FinTech Daily News – Edition 253, 18.07.2018
July 18, 2018
FinTech Daily News – Edition 255, 20.07.2018
July 20, 2018

FinTech Daily News – Edition 254, 19.07.2018

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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Time for your daily fintech dosis brought to you by Editor-in-chief Florin Adrian Oprea (FAO) & Editor Decebal Nicolaie Todarita (DNT)! 6 hours of our work for 6 minutes of your time! We have read the FinTech news for you, so scroll down to read the best (STILL FREE) daily newsletter in this industry!

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Breaking News

Google Fined Record $5 Billion by EU, Given 90 Days to Stop ‘Illegal Practices’

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.

Deals & Investments

Algomi Gains New Investor In Euroclear

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.

Matrix Partners-Backed Digital SME Lender OfBusiness Raises $29 mn

VCCircle

SME Lender Of Business Cags Rs 200 Crore In Series C

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.

Acorns Co-founder Walter Cruttenden Nabs Another $5 Million For Blast, A Startup That Saves While You Game

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 Receives Strategic Investment From The ScratchWorks FinTech Accelerator

Business Insider

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.

Payments

PayPal’s Venmo App Exposes Users’ Transactions By Default

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.

Wealth & Personal Finance

Ex-Point72 Portfolio Manager, Erik Cetrulo, To Launch Macro Hedge Fund Entheos: Sources

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.

Artificial Intelligence

JPMorgan Chase Invests In Artificial Intelligence Startup Volley

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.

Data Centers

Thomson Reuters Partners With Finbourne For Cloud Investment Platform

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.

Equinix Wraps Terremark Integration From Verizon

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.

Cap Markets & Other

Lakestar Offers Advisory Services To Fintechs Following Successful Marley Spoon IPO

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.

FinTech People

Via The Trade  – Schroders digital chief, Graham Kellen, to lead Investment Association FinTech initiative

Tala Founder Shivani Siroya On Her Leap From Finance To Fundraising For Her Mission-Driven Fintech Startup

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.

Sponsors

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Latest Developments & Agreements

Kenya To Launch Nairobi Financial Centre Later This Year-Finmin

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.

Regulation

Regulators Need To Use Big Data, Artificial Intelligence To Meet Fintech Challenge, Says U.S. Rep Patrick McHenry

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.

HKMA Lays Out Guidelines To Help Banks In Fintech Push

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.

CFPB Wants To Help Launch New Fintech Products

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.

Chamber Wants Regulators To Update Their Fintech Policies

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.

Accelerators & Hubs

Stone & Chalk Is Launching A ‘Mega-Hub’ In Melbourne

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 Welcome Class 8 of Commerce.Innovated.

PRNewswire

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.

The First Hardware Innovation Hub In Northern Nigeria Opens

Disrupt Africa

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.

Associations & Federations

Luxhub and Budget Insight Join ABBL Fintech Community

Finextra

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.

UK’s Investment Association Announces First Cohort Of Fintech Innovators Of Velocity Accelerator Program

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.

Events

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Other news

Payments Company Stripe Is Getting Into Book Publishing

Kia Kokalitcheva – Axios

San Francisco-based Stripe, an online payments company, is adding book publishing to its list of activities.

DNT: In a world dominated by money, reading is still important. So, dear friends, read as much as you can and don’t forget to include on your list FinTech Daily News and Blockchain Daily News

Fenergo Recognized As Top FinTech Firm

PR Newswire

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