FinTech Daily News – Edition 68, 09.10.2017
October 9, 2017
FinTech Daily News – Edition 70, 11.10.2017
October 11, 2017

FinTech Daily News – Edition 69, 10.10.2017

FinTech Daily News

by Florin Oprea

Edition 69, 10.10.2017

Payments

Cash Is Already Pretty Much Dead In China As The Country Lives The Future With Mobile Pay
Evelyn Cheng – CNBC

Mobile pay is taking China by storm and changing daily commerce.

FAO: Each day we read a lot of news about China’s dominance in global payments and about their aggressive expansion overseas; we regularly pick stats regarding fintech adoption levels in the world and we see China always taking first spot; the largest country in the world (in terms of population) is continuously changing and it’s driving the change in the world. Where are we headed?

You can find an answer in a pertinent analysis provided in “Institutional Investor” by our friend Jeffrey Kutler. He was too kind to even add additional comment to its own thoughts. Read it again here! We live some interesting times…

Lending

Online Lending Startup ID Finance Plans To Raise $100 Million In The Next Year

Oscar Williams-Grut – Business Insider

Online lending business ID Finance plans to boost its borrowing over the next year to fund expansion in Latin America and the US.

DNT: 50 years after Che Guevara’s death (on Oct. 9), Latin America is now facing another revolution: the one in fintech. Yesterday we talked about Chile, now it’s Colombia and Peru’s turn to be included in the list of fintech developers. Indeed, there is a vehicle of opportunities in Latin America, but “you need fuel to drive the car”. This fuel can be fintech.

Retail banking

Is Fintech A Threat To Canadian Banks?

George Athanassakos – The Globe and Mail

A recent study by Ernst & Young Global indicates that Canadians are slow in adopting fintech, lagging the rest of the world in the use of fintech. Only 18% of those surveyed in Canada said they had used two or more fintech services in the previous six months compared with 33% globally.

DNT: The article underlines the characteristics of banking in Canada and their efforts to “enhance clients’ and “build long term relationships”. This might be an explanation of slow adoption of fintech. However, is it the only one?

Data Centers

Equinix Acquires Istanbul Data Center From Zenium

Finextra

Equinix announced that it has acquired the Zenium data center business in Istanbul from the existing shareholders in an all-cash transaction for $93 million. The data center currently generates approximately $2.5m of annualized revenues.

FAO: Another constant presence in our bulletin – Equinix. They strive for “world domination”. I recall they issued announcements regarding their expansion all this summer – check them at least here and here.

FinTech People

Unregulated Podcast: Monzo’s Tom Blomfield – The Coolest Man In Fintech

Emma Haslett – City A.M. (audio)

DNT: What are the conditions to be “cool: in fintech? Where does the inspiration come from? Find out in an captivating interview with Tom Blomfield, the man behind Monzo.

FAO: Tom Blomfield is representing one of the coolest neobanks, Monzo, and also a new generation of entrepreneurs who have revolutionized financial markets. But most definitely Blomfield wouldn’t have appeared that “cool” without its team and without an army of people who have added their contribution in creating other “rock stars” like: Atom Bank, Starling Bank and Fidor Bank.

Via Business Insider – Ex-ECB board member, Jorg Asmussen, leaves Funding Circle board for advisory role in the company.

Citi Nurtures Hong Kong’s Next Fintech Generation

Finextra

A group of 60 university students from Hong Kong visited Citi Ventures in San Francisco as part of their week-long FinTech-focused entrepreneurship boot camp at Stanford Graduate School of Business in Silicon Valley under the Cyberport University Partnership Programme.

Regulation

Central Bank Of Iran Unveils Fintech Policy

Sepehr Arefmanesh – Financial Tribune

The Central Bank of Iran published a document on policies related to the operation of fintechs, clarifying its stance about the role of the regulatory body and defining non-bank firms and banks relations among other issues.

DNT: The Central Bank of Iran (CBI) said clearly that it will “not establish a new institution for supervising fintechs” and it won’t “issue licenses for the operation of financial services providers”. But, there is a thing that CBI will do: “devolve the responsibility to authorized financial institutions”. This is a kind of taking the chestnuts out of the fire with the cat`s paw, if you ask me.

Naidu Wants Vizag To Be Global Fintech Centre

Business World

Andhra Pradesh To Become First State To Deploy Blockchain Technology Across The Administration

First Post

Andhra Pradesh has become the first state in India to pilot blockchain technology in two departments and plans to deploy it across the administration, said Chief Minister N. Chandrababu Naidu.

FAO: Cool, the Indians have put some high hopes into blockchain and the states are heavily investing in all aspects pertaining to blockchain adoption.

Accelerators & Hubs

Victoria’s FinTech Hub Mystery

InnovationAus

The Victorian government is still yet to decide who will run its FinTech hub in Docklands, which is now running more than a month behind schedule.

FAO:  In June the Victorian Government announced plans to build a fintech hub at the Goods Shed North in Melbourne’s Docklands. Check this FinTech Daily News edition in July to find out more about Australia’s fintech initiatives and its ambition to become a leader in the region.   

Associations & Federations

How Hong Kong Can Maintain A Competitive Edge In Fintech Development

Kenny Shui, Jonathan Ng – SCMP

The HKMA’s sandbox, along with the Securities and Futures Commission’s and the Insurance Authority’s new sandboxes are all examples of a “safe place” for fintech entities to test products in a restricted environment without the usual regulatory consequence of pilot activities.

FAO: HK has a clear direction when it comes to fintech and blockchain, and its institutions are doing a great job in sustaining the development efforts.

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News