

"Apparently, cybersecurity has not been on the radar of the fintech space in charge of developing trading apps," said the company’s senior security consultant Alejandro Hernandez.

Appy days at insurtech firm

And finally, hats off and congratulations to insurance start-up Wrisk, which has launched on the App Store. The move gives the company yet another reason to smile, coming hot on the heels of a £1m crowdfunding raise earlier in the summer. And, if you need proof of those smiles, here's a team pic.

If you know of any new news or news that's newer than the news we know, you can tweet us at @foco_global. Who knew!

Pic from Pixabay.

Michael Taggart

Co-founder of Foco, the fintech content marketing agency