UK Fintech News Roundup: The Latest Stories 03/05

Every Wednesday we delve into the latest fintech updates from across the UK. This week brings updates from allpay cards, finder.com, Travelex and Currensea.

Currensea and Royal Marines Charity launch debit card

The Royal Marines Charity (RMA), the membership body supporting serving and veteran Royal Marines and their families, has launched a debit card in partnership with UK fintech Currency.

The new Currensea card links to supporters’ existing bank accounts and is available to both members and supporters who wish to donate to RMC. Donations can be made by rounding up expenses to the nearest 50p or £1 in the UK, and also for expenses abroad.

RMA’s card also enables users to save at least 85 percent – and up to 100 percent – on transaction fees abroad by removing the usual fees imposed by banks and other card providers. RMC supporters can also donate some or all of these savings on top of their UK Spending donations.

Jonathan Ballchief executive of The Royal Marines Charity, said: “At RMA we are constantly looking for innovative ways to drive donations to our lifelong programs to serve and ex serve Royal Marines and their families. Our partnership with Currensea and the launch of our branded debit card will not only enable our supporters to donate easily and conveniently, but also give them a way to save money when spending abroad.”

allpay cards invest in efficiency

Plastic card manufacturer allpay card has invested £1.5 million in new technology, which makes it possible to streamline production processes and increase efficiency. The company ultimately aims to provide higher quality services to customers with this move.

The addition of new machines enables the company to streamline its production processes and increase efficiency. allpay card also revealed that it expects the arrival of another color DOD before the end of May, which will further improve its capabilities and allow it to produce more complex designs and offer more customization options to customers

Jamie Taylorhead of card operations, discussed the investment: “At allpay cards we are constantly looking for ways to improve our operations and provide the best possible service to our customers.

“Our investment in new machinery is just one example of this commitment. We are excited about the possibilities that these new machines offer and look forward to continuing to serve our customers with the highest level of quality and service.”

ChatGPT is enjoying success in the stock market

Personal finance comparison site finder.com has created a fictitious investment fund using ChatGPT – despite the AI ​​chatbot allegedly not being allowed to give financial advice. ChatGPT picked 38 stocks – which rose 4.9 percent in the 8 weeks since March 6, 2023.

Finder revealed that this means it outperforms the average of the UK’s 10 most popular funds, which have collectively lost 0.8 per cent in value over the same time period.

Despite the good results given by ChatGPT Jon Ostler, CEO of finder.com, warned against using artificial intelligence to support investment decisions: “The big question is how bad an idea using ChatGPT to invest in research would be at the moment. Big funds have been increasingly using AI for years, but the public using a rudimentary AI platform that openly says their data is inconsistent since September 2021 and lacks the intricacies of market psychology doesn’t sound like a good idea.”

Travelex is expanding its ATM click & collect service across UK airports

Brand for currency Travelex has extended its ATM click & collect service to the whole of Heathrow, Birmingham and Manchester airports – following a successful pilot at Heathrow Terminal 5. In total it now offers more than 50 key ATM locations across all Heathrow terminals.

The service enables customers to pre-order foreign cash online at Travelex’s best possible price before collecting it contactless from an ATM at the airport.

Richard Wazacz, CEO of Travelex, said: “ATM click & collect enables our customers to not only access their currency in a new, fast and convenient way, but to do so at the best prices too. The service is one of many new innovative proposals we are developing.”