Today’s Highlights: Google fined record $5 billion by EU, given 90 days to stop ‘illegal oractices’, Algomi gains new investor in Euroclear, PayPal’s Venmo app exposes users’ transactions by default, HKMA lays out guidelines to help banks in fintech push & regulators need to use big data, AI, to meet fintech challenge
Editor Decebal Nicolaie Todarita (DNT): Today, we have a couple of interesting stories about regulation This proves that adapting the regulatory landscape for FinTech is an important challenge for regulators around the world and it seems that they understand their role: to encourage and not to inhibit. Enjoy your reading!
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Aoife White, Stephanie Bodoni & Natalia Drozdiak – Bloomberg (subscription)
Google received a record 4.3 billion-euro ($5 billion) antitrust fine from the European Union and was ordered to change the way it puts search and web-browser apps onto Android mobile devices.The penalty is far higher than any other dished out by the U.S., Chinese or other antitrust authorities. More significantly, Google was given until mid-October to stop what the EU called “illegal practices” on contracts with handset manufacturers that push its services in front of users. It faces daily fines of 5% of revenue if it doesn’t obey.
Hayley McDowell – The Trade
Euroclear’s data and information services business has made a strategic investment in fixed income trading and technology specialist Algomi.The post-trade services provider will gain access to Algomi’s bond liquidity matching system and data aggregation tool, alongside Euronext’s Synapse multilateral trading facility for trading bonds.
Pratik Bhakta – Economic Times
OfBusiness, a startup that lends to small and medium enterprises, has raised Rs 200 crore in a series C funding round from Creation Investments and Falcon Edge. Avendus Capital was the advisor for the current transaction.
Jonathan Shieber – TechCrunch
The serial fintech entrepreneur Walter Cruttenden, the founder of Roth Capital Partners, co-founder of the micro-investment application Acorns, and the former head of eTrade’s investment banking arm, has managed to raise another $7 million for his startup, Blast — which wants to give users a way to save money while playing video games.
InvestmentPOD for Advisors, the industry’s first digital advice platform to offer multi-strategies, announced that the company has received a strategic investment from the ScratchWorks Fintech Accelerator.
Graeme Burton – The Inquirer
Venmo has been accused of spilling the details of millions of users via an open API that anyone can tap.As a result, users’ personal details are open for everyone to view, unless they make them private. Many, though, would appear not to realise that something as sensitive as a payments app would spill such details by default.
Kate Duguid – Reuters
Erik Cetrulo, a former portfolio manager at Steven Cohen’s Point72 Asset Management, is raising funds for a global macro discretionary hedge fund and is targeting a launch in the first quarter of 2019, two sources familiar with the situation said.
Anna Irrera – Reuters
JPMorgan Chase & Co has made a strategic investment in Volley.com, a San Francisco-based startup that uses artificial intelligence to help large enterprises automatically generate training content for employees, the companies said. The companies declined to disclose the size of the investment, but Volley said it will use the funding to double its team of less than 20 over the next nine months.
James Rundle – Waterstechnology
Thomson Reuters’ clients will use the platform to manage their portfolio and transaction data, which will incorporate Lusid’s event-based ledger system. The technology allows for a bi-temporal view of data, in which data can be viewed as it existed at any point in its history.
Jason Aycock – Seeking Alpha
Equinix has wrapped up integration of Terremark Federal Group into its government solutions unit.And that brings to a close Equinix’s acquisition of 29 data centers from Verizon), which had acquired Terremark in 2011.
Joe Wallen – Forbes
Venture capital firm Lakestar has committed to offer additional advisory services to companies in the fintech sector, not only investment. The news comes after the firm’s partner, Christoph Schuh, helped devise an IPO strategy for meal-kit providers Marley Spoon, which raised $70 million.
Via The Trade – Schroders digital chief, Graham Kellen, to lead Investment Association FinTech initiative
Tanya Klich – Forbes
With various jobs in microfinance and investment banking at companies like Credit Suisse, UBS and Citi on her résumé, it’s safe to say Shivani Siroya was all about numbers, stats and figures when it came to starting a company. In fact, one statistic inspired her to leave her career in finance to launch Tala, a smartphone lending app that serves people in underserved and emerging markets.
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Reuters Staff – Reuters
Kenya will launch its international financial centre in the capital Nairobi later this year to attract large foreign financial firms and boost capital flows, its finance minister said.
Ted Knutson – Forbes
Regulators need to start using Artificial Intelligence to adapt rules quickly to a rapidly changing financial system, Rep. Patrick McHenry, a Republican Congressman who is often mentioned as the next possible head of the House Financial Services Committee said.
To meet the fintech challenge, Rep. Patrick McHenry also called for regulators to begin employing Big Data to develop strategies.
Enoch Yiu – SCMP
The Hong Kong Monetary Authority has announced a range of measures to encourage banks to work with third parties to promote fintech.Analysts welcomed the move but raised concerns about whether there are sufficient oversights for technology companies able to access customer information but not subject to regulation by the monetary authority.
Yuka Hayashi – The Wall Street Journal (subscription)
Mick Mulvaney, the acting chief of the Consumer Financial Protection Bureau, spent the past eight months rolling back policies implemented by his Democratic predecessor. Now he wants to add his own mark by giving the agency a fresh mission promoting innovation in consumer finance.Mr. Mulvaney said the bureau has launched a “regulatory sandbox” to help fintech firms develop new products and services.
DNT: Heading the team is Paul Watkins, formerly a lawyer in the Arizona attorney general’s office, the story informs.
Melanie Waddell – Thinkadvisor
The U.S. Chamber of Commerce is calling on regulators to change their policies on fintech, and has formed a FinTech Innovation Initiative to help inform policymakers about new products and services in the fintech space.
Sarah Kimmorley – Business Insider
Fintech innovation hub Stone & Chalk is launching a “mega-hub” in Melbourne.
The launch coincides with the opening of a new home for the Victorian Government’s startup agency, LaunchVic, also in the Goods Shed North, where Stone & Chalk Melbourne will now be housed.
Silicon Valley Bank and First Data a global leader in commerce-enabling technology, have selected five startups to participate in Class 8 of Commerce.Innovated, an accelerator designed to help commerce, payments and fintech companies grow their businesses.
AlphaHUB: An Innovation centre, dedicated to drive research and development in Hardware and Embedded System Technology, has opened in Kaduna State to provide training, support and co-working space for budding entrepreneurs interested in the hardware development in Nigeria and Africa at large.
The Executive Board of the Digital Banking and FinTech Innovation Cluster of the Luxembourg Bankers’ Association welcomes applications of two innovative start-ups in the field of fintech to join ABBL’s FinTech Service Pack: Budget Insight and LUXHUB.
Samantha Hurst – Crowdfund Insider
UK’s Investment Association announced the first cohort of fintech innovators for Velocity, the IA’s specialist fintech accelerator for the asset management industry.
Kia Kokalitcheva – Axios
San Francisco-based Stripe, an online payments company, is adding book publishing to its list of activities.
Fenergo, the leading provider of Client Lifecycle Management solutions to the financial industry, has been selected for The FinTech50 2018. Selected from among 1,800 technology firms, the list includes the most innovative companies in financial services as selected by an international panel consisting of industry leaders, C-level and senior executives from global financial services firms, technology providers, and investors.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News