FinTech Daily News – Edition 82, 27.10.2017
October 27, 2017
FinTech Daily News – Edition 84, 31.10.2017
October 31, 2017

FinTech Daily News – Edition 83, 30.10.2017

FinTech Daily News

by Florin Oprea

Edition 83, 30.10.2017

Deals, Investments & M&As

Alibaba-Affiliate Ant Financial Isn’t Itching To Go Public

Chuin-Wei Yap – Financial Times (subscription)

Flush with cash, Chinese Fintech giant Ant Financial Services Group is putting on hold plans for an IPO while it steps up investments in everything from startups to artificial intelligence, according to a senior company executive.

FAO: One of the most, if not “the most”, aggressive companies in the world right now in terms of expansion. They have a lot of cash and probably will need even more in order to fund such a (global) move. Are they looking for the best possible market to do it?…Is it NYSE? Hong Kong?

French Investment Bank Natixis Acquires 50% Stake in Fintech Company Dalenys

Samantha Hurst – Crowdfund Insider.

Natixis has acquired 50.04% stake in Dalenys, a fintech company that offers Payment Marketing solutions that aim to increase revenues for online and point-of-sale merchants.

FAO: Brussels- based Dalenys was bought for an undisclosed amount. The initial acquisition agreement was announced earlier this summer.

Israeli Fintech Co BondIT Raises $14.25m From Fosun

Globes

Israeli fintech company BondIT has raised $14.25 million through a strategic investment from China’s Fosun Group. This is Fosun’s first investment in Israeli fintech and the company will have representation on the Herzliya based company’s board.

FAO: China’s Fosun Group is everywhere. Earlier this year they invested in the German fintech startup Naga Group.

Current Raises $5m

Finextra

Fintech company Current announced it has raised $5 million in a Series A funding round led by QED Investors, with additional investment from Cota Capital.

Silicon Valley Investors Double Funding For UK Tech After Brexit

James Titcomb  – The Telegraph

Silicon Valley investors have more than doubled funding for UK technology companies this year, in a sign of strengthening links with the world’s biggest tech hub after the Brexit vote.

Wealth & Personal Finance

Jeff Bezos Made $6.2 Billion In 5 Minutes And Became The World’s Richest Person

Bill Murphy Jr – Inc.com

This is no joke. Amazon’s stock jumped 7.1% (Editor’s note: last Thursday) on the news of its amazing Q3 earnings report.  And since Bezos still owns about 17% of Amazon’s common stock, if you do the math: boom, $6.24 billion.

FAO: #ohboy…Oh btw, watch out banks, Amazon is coming after you! As McKinsey put it  last week – read more in one of last week’s FinTech Daily News.

Data and Analytics

Big Data Could Help Bring Micro Lending To The Millions Left Out Of China’s Economic Miracle

Yujing Liu – SCMP

Big data could be about to solve the vexing problem of how to channel financial services to hundreds of millions of Chinese farmers and small businesses.

FAO: More useful data picked up by SCMP about China’s “raving” fintech sector. Next stop – China’s farmers and SMEs!

Retail banking

These Two Twenty-Somethings Convinced HSBC To Work With Their Startup – Here’s How

Oscar Williams-Grut – Business Insider

Fintech startup Bud is just two years old and has just 23 staff but has managed to sign a deal with HSBC, one of the world’s biggest banks.

FAO: Hmmm, first time we hear about HSBC and a fintech partnership. London-based Bud raised £1,5m last week from Investec and Banco Sabadell in a Seed investment.

DNT: Pretty impressive to convince HSBC to “taste” Fintech…

FinTech People

SEC Fines Zenefits And Former CEO Parker Conrad Nearly $1 Million For Misleading Investors

Sarah Buhr -TechCrunch

The SEC is showing its muscle in Silicon Valley with a crackdown on bad behavior, starting with unicorn startup Zenefits and its former CEO Parker Conrad.

FAO: Zenefits again? This HR software startup had to pay a $3.4m “bill” earlier this year for failing to pay overtime to 743 workers.

DNT: Ohh, how it sounds…”SEC is showing its muscle”. It looks like a warning. SEC is watching.  

Regulation

China To Tighten Regulation Of Fintech Consumer Loans

Gabriel Wildau – Financial Times (subscription)

China is preparing to tighten regulation of online consumer lending as part of a campaign against financial risks, dealing a possible setback to Chinese fintech groups that hope to sell shares in the US.

FAO: Nothing surprising!

Regulating Banks Could Help Rivals Like Google

Stephen Bartholomeusz – The Australian (subscription)

ANZ chairman David Gonski generated a ripple of commentary this month with his comments that the big global technology players like Google or Facebook were unlikely to emerge as major competitors to banks.

Accelerators & Hubs

Singapore Reinvents Itself As Asia’s Fintech Hub

Pratik Gandhi – The Business Times (subscription)

Remittances to developing nations by migrants working abroad have long been an important lifeline for these countries. In Asean, which celebrates its 50th anniversary this year, remittances have contributed to the ongoing economic development and alleviation of poverty in the regional group.

FAO: The above content is behind a paywall but we can easily “feel” its “substance”. Most of the FinTech Daily News readers are familiar with Singapore’s progress in the field and aware of its potential. Especially now, after the city-state struck a “fintech partnership” with Hong Kong (check this last week’s edition)…speaking of which:

Hong Kong Sharpens Fintech Focus As A Collaborative Centre

Andrew Barclay – SCMP

If you ask Charles d’Haussy, head of fintech at InvestHK, the combination of mainland firms listing in the city and large financial institutions striking deals with start-ups is a sign of things to come: the city will remain a financial hub, but this time with technology at its core.

There’s Plenty Happening In Hong Kong’s Fintech Sector, But What’s It All For?

Alun John – SCMP

There is no shortage of initiatives taking place in Hong Kong when it comes to financial technology, or fintech. But despite the talk, and some pockets of activity, a sense of an overarching vision for the sector remains vague at best, according to analysts and market participants.

Brussels Develops Blueprint For Creating New, ‘Very Lucrative’ Financial Centre To Replace London After Brexit

William Turvill – This Is Money

Brussels has developed a blueprint for creating a new, ‘very lucrative’ financial centre to replace London after Brexit.

FAO: In times of war…

DNT: Yeah, a sharp competition is shaping up..

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News