FinTech Daily News – Edition 61, 27.09.2017

FinTech Daily News

by Florin Oprea

Edition 61, 27.09.2017

Payments

China’s Ant Brings In CK Hutchison As Hong Kong Payments Partner

Reuters

Ant Financial will create a joint venture this year with CK Hutchison Holdings to operate its payment app in Hong Kong, ending Ant’s solo management of the service.

FAO: The jv will continue to function under the “Alipay” brand in HK.

Alipay Strikes More Overseas Partnerships

Ayoub Aouad – Business Insider

Chinese mobile wallet Alipay, which is backed by Ant Financial, continues to make in-roads in increasing its international acceptance network after coming to agreements with several groups in Finland and Sweden. Interestingly, Alipay isn’t inking deals with specific retailers or payment processors, as it often does.

FAO: Ant Financial are very busy lately, and very aggressive, as it has already attacked new markets: India, Korea, the US and several countries in Southeast Asia. Ant Financial operates Alipay, Yu’e Bao, the world’s largest money-market fund, and a credit rating system, Sesame Credit.

Lending

Online Lending Co Rupeek Set To Get $12 Mn In Early Stage Funding

Mugdha Variyar – Economic Times

Rupeek, a digital lending company offering gold loans, is set to raise about $12 million in an early-stage funding round led by Accel India and financial inclusion-focused investment firm Lok Capital.

Business tech

Blockchain Booster: Singapore Eyes Commodity Fintech Firms

Melanie Burton – Reuters

Singapore is aiming to position itself as a hub for blockchain development in commodity trading, with start-ups looking to boost access to trade finance and eliminate the opportunity for fraud.

FAO: Told you Singapore is a constant presence in our daily bulletin. This says a lot about its speed of development in fintech and blockchain.

Retail banking

The European Central Bank Might Raise Capital Requirements For Neobanks

Sarah Kocianski –  Business Insider

As neobanks continue to proliferate, regulators around the world are assessing how best to license them. The European Central Bank (ECB) is the latest body to publish its thoughts on the matter, with a draft guide for fintechs thinking of applying for a banking license issued last week.

FAO: Here is the ECB report. Among the most important startup neobanks we can refer to Atom Bank, Monzo, Starling Bank, Fidor Bank.

FinTech People

Via Prolific North – Lisa Wood, Atom Bank’s chief marketing officer, joins Tech North board

Accelerators & Hubs

Milan Opens ‘Fintech District’

Finextra

The Italian Ministry of Economy and Finance and the City of Milan have announced the opening of the “Milan Fintech District”, the country’s first hub dedicated to the most cutting edge businesses in the financial industry.

FAO:  Europe’s fintech is getting hotter and hotter – Milan enters stage with its fintech district. Looks like London’s got a new competitor, after Amsterdam, Frankfurt, Berlin, Paris, Dublin etc. etc. Here are the latest rankings in the fintech hubs’ universe.

Abu Dhabi Islamic Bank Joins Local Fintech Hub

Finextra

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, marked a new partnership with Abu Dhabi Islamic Bank (ADIB), a leading financial institution, to seek opportunities to collaborate and consult on initiatives to promote the growth and development of the FinTech ecosystem in Abu Dhabi and the UAE.

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News