FinTech Daily News – Edition 158, 27.02.2018
February 27, 2018
FinTech Daily News – Edition 160, 01.03.2018
March 1, 2018

FinTech Daily News – Edition 159, 28.02.2018

FinTech Daily News

by Florin Oprea

Edition 159, 28.02.2018

Deals, Investments & M&As

Singapore’s Temasek Backs Fintech Startup C2FO’s $100m Round

Julie Verhage – Deal Street Asia 

Allianz Investment Arm Co-Leads Funding Round in Fintech C2FO

Julie Verhage – Bloomberg (subscription)

Fintech startup C2FO raised $100 million in funding in a new round led by the investing arm of global insurance and asset management giant Allianz SE as well as Abu Dhabi’s Mubadala Investment. Existing investors Temasek Holdings, Union Square Ventures and Mithril Capital also participated.

FAO: The previous round, a $40m Series E in August 2015, was led by Temasek. Total funding reaches almost $200m since 2011.

Fintech Startup Pagaya Raises $75 Million In Debt Finance From Citi

Reuters Staff – Reuters

Pagaya Investments, a U.S.-Israeli fintech provider that uses machine learning and big data analytics to manage institutional money, said it raised $75 million in debt financing from Citi.

FAO: Citigroup – new entry in the list of banks looking for fintech deals. More commentary on the topic in our yesterday’s edition – ANZ – Data Republic deal.

SoftBank $100 Billion Vision Fund Will Invest In 70 To 100 Tech Companies, Says Fund CEO Rajeev Misra

Arjun Kharpal – CNBC 

SoftBank’s massive $100 billion Vision Fund will make between 70 and 100 investments in technology firms, CEO Rajeev Misra said. Since closing the first major round of investment in May 2017, the Vision Fund has invested in 30 companies, from ride-hailing service Uber to chipmaker Nvidia to Indian e-commerce player Flipkart.

FAO: You might want to check a good article from TechCrunch, on what SoftBank’s really after. Check it in this October editionAnalysis section.

Future Stars?

Cafe X Technologies Launches Robotic Coffeebar 2.0

Business Wire

Cafe X Technologies introduces the specialty coffee experience of the future with the launch of Robotic Coffeebar 2.0 at One Bush Plaza in the Financial District. Combining the best in specialty coffee with advanced automation and premium design, customers at Cafe X’s newest location will enjoy espresso-based beverages, nitrogen infused cold brew, and more, all without the long lines and inconsistencies of traditional cafés.

FAO: Wanna grab a cup of coffee? Here’s a robotic arm for it…

DNT: Sure do!

Payments

Hong Kong Unveils Expansionary Budget With Push On Innovative Industries

James Pomfret & Donny Kwok – Reuters 

Invest Hong Kong’s Massive Fiscal Surplus In Better Payment System, Joseph Yam Chi Ex-Monetary Authority Head Says

Su Xinqi – SCMP 

Hong Kong officials should invest the city’s massive fiscal surplus in accelerating productivity and future economic growth, including upgrading the payment system vital to the pillar industry of finance, Joseph Yam Chi, former head of the Hong Kong Monetary Authority said.

FAO: All hands on deck in Hong Kong. Of course, especially if your “big league” competitors are Singapore and Shenzhen…

Hong Kong Can Make Income Tax Irrelevant

Andy Mukherjee – Bloomberg (subscription)

It may be a good problem to have, but it’s a problem nevertheless.

In his annual budget speech Hong Kong Financial Secretary Paul Chan announced a surplus of HK$138 billion ($17.6 billion) for the fiscal year 2017-18. That’s eight times the original government forecast of HK$16.3 billion.

Square Tops Sales Estimates On Gain From Broader Services

Selina Wang – Bloomberg (subscription) 

Square Earnings: Bitcoin May Generate Buzz, But It’s Not What Pays The Bills

Emily Bary – MarketWatch 

Square  has become somewhat of a play on cryptocurrencies, with its shares at times swinging wildly based on the day’s attitudes toward crypto.

FAO: Square’s Cash App rolled out Bitcoin in December. Oh, heres a good Seeking Alpha analysis on a potential acquisition of Square by PayPal.

Lending

SoFi’s New CEO Says Bank Charter Remains An Option

Kevin Wack – American Banker

Anthony Noto’s Mission As SoFi CEO: Get the Startup Ready To Go Public

Julie Verhage – Bloomberg (subscription)

Anthony Noto, the new CEO of Social Finance, is looking to steer the company out of crisis and get it in shape for a potential IPO.

DNT: We first reported about Noto’s talks with Social Finance, here FinTech People section.

FAO: What a year, last year, for SoFi, and what a challenge for Anthony Noto…Will we see a SoFi IPO soon? Probably not, as he needs to get a team in place first and then organize the business.

Australia – Fintech Business Lenders To Self-Regulate

James Eyers – Financial Review

A lack of transparency around fintech borrowing costs for small businesses has prompted the industry committing to adopt a code of conduct and standardised interest rate and fee disclosures.The fintech sector hopes moves to self-regulate will help start-ups win trust and avoid concerns that helped prompt the royal commission into the banks.

Latest Developments & Agreements

Fintech Startups Need Industry Partners to Thrive, Report Says

Julie Verhage – Bloomberg (subscription)

Fintech startups are seeing no shortage of venture dollars flowing their way, but there are increasing concerns over whether they can survive without partnering with the industry they’re seeking to disrupt.

FAO: We had the Capgemini report yesterday.

Regulation

Japan Regulation Shakeup Is Seen As A Game Changer For Banks

Gareth Allan & Yuki Hagiwara – Bloomberg 

The Financial Services Agency is examining how to change the legal framework so that all providers of financial services are subject to the same rules — a move that would allow emerging companies such as technology startups to compete directly with traditional financial institutions.

FAO: Good! Competition and innovation will lead to progress!

Steven Maijoor Speech At The Second Annual Fintech And Digital Innovation Conference

Esma

The Chair of the European Securities and Markets Authority (ESMA), Steven Maijoor, delivered a keynote speech at Afore Consulting’s Second Annual FinTech and Digital Innovation Conference in Brussels.

Accelerators & Hubs

New York Fintech TrueEX Expands: Opens New Office In Singapore

Samantha Hurst – Crowdfund Insider

trueEX, a New York-based electronic, CFTC-regulated exchange for interest rate swaps, announced it has opened a Singapore office to provide trading access for interest rate swaps denominated in 28 currencies, including 11 in the Asia-Pacific region.

Events

FAO: If you want me as a speaker at your event send me an email here.

Other news

PayPal Settles U.S. Charges Over Alleged Venmo Disclosure Failure: FTC

Reuters Staff – Reuters

PayPal Holdings parent of Venmo, has settled U.S. charges it failed to give critical disclosures to users regarding privacy and the availability of funds transferred into a Venmo account, the Federal Trade Commission said.

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News