by Florin Oprea
John McCrank – Reuters
Trading software provider Trading Technologies said it has acquired Neurensic, a startup that uses artificial intelligence for market surveillance and compliance, for an undisclosed amount.
FAO: The rise of the AI. The acquisition comes after Neurensic reached a total of $8,5m in funding since it was founded in 2015.
Laura He – SCMP
China is set to be the global leader in digital payments by 2020, overtaking the US in a market predicted to grow by double-digit rates over the next few years according to a study.
FAO: That’s 3 years from now…nothing can reverse the trend. Want to know why? Well, read Jeff Kutler’s opinion piece in “Institutional Investor”, with a little extra added only for FinTech Daily News – you can check it out here.
Ko Tin-yau – Ejinsight
The Hong Kong Monetary Authority, the city’s de facto central bank, has unveiled seven initiatives in relation to FinTech development. The move has been applauded by industry participants.
FAO: Interesting. The analysis suggests that China’s underdeveloped financial infrastructure, compared to HK’s, was the main factor for the amazing development of its online payment business, creating giants like Alipay and WeChat pay. Other reasons: renminbi is the dirtiest paper money in the world and also merchants’ fear of counterfeit money. It’s a process similar to the development of mobile communication networks in early 2000s in several regions of Eastern Europe and Africa. The latecomer advantage, as the author names it.
Charlie Taylor – Irish Times
Circle, a Dublin-headquartered former bitcoin start-up that has shifted focus towards social payments, expects to be cashflow positive this year after recording a $18.2 million (€15.5m) pretax loss in 2016.
Elaine Ramirez – Forbes
AND Global introduced mobile-based microlending to the North Asian country where borrowers are blacklisted from significant financial services such as mortgages if they default on a small loan from the bank.
DNT: The story underlines the fact that in Mongolia informal loans between friends or family members are a common practice as credit and small bank loans are hard to get. In this context, fintech startup AND Global. “wants to work toward accessibility, transparency and accountability in microlending”. A good initiative. Good luck!
Zenefits announced plans to broaden its People Platform with deeper talent functionality designed for today’s modern workforce. The new features will help small and medium-sized businesses get started with talent management initiatives easily and cost-effectively.
FAO: Ahem, maybe a useful tool for Zenefits itself, since the HR software startup was hit with $3.4m “bill” earlier this year for failing to pay overtime to 743 workers.
Ryan Browne – CNBC
Big banks have no advantage over financial technology start-ups when it comes to artificial intelligence, a former Barclays chief executive has said.
DNT: As we are informed in the story, this former Barclays official is Antony Jenkins, CEO between 2012 and 2015.
I think smarter computers and dedicated AI systems are very important to banks and the transition towards it can’t be done on their own. So, I guess we can talk about partnering with fintechs instead of banks vs. fintechs.
FAO: Jenkins recently (reported here) received $46m for his fintech startup 10X Future Technologies in a round led by Ping An Insurance and Oliver Wyman. The ex-Barclays CEO wants to help banks revamp technology.
João Marques Lima – Data Economy
Digital Bridge’s Vantage Data Centers has unveiled plans to build a $1bn data centre campus in Ashburn, Virginia, to curb local demand and take advantage of the existing regional infrastructure including fiber points.
FAO: Finally, we hear about data centre players too. Exactly when we thought to change the name of the section in “Equinix”…
Upcoming event: Immersion Tour Hong Kong FinTech Week, 23-27.10.2017 – details HERE
Upcoming event: Immersion Tour Singapore FinTech Festival, 14.-16.11.2017 – details HERE
FAO: Want even more details regarding these events? Don’t hesitate to contact us…
Upcoming event: Index Ventures is coming in force to TechCrunch Disrupt Berlin this December – details HERE
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News