by Florin Oprea
Anirban Ghoshal – VC Circle
OnEMi Technology Solutions Pvt. which runs lending startup Kissht, has raised $10 million (Rs 67 crore) led by China’s Fosun International, a report in a financial daily stated.
FAO: Busy year for China’s Fosun Group. They made a $14.25m strategic investment in Israeli fintech company BondIT in October (reported here), and led a $12.5m Series A funding round in German fintech startup Naga Group in March.
Lynsey Barber – City A.M.
Europe’s biggest fintech investor Index Ventures would not rule out putting cash into an ICO as the method of raising funds for startups continues growing in popularity.
FAO: It was an amazing year for ICOs! If you don’t know by now what an ICO means then you should read Blockchain Daily News! I guess Jan Hammer would find our bulletin very useful, considering their investment plans…
Chanyaporn Chanjaroen, Andrea Tan & Haslinda Amin – Bloomberg (subscription)
Be selective. That’s the message Monetary Authority of Singapore Managing Director Ravi Menon has for pundits and investors trying to navigate the wave of technology euphoria sweeping the financial services industry.
DNT: We can consider that’s a good message. Selection is a key process in any investment.
Lynsey Barber – City A.M.
Facebook is making its first foray into finance in the UK with the launch of a new feature which lets users send and receive payments via Messenger. Cash can be transferred with just a message and users can even add emojis and gifs.
FAO: Can you feel the ecosystem morphing? Fintech is a revolution, undoubtedly! Facebook adding this new feature follows the moves of China-based WeChat and India’s Hike Messenger which recently added digital payments to their services. Facebook announced the other week the extension of its partnership with PayPal, incorporating PayPal into P2P payments on Messenger and PayPal launching a customer service bot for Messenger. In turn, payments apps are integrating instant messaging services: see the moves of Transferwise – earlier this year, Paytm – yesterday etc. Apple will soon make its move by launching the Apple Pay Cash service (more here). No wonder banks are terrified…
DNT: Besides the practical advantages of this feature, expressing your feelings with an emoji when you make a payment it’s pretty cool…I can imagine an angry face when the sum is too big or a happy face when it’s a great deal. So, thumbs up for this!
Warren Lee, Theodoros Evgeniou – Insead
Start-ups in the capital market space are a small part of the fintech world but find multiple opportunities to disrupt retail trading. There are currently around 8,000 fintech start-ups globally, revolutionising lending, retail banking and banking processes. But less than 10% are in the capital markets space and an even smaller segment in retail trading. They also receive a disproportionately small amount of funding, roughly 4% of the US$96 billion of venture capital funding.
FAO: The fintech revolution will get there too…
Sacha Bright – City A.M
As November’s Budget fast approaches and Brexit uncertainty worries business, the political emphasis for encouraging Britain’s budding entrepreneurs and high-growth firms becomes more astute.
Elizabeth Gurdus – CNBC
Millennials are changing a host of industries, but perhaps none more drastically than the financial technology space, PayPal CEO Dan Schulman said.
FAO: He knows this very well, thus the Facebook partnership – see above, in “Payments” section.
Ryan Browne – CNBC
The Australian Securities and Investment Commission and China Securities Regulatory Commission said that they would cooperate on the sharing of information related to emerging themes in the fintech sector.
FAO: I wonder what information they share regarding blockchain and cryptocurrencies, as currently they play in different “teams”…oh, if you don’t know how the “teams” look check them in Blockchain Daily News – Crypto-Teams BDN Global Outlook – last updated 03.11.
The Bahraini Government and the region’s Central Bank are backing the creation of a new fintech hub in a 10,000 square metre space overlooking the waters of Bahrain Bay and the Arabian Gulf.
DNT: As we are informed, the hub it’s scheduled to open in February 2018. Innovation is the key word for its mission.
Yolanda Bobeldijk – Financial News (subscription)
A lobby group for UK fintech firms dreamt up by former Chancellor of the Exchequer George Osborne has been hit by a wave of senior departures, after alleged clashes with the current government over its independence.
FAO: Financial News discussing the latest changes at “Innovate Finance”. I reckon their CEO is former NLX CEO Charlotte Crosswell, as announced in August.
Emily Perryman – P2P Finance News
Fintech is creating more efficient ways of borrowing and investing, but this must not be at the expense of consumer protection, the Financial Conduct Authority has suggested.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News