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This Week in FinTech – Week of the 30th October

November 15th, 2017 / News

THE BRIEF

Quote of The Week:

“From what we can identify, the only reason today to buy or sell Bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble.”
Chief Executive of Credit Suisse, Tidjane Thiam (Source)

THIS WEEK IN NUMBERS:

  • $280m – Funding round of UK based transfer service Transferwise
  • $115m – Funding round of US based remittance company Remitly
  • 4000 – The number of finance and FinTech jobs the Monetary Authority of Singapore hopes will be created annually based on its industry transformation map (source)

THIS WEEK IN THE NEWS

MONDAY

China to tighten regulation of FinTech consumer loans – The Financial Times
China is looking to tighten its online consumer lending market in order to protect consumers from financial risks which has concerned some Chinese FinTechs.

UK FinTech startup CommuterClub gets £2.3m, partners with Revolut – UKTN
FinTech CommuterClub has this week raised £2.3m and announced a new partnership with Revolut.

 

TUESDAY

Remitly is raising up to $115M led by Naspers’ PayU to double down on remittances – TechCrunch
Remitly, the digital remittance company has announced that it has agreed to raise up to $115 million in Series D funding subject to approvals.

€18 billion in software invested by European banks in 2016 – Banking Technology
In a survey of 108 banks in 12 European countries, statistics suggest that European banks invested more than €18 billion in software within the last year.

FinTech firm R3 and world’s biggest banks build blockchain-based payments system – The Independent 
R3 and a conglomeration of the world’s biggest banks have announced a collaboration to develop a cross-border payments platform built using distributed ledger technology.

IFSB: Islamic FinTech Finance Bigger in Asia than First Thought – CryptoCoinNews
The acting secretary-general of the Islamic Financial Services Board (IFSB) has suggested Islamic FinTech finance in Asia is anticipated to be bigger than previously estimated.

Slaughter and May adds startups to FinTech Fast Forward programme – FinExtra

The leading international law firm Slaughter and May has announced that 11 tech businesses have now joined its FinTech Fast Forward programme.

 

WEDNESDAY

FinTech startup MarketInvoice is getting into small business lending and taking on big banks – CityAM
UK-based MarketInvoice has revealed that it will expand its services from P2P invoice financing into providing short-term loans following a rebrand.

Wahed Raises $7 Million For Halal-Based Investment Platform – Venture Beat
New York-based Wahed Invest has raised $7 million from Cue Ball Capital and BECO Capital in order to develop its platform.

BondIT closes $14m in funding – Banking Technology
BondIT has closed a funding round from Fosun Group for $14 million.

Samsung Pay to support Interac debit in Canada – PaymentSource 
Interac has revealed this week that its Interac Debit service is now available in Samsung Pay in Canada.

Australian Apple Pay-avoiding banks announce their own Beem mobile wallet – ZDNet
Three Australian banks, Westpac, the Commonwealth Bank of Australia (CBA), and the National Australia Bank (NAB), have announced a new joint venture in order to create a “industry-wide payment solution” in the form of a mobile wallet.

 

Thursday

Visa rolls out real-time payments platform in Europe – FinExtra
Visa has announced its intention to launch a new platform, Visa Direct to offer seamless transactions for customers.

It’s official: FinTech startup Transferwise closes $280m funding from top investors led by IVP and Old Mutual – CityAM
The international money firm Transferwise has unveiled that is has raised $280 million in new investment this week.

British FinTech lender Cashplus seeks banking licence – Reuters
Digital Challenger CashPlus has revealed its intention to get a banking licence this week.

Citigroup Bets Millions on U.K. Mortgage Lender  – Bloomberg
Citigroup has agreed to provide LendInvest with funding for its mortgage services.

Credit Suisse CEO skeptical about Bitcoin ‘bubble’ – Reuters
Chief Executive of Credit Suisse Tidjane Thiam has expressed his caution on the cryptocurrency and called the speculation around it the ‘very definition of a bubble’.

Telecoms giant Orange has launched its own mobile-based bank – CNBC
The telecoms giant Orange has this week launched a mobile-only banking service to customers in France.

 

Friday

EY Report: Australia’s FinTech Industry is Growing Rapidly Jumping 200% Since 2016 – Crowdfund Insider 

The 2017 EY FinTech Australia Census suggests that Australian FinTech has had explosive growth in the last year with 37% of Australia’s digital population FinTech now active users.

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