by Florin Oprea
Shiwen Yap – Deal Street Asia
Sydney-based fintech startup Hyper Anna has closed an A$16 million ($12.6 million) Series A funding round led by venture capital major Sequoia Capital China. The startup will use the funding to fuel its international expansion to Hong Kong, Singapore, China and the US. The expansion is already underway, with an office in Hong Kong scheduled to open in September. Prior to this round, it secured A$1.25 million in 2016 from Airtree Ventures, Westpac Reinventure and IAG Firemark Ventures.
FAO: Now “Anna” ought to be much more “Hyper” with this fresh investment.
Siow Li Sen – The Business Times
SingX has raised US$4.5 million in its second round of funding as it expands its online remittance services to two new markets, Malaysia and Hong Kong.
Founded by former American Express banker Atul Garg, SingX – which began business in January – had raised US$2.5 million at its inauguration.
FAO: The competition on the fintech scene is visibly growing in the region. Australian companies are “invading” Singapore, HK, China, while Singapore-based companies are “attacking” Australia, HK etc. etc. There is definitely more action in the (fintech) “battle for Asia” (Singapore, HK, Australia, China) than in the “battle for Europe” (London, Paris, Frankfurt etc.).
Zhang Jie – China Daily
Chinese tourists can pay via Alipay to retailers who have a partnership with Barclays in UK.
Financial Times (subscription)
FAO: Same as everywhere I suppose…Not a lot to comment here, since the article is behind a paywall.
David Prosser – Forbes
Is Britain’s peer-to-peer loans industry running out of steam? It just might be, according to the FT (we had this article yesterday), which takes a decidedly downbeat view of new research from EY suggesting only 7% of British adults have borrowed from a peer-to-peer platform over the past 12 months. The FT also points to another survey, from venture capital group Blumberg Capital, pointing out that only 4% of adults have used such platforms to lend their cash.
But before investors in the industry get too gloomy – not to mention those entrepreneurs who have spent five years or more building peer-to-peer platforms – it’s worth thinking about those numbers again.
Ryan Browne – CNBC
Banks are faced with more competitive disruption from tech behemoths than financial technology (fintech) start-ups.
FAO: CNBC cites the latest WEF (World Economic Forum ) report. Interesting evening read.
John Patrick Mullin – The Cointelegraph
As major global financial and innovation centers compete to become the “world’s Fintech hub”, China has not only caught up, but rather leapfrogged major cities such as New York, Silicon Valley and London. Many people are even claiming that clusters of cities such as the Pearl River Delta in China are becoming the “new Silicon Valley.” While this comparison may not be totally valid, it is not unfounded.
FAO: We read tens, if not hundreds, of stories each day in order to pick the most important 10-12 stories in the world of fintech and publish this newsletter. We can easily observe that Asia is more dynamic than other regions of the world when it comes to fintech development. China is already the leader in the fintech adoption index and it seems we have daily reports about the competition between China, HK, Singapore and Sydney. What do you think? Where can you find more fintech hype?
Petra Andren – AFR
The soon-to-exist Sydney Startup Hub has been pre-emptively hailed a “quantum leap forward” that will help the city “compete on a global scale” with other technology centres. For those who followed the White Bay debacle, it sounds eerily familiar, doesn’t it?
Why does our focus remain so narrowly on digital and fintech start-ups, when they comprise such a small component of the overall technology ecosystem?
FAO: Well one can find the answer by reading this newsletter. Even today’s edition is enough…
Sasha-Ann Simons – WAMU
Washington is known for its lawyers and lobbyists, but that could be changing.
FAO: Well, they can but try…
Antony Peyton – Banking Technology
A new survey has highlighted the differences between customer expectation and experience in the fintech industry, with many companies failing to deliver the value that consumers crave. It has also flagged up the low standing that CEOs have as credible sources of information.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News