by Florin Oprea
Julie Verhage, Shahien Nasiripour – Bloomberg (subscription)
Selina Wang – Bloomberg (subscription)
Twitter’s executives gathered from around the world at its offices in New York’s Chelsea neighborhood to discuss the state of the company, goals for the year, and management’s broader ambitions.
FAO: That’s easy, maybe because they couldn’t say “NO TO” him?…I can keep on and on, or maybe because he was fed up by “NO TO” name jokes ?!? Who knows…
Janice Lim – Channel News Asia
Ayondo is back on track to become the first fintech firm to list in Singapore, with plans for an IPO over the next few months.
FAO: London-based Ayondo has raised about $10m in funding since its launch. The company offers a social trading platform, and spread betting and CFD services.
Julie Zhu, Kane Wu – Reuters
Chinese search engine Baidu is seeking new investors for its wholly-owned finance unit, in a deal that could fetch up to $2 billion and deepen its push into financial services.
FAO: Baidu is following the steps of rivals Alibaba and Tencent. Baidu Financial Services Group runs a payment system (Baidu Wallet), an online credit service and an online wealth management platform. For a clearer picture of the entire Chinese fintech environment, and its dynamic growth, you might want to read the story below…
Maggie Zhang – SCMP
Alipay and WeChat Pay have further consolidated their popularity, ranking as the top two preferred payment options among China’s high net worth individuals, according to a survey. Alipay remained as the No 1 preferred payment system among China’s super rich for the second straight year, according to the Hurun Chinese Luxury Consumer Survey 2018.
Ren Huilan, Zhang Yuzhe & Han Wei – Caixin Global
Ant Financial has won regulatory approval to issue securities products backed by consumer loans, just one month after regulators slapped restrictions on online microlenders’ fundraising activities. Ant Financial confirmed that it has resumed plans to issue asset-backed securities supported by debts and receivables of its online microloan services Huabei and Jiebei.
FAO: Now everything’s back to normal. Read previous reports on this topic – use our FREE ARCHIVE.
Tim Skeet – Financial News (subscription)
A lot of claims are being made by a variety of fintech banking industry disrupters. Conferences echo to the sounds of visionaries expounding on great plans for creaming off profitable areas of banking activity by employing more powerful and efficient technology.
But of the many things that banks do, lending to small and medium sized companies is one of the more complex areas to emulate. It is also politically charged.
Scott Carey – Computer World
As new regulations come into force across Europe in 2018 with the Second Payment Services Directive and open banking in the UK, financial services companies big and small, from multinational banks to nimble startups, are busy getting to grips with the opportunities and threats these new regulations create.
FAO: Open banking, well, not so soon… better read the story in “Retail banking” section too…They say “Patience is a virtue”…
Saritha Rai, Giles Turner – Bloomberg
SoftBank is in talks to back leading online insurance aggregator PolicyBazaar at a valuation of at least $800 million.
FAO: Reports last year indicated that PolicyBazaar eyed $1.5 Billion value in IPO…more here.
Deal Street Asia
Temasek has joined a group of top technology investors, led by Activate Capital, in backing the $80 million Series D round in US-based intelligent energy storage provider Stem.
Emma Rumney – Reuters
Fintech firms were supposed to start breaking into mainstream banking this month when new rules forced Britain’s nine big banks to loosen their grip on the industry. But many fintech companies are still waiting with frustration on the sidelines after the banks delayed making the changes.
FAO: “After a storm comes a calm. After black clouds, clear weather.”
In response to changing global market drivers and technical innovation, GMEX Technologies announced GMEX Fusion, a unique integrated centralised and distributed solution set.
Via Crowdfund Insider – FinTech Australia appointed the Founder & CEO of MoneyPlace, Stuart Stoyan, as Chairman after founding Chairman, Simon Cant, decided to step down.
Via Crowdfund Insider – California fintech startup Zebit appointed LendUp’s former head of capital markets, Steve Lapin, as CFO.
JD Alois – Crowdfund Insider
Swiss Federal Councillor Ueli Maurer and Carrie Lam, Chief Executive of Hong Kong SAR, had a meeting in Bern, Switzerland to discuss bilateral cooperation regarding financial markets – including the development of Fintech.
Helen Chan – Reuters
The growth of the fintech industry in Canada is being held back by barriers to entry including a complex regulatory structure, high compliance costs, low levels of consumer awareness and a lack of access to start-up capital, according to a study on “fintech” challenges conducted by the Competition Bureau in Canada.
The Victorian government has opted to fund two separate FinTech hubs in Melbourne following an extended tender process.
FAO: Read previous reports on this topic – use our FREE ARCHIVE.
Priyanka Pani – The Hindu Business Line
India – Maharasthra Chief Minister Devendra Fadnavis plans to develop Mumbai as a global fintech hub. He made the announcement at the World Economic Forum in Davos. Fadnavis will announce the State Fintech Policy 2018 at the inaugural session of ‘Magnetic Maharashtra: Convergence 2018’ on February 18.
James Hickson – World Finance
Fintech start-ups are developing innovative new solutions to shake-up the financial services sector; established banks are having to decide whether to collaborate or compete.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News