by Florin Oprea
Jake Van Der Kamp – SCMP
ZhongAn Online’s news of a huge boom in car insurance revenues, for instance, is clearly something that could affect the stock’s share price. Car insurance is still only a minor part of the company’s business but growth of this kind heralds a big new underpinning of earnings.
Under the guidelines published by the Securities and Futures Commission, this constitutes inside information and ZhongAn was obligated to inform the entire market of it as soon as practicable.
FAO: The saga of Chinese fintechs invading HKEx…
Nisha Gopalan – Bloomberg (subscription)
Ping An Insurance, valued at $214 billion, wants to be the nation’s tech giant of insurance, and it looks like Masayoshi Son is happy to back those dreams. Indeed, his Vision Fund could do a lot worse than acquire the state-linked insurer that’s beating China’s tech giants in disrupting everything from one-click insurance cover to selling cars.
Crédit Agricole CIB has acquired equity stake in the fintech SETL, an OpenCSD blockchain platform for payments and settlements. This private fundraising is the first equity investment in a fintech by the French bank, which is the corporate branch of the banking group.
FAO: Peter Randall’s baby, SETL, just got a new push. Total funding in SETL reaches $39m. Looking forward to hearing more after this announcement.
Neurogress are developing an AI-driven, blockchain-based software for neurally controlling any interface; any devices electronic or mechanical. The user will be able to wield this control simply by thinking about it.
FAO: And since 2018 already looks like “The Year of Artificial Intelligence”, here’s an interesting development we came across. You can find more details regarding the status of the project by clicking on the Neurogress side banner or by following their website – HERE. One of the project’s aims is to revolutionize how people interact with technology.
David Z. Morris – Fortune
Santander Group will introduce a mobile app that uses technology from the cryptocurrency startup Ripple to power fast cross-border payments. However, the product does not use XRP, the cryptocurrency that exploded in value in 2017 on the promise that it would become the backbone of Ripple’s new global bank settlement system.
FAO: What do you notice in this article? Santander announces it will use the tech, BUT NOT the XRP digital asset. Which brings another analysis in my mind – we published it some time ago in Blockchain Daily News – HERE it is. Makes you think…
Julie Verhage & Shahien Nasiripour – Bloomberg (subscription)
Social Finance set an internal goal of lending more money in 2017 than it had in the previous five years combined. It was an aggressive target and one that counted on everything going exactly right.
FAO: And after a very difficult year (you know why), they are trying to rebuild the team and the business. Check our FREE ARCHIVE for more details regarding SoFi’s track in 2017.
JD Alois – Crowdfund Insider
ONE has announced the public launch of their platform. ONE says they are the first Insurtech startup to have received a license to passport their services across the entire European Union and Switzerland.
Damian Fantato – Financial Times (subscription)
Scalable Capital, which last year saw the world’s biggest asset manager BlackRock take a “large minority” stake in the company, has spoken out about its plans to target businesses while keeping an eye on the end investor.
FAO: Scalable Capital was founded 2014, has offices in Munich and London, and it has struck the deal with BlackRock last June – more here. Oh and since we’re here…
Even as robo-advisors rack up assets, there’s evidence that they’re not sucking those assets from other advisors to the extent some had feared. Much of the growth of robo advisors—which surpassed $200 billion in Q4—may simply come from an expanding advice marketplace, according to Backend Benchmarking, which tracks the digital investing platforms.
The construction work of Chinese data centre for the US tech giant, Apple Inc, will begin later this year and it is expected to open by 2020.The communications administration of southwest China’s Guizhou Province, where the centre will be built, provided the timetable. With an investment of $1 billion, the data centre will cover 67 hectares in Guian New Area and it will offer iCloud services on the Chinese mainland.
Lucy Hornby, Sherry Fei Ju & Louise Lucas – Financial Times (subscription)
China’s central bank is reining in efforts by Tencent and Alibaba to create contentious “social credit” scores from data on citizens’ purchases and social behaviour.
FAO: The government’s “war” on fintech driven opportunities for the people of China reaches new levels…
As the UAE economy diversifies away from oil and gas, innovation and entrepreneurship are high up on the government agenda. The UAE has had a national innovation strategy in place since 2014 and is going to great efforts to ensure the country is among the most innovative nations in the world.
Reuters Staff – Reuters
Stripe said it would place its first engineering center outside its home market in the Irish capital Dublin, attracted by the city’s growing technology workforce and global outlook.
Philip Connolly – The Times
Motive Partners is planning to open an office in Dublin following €25m backing from the Ireland Strategic Investment Fund. The state’s investment vehicle recently agreed a deal to invest in Motive Capital Fund I. Motive is targeting a total fund size of up to $500m (€400m), with a $750m cap.
FAO: Dublin’s on steroids. Growing “fintech” muscles…
Joelyn Chan – Asean Today
Fintech is turning towards ASEAN. It is home to 639 million people. Going by volume alone, it is a massive untapped market. Its underserved populations hold infinite potential for growth. Singapore is ahead of its peers and all ready to capture any benefits.
FAO: Yes, we are aware of this. And all our readers should be too. Just type “Singapore” in our search section of the website – see what you get…
Fintech startups have created quite a buzz in the region, raising over $100 million in the last five years. Investment in this sector is well warranted, considering the fact that traditional banks have had limited success in the region, where 70% of the population do not even have a bank account.
Michael R. King – Financial Post
Our financial sector is navigating monster waves of disruption as it fights to remain a global industry leader. So why isn’t Ottawa captaining a strategic course?
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News