FinTech Daily News – Edition 151, 16.02.2018
February 16, 2018
FinTech Daily News – Edition 153, 20.02.2018
February 20, 2018

FinTech Daily News – Edition 152, 19.02.2018

FinTech Daily News

by Florin Oprea

Edition 152, 19.02.2018

Deals, Investments & M&As

Temasek-Backed Funding Circle Plans IPO At $2.1b Valuation In H2: Report

Shiwen Yap – Deal Street Asia

Funding Circle is planning to list on the London Stock Exchange at an estimated valuation of £1.5 billion ($2.1 billion). Funding Circle’s last round of funding in January 2017 saw it raise £82 million at a valuation of $1 billion.

FAO: The company raised a total of $413m in eight funding rounds since 2010.

Lydia Raises $16.1 Million To Become The PayPal Of Mobile Payments

Romain Dillet – TechCrunch

French startup Lydia is raising a $16.1 million round (€13 million) led by CNP Assurances with existing investors XAnge, New Alpha AM, Oddo BHF and Groupe Duval also participating.

DNT: I particularly liked this phrase from the story: “Lydia isn’t the first startup that wants to replace PayPal, and also probably not the last one. But it’s clear that the company is slowly becoming mainstream in France”. It’s true, everybody wants to be a “PayPal”.

Payments

WhatsApp To Go Ahead With ‘Full Feature’ Money Transfer Service In India

Reuters Staff – Reuters

WhatsApp’s New India Payment Feature Draws Flak From Alibaba-Backed Paytm

Nikkei Asian Review

Paytm Vs WhatsApp Vs Google Tez: Payments War Begins

Alex Mathew & Aayush Ailawadi – Bloomberg

India’s digital payments revolution began in August 2016 with the launch of the Unified Payments Interface or UPI. And what gave it a boost was Prime Minister Narendra Modi’s decision to scrap 86% of the currency in circulation on November 8 later that year.

Banks and e-wallet companies like Paytm integrated with the UPI platform and volumes rose. Google too jumped in with its Tez application. Last week, Facebook-owned WhatsApp said it is piloting a payments service linked to UPI.

FAO: One of the most interesting battles in the global payments industry just started in India. Interesting to watch this since it could impact other markets too.

India’s City Union Says Hit By Fraudulent Remittances Via SWIFT System

Reuters Staff – Reuters

India’s City Union Bank said it had suffered three “fraudulent remittances” of nearly $2 million that had been pushed through the SWIFT financial platform. City Union said the transfers had been made through correspondent banks even though the Indian lender had not requested the transfers.

FAO: Last week reports said that some hackers were able to steal $6m from a Russian bank via the SWIFT system.

There’s A Lot Of Blockchain Hype, But Money-Transfer Start-Up Veem Is Using It Today

Ari Levy – CNBC

For all the talk in Silicon Valley about the potential of blockchain technology, most of it is just that – talk. Aside from cryptocurrencies like bitcoin and ethereum, there aren’t many real-world applications of blockchain. One exception is a San Francisco-based money transfer business called Veem. Veem is setting out to simplify cross-border wire transfers and payments to vendors and contractors.

Mueller Says Russians Used PayPal To Buy Facebook Ads

Sarah Frier & Gerrit De Vynck

Russian operatives using social media to manipulate the U.S. election bought their Facebook ads in a sophisticated manner: stealing the identities of Americans and opening accounts at PayPal.

“Defendants and their co-conspirators also obtained, and attempted to obtain, false identification documents to use as proof of identity in connection with maintaining accounts and purchasing advertisements on social media sites,” according to an indictment issued Friday by U.S. Special Counsel Robert Mueller.

Lending

Refer To These Fintech Startups For Range Of Medical Loans

Business Standard

A host of Fintech and non-banking financing related start-ups have been launched in India providing a variety of medical loans to the clients.

Business tech

Stripe’s David Singleton: ‘We Are Building The Future Of Commerce’

John Kennedy – Siliconrepublic

Wherever commerce is going, Stripe is working on it, and its new engineering hub in Dublin will be at its heart, says head of engineering David Singleton.

FAO: Two weeks ago we had a report on Stripe picking Dublin for its new engineering hub – more here (Accelerators section).

Data Centers

Equinix To Acquire The Infomart Dallas In $800 Million Deal

Business Insider

Equinix announced it has entered into a definitive agreement to acquire the Infomart Dallas, including its operations and tenants, from ASB Real Estate Investments, in an $800 million debt and cash transaction.

DNT: Equinix is strengthening its global platform. The transaction is expected to close by mid-2018, as we are informed in the story. Check our FREE ARCHIVE for much more useful data about Equinix.

FinTech People

Like Peter Thiel, Tech Workers Feel Alienated By Silicon Valley ‘Echo Chamber’

Douglas MacMillan – The Wall Street Journal (subscription)

Billionaire venture capitalist Peter Thiel has said he plans to leave Silicon Valley in part because of its perceived cultural uniformity. He isn’t the only one.Several tech workers and entrepreneurs also have said they left or plan to leave the San Francisco Bay Area because they feel people there are resistant to different social values and political ideologies.

DNT: It’s quite possible to assist at a mass migration phenomenon…

FAO: I am sure more and more professionals have other reasons for wanting to relocate. How about more affordable places to work and live? Why? Well, according to a Redfin analysis, the median sale price for a home in Silicon Valley was $1.05 million in 2015. We found this article detailing the living costs in Silicon Valley – total madness.

Accelerators & Hubs

Mayor Charles Bowman. Wants To Build A ‘Fintech Bridge’ To the City Of London

The Australian (subscription)

Australia and Britain should seek to negotiate an ambitious free-trade agreement which would allow Australians to work in business in London in the same way as European Union nationals can do now, according to the Lord Mayor of the City of London, Alderman Charles Bowman.

HSBC, T-Hub To Work With Fintech Start-Ups

The Hindu Business Line

Multinational bank HSBC, along with the Hyderabad-based incubator T-Hub, plans to work with fintech companies to develop innovative products and services in the banking space.

The partnership is aimed at tapping the potential of emerging technologies to improve customer experience. Fintech startups and developers will be invited to identify and apply new solutions that can enhance user experience.

Cagayan Ecozone ‘Next’ Silicon Valley In Asia

Leander C. Domingo – The Manila Times

THE Cagayan Valley region will soon become the Asian version of Silicon Valley with the Cagayan Economic Zone Authority aiming to become the first FinTech hub to rise in Santa Ana town in Cagayan province.

Events

Africa FinTech Summit August 16-17 2018 – Accra, Ghana – Agenda here

FAO: I am one of the speakers at the event, you can check the entire list of speakers here. Please note that I am building up my agenda for 2018 – if you want me as a speaker at your events better get in touch before my year gets uber busy – contact me here.

Analysis

Brexit Offering Opportunities For Irish Firms In Fintech Area

Independent

“I talk about fintech being like a parent and a child, with the bank being the parent and fintech the child. Five years ago, everyone was talking about fintech being disruptive, out to get rid of banks. But five years later, the banks are still here,” said Chris Skinner, the world-renowned fintech and financial services expert.

DNT: Very nice metaphor and quite appropriate in the current context. Currently there can be no discussion about fintech and banks in separate ways.

Opinion

Top Fintech Predictions For 2018

James Eyers – Australian Financial Review

Here’s some crystal ball gazing, courtesy of KPMG’s global fintech team.

 

FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News