Reuters Staff – Reuters
Barclays said it has set up a venture capital-style unit to drive innovation and returns within its UK business. The British bank has struggled to deliver on its growth strategy after a decade of restructuring, with investment banking at the core of Chief Executive Jes Staley’s plan for higher returns, despite an underwhelming performance.
Ingrid Lunden – TechCrunch
Sinovation Ventures, a Chinese VC co-founded by the ex-head of Google China, Kai-Fu Lee, has raised a new fund of $500 million to invest in AI startups out of the region. Now, the first tranche of investment has been announced for it: $50 million from Spanish bank BBVA.
Lucy White – City A.M.
Tech-focused venture capital firm Draper Esprit announced that the value of its portfolio has more than doubled over the past year, to £244m.The firm, which has invested in businesses such as customer review site Trustpilot and indirectly backs fintech “unicorn” Transferwise, put the increase down to £71m of new investments and a £75m boost in the “fair value” of its existing investments.
DNT: Draper Esprit has made a lot of investments in tech sector – read here – Deals & Investments section and the results appeared. Nice work.
Rachel Mui – Straits Times
Singapore-headquartered fintech company Silot has raised some US$2.87 million from investors Arbor Ventures and Eight Roads Ventures with the completion of its pre-series A funding.
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BBVA announced that its Tuyyo app will do away with transfer fees* for remittances between the USA and Mexico.The move will further upend the $27 billion annual market for remittances to Mexico from the United States, with Tuyyo looking to extend its service to new territories next year. Globally, the remittance market is set to reach close to $629bn in 2018.
Most facts and figures can paint the picture of Australia’s small business finance market and how quickly it has grown. However, it’s difficult to truly appreciate its growth until you compare it to other markets.
DNT: The evolution of Australian small lending business explained by CEO of OnDeck US Noah Breslow.
Jacob Passy – TechCrunch
Fintech lenders have quickly expanded their market share since the Great Recession, and along the way they have developed efficiencies that give them a major advantage over more traditional lenders, according to a new working paper from researchers at the Federal Reserve Bank of New York and New York University, distributed by the National Bureau of Economic Research.
Owen Walker – Financial Times (subscriptions)
BlackRock co-founder Robert Kapito has warned that the Western financial services industry is risking complacency over the disruptive threat posed by large Asian tech companies such as Ant Financial, which is expected to be valued at $150bn in its latest fundraising.
DNT: According to the story the president of BlackRock, said he was “shocked” at the potential valuation of Ant Financial, which is the payments affiliate of ecommerce group Alibaba and has captured just over 50% of the $16tn Chinese mobile payments market.
James Royal Phd – CNBC
Leading automated financial advisers — often called”robo-advisers” — such as Wealthfront and Betterment tout daily tax-loss harvesting as a way to significantly increase your returns. But independent research suggests the technique has less effect than claimed and may be more a gimmick than a true advantage for investors.
Julie Verhage – Bloomberg (subscription)
Credit Karma, missed its 2017 revenue goal by 14%, according to an internal presentation. The San Francisco-based company had an internal goal for 2017 revenue of $790 million, but fell short of that by $108 million, the document shows.
DNT: Still, a good revenue, with an increase of 37% in 2017, according to Chief Executive Officer Kenneth Lin.
Gillian Brassil – CNBC
Carleton English – New York Post
Larry Fink, the boss of money-managing giant BlackRock, has finally become a billionaire.
DNT: Financial giant BlackRock is very active in AI lately – check our FREE ARCHIVE for details. If we were to joke, we could say he had very good robo-advisers 🙂
Karl Flinders – Computer Weekly
Fintech job vacancies are growing, while less are being advertised in traditional banking sector companies
DNT: It’s a natural evolution.
Conor Sen – Bloomberg (subscription)
One approach emphasizes growth and innovation. The other puts a premium on privacy and safety.
Rachel Mui – The Business Times
Banks and fintech businesses must make sure that underserved communities are not left behind as the finance industry changes with technology, Monetary Authority of Singapore deputy managing director of financial supervision Ong Chong Tee said.
Dubai has called on government departments to put together a comprehensive reform package with the aim of boosting business confidence and economic growth, according to reports.
Junko Horiuchi – The Japan Times
Tokyo is vying to become an innovation hub for entrepreneurs and investors, challenging Japan’s reputation as an environment that fails to nurture entrepreneurship, and a new nonprofit organization is hoping to play a leading role.
Gene Todd, First Bank Wealth Management executive vice president & managing director, discusses his earnings expectations.
Matt Levine – Bloomberg (subscription)
The Silicon Valley money machine is once again in high gear, thanks largely to SoftBank. The conglomerate is injecting billions of dollars into tech, in turn causing deep-pocketed global investors—and some U.S. venture firms—to arm up in response. A record level of late-stage money is flooding in, threatening to keep some startups out of the public markets even longer while heightening concerns that the sector is overvalued
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News