Latest news with #MartinaKeane
Yahoo
6 hours ago
- Business
- Yahoo
JPMorgan opens fintech accelerator program in UK
JPMorganChase is accepting applications for a new fintech accelerator program for startup founders in the U.K. The Fintech Forward accelerator, developed by JPMorganChase and U.K.-based consulting firm EY, is a 12-week in-person and virtual program for founders applying technology to create scalable solutions within financial services. Applications for the accelerator opened May 26 and will close on June 27. The program will run from September to November of 2025. Successful applicants receive access to mentorship from bank executives, a two-day offsite at JPMorganChase's technology center in Glasgow and opportunities to showcase their business to potential investors and commercial partners. The accelerator is targeting U.K. fintech candidates with a "live product demonstrating market traction" and annual revenues not exceeding £1 million, according to the program's website. "At JPMorgan Payments, our north star is to improve the payments ecosystem and transform the movement of information, money, and assets," said Veronique Steiner, head of EMEA innovation economy at JPMorgan Payments. "We're actively encouraging applications from founders or business leaders who are overcoming obstacles to growing a business, including a lack of proximity to funding and networks, and are addressing the needs of underserved consumers, businesses or communities."A research report published by EY on Monday said that the U.K. "continues to be Europe's most attractive destination for foreign direct investment into financial services, despite a drop in the number of projects across the region." The U.K. financial services sector "continues to capture global investor confidence, particularly as they navigate challenging market conditions," said Martina Keane, EY's managing partner for the U.K. and Ireland. Future success rests on factors such as growing the attractiveness of the U.K.'s financial services sector on the global stage, Keane said. "To do this, we must build on our inherent strengths and prioritize progressive regulation, innovation and the continued establishment of key international trade relationships," she said. The office of the Lord Mayor of London has also highlighted the need for funding and support for U.K. fintech startups. "The U.K. is the third most attractive destination for investing in AI and tech in the world after the U.S. and China, specifically as a home for startups," Jason Esi, internal communications officer for the City of London Corporation, told American Banker in a previous interview. "When startups scale up in the U.K., what has happened is that when they need money, they tend to move to the U.S. to get that funding." Lord Mayor Alastair King expressed similar sentiments about the need for fintech startup funding in the U.K. "We must start funding our own fintechs," King told American Banker. "We have some startup businesses that are well-financed because angels are investing, but we're really bad at giving scale-up capital. Far too many really good, innovative British businesses in fintech are having to go off to America to get the funding they need. Therefore, we're using my official residence, the Mansion House, to bring good U.K.-based fintech businesses in front of U.K.-based investors." Sign in to access your portfolio
Business Times
a day ago
- Business
- Business Times
UK finance leads in foreign investment yet deals fall across Europe: EY
[LONDON] The UK's finance industry kept its lead over the rest of Europe in attracting foreign investment last year, although activity across the region slowed, according to professional services firm EY. The country attracted foreign investment for 73 finance projects last year, down by 32 per cent on the prior year, while in second place Germany, deal volumes fell 16 per cent to 32. Throughout Europe, volumes fell 11 per cent, EY found. Global investors also saw London as the most attractive European city for financial services foreign investment over the coming year, beating out Frankfurt and Paris, although at a national level, Germany was the preferred choice for the future. With US President Donald Trump's tariff announcements clouding the outlook, the poll found just 32 per cent were likely to invest in the US, compared to 39 per cent in the EU and 44 per cent for the UK. 'The strength and depth of the UK's financial services sector continues to capture global investor confidence – particularly as they navigate challenging market conditions,' said Martina Keane, managing partner at EY UK and Ireland financial services. However, she said competition remained fierce for available financing. BLOOMBERG
The Independent
17-02-2025
- Business
- The Independent
UK mortgage lending growth set to double in 2025 as falling interest rates revive market
The growth rate in the value of UK mortgage lending is set to double in 2025, following two years of little-to-no increases, according to a forecast. Falling interest rates and rising consumer confidence will boost housing market activity, the EY ITEM Club 'outlook for financial services' suggests. UK mortgage lending growth is forecast to increase from 1.5 per cent net in 2024 to 3.1 per cent net in 2025. But with rising house prices and high mortgage rates persisting, mortgage lending growth is expected to be steady after this year, with net growth forecast at 3.2 per cent in 2026 and 3.6 per cent in 2027. Martina Keane, EY UK & Ireland financial services leader, said: 'The UK's gradual economic recovery is strengthening confidence and translating into more appetite to borrow from UK banks. 'Looking to the year ahead, if interest rates are cut further as expected, borrowing costs should fall, the capacity for household spending will grow, and stronger levels of mortgage borrowing should return after two years of little-to-no growth. 'However, optimism must remain measured. We begin 2025 facing heightened geopolitical tensions and a sense of uncertainty around the impact of upcoming UK tax rises, presenting a very real downside risk to market confidence and the overall outlook for lending growth.' The EY ITEM Club forecasts write-off rates on UK mortgages will decrease to 0.001 per cent in 2025, from 0.004 per cent in 2024, as borrowing rates fall, before rising slightly to 0.002 per cent in 2026 and 2027. The report also said demand for business loans is expected to rise as interest rates and borrowing costs continue to fall. Start investing with Trading 212. Capital at risk. The EY ITEM Club forecasts UK bank-to-business lending to grow 4.5 per cent net this year – the strongest growth since 2020 when the government announced loan support schemes during Covid-19. But this expectation is still a downgrade from a previous 5.6 per cent net forecast by the EY ITEM Club in November 2024. The less optimistic outlook is due to upcoming tax changes, tighter financial conditions and global trade uncertainty being expected to weigh on private sector confidence and investment in the first half of 2025. Dan Cooper, EY UK head of banking and capital markets, said: 'Looking to the year ahead, the increasingly positive outlook for lending and the prospect of relatively low default rates is welcome news for UK banks and their customers.' He added: 'This forecast should provide a boost to banks' balance sheets and provide some breathing space to focus on executing wider strategic priorities such as transformation and embracing new technologies.'
The Independent
17-02-2025
- Business
- The Independent
Mortgage lending ‘set for a boost in 2025 after two years of suppressed demand'
The growth rate in the value of UK mortgage lending is set to double in 2025, following two years of little-to-no increases, according to a forecast. Falling interest rates and rising consumer confidence will boost housing market activity, the EY ITEM Club 'outlook for financial services' suggests. UK mortgage lending growth is forecast to increase from 1.5% net in 2024 to 3.1% net in 2025. But with rising house prices and high mortgage rates persisting, mortgage lending growth is expected to be steady after this year, with net growth forecast at 3.2% in 2026 and 3.6% in 2027. Martina Keane, EY UK & Ireland financial services leader, said: 'The UK's gradual economic recovery is strengthening confidence and translating into more appetite to borrow from UK banks. Optimism must remain measured. We begin 2025 facing heightened geopolitical tensions and a sense of uncertainty around the impact of upcoming UK tax rises Martina Keane, EY 'Looking to the year ahead, if interest rates are cut further as expected, borrowing costs should fall, the capacity for household spending will grow, and stronger levels of mortgage borrowing should return after two years of little-to-no growth. 'However, optimism must remain measured. We begin 2025 facing heightened geopolitical tensions and a sense of uncertainty around the impact of upcoming UK tax rises, presenting a very real downside risk to market confidence and the overall outlook for lending growth.' The EY ITEM Club forecasts write-off rates on UK mortgages will decrease to 0.001% in 2025, from 0.004% in 2024, as borrowing rates fall, before rising slightly to 0.002% in 2026 and 2027. The report also said demand for business loans is expected to rise as interest rates and borrowing costs continue to fall. The EY ITEM Club forecasts UK bank-to-business lending to grow 4.5% net this year – the strongest growth since 2020 when the government announced loan support schemes during Covid-19. But this expectation is still a downgrade from a previous 5.6% net forecast by the EY ITEM Club in November 2024. The less optimistic outlook is due to upcoming tax changes, tighter financial conditions and global trade uncertainty being expected to weigh on private sector confidence and investment in the first half of 2025. Dan Cooper, EY UK head of banking and capital markets, said: 'Looking to the year ahead, the increasingly positive outlook for lending and the prospect of relatively low default rates is welcome news for UK banks and their customers.' He added: 'This forecast should provide a boost to banks' balance sheets and provide some breathing space to focus on executing wider strategic priorities such as transformation and embracing new technologies.'
Yahoo
17-02-2025
- Business
- Yahoo
Mortgage lending ‘set for a boost in 2025 after two years of suppressed demand'
The growth rate in the value of UK mortgage lending is set to double in 2025, following two years of little-to-no increases, according to a forecast. Falling interest rates and rising consumer confidence will boost housing market activity, the EY ITEM Club 'outlook for financial services' suggests. UK mortgage lending growth is forecast to increase from 1.5% net in 2024 to 3.1% net in 2025. But with rising house prices and high mortgage rates persisting, mortgage lending growth is expected to be steady after this year, with net growth forecast at 3.2% in 2026 and 3.6% in 2027. Martina Keane, EY UK & Ireland financial services leader, said: 'The UK's gradual economic recovery is strengthening confidence and translating into more appetite to borrow from UK banks. 'Looking to the year ahead, if interest rates are cut further as expected, borrowing costs should fall, the capacity for household spending will grow, and stronger levels of mortgage borrowing should return after two years of little-to-no growth. 'However, optimism must remain measured. We begin 2025 facing heightened geopolitical tensions and a sense of uncertainty around the impact of upcoming UK tax rises, presenting a very real downside risk to market confidence and the overall outlook for lending growth.' The EY ITEM Club forecasts write-off rates on UK mortgages will decrease to 0.001% in 2025, from 0.004% in 2024, as borrowing rates fall, before rising slightly to 0.002% in 2026 and 2027. The report also said demand for business loans is expected to rise as interest rates and borrowing costs continue to fall. The EY ITEM Club forecasts UK bank-to-business lending to grow 4.5% net this year – the strongest growth since 2020 when the government announced loan support schemes during Covid-19. But this expectation is still a downgrade from a previous 5.6% net forecast by the EY ITEM Club in November 2024. The less optimistic outlook is due to upcoming tax changes, tighter financial conditions and global trade uncertainty being expected to weigh on private sector confidence and investment in the first half of 2025. Dan Cooper, EY UK head of banking and capital markets, said: 'Looking to the year ahead, the increasingly positive outlook for lending and the prospect of relatively low default rates is welcome news for UK banks and their customers.' He added: 'This forecast should provide a boost to banks' balance sheets and provide some breathing space to focus on executing wider strategic priorities such as transformation and embracing new technologies.' Sign in to access your portfolio
