FinTech Daily News – Edition 209, 15.05.2018
May 15, 2018
FinTech Daily News – Edition 211, 17.05.2018
May 17, 2018

FinTech Daily News – Edition 210, 16.05.2018

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Events

We are proudly announcing that our sister publication, Blockchain Daily News, became a Media Partner of Crypto Startup School, a summer school jointly organized by The Frankfurt School Blockchain Center and the German Tech Entrepreneurship Center. The event will take place from 25th – 29th of June 2018 on the campus of the Frankfurt School of Finance and Management.

Tickets can be purchased HERE and because you are a reader of our daily publications, you can use this voucher code NEWS-BCA-CSS2018 for a 10% discount.

FAO: I am happy to announce that I am invited to speak at the 6th Annual Meeting of The Growth Net, 18-19 June 2018, at the Taj Diplomatic Enclave, New Delhi, India. Join me for a constructive debate about the impact of blockchain technology beyond the use of cryptocurrencies. Being a reader of our daily publications you now have the opportunity of buying discounted tickets – more HERE (do note that a significant discount is applied!).

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Deals & Investments

One $100 Billion Tech Fund Isn’t Enough For SoftBank CEO

Mayumi Negishi – The Wall Street Journal

SoftBank’s Son Eyes Another $100 Billion for Fund 2.0, Sources Say

Alex Barinka & Dinesh Nair – Bloomberg (subscription)

SoftBank’s Son Says New Vision Fund To Be Set Up In ‘Near Future’

Sam Nussey – Reuters

SoftBank Group CEO Masayoshi Son, founder of the world’s largest private equity fund, said that a second Vision Fund would be set up in the near future, with funds from investors in the first venture or institutions. Son’s reputation as a visionary investor has attracted more than $93 billion to his technology investment vehicle, as of last May, with a second Vision Fund potentially further upending the world of dealmaking.

FAO: Can Silicon Valley and Wall Street keep up this pace?

Cisco Is Starting Up A New Venture Fund

Katie Roof – The Wall Street Journal (subscription)

Cisco Systems is starting up a new venture fund that will run independently from the parent company, people familiar with the matter say. The Silicon Valley company, which historically has invested from its cash reserves, plans to be the anchor limited-partner investor in the new venture fund and invest hundreds of millions of dollars in the next crop of enterprise startups, these people say.

China’s 360 Security To Raise Up To $1.7 Billion In Private Share Placement For Tech Projects

Reuters Staff – Reuters

Chinese Internet security firm 360 Security Technology said it plans to raise up to 10.8 billion yuan ($1.69 billion) in a private placement of shares to fund projects in fast-growing areas such as artificial intelligence and big data.

FAO: Money flying around everywhere in the world…

India Dealbook: Deutsche Bank Buys Quantiguous; Cyient Takes Over Unit; PayMate Acquires Zaitech

Deal Street Asia

Deutsche Bank has acquired Mumbai-based fintech Quantiguous Solutions, while PayMate has bought P2P lending platform Zaitech Technologies. Meanwhile, Cyient Ltd has taken full ownership of its data science unit Cyient Insights.

FAO: Latest fintech deals in India…

Payments

Ant Financial Reduces Same-Day Withdrawals From Its Money Market Fund To Manage Liquidity Risk

Zen Soo – SCMP

Ant Financial will drastically reduce the amount of money that investors can withdraw each day from its money market fund, in a move it said was taken of its own accord to manage liquidity risk.

FAO: Ant Financial recently announced it is adding two new money market funds to its online wealth management platform Yu’e Bao.

Wealth & Personal Finance

Chinese Adoption Of Online Wealth Management Products Second Only To US, Says Report By Boston Consulting And Lufax

Maggie Zhang – SCMP

More than a third of wealth management products sold in mainland China in 2017 were retailed online, according to a report released by consultancy major The Boston Consulting Group and internet finance company Lufax Holdings.

FAO: Ant Financial’s online wealth management platform Yu’e Bao (discussed above) is the biggest money market fund in the world.

Anthony Noto’s First Shareholder Letter As SoFi CEO Outlines Company Values, Growth Areas

Ari Levy – CNBC

SoFi CEO Anthony Noto, who left Twitter earlier this year to take over the online lender, has just sent his first quarterly letter to shareholders. While he didn’t address the sexual harassment allegations that led to the ouster last year of co-founder Mike Cagney, Noto did broadly discuss the establishment of “our mission and our company values.”

FAO: Let bygones be bygones…

Data Centers

Kaspersky Lab To Open Swiss Data Center To Combat Spying Allegations

Jack Stubbs – Reuters

Moscow-based Kaspersky Lab plans to open a data center in Switzerland by the end of next year to help address Western government concerns that Russia exploits its anti-virus software to spy on customers.

Cap Markets & Other

China’s WeChat Weighs Banker-Friendly Messaging

Emma Dunkley & Yuan Yang – Financial Times (subscription)

WeChat is in talks about developing a messaging service aimed at allowing international bankers to discuss bond trades with China-based bankers without breaching compliance rules that were implemented in the wake of a series of high-profile rate-rigging scandals.

Accelerators & Hubs

Deutsche Börse To Launch Fintech Accelerator

Clare Dickinson – Financial News (subscription)

Deutsche Börse is to launch an acceleration platform for fintech firms, a move that comes as initiatives designed to help startups come to market fall out of favour.

The German exchange and its post-trade services provider Clearstream are teaming up with two fintech startups for the programme, which they hope to launch in Q4 of this year, according to a statement.

FAO: Another initiative targeting London’s fintech sector.

Thomson Reuters To Move FX Trading Platform To Dublin

Clare Dickinson – Financial News (subscription)

Thomson Reuters is planning to move a key trading platform from London to Dublin to ensure it can continue operations in the European Union after Brexit — joining the growing number of financial services firms heading to the Irish capital. Thomson Reuters is applying to the Central Bank of Ireland for approval to operate its fx multilateral trading facility in the city.

Move Over London, Hello Hong Kong-Beijing-Shanghai As The World’s Top Financial Centre?

Chris Rowley – SCMP

Chris Rowley says the hunt for the city that will take over London’s mantle as the top global financial centre has been unduly focused on Europe, when Asia is the region to watch.

Analysis

These Are The 30 Most Valuable VC-Backed Companies — 2 Are Worth More Than $50 Billion Each

Catherine Clifford – CNBC

FAO: How many fintech companies can you count there?

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News