FinTech Daily News – Edition 41, 29.08.2017
August 29, 2017
FinTech Daily News – Edition 43, 31.08.2017
August 31, 2017

FinTech Daily News – Edition 42, 30.08.2017

FinTech Daily News

by Florin Oprea

Edition 42, 30.08.2017

Deals, Investments & M&As

Quant Is Said to Pick IPO Banks

Crystal Tse – Bloomberg

Quant, a financial technology firm backed by Chinese movie stars, has picked JPMorgan Chase and Morgan Stanley to advise on a planned U.S. IPO that could raise about $200m.

FAO: Another “Asian week” in Fintech Daily News? Quite possible…

Peter Thiel Is Backing Berlin ‘InsurTech’ Startup Coya In A $10m Round

Oscar Williams-Grut – Business Insider

Thiel’s fund Valar Ventures led the round, which also included funding from e.ventures, and La Famiglia, a European venture capital fund backed by entrepreneurs.

FAO: A good week for “insurtechs” – see yesterday’s coverage too…

Andhra To Sponsor Rs 500 cr (USD 79m) Fund For Fintechs By March 2018

Moneycontrol

Andhra Pradesh is creating a Rs 500-crore (USD 79m) fund by March 2018 which will be investing in startups in the emerging financial technologies space.

The fund is a part of government efforts to create a ‘Fintech Valley’ in Vishakapatnam, wherein it is trying to create an ecosystem with research and development, and also delivery-based work in areas like blockchain, artificial intelligence, machine learning and data analytics.

FAO: India’s Andhra Pradesh is a state bordering the country’s southeastern coast with Vishakapatnam (aka Vizag) being the largest city.

OMA Emirates To Pump In $23m To Grow Indian Fintech Sector

Outlook India

Payments and financial technology company OMA Emirates Group announced the launch of a dedicated fund for emerging and potential financial technology companies and startups in the country.

FAO: India, again…

Payments

Alipay & WeChat Pay May Be Dominating China, But Cash Is Still King In The Rest Of Asia, PayPal Study Finds

Saheli Roy Choudhury – CNBC

People are reluctant to steer away from cash due to a lack of available information on digital wallets.

FAO: Interesting and useful research study from PayPal. 4,000 people in China, India, Hong Kong, Singapore, Thailand, Philippines and Indonesia were surveyed in the study. It partly shares the FinTech Adoption Index stats (reported here).

Retail banking

Union Bank Plans Tie-Ups With Fintechs For Sourcing Retail Loans

AJ Vinayak – The Hindu Business Line

Rajkiran Rai G, MD & CEO of the bank, said that sourcing of retail loans is now driven by the branches and the marketing wing.

FAO: Just like China’s big banks did…check yesterday’s coverage in “Retail banking”.

FinTech People

The Top Executives Of Former Fintech Unicorn Mozido Have Quietly Left The Company

Nathan Vardi – Forbes

The top two executives of Mozido, Todd Bradley (CEO) and Scott Ellyson (CFO), have quietly left the company.

FAO: Mozido has raised a total of $307.16m in four funding rounds in the last six years.

Regulation

California Wants to Crack Down on Sexual Harassment by Venture Capitalists

Fortune

A rash of sexual harassment scandals this summer involving venture capitalists has laid bare a major weakness in laws meant to protect workers from unwelcome advances.

California legislators are proposing a change that would cover these types of interactions, creating the prospect of a wave of lawsuits against VCs. Changes to California law would also provide a template for other states.

FAO: Interesting effects of this summer’s series of scandals (started in July) in Silicon Valley…

Accelerators & Hubs

Israeli Fintech Startups Feel The Love In Frankfurt

Abigail Klein Leichman – Israel 21

Ram Shoham from Israel and Maria Pennanen from Finland founded Accelerator Frankfurt to provide that foot in the door for handpicked B2B fintech startups. Each cohort of eight, by design, includes two or three Israeli startups.

Switzerland: Fintech Can Contribute to the Quality of Country’s Financial Center

JD Alois – Crowdfund Insider

The Federal Council of Switzerland is out with a note regarding Fintech. Federal Councillor Ueli Maurer is apparently doing a swing through the Swiss Fintech scene to improve awareness and relationships.

Events

Via PRNewswire –  LendingClub Investor Day in New York City on Thursday, December 7, 2017.

Other news

Forbes Fintech 50 Call For Nominations

Laura Shin – Forbes

For two years, Forbes has published the Fintech 50 list, showcasing the top companies shaping “the future of your money.” (See the 2015 and 2016 lists.) and is about to begin updating the list for the third year.

FAO: I think we could easily have a FDN Top 50 too…

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News