by Florin Oprea
Aziz Abdel-Qader – Finance Magnates
Global banking giant Credit Suisse has revealed that it is backing a Swiss fintech firm in Zurich which offers an innovative receivables financing solution that is designed for SMEs.
Credit Suisse also plans to integrate Tradeplus 24’s products in its own offering.
DNT: It seems like the Swiss are also making efforts to be a strong presence in fintech sector, as London status as as leading European technology hub is under pressure, after the vote to leave EU. Good, this can only lead to further developments.
Daniel Ren – SCMP
CreditEase, one of China’s largest fIntech companies, has set its sights on funds of funds focusing on real estate projects as founder and chief executive Tang Ning anticipates a new property investment scenario.
The Australian (subscription)
Fintech companies are stinging small business with poorly disclosed sky-high interest rates of up to 115%.
Samantha Hurst – Crowdfund Insider
Funding Circle announced that it is set to roll out its ISA on November 30th to all current investors. The lender reported that the ISA launch means that investors will soon be able to earn “attractive, stable returns tax-free.
Jun Luo – Business Standard
Sijia Jiang – Reuters
Alibaba Group Holding affiliate Ant Financial has banned consumer loans with annual interest rates above 24%from its Alipay platform, a move which comes as China’s government increases scrutiny of lightly regulated online lending.
Connie Loizos – TechCrunch
There’s another battle brewing in Washington, though it may not matter all that much to the many venture-backed online lending companies that sprang into existence in the wake of post-crisis regulations. At the center of this particular drama: The Consumer Financial Protection Bureau, which was established under the 2010 Dodd-Frank Act to protect consumers from predatory lenders and has become a potent consumer watchdog in the ensuing years, with wide power to battle abuses.
Kr Srivats – The Hindu Business Line
HDFC Bank is unfazed by the plethora of innovations that several fintech companies have brought to the payments space in the last few years. The private lender will “remain as agile as ever” in the changing technological and customer behavioural landscape, says Paresh Sukthankar, Deputy Managing Director, HDFC Bank.
James Ngunjiri – Daily Nation
The insurance industry is undergoing a paradigm shift as emerging technologies redefine how a range of services are delivered.To ride out the storm of technological disruption, insurers are coming up with innovative products.Many companies are also forging partnerships with tech firms and mobile service providers to be as competitive as possible to meet the consumers’ ever changing needs and preferences
Sophie Sassard – Independent
Oscar Williams-Grut – Business Insider
Revolut has passed 1 million customers just over two years after launch.Revolut announced the milestone saying that customers have now completed 42 million transactions on its app worth a combined $6 billion,.The customer milestone puts Revolut ahead of other European rivals such as UK-based Monzo, which has 400,000 customers, and German-headquartered N26, which has over 500,000 users across Europe.
Emma Dunkley – Financial Times (subscription)
Regulation set to sweep across Europe at the start of next year threatens to loosen the stranglehold of the banking oligopoly — HSBC, Barclays, Royal Bank of Scotland, Lloyds Banking Group and Santander — in the UK. New regulation will force banks to hand access to retailers and tech groups
Santosh Patnaik – The Hindu
Fintech Valley-Vizag, an initiative of the State government to create global ecosystem for startups in fIntech under the aegis of AP Electronics and IT Agency will hold overseas roadshows shortly to woo participation from the companies based on innovative technologies to take part in $1 million Global Fintech Challenge.
By He Wei – China Daily
Tencent Holdings is planning to set up a financial technology lab and digitize public medical services in the Xiongan New Area, as part of a broader push to gain a foothold in China’s latest economic zone.
FinTech companies from the Baltic and Nordic regions visited Manchester o learn about opportunities for growing their businesses in the Northern Powerhouse region.The Department of International Trade in partnership with Royal Bank of Scotland Personal and Business Innovation, have launched the Northern Powerhouse Programme which looks to unleash the potential of the FinTech sector across the region.
Maria Terekhova – Business Insider
China’s Internet Financial Risk Special Rectification Work Leadership Team Office, which is mandated by the central government to mitigate risk in the online finance segment, told regional governments to cease issuing new microlending licenses to online players, It also halted ongoing approval proceedings for new digital microlenders.Additionally, rumors of upcoming stringent new legislation which would make charging interest of over 36% on loans to be illegal, were reported by local media.
DNT: In China, the number of microlenders is indeed big and this fact is directly proportional to the associated risks. So, this steps of the regulators are justified. You can find here (Lending Section) and here (Deals, Investments & M&As Section) some related stories.
The French parliament has approved measures to cut the cost of sacking traders by excluding their bonuses from compulsory redundancy payouts, in a move aimed at luring banks’ trading activities to Paris as Britain leaves the European Union.
DNT: Yeah, Britain will leave EU in March 2019 and we are witnessing an interesting race between major cities like Paris and Frankfurt in order to attract London financial services businesses. For example, recently, Goldman Sachs CEO, Lloyd Blankfein confirmed his bank would have hubs in both Frankfurt and Paris after Brexit – details here. As a matter of fact, Paris and Frankfurt joined forces to exclude the UK from a €1 trillion financial market after Brexit – more informations here. Moreover, Paris won the battle to host European banking regulator.
Zhang Lulu – China.org
Huang Ge – Global Times
Financial Dreamworks Chengdu has formed an innovative fintech ecosystem after a year of operation by exploring sectors including online payments, blockchain and cloud computing.
Joakim Persson – ScandAsia
Denmark attended Singapore FinTech Festival with a big delegation as a continuation of intentions to establish fintech collaborations and expand business opportunities further, following two MoUs signed between Denmark and Singapore earlier in the year.
DNT: The MoU was signed in May, this year and reported here, in Latest FinTech developments & agreements Section.
Singapore Business Review
Singapore is already recognised as a top global fintech hub, thanks to government support and proximity to expertise. The year hasn’t ended yet, but the sector has already transformed the banking landscape, UOB Kay Hian said .Investment in collaborative fintech companies increased 138% as fintechs increasingly view incumbent banks as potential partners.As a result, banks have also seized the opportunities by collaborating and investing in fintech companies. Amongst fintech companies, those within the banking & payments subsector took the lion’s share at 54%.
DNT: Interesting analysis that explains why Singapore is such a fintech friendly space.
Artificial intelligence (AI) companies’ revenue projections are increasing at a fast pace and expected to touch around USD 3.06 billion by 2024, says an Avendus Capital report.
Top European Central Bank policymaker Francois Villeroy de Galhau said Britain’s divorce with the European Union was putting strain on its friendship with the bloc, and that deregulation would put global financial systems on course towards another crisis.
Billionaire tech entrepreneur Mark Cuban has seen a ton of change since he first got in the technology business in 1982, but he argues that artificial intelligence (AI) is going to “change everything, 180 degrees.” He warns that if the U.S. allows other countries to take the lead in AI, then it’ll be “SOL,” an acronym that employs profanity to communicate urgency.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News