The UK banking group Royal Bank of Scotland (RBS) has appointed Marieke Flament for Mettle- the standalone digital entity catering small and medium-sized enterprises (SMEs) market to manage their finances. The news broke out on June 18, through Financial Times.
Reportedly, Marieke Flament would act as a new CEO of Mettle, who was previously functioning with the global financial services and cryptocurrency trading firm Circle, as a managing director of Europe.
Marieke is considered as a good fit for RBS new digital space initiative due to her proven expertise in the fintech and digital marketing space for online financial businesses. Mettle is looking for “early access” users to have users feedback and their experience at the product initial stage level. The platform Mettle as an app is excepted to roll out this year in August, which was launched in November 2018, through its beta version.
Alison Rose, head of commercial and private banking at RBS and the deputy chief executive of NatWest Holdings, while admiring MarikeFlament experience said that “Flament possess the knowledge of adapting to a constantly evolving tech landscape and shown a record of breaking boundaries in the finance sector.”
Project Mettle By Royal Bank Of Scotland
RBS has a number of digital plans underway due to the high potential level to make a profit from the industry. Mettle is offering a business current account to the people. It may be considered a new bank, however, on the website FAQs section, the page displays openly that it’s not a bank and presently is functioning as an agent, which is operating under an e-money license and maintained by PrePay Solutions (PPS)- PPS is regulated by the Financial Conduct Authority (FCA). Further, the data also says that any deposit placed with Mettle would not be treated under a Financial Services Compensation Scheme (FSCS) protected.
The project Mettle is the joint cooperation with David Brear, CEO of UK-based consultancy 11: FS. Purportedly, Brear already worked in previous partnerships with RBS’s subsidiary NatWest and another consultancy firm Capco.
According to Flament, there is a huge potential and an opportunity in the SME digital banking sector for financial disruption. The insights and required feedback that has got during the Mettle pilot stage, has helped the organization to take actions accordingly and proved that the project stands on a strong position in order to capitalize on further opportunities.
RBS & Barclays Focusing on Blockchain Tech
In April 2019, Royal Bank of Scotland (RBS) along with Barclays, and 40 more participants joined a trail project powered by blockchain technology, in an effort to simplify the real estate payment structure while reducing cost and bringing more transparent system in property acquisitions process, which is earlier considered to be the long drawn and time taking activity. The startup named “Instant Property Network” assisted in this collaboration and provided its tool which deploys R3’s open source platform, Corda. With this project, it is proposed that
“People would not have to interact with separate intermediaries that include different businesses and governmental entities.”
Tags: Royal Bank of Scotland (RBS), Marieke Flament, Circle, Europe, Cryptocurrency, Trading Firm, Blockchain Technology, SMEs, Mettle, Digital Entity, Bank, Agent, E-money License, PrePay Solutions (PPS), Financial Conduct Authority (FCA), David Brear, 11: FS, NatWest, Capco
Image Source: Twitter/RBS