by Florin Oprea
Nguyen Thi Bich Ngoc – Deal Street Asia
Song Jingli – China Daily
Beijing-based Jianpu Technology, which is 100% controlled by RONG360 filed its preliminary prospectus with the US SEC, without the estimated IPO price range.
FAO: They all go with the flow! Here’s a confirmation of what everybody expected. New Chinese fintech players express their interest to list on the world’s biggest markets, after ZhongAn’s success in HK, and Qudian’s at NYSE. Btw, post-IPO, Qudian received some heavy media criticism in China – more here earlier this week. Here’s a closer look at Qudian’s history and business model and why it was so “hot” for the West:
Sarah Dai, Meng Jing – SCMP
Chinese scam suspects ‘fake online finance lectures to dupe 35,000 investors out of 400 million yuan’.
Tony Yoo – Business Insider
Openpay has completed a $10 million capital raising round, and revealed it has cancelled plans for an IPO.The $10 million, which was originally marked as a pre-IPO round, came from “a group of investors” that included existing backer Meydan Group, as well as Investec and SL Investments Group.
FAO: Openpay didn’t say why it was cancelling its IPO plans. Maybe they were advised to take it slower…
Cliff Venzon – Nikkei Asian Review (subscription)
Jack Ma called for a “cashless” Philippines this week, as affiliate Ant Financial Services Group launched a new mobile payment service.
FAO: The expansion is going as planned. The Ant “armies” have reached the Philippines and they were acclaimed with cheers by local residents. Long live “General Ma”!
Peter Rudegeair – The Wall Street Journal (subscription)
LendingClub is shutting down five of its investment funds, including a $318 million portfolio that had been marked by accounting issues and sagging performance, according to investor documents.
Ryan Weeks – Alt Fi News
Italian P2P firm BorsadelCredito.it has followed in the footsteps of its UK antecedent Funding Circle by launching a closed-end fund. The unlisted fund, which is called Colombo, hopes to raise €100m to invest across a 5 year timespan, and is managed by BorsadelCredito.it (through a vehicle named ART SGR SpA). The fund’s custodian bank is Caceis Bank.
FAO: As you all know, we usually do not have so many stories in the P2P lending area, but when it happens we have two, the same day. So what we can translate from the above stories: fintech investment slows in the US and grows in the EU…Pretty much in line with the latest published stats – check our Archive.
Laura He, Maggie Zhang – SCMP
ZhongAn plunged after the Hainan branch of the China Insurance Regulatory Commission posted an opinion piece on its website, misleading readers into thinking it was a regulatory notice. The article was later removed.
DNT: Oopss..However, it’s hard to believe that it was a simple mistake…
FAO: What a coincidence…First NYSE-listed Qudian is attacked by Chinese media (more details in today’s first section), and now this…
Lattice80 plans to open a New York hub in 2018. Owned and operated by private investment firm Marvelstone Group, the New York unit is expected to be the city’s largest fintech hub in a prime central business district (CBD) location when it opens next year.
FAO: The largest fintech hub in the world plans the largest fintech hub in NYC. Recently Lattice80 said it was planning an ICO for 2018. Will it be the biggest ICO in the world?
Inga Karulaityte – Kvainauskiene – The Baltic Times (subscription)
Lithuania implements aims to become a FinTech centre in the region – more and more FinTech companies choose this country for their jurisdiction.
DNT: Congrats to Lithuanians for the great job they are doing from legal issues to the technical infrastructure!
FAO: The Baltics are the most fintech-friendly countries in Europe. Bank Of Lithuania said this summer (reported in August) that it was planning a fintech regulatory sandbox.
Helene Fouquet – Bloomberg (subscription)
President Emmanuel Macron wants to show global fund managers that on his watch France Inc. is an appealing place for their money.
DNT: U-la-la…Looks like the French are becoming aware of the opportunities for the Eurozone’s second-largest economy. Good.
FAO: Part of the plan of gaining more business in a post-Brexit Europe. Everybody wants a bigger piece of the pie. Goldmans’ CEO recently admired Frankfurt and its weather….
The FinTech Association of Hong Kong has signed three separate Memoranda of Understanding with the Singapore FinTech Association, the Swiss Finance + Technology Association and the Taiwan FinTech Industry Development Association.
Sarah Kocianski – Business Insider
Fintech hubs — cities where startups, talent, and funding congregate — are proliferating globally in tandem with ongoing disruption in financial services.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News