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10 of the most innovative fintech firms right now: KPMG, H2 Ventures

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Financial technology — a sector focused on developing new technologies to disrupt traditional financial markets — is growing rapidly.

Last year alone, $17.4 billion in venture capital investment was pumped into the space, according to industry body Innovate Finance.

A number of fintech firms have transitioned from starting up to being valued at billions of dollars. China’s Lufax, for example, is reportedly worth well above $10 billion.

But start-ups aren’t the only companies disrupting the financial services, as competition from established fintechs continues to put pressure on mainstream financial institutions.

CNBC lists the 10 most innovative fintech companies around, based on research by auditing giant KPMG and venture capital investment firm H2 Ventures.

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Republican Senator Lee undecided on tax bill, seeks child credit changes: aide

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© Reuters. Senator Mike Lee (R-UT) walks to the Senate floor prior to a health care vote on Capitol Hill in Washington

WASHINGTON (Reuters) – U.S. Republican Senator Mike Lee has not decided whether to support a Republican tax bill and wants changes to the child tax credit, an aide to the lawmaker said on Thursday.

Both Lee and Republican Senator Marco Rubio want more of the proposed child tax credit to be refundable, Conn Carroll, Lee’s communications director said, adding Lee is “undecided on the tax bill as currently written.”

The sweeping tax bill needs a simple majority to pass in the Senate, in which Republicans hold 52 of the 100 seats and no Democrats are expected to support it.

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Airbus confirms management shake-up By Reuters

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© Reuters. Airbus Helicopters CEO Guillaume Faury stands near a multi-role military helicopter EC 725 by Airbus Helicopters at an international military fair in Kielce

PARIS (Reuters) – Airbus (PA:) confirmed a top management shake-up on Friday, following weeks of turmoil at the European planemaker.

Chief operating officer and planemaking chief Fabrice Bregier will step down in February 2018, while chief executive Tom Enders will not seek a new mandate when his term expires in 2019, the company said.

Guillaume Faury, currently chief executive of Airbus Helicopters, will succeed Bregier as president of the main commercial aircraft division, it said in a statement, confirming a Reuters report.

The company said the board had acted to secure an orderly succession at the world’s second-largest planemaker, which has been beset by rivalries and abrupt changes in the past.

During 2018, the board will assess internal and external candidates for the CEO role with a view to announcing Enders’ successor in good time for confirmation at the 2019 annual shareholder meeting, the statement said.

Bregier, a 56-year-old Frenchman who has long been seen as the natural heir to Enders, has told the board he does not intend to be part of the selection process for the CEO position in 2019, and will therefore step down in February 2018 to “pursue other interests,” the statement said.

However, Bregier hinted at the long-running battle with Enders over status and responsibility which many people in the company say contributed to his unscheduled departure, listing the various titles he had held while running the planes unit.

Enders said he would work to ensure a smooth transition.

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