Daimler buys PayCash in anticipation of new motoring culture

daimler car2go

The way people get around is going to change, with more people deciding that they don’t want the hassle of owning a car – they just want to hire one from time to time.

This seems to be the prevailing view among established automakers such as Daimler, parent company of Mercedes-Benz, as well as new entrants to the motoring market, such as the smartphone apps which enable users to hail cabs and so on.

In the latest development towards the new motoring world, Daimler has paid an undisclosed sum to buy PayCash, which will become the electronic payment system for the services of the Daimler under the new brand name “Mercedes Pay”, which enables payment through smartphones.  Continue reading Daimler buys PayCash in anticipation of new motoring culture

‘Chinese companies lead the way in fintech innovation’


China-based investment expert Edward Tse, CEO of Gao Feng, says financial technology companies are thriving in China 

With the Chinese government keen to encourage innovation the fintech revolution is quickly gaining pace. Financial technologies companies backed by Chinese venture capital raised $2.4 billion in the first quarter of 2016, according to accounting firm KPMG.

This represented a 49 per cent share of global fintech investment in the period, bigger than that of North America and Europe combined.

Ant Financial Services Group, Alibaba Group Holding’s fintech affiliate, itself raised $4.5 billion in April, making it the largest round of funding for a fintech company in the world.  Continue reading ‘Chinese companies lead the way in fintech innovation’

Bank of America hires chatty virtual robot

Reuters / Joshua Lott / File Photo
Reuters / Joshua Lott / File Photo

By David Henry, Reuters

Bank of America plans to provide customers with a chatty “virtual assistant” named Erica that will use artificial intelligence to make suggestions over mobile phones for improving their financial affairs.

Michelle Moore, head of digital banking for Bank of America, said in an interview on Monday that Erica will be smarter than a robot because she will bring up topics on her own, using predictive analytics as opposed to only answering questions customers ask.

For example, Erica may recommend taking steps to lift a sagging credit rating she noticed. Or, she may propose a customer make higher monthly payments on an outstanding credit card balance to reduce interest expenses.  Continue reading Bank of America hires chatty virtual robot

Robo-advisor platform aimed at small investors launched

robo advisor

A financial services company called Ladenburg Thalmann has launched a robo-adviser called $ymbil, apparently aimed at small investors. 

The company describes it as a self-service investment platform that matches clients of Ladenburg affiliated advisors to a diversified portfolio consistent with their personal risk tolerance. Requiring a minimum investment of $500, $ymbil allows clients to fund their accounts and start investing in minutes.

“With $ymbil, we are helping advisors address the growing demand for wealth management services that harness the combined benefits of automation and human insight,” said Adam Malamed, Ladenburg’s chief operating officer. “$ymbil appeals to financial advisors and investors looking to maximize the benefits of technology with automated client registration, account administration, reporting and operational efficiencies.”  Continue reading Robo-advisor platform aimed at small investors launched