FinTech Daily News – Edition 210, 16.05.2018
May 16, 2018
FinTech Daily News – Edition 212, 18.05.2018
May 18, 2018

FinTech Daily News – Edition 211, 17.05.2018

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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

Danske Bank Invests & Becomes Co-Owner Of Danish Fintech Spiir

Samantha Hurst – Crowdfund Insider

Danske Bank announced it has invested millions in and has become the co-owner of the Danish fintech firm, Spiir. Founded in 2011 by Rune Mai and Gudmundur Hreidarsson, Spiir provides customers a platform for their personal finances. Its purpose is to make personal budgets both fun and easy to understand.

FAO: I think this is the first time we have a story from Denmark’s own fintech scene. Of course the rich country is a target for all big fintech players in Europe – like Transferwise (more here).

Ant Financial Extends Dominance In Chinese Online Finance

Henny Sender – Financial Times (subscription)

Ant Financial has revealed a surge to more than 600m users and disclosed for the first time the scale of its wealth management business, in information for potential investors in its latest $10bn fundraising.

FAO: 600m users – that’s a figure that must be giving a lot of nightmares to a lot of Western hemisphere executives in online finance…PayPal, for example, had 188m users in 2016…

PayPal CFO John Rainey Sees Opportunity In Consumers Who Have Mobile Devices,But Not Bank Accounts

Elizabeth Gurdus – CNBC

PayPal is doubling down on the idea of helping the “unbanked” — people who don’t use typical financial services — by chasing one key group, CFO John Rainey said.

FAO: I am sure Mr. Rainey is one of the executives having those “600m users” nightmares.

Payments

Square Cash App Is Growing Faster Than Venmo, Getting A Boost From Bitcoin, Analyst Says

Thomas Franck – CNBC

Square’s Bitcoin Move Has Caused Internal Disagreement: CEO Dorsey

Anna Irrera & Gertrude Chavez-Dreyfuss – Reuters

Square decision to allow users of its mobile app to buy and sell bitcoin this year was a “pretty contentious move within the company” and remains a source of internal tension, the payment processor’s CEO Jack Dorsey said.

FAO: Yeah, but this little PR artifice surely grabbed a lot of public attention…

PayPal CFO John Rainey: Our Merchants Aren’t Interested In Crypto – It’s Too Volatile

Elizabeth Gurdus – CNBC

When PayPal became one of the first companies to let merchants accept cryptocurrencies, one major issue emerged, PayPal CFO John Rainey said.

“Because of the volatility of the cryptocurrencies,” the merchants were seeing swings in crypto that threatened the viability of their businesses, Rainey said.

Wealth & Personal Finance

Wealthfront’s Experiment In Risk Parity Has A Rocky Start

Jamie Powell – Financial Times (subscription)

Welcome to the magic world of backtesting, where a retroactive application of a strategy to past markets always seems to yield fantastic results, in theory.

Our case here involves Wealthfront, an automated investing service founded by all-star venture capitalist Andy Rachleff. Boasting over $10.5bn under management, the platform offers a wide-range of thoughtful strategies to the casual investor, including indexes optimised to harvest tax-losses and a smart-beta product, overseen by Random Walk proselytiser Burton Malkiel.

Data and Analytics

Google Acquires Cask Data To Beef Up Its Tools For Building And Running Big Data Analytics

Ingrid Lunden – TechCrunch

Google  is pushing hard on its efforts to build out a deeper enterprise business around Google Cloud, which continues to trail behind Amazon’s AWS and Microsoft’s Azure when it comes to revenues and usage among organizations. In the latest development, Google has picked up Cask Data, a Palo Alto startup that specializes in building solutions to run big data analytics services based on Hadoop.

FAO: Btw, Amazon Web Services is ahead on blockchain development too as it announced the other day that is partnering with Consensys to make enterprise blockchains easier and faster to deploy.

Cap Markets & Other

SeedInvest Publishes Report On Investor Returns, Delivers IRR of 17.4%

JD Alois – Crowdfund Insider

SeedInvest has released a performance report on investor returns. SeedInvest has been in operation since 2013 following the creation of accredited crowdfunding under Title II of the JOBS Act. Since that date, SeedInvest has become a full stack crowdfunding platform offering investments in the three different crowdfunding exemptions to both accredited and non-accredited investors.

Latest Developments & Agreements

Dubai Financial Services Authority Announces Fintech Innovation Testing Program Expansion

Samantha Hurst – Crowdfund Insider

The Dubai Financial Services Authority announced the expansion of its Innovation Testing Licence programme in response to continued interest in fintech and the digital economy. According to DFSA, the ITL program enables firms to test innovations in fintech in or from the Dubai International Financial Centre.

Accelerators & Hubs

Silicon Valley Bank Moves To Frankfurt With Deutsche Alumna

Stephan Kahl – Bloomberg (subscription)

U.S. based Silicon Valley Bank expects to receive a banking license from Germany’s Federal Financial Supervisory Authority by the end of May and to open its first German location in Frankfurt in the coming weeks, according to Phil Cox, head of EMEA. Offices in the Westend district have already been leased and the management team is in place.

FAO: Another “Brexit preparations” move ?

PayPal Joins Indonesian Venture Firm Alpha JWC To Develop Fintech Startups

Yoolim Lee – Bloomberg (subscription)

PayPal is teaming up with Indonesian VC firm Alpha JWC Ventures to back emerging fintech that can be developed for Southeast Asia. Under the partnership, Jakarta-based Alpha JWC will contribute as much as $5 million in funding for PayPal Incubator, said Alpha JWC Managing Partner Will Ongkowidjaja.

Associations & Federations

Heading Into The FinTech Future

Nick Grant – NZ Herald

James Brown feels good about how FinTech is currently positioned in New Zealand.

“We’re definitely seeing higher growth than in other jurisdictions,” says the general manager of the New Zealand Financial Innovation and Technology Association.  “We’re already at 14.5% growth and I think we’ll continue to see the foot firmly on the pedal.”, he said.

FinTech Australia Selects Brad Kitschke As New CEO

JD Alois – Crowdfund Insider

Brad Kitschke has been selected as the new CEO of FinTech Australia. Kitschke follows in the footsteps of founding CEO Danielle Szetho who announced her resignation earlier this year. Sarah Worboys acted as interim CEO during the executive search.

FAO: Danielle Szetho stepped down in March – more here.

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News