by Florin Oprea
Sumeet Chatterjee & Julie Zhu – Reuters
China’s Ant Financial is planning to raise up to $5 billion in fresh equity that could value the online payments giant at more than $100 billion.
FAO: That’s one giant ANT!!!
BitPesa announced their acquisition of TransferZero, an international, online money transfer platform that specializes in sending money to consumers and companies in 200 countries using over 50 different currencies.
Under the acquisition, TransferZero will continue to operate under the same brand name and all of its employees will stay with BitPesa.
FAO: TransferZero is the first company licensed in Spain as an authorized payment institution. Kenya-based BitPesa is getting bigger…
Apple will accept Chinese mobile payment app Alipay in its local stores, boosting its ties with giant e-commerce firm Alibaba Group amid a push by the iPhone maker to revive growth in the world’s No.2 economy.
FAO: Apple doing anything for more market share in China?
Louise Lucas, Emily Feng & Gabriel Wildau – Financial Times (subscription)
China tech groups Alibaba and Tencent have been caught up in Beijing’s war on capital flight, with both being handed fines for breaches of cross-border foreign exchange payments at their financial services units.
FAO: This is getting messier by the day. They Chinese government is using every means possible in the fight against its giants fintechs…
Steve O’Hear – TechCrunch
Flux, the London fintech startup founded by former early employees at Revolut, has deepened its partnership with U.K. challenger bank Starling to add Flux-powered loyalty points to Starling’s mobile banking app.
Lalita Clozel – The Wall Street Journal (subscription)
The industrial loan company charter, available in a handful of states and particularly popular in Utah, allows nonfinancial companies to enter the banking sector without being subject to many of its restrictions, including oversight by the Federal Reserve.
FAO: Ah regulation, it certainly helps having it sometimes, right?
Jennifer Szala – The New York Times
Beware the callow misfit who becomes part of the ruling class; rather than disrupt the social order that excluded him, he might just reap its spoils for himself.
DNT: Check our FREE ARCHIVE to find out more about Emily Chang’s “Brotopia” and its implications in Silicon Valley “men’s world”.
Alekh Archana – Livemint
A working group formed by the Reserve Bank of India recommended introducing a “regulatory sandbox” to foster fintech innovation in India and a standalone data protection law in the country.
Lithuania’s ambition to become a fintech-friendly destination for startups across Europe is bearing fruit, with the country welcoming 35 new firms in 2017.
DNT: Yeah, Lithuania is in pole position but all the Baltic states tend to become fintech-friendly, if they aren’t already. Check here and here (Accelerators & Hubs section) some more details about Lithuania’s steps so far. Good job.
Lynsey Barber – City A.M.
The UK is seeking to woo foreign fintech firms after Brexit with more than 50 startups set to head to London.The government and City institutions will host companies from more than 13 countries inside the European Union and outside the bloc, in a fresh bid to shore up the sector.
DNT: Throughout the history, the UK has been enforced as a power, and its decisions have to be taken into account. Hard to conquer due to its geographic positioning, Britain has had the strengths of creating a real economic empire over time, that has brought its financial strength. But now, in the context of Brexit, it is opening her own doors to foreign firms in the hope of preserving its financial power. It’s a kind of foreign invasion as well, but this time an assumed one. We live interesting times, friends.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News