FinTech Daily News – Edition 96, 16.11.2017
November 16, 2017
FinTech Daily News – Edition 98, 20.11.2017
November 20, 2017

FinTech Daily News – Edition 97, 17.11.2017

FinTech Daily News

by Florin Oprea

Edition 97, 17.11.2017

Deals, Investments & M&As

Klarna And PPRO Team Up For Credit Payments In Europe

Finextra

PPRO Group and Klarna will partner to enable Payment Service Providers to offer credit-based payments through PPRO’s payment hub to European merchants, risk-free.

DNT: Another good  partnership that involves Klarna, one of the “stars” of Europe’s fintech. This will provide access to  Klarna services and consumers across Sweden, Norway, Finland, Denmark, the Netherlands, Germany, Austria, and the United Kingdom, as we are informed.

Swiss Fintech Pushes Into Asia

Finews

Swiss fintech Crealogix announced the expansion of its business activities in the Asia Pacific region. The firm has a strong presence in the private banking and wealth management segment. With the opening of a new Singapore unit Crealogix hopes to penetrate Asia-Pacific

China Dominates World Ranking Of Fintech Firms

Angus McNeice – China Daily

China Fintech Companies Dominate Top-10 List Of Global Innovators

Yimian Wu – China Money Network

China continues to dominate the fintech landscape, accounting for 5 of the top 10 fintech companies globally in 2017, according to a report by KPMG and H2 Ventures, which compiles a list of the year’s best fintech innovators from around the world.

DNT:  Alibaba, ZhongAn Insurance and Qudian are, in this order, on the first 3 positions.

Payments

American Express, Santander Team Up With Ripple For Cross-Border Payments Via Blockchain

Angus McNeice – CNBC

American Express and Santander have partnered with financial technology firm Ripple to speed up cross-border payments between the U.S. and the U.K. by using blockchain technology.

PayPal Will Hand Over User Transaction Data to the Canada Revenue Agency

JP Buntinx – The Merkle

In an email sent to business customers and partners the company acknowledged it received an inquiry from the Canada Revenue Agency. It seems the CRA demanded information on PayPal business account holders who received or sent payments between January 1, 2014 and November 10, 2017. The recent cutoff date seems to indicate some suspicious activity has been recorded, although no further specifics were provided in the email.

DNT: A lot more informations about PayPal recent activity in our free Archive.

International Payments Firm TransferWise Reports Doubling Revenue

Jeremy Kahn – Bloomberg (subscription)

TransferWise said revenue in the fiscal year through March 2017 has more than doubled, allowing the company to post its first annual profit.

DNT: TransferWise has been very active with a lot of announcements about investments. Read here and here. The company is valued at $1.6 billion. More about its most recent $280M Investment – hereDeals & Investments category.  

Lending

Kabbage Diversifies Funding Sources For Small Business Lending With New $200 Million Revolving Credit Facility With Credit Suisse

PR Web

Kabbage announced a new $200 million asset-backed revolving credit facility with Credit Suisse, a global financial institution. The new facility diversifies Kabbage’s funding sources, enables the company to scale faster, and establishes another committed source of capital to propel future growth.

DNT: Kabbage seems very active. Recently the Atlanta unicorn and another big name – ING announced the expanding of their partnership into France and Italy to provide automated small business lending.

Data and Analytics

Luxembourg Bankers Association And Luxembourg University Launch KYC/DLT Research Project

Finextra

The Luxembourg Bankers’ Association and its Foundation for Financial Education in cooperation with the University of Luxembourg and its Interdisciplinary Centre for Security, Reliability and Trust  launched a joint research project on the distributed ledger prototype and data analytics for KYC (Know Your Customer).

SnapLogic Partners with CSC BRASIL to Meet Increasing Demand For Enterprise Integration Technologies Throughout Latin America

Nasdaq

SnapLogic and CSC BRASIL announced a strategic partnership to help organizations in Latin America improve business processes, accelerate decision-making, and drive better business outcomes.

Retail banking

BlackRock Solutions To Ensure Financial Risk Management For Bank Of Latvia

The Baltic Course

BlackRock will ensure financial risk management for the Bank of Latvia in the coming five years, the bank reported.

Cap Markets & Other

Chinese Fintech Jianpu Rises In US debut

Reuters

Shares of Jianpu Technology rose as much as 3.8 percent in their U.S. market debut on Thursday, giving the Chinese online financial planning platform a market value of about $3.42 billion.

FinTech People

IMDA, MAS To Push Career Development Of Fintech Professionals

Wong Kai Yi – Straits Times

Industry and academia are joining forces to help equip Singaporeans with the skills to take up infocomm technology jobs in the financial industry.The Memorandum of Intent (MOI) was signed by the Infocomm Media Development Authority and Monetary Authority of Singapore and is part of the TechSkills Accelerator FinTech Collective.

‘Stop Trying To Think Of This As A Women’s Issue’: Female Fintech Leaders Call For More Action On Diversity

Oscar Williams-Grut – Business Insider

Trade body Innovate Finance has published its annual list of women in fintech, aiming to give role models to young women thinking of entering the sector.

Latest Developments & Agreements

MAS Signs FinTech Co-Operation Agreement With The Central Bank Of The Republic Of The Philippines

Priyankar Bhunia – OpenGov Asia

The Bangko Sentral ng Pilipinas and the Monetary Authority of Singapore signed a FinTech Co-operation Agreement  to promote innovation in financial services in their respective markets. The BSP-MAS CA was signed at the sidelines of the 2nd Singapore FinTech Festival.

Rainmaking Colab Tackles “Accelerator Fatigue” With New Model for Mature Fintechs

JD Alois – Crowdfund Insider

Rainmaking Colab, created by the founders of Rainmaking and Startupbootcamp Fintech, are launching a new innovation program designed to help industry incumbents address real business problems.

Square’s Bitcoin Feature Could Secure An ‘Early Mover Position’

Elizabeth Balboa – Benzinga

The fintech firm is piloting a feature on its Cash platform to facilitate the buying and selling of the cryptocurrency coin. Analysts consider the fintech disruptor well-suited to lead the industry in crypto-based innovation.

Regulation

European Market Watchdog Steps Up Scrutiny Of Closet Trackers

Jennifer Thompson  – Financial Times (subscription)

The European Securities and Markets Authority plans to carry out further work on closet tracking — in which asset managers charge high fees for active management of funds that closely mimic their benchmarks — by collecting evidence from national regulators across the bloc.

Accelerators & Hubs

Saudi Arabia To Create Startup Hub At Home; Invests Huge In Technology

Rennie Bradshaw – Hitech News Daily

Saudi Arabia Government said it has plans to make it easier for foreign companies to avail license for a startup launch in the kingdom. It is a part of the strategy to spur growth in non-oil private sector and open the economy of the country.

Opinion

JPMorgan Says Fears Brexit Day Upheaval If UK Clearing Houses Cut Off

Huw Jones – Reuters

Financial markets face Brexit day upheaval if clearing houses in Britain are abruptly cut off from continental customers, a senior JPMorgan bank official said on Wednesday. Sally Dewar, international head of regulatory affairs at the U.S. bank, said that without European Union recognition of UK clearers before Britain’s departure from the bloc in March 2019, there could be significant market disruption.

 

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

DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News