by Florin Oprea
Salman S.H. – Livemint
iYO Solutions Inc, has raised $13.2 million in a Series A round from investors including Social Capital, JS Capital Llc, Horizon Ventures and Prime Ventures India.
FAO: Who said 13 means bad luck?
Mylo Financial Technologies announced it has closed $2 million CAD of seed funding. The funding round included participation by Desjardins Capital, Robert Raich and founding investor, Ferst Capital Partners.
Yuvraj Malik – Livemint
Muthoot Pappachan plans to make strategic investments in fintech start-ups as part of a larger digital transformation exercise to drive synergies and profitability among its business units, as it chalks out a plan to list its flagship lending arm Muthoot Fincorp.
FAO: For those who don’t know, Muthoot Pappachan Group (MPG) is business group based in India. The group is active in several areas: financial services, automotive dealerships, hospitality, real estate, health care, information technology, precious metals and alternate energy. The company has been in operation for 130 years.
Karen Friar – MarketWatch
Jack Ma has promised to seriously “consider” listing the e-commerce giant in Hong Kong. Ma made the comment in response to an open invitation from Hong Kong CEO Carrie Lam, who took part in a discussion with the Alibaba executive chairman at an event in the territory.
FAO: Of course Alibaba is looking this way, now that HKEx is working on changing its rules in order to allow controversial dual-class shares. I know, Alibaba is not necessarily on FinTech Daily News focus, BUT this move could most likely influence the listing of various Chinese companies on the HK stock market. Yes, I am thinking about the plethora of Chinese fintech firms, including those under the Alibaba “umbrella.
The Star Online
Touch ‘n Go Sdn Bhd and partner Ant Financial Services Group have obtained Bank Negara’s approval to operate and offer mobile e-wallet services. As it is, there are more than 18 million active Touch ‘n Go card users in the country.
FAO: Malaysia’s been taken. Looks like nothing can stop the Chinese in the region. Ant Financial launched a new mobile payment service in Philippines in October and Alipay arrived in Vietnam in November. In December Temasek-owned Fullerton Financial has teamed up with Canadia Investment to launch DaraPay – a new digital wallet and payment platform, in Cambodia.
Steve O’Hear – TechCrunch
TransferWise has begun a private launch of its “Borderless account” for consumers. It marks the first time the European unicorn has offered a debit card (pictured below), a move that is bound to draw further comparisons with newer fintech upstarts such as Revolut.
FAO: Aha! Where do I sign up for this?
Tatjana Kulkarni – Bank Innovation
There’s an argument made in favor of keeping plastic cards and online shopping, but Swedish payment company Klarna is not on that side, based on its recent effort to rid customers of the need to use their cards online’.
Deal Street Asia
After selling billions of dollars of debt backed by consumer loans last year, Chinese billionaire Jack Ma’s Ant Financial is pausing such fundraising as the government steps up curbs on micro lending. The company hasn’t sold any asset-backed securities since early December, according to data compiled by Bloomberg and China Securitization Analytics.
Ingrid Lunden – TechCrunch
In one of the latest developments, Smava, a German startup that has built a marketplace/portal for people to search for and take out loans, has raised $65 million to grow its business across Europe.
Press release here.
Jamie Williamson – Financial Standard
In a statement to the ASX, Xero has confirmed that the final day of trading for Xero on the NZX will be Wednesday, 31 January 2018.
FAO: And so the saga ends. Bye bye NZX. Check our FREE ARCHIVE to find out more about Xero’s hard way out of New Zealand’s stock market!
Researchers at BlackLine published a report on how the profession is preparing for artificial intelligence. The company surveyed 150 Australian CFOs, accountants and other financial executives, and found that 60% expect AI to automate accounts receivable and accounts payable functions, and nearly half (49%) predict the technology will automate reconciliation.
Do ongoing capital raises by Wealthfront and other robos raise questions about their paths to profitability? Advisors and industry experts who seem to think so.
Yolanda Bobeldijk – Financial News
International Regtech Association, the trade body set up to represent regulatory technology startups globally has appointed Cube founder Ben Richmond as its first CEO as it tries to help members achieve world domination. IRTA already had a chairman, but the organisation is getting so big, and the sector has to grow up so quickly, that it needs a more senior leadership to be effective.
JD Alois – Crowdfund Insider
SeedInvest is a full stack platform allowing companies the ability to sell securities under each of these exemptions. In the past five years, SeedInvest has grown and evolved, adding features and functionality. SeedInvest is not only a FINRA approved Reg CF portal but also is a regulated Broker Dealer, allowing the platform a bit more leeway in its operations.
Rajrishi Singhal – Livemint
The lingering after-effects of demonetisation were felt through calendar 2017. These were further buffeted by the introduction of the goods and services tax. Both events hastened the adoption of fintech, particularly digital payments. The trend is likely to be consolidated during 2018, with government and regulatory agencies expected to provide some policy actions and regulatory direction.
Georgeta Gheorghe – Business Review
Fintech will produce a revolution and is leaving the door open to real challenges, but also with opportunities for those who embrace it, Laurentiu Nedelcu, CEE manager at Saxo Bank said in a recent analysis.
FAO: Great to hear this! It’s time for Romania to rise… 🙂
James Walker – Digital Journal
The growing numbers of fintech services offering mobile and cloud-based payments are failing to convert older users. One study from Canada found Generation X-ers are over twice as likely to try a digital payments solution as baby boomers.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News