by Florin Oprea
Crystal Tse, Lulu Yilun Chen, Jonathan Browning, Alfred Liu – Deal Street Asia
An online lender backed by Credit Suisse Group AG is working on a listing just weeks after closing a private funding round. WeLab has picked banks to advise on a Hong Kong IPO that could raise about $500 million, according to people with knowledge of the matter. The China-focused lender, whose backers also include billionaire Li Ka-shing, is aiming to list as soon as next year, the people said, asking not to be identified because the information is private.
DNT: At the beginning of this month, WeLab has raised US$220 million to help advance its credit evaluation technology and to expand beyond China – details here, same section. Now, the fintech scene in China is pretty complicated, after the authorities tightened the regulations and halted further approvals for online micro-lenders. This measure has already side effects – just check the recent evolution of firms like Qudian and PPDAI at NYSE.
Brady Dale – CoinDesk
Standard Chartered and Axis Bank have announced a new cross-border payments platform built on top of technology developed by Ripple. The platform – which will connect corporates between Singapore and India – will be accessible through Standard Chartered’s Straight2Bank system and will allow users to see all fees up front, pre-validate transactions and thereby more quickly settle them.
Steve O’Hear – TechCrunch
Starling Bank isis launching its latest API partnership: this time with Yoyo Wallet, the U.K.-based mobile payment and loyalty platform.The new integration sees Yoyo use Starling’s Open Banking-compliant API to let customers link Starling bank account to the Yoyo Wallet.
The number of China’s mobile payment users has exceeded 520 million, according to Ant Financial, Alibaba’s financial affiliate. According to the People’s Bank of China, Chinese banks dealt with 8.6 billion payments from mobile services in the second quarter of this year, up 40.5% from a year ago.The combined value of mobile payments jumped 33.8 % to 39.2 trillion yuan ($6 trillion).
DNT: Impressive figures. Urbanized China is on route to a cashless society.
Germany’s highest court ruled that PayPal’s purchase protection scheme does not shield customers from being sued for the price of items they bought online even if PayPal had granted them a refund.
Marc Shoffman – P2P Finance News
P29 analysis firm Orca is set to launch an investment platform.The proposition will automatically build portfolios of P2P investments across more than 50 per cent of the market.The portfolios would include major lenders across the consumer, business and property lending space such as Zopa, Funding Circle and Assetz Capital.
Chinese regulators and police are investigating a data leak of information on online lender Qudian according to people with knowledge of the matter.Officials are probing allegations that data on more than a million students who are clients of Qudian was leaked and possibly sold online, said the people, who asked not to be named discussing private information.
DNT: Hmm, I’m curious about the results of this investigation…As I’ve said before: data breach is a real problem.
IT News Africa
TransUnion Africa, a provider of global information solutions for assessing and managing risk, has launched Menyesha, a mobile credit reporting platform, to cater to the Rwandan market.
Lorie Konish – CNBC
A new rule proposed in the Senate tax bill could upend the way automated investment platforms move your money.The first-in-first-out proposal would require investors to sell first the shares they have owned for the longest amount of time. The rule would change how automated investment platforms choose the stocks you sell, typically resulting in a bigger tax bill for stock sales.
With regtech growing in importance one more link in the expanding fintech regulation chain has been connected. The Dubai Financial Services Authority and the Australian Securities and Investments Commission signed a cooperation agreement which provides a framework for cooperation to support and understand financial innovation in each jurisdiction.
Via Finextra – Quebec regulator appoints Moad Fahmi as director, fintech and innovation (new position)
Via VC Circle – Former CFO at app aggregator Tapzo, and head of finance at cab-hailing firm TaxiForSure, Deena Jacob, joins fin-tech startup Open as CFO.
Bitstamp announces Masterpayment, an independent payment processor, specializing in the requirements of the new cryptocurrency markets, as its new partner for credit card processing and acquiring of cryptocurrency purchases.
DBS Bank and Nest are creating opportunities for innovators across Asia and around the world to transform the digital agenda via the second wave of applications for DBS Accelerator programme. Innovative FinTech solutions to enhance how banks digitally onboard customers, engage customers with gamification, monitor compliance and manage risk, as well as impactful ways to leverage cybersecurity, are the key areas of focus.
DNT: More about DBS fintech accelerator here – Accelerators and Hubs section.
James Shotter – Financial Times (subscription)
Poland’s deputy prime minister and finance minister, makes little secret of his ambitions for the country’s fintech sector. “… we can successfully take part in the digital revolution,” he told, going on to describe Poland as a “fintech hub”. Poland is not alone in harbouring such ambitions. Many central European cities are vying to lure coders and entrepreneurs in the hope of establishing themselves as hubs for the financial services of tomorrow.
DNT: Looks like fintech is a short term priority of The Polish government. Good! Natural, Warsaw, as the country’s capital, has the best chances to become a fintech hub.
Mayuko Tani -, Nikkei Asian Review (subscription)
Singapore is expanding international cooperation, even with rivals, in fintech as it strives to maintain its position as a leading financial hub in Asia. As Asia’s financial centers compete to be the most advanced fintech hub, Singapore knows that building international infrastructure is fundamental to winning the race.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News