Landbay has become one of a group of leading fintech start-ups to found an organisation dedicated to combatting financial crime.
Launched in January 2017, the UK FinTech Financial Crime Exchange (FFE), is an opportunity for leading fintech firms to work together to protect their customers from the global threat of financial crime. This includes bribery and corruption, terrorist financing, money laundering, market manipulation and tax evasion. The Exchange is hosted by the Royal United Services Institute (RUSI) and run in co-ordination with financial crime consultancy, FINTRAIL.
In total, 17 fintech firms have joined the organisation. Other founding members include the foreign exchange platform, Transferwise, Monzo and other leading marketplace platforms.
The establishment of the FFE comes at a time when customers are seeking greater reassurance regarding the security of their money and personal information. In 2016, the UK fintech sector accounted for £783 million of investment. During this time, the risk of financial crime also increased significantly, as global finance and business becomes ever-more interconnected via digital channels.
Chief Operating Officer at Landbay, Julian Cork, agrees with the need to bring the key issue of financial crime to the forefront of business operations saying, “As an online mortgage lending and investment platform, we deal with customer finances and data every day, so security is at the heart of our online systems and processes. In addition to the existing security measures we have in place, forums like FFE are invaluable to ensure that, as an industry, we share our experiences and solutions in the rapidly evolving fin-tech space so that together we can keep our customers safe.”
FFE members, including Landbay, advocate a proactive and uncompromising stance against financial crime and the negative impact it has on customers, as well as the financial services industry as a whole. Via monthly meetings, members share information and collaborate in the discussion of best practices to continue their work in identifying and preventing this issue.