by Florin Oprea
Robyn Mak – Reuters
Alibaba’s reunion with Ant Financial is heartening. The reshuffle, unveiled late last week, sees Jack Ma’s $474 billion e-commerce goliath take 33% of the fintech group. That simplifies the duo’s relationship, draws a line under a controversy, and heralds a likely flotation.
Wu Hongyuran & Liu Xiao – Caixin (subscription)
As Ant Financial moves toward an IPO that could be one of the largest for a new wave of Chinese fintech firms, the offshoot of e-commerce giant Alibaba Group is taking hits at two of its most promising new business segments.
Maria Terekhova – Business Insider
During a recent trade mission by the UK to China, the two countries struck a plethora of commerce deals, including a wide range of fintech agreements collectively worth £1.27 billion ($1.8 billion), which stand to create some 890 jobs, according to a statement from the UK government.
Ian Nicolas Cigaral – Philstar Global
The Philippine government might tap Alibaba group’s fintech solutions to help lower remittance costs for overseas Filipino workers through mobile payment technology.
According to the Department of Finance, Ant Financial Group is keen in helping the Philippines bring inclusive financial services to OFWs.
FAO: For those who missed it – Ant Financial launched a new mobile payment service in Philippines in October.
Simon Mundy & Louise Lucas – Financial Times (subscription)
When Alibaba reported sales of $25bn on its Singles’ Day extravaganza the sum comfortably surpassed estimates of total Indian ecommerce turnover in the whole of last year.
FAO: We could have easily named our today’s edition “Alibaba FinTech News”…
Lea Nonninger – Business Insider
The People’s Bank of China seems to have doubts about Tencent’s and Alibaba’s efforts to create solutions that will enable them issue credit scores using data on citizens’ purchases and social behavior.
FAO: Here’s a prior FT analysis on the matter – published earlier this week.
Xero announced the next phase of its partnership with Stripe, enabling Xero customers to accept Automated Clearing House bank transfers via its integration with Stripe. With the availability of ACH payments, Xero’s more than 1.2 million subscribers have yet another way to get paid quickly, safely and securely.
Dakin Campbell & Julie Verhage – Bloomberg (subscription)
Goldman Sachs is in discussions to acquire personal-finance startup Clarity Money, with plans to fold it into its Marcus online lender.
FAO: Another “big shot bank” targeting personal finance fintechs. Clarity Money is an app with 450,000 users. I encourage you to use our FREE ARCHIVE – I am sure you will find there details of other high rollers which entered this space last year.
Kelly J. O’Brien – Boston Business Journal
The companies raised a combined $21 million within a few days of each other. One is backed by Boston venture capitalists, the other by a Chinese tech giant.
The Russian Central Bank’s suggested measures on cultivating fintech should reduce the regulatory pressure on financial market participants rather than increase it, the regulator said in its Guidelines for Development of Financial Technologies in 2018-2020.
FAO: Russian state authorities seem to have caught the fintech virus.
Penny Crosman – American Banker
That Radius Bank in Boston would strike another fintech partnership — it announced one with the startup Mantl, which is trying to cut down online-account openings to four minutes — is less revealing than its part in Radius’ evolving MO.
Leah Fessler – Quartz
DNT: An interview with VC Megan Quinn, who is a kind of role model for the women in the fintech industry. So, I will quote some verses from an evergreen song: “This is a man’s world, this is a man’s world, But it wouldn’t be nothing, nothing without a woman..” – James Brown – It’s A Man’s Man’s Man’s World
Dubai: If you’re looking to invest in stocks, borrow a huge sum of money or network with hundreds of companies, be warned There’s another scam afoot, and fraudsters are posing as representatives of the Dubai International Financial Centre DIFC. They produce a host of fake documents bearing the DIFC logo and offer consumers access to financing, debt insurance, stock trading portfolio and networking with 2,430 companies worldwide, among others.
FAO: This is a new one. These fraudsters are getting more and more creative.
Ariel Shapira – The Jerusalem Post
In Jerusalem’s Mahaneh Yehuda market, MassChallenge Israel is bringing together entrepreneurs with key people from the hi-tech industry in Israel and abroad, providing them with free offices to work from and connecting them with investors. All these activities are carried out on a voluntary basis, without the requirement to receive rights from the nonprofit enterprises, as accelerators usually require.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News