FinTech Daily News – Edition 58, 22.09.2017
September 22, 2017
FinTech Daily News – Edition 60, 26.09.2017
September 26, 2017

FinTech Daily News – Edition 59, 25.09.2017

FinTech Daily News

by Florin Oprea

Edition 59, 25.09.2017

Deals, Investments & M&As

ZhongAn Raises $1.5b In HK’s Biggest Financial Technology Listing

Straits Times

ZhongAn Online Property and Casualty Insurance priced its IPO at the top of its marketing range, raising US$1.5b in Hong Kong’s biggest financial technology listing.

FAO: ZhongAn hit the jackpot, as expected…

On Heels Of 70% Plunge In Valuation, Prosper CEO Defends Latest Fundraisings

Mark Calvey  – San Francisco Business Times (subscription)

After pocketing $50 million in a huge down round and another deal that could give an investor group a 30 percent stake in the marketplace lender, there’s really only one question for the CEO: Are you giving away the store?

FAO: Prosper secured a $50 million investment in a round led by FinEX Asia. Total equity funding reached $404.9m from 12 rounds.

Starling To Raise $54 Million Investment For Global Expansion

Ryan Browne – CNBC

U.K. fintech start-up Starling Bank – which operates solely on a mobile app – said it plans to raise £40 million ($54 million) from investors to drive expansion into markets beyond the U.K.

FAO: Previously Starling has raised $70m in January 2016.

Payments

The Battle Between The Incumbent Financial Providers And The New Kid On The Block

Joelyn Chan – ASEAN Today

A new player has emerged onto the financial scene – FinTech firms. They are challenging traditional banks as the go-to place for all related financial services. About 1,400 FinTech companies are operating in 54 countries today.

Lending

Blockchain Fintech Firm, MicroMoney Starts A Private Presale for Early Birds

PR Newswire

MicroMoney, a global fintech blockchain company and lending services provider, announces a private presale for its token-generating event for the early birds among funds and big contributors. This presale started on September 15th, 2017.

Cap Markets & Other

Tokyo’s Brokerage District Looks To Fintech For Fresh Start

Takenori Miyamoto, Taizo Wada- Nikkei Asian Review

With the stock dealers’ association eyeing a move, Kabutocho Tokyo’s Kabutocho district, home to the Tokyo Stock Exchange and many brokerages, is trying to attract fintech companies and startups as it faces the prospect that the stock dealers association may leave the area.

FAO: Sounds like a good plan, considering the global shift toward fintech and blockchain.

FinTech People

SoFi Condoned ‘Rampant Sexual Activity,’ Lawsuit Alleges

Selina Wang – Bloomberg

A former loan reviewer at Social Finance claims in a lawsuit she was repeatedly sexually harassed while working there, ratcheting up pressure on the embattled fintech startup.

Yulia Zamora told her superiors about the sexually charged behavior but was ignored, according to her complaint filed in California state court.

DNT:..never ending story..

FAO: I am sure you are aware of this latest scandal – you can easily use our Archive if you want to find related coverage in our previous editions.

Accelerators & Hubs

Pump More Money Into Hong Kong Fintech Start-Ups, EU Chamber Boss Urges

Phila Siu – SCMP

Hong Kong needs to pump more government funding into local fintech start-ups to help find the next big thing, said Horst Geicke, the city’s European Chamber of Commerce chairman, as he urged tackling sky-high property prices and international school fees to keep foreign investors coming.

FAO: Singapore, as you know, is one of HK’s main competitors and Geicke says the city -state is offering start-ups an easier access to government funding.

TWINO’s Jevgenijs Kazanins On Why Europe’s Fintech Must Go International

Ben Mouncer – Europe Business Review

Jevgenijs Kazanins, peer-to-peer Platform Lead at TWINO, looks at fintech in Europe.

DNT: …and he is absolutely right. Europe is like a “fortress” which ought to open its gates in order to compete with Asia and the US.

Events

Upcoming event: FinTech Abu Dhabi Summit, 22-23.10.2017 – details HERE

Analysis

Report: There are 214 Unicorns In The World. A Good Number Of Them Are Fintech

JD Alois – Crowdfund Insider

The wild herd of Unicorns continues to multiply. The valuations rise as private money hunts for the next big investment trophy. Today, investing is borderless and services looking to scale tend to be country agnostic.

FAO: With the risk of repeating myself – I think this is definitely a peak in fintech…

Other news

Japan Embraces Fintech’s Hard-Boiled Wonderland

Antony Peyton – Banking Technology

Banks and politicians in Japan are getting ever more energetic for fintech with grand plans for APIs, artificial intelligence (AI), digital currencies, blockchain, funding for start-ups and an easing of regulations.

FAO: Japan has already secured a top position when it comes to blockchain adoption. Its rank will certainly consolidate, and maybe even grow, considering the regional clampdown on cryptos. Australia might definitely challenge Japan’s spot in the future. We shall see.

Opinion

Fintech Innovation Remains A Startup’s Game

Rob Daly – Markets Media

It is almost every fintech vendors nightmare that the “Big Five” internet companies- Google, Facebook, Amazon, Microsoft, and Apple- would one day leverage their respective technology footprints and move into the financial services space.

FAO: I think the following phrase is consistent enough to express my thoughts: “DOOH”

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News