Dinesh Nair, Manuel Baigorri & Will Hadfield – Bloomberg (subscription)
Lucy Burton – The Telegraph
Justin George Varghese & Parikshit Mishra – Reuters
CME is in advanced talks to buy Britain’s NEX Group for about 3.8 billion pounds ($5.4 billion) to create a cross-border trading powerhouse. NEX, formerly known as ICAP, said that CME Group had made a takeover proposal of 10 pounds per share, a premium of around 3%to the stock’s closing price.
Alex Sherman & Tom DiChristopher – CNBC
SoftBank CEO Masayoshi Son’s plan to take over Silicon Valley and the global world of technology is starting to take form. The $100 billion Vision Fund will invest in another 30 companies over the next two years, adding to the 30 it has already invested in over the last year or so, said Rajeev Misra, the fund’s CEO.
DNT: Read here, Deals & Investments section, more about SoftBank Vision Fund.
Bengaluru-based fintech startup Smart Coin has raised $2 million (Rs 13 crore) in a pre-Series A funding round led by an undisclosed Chinese venture capital firm.
Seed-stage impact investment firm Accion Venture Lab came on board as a co-investor and existing backer Unicorn India Ventures and fintech accelerator ISME ACE participated in the round, a company statement said.
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Francesco Guarascio – Reuters
Banks in the European Union will have to cut fees on cross-border payments in euros and on some currency conversions within the bloc under legislative proposals put forward by the European Commission. The measures, if agreed by EU states and lawmakers, are expected to lower consumers’ costs but will reduce profits mostly for banks outside the 19 countries of the euro zone in a sector where they already face stiff competition from fintech firms.
Steven Anderson – Payment Week
We’ve all known for some time now that PayPal’s about to lose its eBay connection, and as such, the mobile payments provider has been eager to innovate so it can cover the gap that’s about to hit. A positive development of a sort has recently arrived as PayPal is taking aim at the Chinese mobile payments market following a change in the country’s legal environment.
Samantha Hurst – Crowdfund Insider
SoFi announced it was making changes to wealth portfolios. The lender reported that it wants to help users make the smartest investment decisions possible so that they can continue on the path to their goals. It was also reported that each month SoFi will discuss the economy, update its forecasts based on what the market is doing, and every now and then tweak the allocations within its member portfolios.
DNT: The story also informs that SoFi made changes in all five risk strategies – Conservative, Moderately Conservative, Moderate, Moderately Aggressive and Aggressive.
Billionaire Jack Ma’s Ant Financial, may have a problem.Financing from an obscure part of the debt market that the company has relied heavily on for its key consumer lending business is drying up. It’s sold only 22.8 billion yuan ($3.6 billion) of asset-backed securities tied to consumer lending in the first quarter, down 74% from the previous three months, according to data compiled by Bloomberg and China Securitization Analytics.
The numbers are in and the jury is out. The world over the fintech craze that underpins lending outside the traditional banking ecosystem continues unabated.
Biswarup Gooptu – Economic Times
ETechAces Marketing and Consulting, which owns and operates online insurance policy aggregator PolicyBazaar, has begun discussions to make its first acquisition, believed to be in the reinsurance space, even as it continues negotiations to raise its next round of capital from Japanese telecom and internet giant SoftBank.
Julie Verhage – Bloomberg (subscription)
Robo-advisers were built on the promise of offering wealth management expertise to the masses. Now those startups are turning their attention to a different — and much wealthier — customer.Betterment LLC said that it’s adding a tool for some clients to adjust investment allocations in more granular ways. The service is limited to those with at least $100,000 under management by Betterment.
Alexandra Suich Bass – The Economist (subscription)
Artificial intelligence is spreading beyond the technology sector, with big consequences for companies, workers and consumers.
BNP Paribas, CACIB, Goldman Sachs (including both its broker/dealer and GSAM entities), and UBS have adopted the first fully-digitized MiFID II trade compliance engine for the financial markets. The ground-breaking service from Droit Financial Technologies (“Droit”) was launched in January ahead of the MiFID II deadline, and instantly expands the ability of financial institutions to comply with the thousands of pages of MiFID II.
Andy Mukherjee – Bloomberg (subscription)
It tells you something about the priorities of Southeast Asia’s largest bank when it announces a hackathon to quickly recruit 100 budding technologists. DBS Group Holdings Ltd. hired the same number last year, but this year its needs are spread over a wider skill set, including user-interface design and mobile-application development, even scrum mastery, which, I understand, has nothing to do with rugby.
Via PRNewswire – LendingClub announced that the Economics of Technology Professor at Stanford Graduate School of Business, Susan Athey has joined as the newest member of its Board of Directors
Via American Banker – Larry Summers to step down from LendingClub’s board
DNT: Interesting changes at America’s largest online credit marketplace. Summers will depart after the firm’s annual meeting later this year. The Silicon Valley lender did not give an explanation for his decision, the story informs.
Takahiko Hyuga – Bloomberg (subscription)
Nomura Holdings’s drive toward automation is taking a toll on the career prospects of graduates who want to work in Japan’s securities industry.The nation’s biggest brokerage plans to hire 530 school-leavers in 2019, the fewest in five years, as it seeks to use robotics and artificial intelligence to cut costs, according to Kenji Yamashita, a Tokyo based-spokesman. At least 600 will join Nomura in April, and many of them will work in retail branches.
DNT: In November, Nomura CEO, Koji Nagai said that the company plans to save about 60 billion yen ($560 million) over the next five years by using digital and cloud technology and reviewing office space.
The “robo-revolution” is here.
Global Trade Review
Trade finance could be creeping closer to SMEs in emerging markets, as Southeast Asian fintech startup Acudeen opts to shift its online receivables marketplace onto the blockchain.
The Singapore-based firm forecasts a US$2tn market opportunity in its use of blockchain to provide a secure invoice factoring solution using its customised cryptocurrency. With its token pre-sale set to end on April 8, the group’s ICO will launch on April 9.
Caroline Binham – Financial Times (subscription)
UK authorities have intensified their efforts to maintain London’s status as a global financial centre by saying European investment banks can continue to operate much as they currently do until the end of the Brexit transition period. The Bank of England and Financial Conduct Authority said in co-ordinated statements that financial services firms based in continental Europe that currently use so-called passporting arrangements to access the City of London could continue to do so during the transition period.
Daniel Ren – SCMP
China’s leadership has endorsed a plan to establish a specialised court for finance in Shanghai..The Communist Party of China’s Leading Group for Comprehensively Deepening Reforms announced that the court will aim to “better serve the real economy, ward off financial risks and deepen financial reforms”, after a meeting chaired by President Xi Jinping. Shanghai Finance Court will also boost city’s global financial hub ambitions.
Michelle Jamrisko & Keith Zhai – Bloomberg (subscription)
Hong Kong has become more “China-centric,” enabling Singapore to take the lead when multinational companies look to set up their Asian headquarters in the region, according to the country’s Economic Development Board.
DNT: It just might be so, giving the “China-centric” attitude of Hong Kong. If you want to convince yourself about Singapore’s achievements, take a FREE TOUR of our ARCHIVE. Nonetheless, Hong Kong remains a strong competitor.
Laura Alix American Banker (subscription)
Emboldened by accolades for its mobile app and other digital investments, BBVA Compass in Birmingham, Ala., is wading into the market for unsecured personal loans popularized by fintechs. But is the $87.3 billion-asset bank late to the party?
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News