by Florin Oprea
Shrutika Verma – Livemint
More than 100 former and current employees of Paytm have become rupee millionaires as India’s second largest start-up completed stock sales worth Rs500 crore ($78.5m).This includes Rs300 crore ($47.1m) from the latest secondary sale of shares, which valued the digital payments and e-commerce platform at $10 billion. This is the company’s second sale of Esop (employee stock ownership plan) units after a Rs200 crore ($31.4m) cash out by staff in mid-2017.
FAO: NB! $1 = 63.7 Rupees, but still, some of these people got pretty wealthy…
Oliver Gill – City A.M.
Softbank is planning to create a global digital payments system that could rival giants such as PayPal.The tech firm will lead a consortium back by some of the world’s biggest banks.
FAO: Shares in Swiss firm Temenos jumped 20% after rumours Softbank has approached it for the project.
David Henry – Reuters
Big U.S. banks are spending millions of dollars to promote Zelle, their digital payment service, by running commercials on major sports games and entertainment shows, as well as a YouTube campaign painting the app as simple and ubiquitous.
FAO: Banks forced to keep it up with the times…
Ant Financial announced that Alipay is soon to be made available to most local businesses in the Swiss town of Davos, thanks to a partnership with SIX Payment Services, a pan-Europe payment service provider based in Switzerland. Restaurants, bars, supermarkets and hotels in Davos will be offering Alipay, all with merchant information available in Alipay’s in-app overseas traveller service platform.
DNT: They have picked a really good moment for this announcement!! Just a few days after World Economic Forum Annual Meeting…
Fransiska Nangoy & Tabita Diela – Reuters
Fintech firms, offering loans of as little as a few hundred dollars, are seeing a spike in lending in Indonesia where tens of millions of people have little or no access to bank credit – helping alleviate a financing shortfall estimated at more than $73 billion.
FAO: Banking the unbanked! Fintech firms are using the same strategy in other places of the world too, like Mexico – where six in ten people are unbanked – more details here (Accelerators & Hubs), Pakistan – more here (Retail banking), or everywhere else in the world – since there are about 2 billion unbanked people worldwide. Better check this World Economic Forum post, dated 2016. Check the Sub-Saharan Africa stats in the Figure 1. Amazing facts!
Wealth management will be a key battleground as China and Southeast Asia witness another wave of fintech offerings this year.
FAO: All eyes on Hong Kong & Singapore bourse this year!
Qatar is quick to embrace the fintech revolution, having long recognised that digital technologies can raise both competitiveness and security, Oxford Business Group said in a report.
FAO: Check our FREE ARCHIVE for previous news regarding fintech initiatives in Qatar and other MENA countries.
Rahimah Rashith – Straits Times
Online fund-raising appeals have come under the spotlight recently after four major crowdfunding platforms in Singapore committed to adopt a new industry Code of Practice.
The fintech associations of Hong Kong and Australia are teaming up to boost investment and partnerships between companies. It follows an agreement sealed last year between the regulators of the two financial hubs.
Huw Jones – Reuters
Uncertainty over Britain’s future trading relations with the European Union after Brexit is the most serious threat to London as the world’s top financial centre, a business survey showed.
FAO: Paris, Frankfurt, Dublin and Luxembourg are working very hard for bigger pieces of the future pie.
Nupur Anand – Quartz
While most industries have long lists of demands from finance minister Arun Jaitley leading up to the budget on Feb. 01, India’s booming fintech sector primarily has just one wish—that its presence be acknowledged.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News