FinTech Daily News – Edition 72, 13.10.2017
October 13, 2017
FinTech Daily News – Edition 74, 17.10.2017
October 17, 2017

FinTech Daily News – Edition 73, 16.10.2017

FinTech Daily News

by Florin Oprea

Edition 73, 16.10.2017

Deals, Investments & M&As

Policybazaar Raises $75m From Existing, New Investors

Yuvraj Malik – Livemint

Policybazaar has raised roughly $75m, at a valuation of $500m from new and existing investors.

FAO: Wellington Management led the investment round. Total funding reached $146,6m from a total of six rounds.

Payments

Barclays CEO Says Bank Must Protect Payments Business From Apple, Amazon

Stephen Morris – Bloomberg (premium subscription)

Barclays will need to defend its advantages in the payments business from encroachment by technology companies including Amazon.com and Apple according to CEO Jes Staley.

FAO: Banks will need to do a lot more in order to become competitive and keep their clients. Yes, they will need to protect their various business lines, but what methods would these institutions use to fight fintech? Are you a reader of Blockchain Daily News too? You may want to follow today’s edition – it’s about US’ biggest bank and US’ biggest asset manager united against Bitcoin. How do you find the methods these two institutions use to fight the future of finance?

A Big Bank Is Catching Up to PayPal and Square

Avi Salzman – Barron’s

Bank of America has been aggressively promoting peer-to-peer payments, and new numbers that came out show that it’s having considerable success.

FAO: Looks like BofA already found its methods to protect its payments business – other players’ strengths, which is far more better than “yapping”…

Insurance

Fintech Start-Up FidentiaX Introduces World’s 1st Marketplace For Tradable Insurance Policies

PR Newswire

Fintech start-up fidentiaX is in the developmental phase of creating the world’s first marketplace for tradable insurance policies by disrupting the status quo by empowering policyholders to monetise policies on the blockchain. FidentiaX will also be setting up fidentiaX Open Source Foundation to proliferate the embracing of blockchain technology for the insurance industry.

Retail banking

SoFi Withdraws U.S. Banking Application, Citing Leadership Change

Anna Irrera – Reuters

Student online lender Social Finance Inc said that it is withdrawing its application for a bank license in the wake of the departure of a number of senior executives, including co-founder and former CEO Mike Cagney.

FAO: As expected, SoFi finally threw the towel after one of the biggest scandals of the summer. Better luck next time.

Brazil’s Itaú Unibanco CEO Readies For Fintech Battle

Joe Leahy, Andres Schipani – Financial Times (subscription)

Winning is something that matters to executives of Itaú Unibanco, Brazil’s largest private sector bank and Latin America’s biggest bank by market capitalisation, even by the standards of the testosterone-charged financial world. Mr Bracher, who took the helm in May, is no exception.

FAO: I hear more and more bank voices against fintech these days, coming from all over the globe…Means the sector has reached some “annoying” levels…

Latest Developments & Agreements

Scotiabank Partners NXTP Labs To Access Latin American Fintech Startups

Finextra

Scotiabank announced a new and innovative partnership between Canada and Latin America’s leading start-up accelerator, NXTP Labs.

Accelerators & Hubs

Fintech Tsar Brian Norton: ‘It’s Easier To Start Up In Dublin Than NYC’

John Kennedy – Siliconrepublic

If the start-up ecosystem joins the dots and the banks remove the frictions, Dublin could be an unstoppable global force for fintech.

Opinion

Fed’s Bullard Warns Bank Regulators Are ‘Complacent’ Over Fintech Risks

Michelle Price, Howard Schneider – Reuters

U.S. banking regulators must accelerate efforts to address the risks posed by fintech companies to the banking sector which could be “eviscerated” by these innovative new players, St. Louis Fed President James Bullard said.

FAO: OMG the banking sector could be “eviscerated” by these new players…What kind of words are these?

Oh, there’s more, he also said: competition from fintech is the “number one issue” for large financial firms and regulators are “fighting the last war”…

At least he said it straight: it’s a war.

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News