by Florin Oprea
Liu Xiao & Li Mingming – Caixin Global
A spate of law firms has filed class-action lawsuits against microlender Qudian for alleged false and misleading information in its IPO documents.
FAO: This comes after Qudian’s business practices have been criticized by Chinese media in October. More here.
China’s whac-a-mole approach to risk – hit it everywhere it pops up – is set to hand control of the surging $121 billion technology-driven lending market to a small group of leaders such as Lufax Holding and the finance affiliate of Jack Ma’s Alibaba Group.
FAO: All eyes on China these days. Yip, Wall Street “eyes” too…
Jef Feeley & Lizette Chapman – Bloomberg (subscription)
One of Palantir’s early investors, Marc Abramowitz, accused the data-mining startup of sabotaging his attempt to sell his $60 million stake to a Chinese company so directors and executives could enrich themselves by selling their stock instead.
FAO: Wooow, wait a minute….What? He had an article the other week discussing Peter Thiel’s powerful tech network in Silicon Valley…
Ben Bland – Financial Times
Ryan Browne – CNBC
Ride-hailing start-up Go-Jek has acquired three fintech start-ups as it looks to dominate Indonesia’s digital payments space. Go-Jek said it had bought offline payments service Kartuku, payment gateway Midtrans and saving and lending firm Mapan for undisclosed amounts.
Jon Russell – Techcrunch
Airwallex, has closed a $6 million investment ahead of a planned Series B next year. The new funding comes from Square Peg — a VC firm located in Melbourne, the same city as Airwallex HQ — which joins Tencent, MasterCard, Gobi Ventures and Sequoia China as backers of Airwallex.
FAO: Total funding reaches $22m in 4 rounds.
Cromwell Schubarth – Silicon Valley Business Journal (subscription)
Here are 10 women-led Bay Area companies that venture investors think are poised to soar next year.
Zen Soo – SCMP
Three years ago cash was still king in China – until Alipay and WeChat Pay shook up the entire ecosystem. Today, their dominance in mobile payments for everything from taxi fares to peer-to-peer transfers have not only made them household names in a country of 1.4 billion people, but incumbent payment operators are being forced to innovate or risk being left behind.
DNT: Last year, mobile payment transactions hit $5.5 trillion, making China the largest mobile payments market in the world, according to iResearch.
Edward Boyd – The Daily Telegraph
Australian are abandoning home loans with the Big Four banks to save hundreds of thousands of dollars on their mortgages. As the major banks continue to tighten lending criteria, customers are shifting their home loans to smaller and non-banks, which are providing better deals albeit with higher levels of risk.
FAO: Seems reasonable! Why pay more when you can pay less?
Over the past decade, the Chinese behemoth Ping has invested billions in technology to make its insurance, lending and asset management businesses more competitive. In recent years, it started selling that tech — everything from online banking platforms to facial recognition systems — to other financial firms in China and around the world.
FAO: Ping An recently became the second-largest shareholder in Europe’s biggest bank, HSBC, by building up a 5% stake.
Harold Stark – Forbes
There are a few reasons why artificial intelligence is as insanely popular as it is today. It’s super cool, yes. But more importantly, it’s economical. Whereas traditional systems have you hiring needlessly overqualified professionals for large sums of money to complete low-value tasks, artificial intelligence helps automate the entire procedure from start to finish, eliminating low-value positions of employment wherever possible, saving precious resources for newer startups which don’t have millions of dollars in funding.
Shailesh Dash – Khaleej Times
The disruptive power of digital technology has changed customer expectations and that too at a rapid pace over the past five years. Consumers today prefer the convenience of managing everything online, which is primarily the reason for digital transformation within the global financial services industry.
FAO: I guess form the same reasons why they appeal for millennials everywhere in the world…
Kif Leswing – Business Insider
If Sam Altman, the president of Y Combinator, wanted to start a furious debate with his latest blog post, he certainly succeeded. In the post, he argued the climate of political correctness in San Francisco and Silicon Valley was “very bad for startups” and said it was easier to express controversial ideas in China than in California.
DNT: Yeah, he certainly did…Find the post here.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News