Each week we take a look at some of the major stories in the fintech industry. This week, Revolut launches educational courses on cryptocurrency and OKX becomes the training kit partner of Manchester City.
Average spending on credit cards in UK decreased by £7
FICO’s report of May 2022 UK card trends suggests that whilst cost-of-living pressures are definitely starting to have an impact, cardholders are also taking a pragmatic approach to financial management. The monthly report based on the largest consortium of UK cards data shows that the percentage of payments compared to balance continues to follow an upward trend. Alongside the fact that the average spend on credit cards has dipped by £7 compared to April, the data suggests consumers are being sensible with spend and payments.
OKX becomes training kit partner of Manchester City
OKX, one of the world’s leading cryptocurrency platforms, today announced that it will be the Official Training Kit Partner of Manchester City for the 2022/2023 season.
The agreement will see OKX featured across the training kit of the Manchester City men’s and women’s first teams. The men’s first team will debut the training kit when returning for their first pre-season training session today, with the women’s team wearing the kit on their return to training next month.
Haider Rafique, Global Chief Marketing Officer, OKX, said: ” Our partnership with Man City has provided a great platform through which we have the opportunity to educate those curious about crypto and offer those already involved the training they need to participate responsibly.”
Revolut launches educational courses on cryptocurrency
Revolut, the global financial superapp, has launched its new ‘Learn & Earn’ courses to help customers improve their knowledge of cryptocurrencies and related topics, including blockchains, and the most popular tokens and protocols. The courses are available to Revolut customers, who can earn up to $15 in DOT tokens by taking these short and simple courses and passing the final quiz.
Emil Urmashin, Crypto General Manager at Revolut, said: “There’s a huge appetite from our customers to learn more about cryptocurrencies. ‘Learn & Earn‘ will help them better understand the trends, risks and potential opportunities associated with Crypto. Our collaboration with Web3 Foundation on Polkadot, one of the most popular blockchain networks, will help customers become more familiar with crypto concepts.”
Sumsub announces updates to identity verification solution
Sumsub has announced it has launched its identity verification solution on Salesforce AppExchange, empowering customers to smoothly onboard and verify their global users.
“We see this new offering as an opportunity to offer our global identity verification solution to an even wider audience of businesses around the world. Sumsub is happy to help more companies create verification flows tailored to their business demands, onboard users and stay protected from fraudsters along the way,” – said Peter Sever, Co-founder and Chief Strategy Officer of Sumsub.
The largest ransom pay-outs by cyber insurers averaged £3.2million
Panaseer, an enterprise security company, has released its latest report on the state of the cyber insurance industry. The survey of global insurers across the UK and US found that 82 per cent are expecting the rise in premiums to continue, with 74 per cent of insurers agreeing that their inability to accurately understand a customer’s security posture is impacting price increases. Insurers also see the increasing cost of ransomware as a leading factor (78 per cent) affecting premium rises, with the largest ransom pay-outs by insurers in the last two years averaging £3.26million in the UK.