by Florin Oprea
Florin Adrian Oprea, Decebal N. Todăriță & Jeffrey Kutler – GARP
FAO: Read our opinion on recent market volatility and what this could mean for the future of the cryptoverse. We first published it on Linkedin Pulse on Feb 13th. Now you can read it on Global Association of Risk Professionals’ website!
Darrell Delamaide, Frank Drost & Katharina Slodczyk – Handelsblatt Global
The unit of the Dutch ING Group announced it will acquire Lendico, a lending platform launched in 2013 by the tech incubator Rocket Internet. Terms were not disclosed and the purchase requires approval from Germany’s antitrust authorities.
FAO: Last year Lendico has signed a cooperation with solarisBank, the first digital banking platform with a full banking licence – reported here.
Adam Jourdan – Reuters
China’s tech giants Alibaba and Tencent worth a combined $1 trillion, are on a retail investment binge, forcing merchants to choose sides amid a battle for shoppers’ digital wallets.
FAO: Yesterday we added reports from the “Indian front”, where the payments war broke out between Paytm, WhatsApp and Google Tez…
Amanda Billner – Bloomberg
“No cash accepted” signs are becoming an increasingly common sight in shops and eateries across Sweden as payments go digital and mobile. But the pace at which cash is vanishing has authorities worried. A broad review of central bank legislation that’s under way is now taking a special look at the situation, with an interim report due as early as the summer.
FAO: Why worry? This is progress. Btw, in this country even the Church is investing in tech startups – more here.
Huw Jones – Reuters
Global banking regulators signaled they were in no rush to adapt their rules to fintech firms that have begun nibbling away at banks’ markets. The regulators looked at how fintechs could disrupt banks’ business models by offering payments services, crowdfunding, mobile banks and online trading.
Nick Abrahams – Financial Review
According to the Millennial Disruption Index, 71% of young people would rather go to the dentist than listen to what their bank is saying, and new research from Viacom’s research arm, Scratch, finds a third of Millennials expect to be bank-free in the near future. Meanwhile 75% say they would prefer financial services from start-ups and tech companies such as Apple or Google.
DNT: It seems the pain is smaller at the dentist than at the bank…Now, seriously, the banks (not only in Australia) must face the fintech challenges and embrace them if they want to get the attention of millennials.
FAO: Will banks find the right path to survive? Probably yes, at least the strongest ones. Do remember the recent fintech acquisitions made by major banks and the fact big banking players are steadily switching their business models to address their times (like Goldman Sachs – more here in Retail banking section). You would also want to check the latest Jeff Kutler piece in the Institutional Investor, scroll down to Regulation.
Via Livemint – Paytm board appointed Pallavi Shroff as independent director
DNT: Pallavi Shroff is managing partner at law firm Shardul Amarchand Mangaldas, as the story informs us.
Vivek Ahuja – Financial News (subscription)
The Financial Conduct Authority has signed its first fintech deal with he Commodity Futures Trading Commission, a potentially significant milestone for startups looking to sell their technologies to banks and fund managers on both sides of the Atlantic.The FCA and the CFTC said that they would work together to support startups through their respective fintech initiatives, LabCFTC and Project Innovate.
DNT: This fintech deal follows the one signed by FCA and Hong Kong regulators in September 2017. Details here, , Latest Developments & Agreements section.
The Russian central bank has approved a regulatory framework for the development of fintech from 2018 to 2020.
Jeffrey Kutler – Institutional Investor
The sense of excitement that today surrounds deregulation, fintech innovation, and technology giants — like Apple and Alibaba Group Holding, whose digital-payment offerings challenge a traditional banking stronghold — is hardly new. Similar waves of change have disrupted convention in the past. The history is instructive and, to incumbent institutions that may have faced questions about their survivability, even reassuring.
DNT: Another excellent story from our friend Jeff Kutler! A lesson about disruption from the 80s till present and about Wall Street’s survival.
The 240-member strong UK Investment Association is to launch a fintech accelerator to host startups with ‘market-viable’ technology tailored to the needs of the asset management industry.
Charles Bowman – City A.M.
Following the vote to exit the EU, Australia was the first market with which the UK established a bilateral trade working group to investigate how a future enhanced trading relationship will look between our two countries. With all that I have seen over the last week, I now know why.
The Australian (subscription)
Every successful innovation hub in the world, from Silicon Valley to Tel Aviv, has a centre of gravity. A place the start-up community calls home. In the fast paced world of high growth technology companies, the best way to learn is from others who are building a high growth company.
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.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News