FinTech Daily News – Edition 49, 11.09.2017
September 11, 2017
FinTech Daily News – Edition 51, 13.09.2017
September 13, 2017

FinTech Daily News – Edition 50, 12.09.2017

FinTech Daily News

by Florin Oprea

Edition 50, 12.09.2017

Payments

Fintech Has Transformed Payments But Not Savings, Says BlackRock’s CEO

Alun John – South China Morning Post

The fintech boom has transformed the way over a billion people engage with financial services, particularly when it comes to making payments, but Larry Fink, CEO of BlackRock, the world’s largest money manager, said that no company has yet managed to use technology successfully to get people investing for the long term.

DNT: Interesting point of view…Yeah, we could say that keeping the money in bank accounts is weakening the global growth, and fintech is the key to learn the people how to save, by investing on the long term. And it will, eventually. No revolution could change everything from the beginning. It’s said there is a time and a place for everything, right? Fintech revolution is already happening.

FAO: Is this the reason why BlackRock bought a stake back in June in Scalable Capital, a digital investment manager?

Remittances Take A Long Time Because Banks Are Using A 50-Year-Old System

Vivina Vishwanathan – Live Mint

Ripple has now officially entered India. Ripple provides cross-border payment solution. Since India is the largest remittance recipient in the world, it was an obvious choice for the company. As part of its India plans, the company recently appointed Navin Gupta to head Ripple India.

DNT:  If you want to learn more about Ripple’s plans for India, read this interview with Navin Gupta, Country Manager of this financial settlement solutions provider.

Lending

Fintech Startup Rubique Plans To Raise $20 Million

Alex Mathew – Bloomberg

Online lending marketplace Rubique is looking for investors for its third round of funding through which the startup aims to raise as much as $20 million (close to Rs 130 crore). The fund-raise is expected to be concluded by October.

FAO: The previous round, $3m in September 2015, was led by Kalaari Capital.

Retail banking

Banking On FinTech: How Singapore Banks Are Embracing FinTech Today

Carl Freer – Singapore Business Review

It wasn’t too long ago when there was a rallying cry of how banks were not doing enough to try and beat smaller FinTech start-ups. Turns out that the banks were right. There’s no point in trying to “beat” them because financial institutions are bigger and have more resources at their disposal. So instead of going on the defensive, banks have now approached a more adoptive nature towards technology.

DNT: ..if you can’t beat It, embrace it..Take a look at how big local banks from Singapore are embracing FinTech within their organisation.

Data Centers

Equinix To Expand Into Spain And Portugal Through Acquisition Of Itconic

PR Newswire

Equinix, announced that it has entered into an agreement with The Carlyle Group for the purchase of Itconic, a leading data center, connectivity and cloud infrastructure solutions provider in Spain and Portugal, and CloudMas, an Itconic subsidiary that is focused on supporting enterprise adoption and use of cloud services.

DNT: Nice. This Acquisition opens Equinix gates to expand interconnection between Europe, Latin America and Africa.

FinTech People

Employees Of Fintech Firm SoFi Allege Women Are Treated Improperly

Peter Rudegeair – The Wall Street Journal (subscription)

Company’s board separately discloses that in 2012 it paid money to settle a dispute between an employee and the CEO

DNT: …looks like the mistreating of women in Fintech industry is a never ending story.

Latest Developments & Agreements

PA Consulting Partners With Stockholm Fintech Hub For Innovation

Consultancy.uk

UK-based PA Consulting Group (PA) and Stockholm Fintech Hub have joined forces to support FinTechs, banks, regulators and investors in the Swedish Financial Services sector with innovation and collaboration.

Accelerators & Hubs

Swiss Fintech Incubator F10 Opens For Startup Applications

Finextra

Switzerland’s premier startup accelerator, F10, announced the launch of its current round of applications for its flourishing P2 program.

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News