Seeking Alpha (press release)
Peter H. Frank – Capital Watch
Jason Booth – China Money Network
Min Luo, founder and CEO of Chinese online consumer lending firm Qudian Inc. says he will not receive a salary or bonus until his company reached a market capitalization of US$100 billion. The NYSE-traded company currently has a market capitalization of US$5.54 billion, after falling nearly 50% from it initial public offering in October.
DNT: Min Luo tries hardly to build a positive image for Qudian, after he was not very inspired in the recent past. For instance, in the sensitive period following the October listing of Qudian at NYSE, when the company’s stock price tumbled more than 50%, Luo turned away media interviews, but later, in January, Qudian CEO expressed his ‘regret’ over his media silence (details here, Analysis section). Even the Qudian results are pretty good (the revenue for Q4 more than doubled compared with a year earlier to $229.2 million from $110.1 million) the share price is still low and looks like that Min Luo tries to gain some credibility with this statement.
Steve O’Hear -TechCrunch
Nicholas Megaw – Financial Times (subscription)
Digital bank Tandem has agreed to buy fellow British fintech group Pariti, as it looks to head off rising competition from established lenders taking advantage of new legislation that gives them greater access to customer data.
DNT: The effects of the PSD2 are starting to appear. In a good way. Small banks like Tandem have the chance to compete with the big ones.
Farhan Bokhari – Financial Times (subscription)
Telenor Group, the Norwegian telecom giant and Ant Financial Services announced a ‘strategic partnership’ that will see Ant invest $184.5m in Pakistan’s Telenor Microfinance Bank a subsidiary of Telenor. The investment, which is the first by Ant in the south Asian country, will oversee investments in further developing TMB’s mobile payment and digital financial services.
FAO: General Ma’s Ant army reaches Pakistan. Another country “checked” in the region. If you think there is somebody, or something, that can stop Chinese payments companies taking over the entire Asian continent you are wrong. Better get things im place. They are already looking West…
Pine Labs, which runs a digital retail payments platform in India, announced a funding of $82 million (Rs 5.34 billion) led by private equity firm Actis Capital and joined by new investor Altimeter Capital. It is not clear if Sequoia Capital, which backed Pine Labs in 2009, partially exited the firm.
Have an interesting project/company looking for more visibility? Why don’t you send us more details, and after our review your project might get listed it in this section! Contact us HERE!
Azimo has launched an improved service for transfers to China.Customers will now be able to send money from 24 countries in Europe to individual bank accounts in China, delivered in local currency.
Business Wire (press release)
New Media Investment Group announced that it has entered into an agreement with Kabbage. This alliance is intended to bring awareness of simple access to working capital through Kabbage’s fully automated online lending platform to more than five million small small and medium sized businesses (SMBs) that do business in New Media’s markets.
DNT: It has become almost a habit for Kabbage to announce strategic partnerships from time to time. One of them is the partnership with ING to expand automated small business lending into France and Italy – details here, Lending section.
Samantha Hurst – Crowdfund Insider
BBVA Compass, the U.S. subsidiary of the global financial services group BBVA, announced it is now offering near-instantaneous decisioning and potential same day funding for both customers and non-customers with the footprint wide opening of the fully digital BBVA Compass Express Personal Loan.
Aradhana Aravindan & Anshuman Daga – Reuters
Grab has teamed up with Credit Saison to provide loans and lending services in the region, marking the ride-hailing firm’s biggest expansion into financial services. Their new joint venture firm, Grab Financial Services Asia, will offer micro-financing products and leverage Grab’s network of millions of consumers and small businesses as well as data on consumer behavior, blending it with Credit Saison’s expertise in credit analysis and consumer lending.
JD Alois – Crowdfund Insider
The Securities and Exchange Commission slapped the wrist of Credit Karma with a $160,000 penalty. The SEC said the San Francisco-based fintech has agreed to settle charges that it unlawfully offered securities to its employees and failed to provide them with timely financial statements and risk disclosures.
Equinix announced the launch of Equinix SmartKeyTM, a global key management and encryption Software as a Service offering that simplifies data protection across any cloud or destination.
Maria Terekhova – Business Insider
Singapore Exchange has announced two new measures designed to make the city more attractive to technology companies, including fintechs. Among them, the proposing to allow companies listing on it to issue dual-class shares, a structure preferred by tech companies’ founders, as it lets them keep control of the entity after taking it public.
FAO: SGX follows HKEX path. Can’t afford to lose listings business. But really, what are the underlying costs of actions like these? Check our FREE ARCHIVE for more on the dual-class structure.
Georgina Lee – SCMP
Saxo Capital Markets said it is expecting more partnership with brokers and fintech firms as it strives to grow its technology white-label business in the region.Providers of white-label trading technology such as Saxo Bank allow third parties access to its trading technologies and systems, which the purchaser can make it appear as their own.
Via Business insider – Jamie Selway, formerly US head of execution services at ITG, announced his departure from the company.
Via Investor Daily – Fidelity hires Macquarie head of research Richard Dinham to head client solutions and retirement.
Dakin Campbell – Yahoo Finance
Lloyd Blankfein was about to bet the future of Goldman Sachs.
Blankfein had gathered with the Goldman Sachs. board to reveal his long-awaited recommendation for the bank’s next CEO — the one who would steer the Wall Street giant through the next phase of its 149-year history.
His pick: David Solomon.
Reshef Mashraky – Finance Magnates
Fidessa has announced the launch of its new BlockShadow service, aimed at placing orders across various venues simultaneously, including dark markets. The service aims to provide access to conditional venues simultaneously, improving execution of orders across several venues.
Reuters Staff – Reuters
Indonesia’s financial regulator said it was considering setting a cap on interest rates and the size of loans offered by fintech firms, in a move aimed at minimizing the risk of defaults.
Matthew Summers – The Market Mogul (subscription)
By going all-in on cryptocurrencies and other emerging financial technologies, could one of the Gulf’s smaller emirates place itself at the forefront of a global industry?
DNT: It just might! As we already informed you, there are a lot of plans for building fitech hubs in the area. Qatar plans to build a fintech hub, Abu Dhabi has an interesting fintech agenda in 2018 (details here – Accelerators & Hubs section) and Bahrain’s FinTech Bay was already launched – reported here. Things are moving in a good direction in Gulf.
JD Alois – Crowdfund Insider
The 5th Annual London Summit is scheduled to take place on March 26th during a time of significant change in the UK
Christopher Thompson – Reuters
With just over a year to go until the UK formally leaves the EU, big banks are voting with their feet. UBS, Goldman Sachs and Standard Chartered are all preparing to send more bankers to Frankfurt – ranging from around 200 to a couple of dozen employees each.
Anthony Malakian – Waterstechnology
Anthony Malakian says that in just the first two months of 2018, some big headlines are proving just how effective fintechs are at competing with the big players in the capital markets space.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News