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This Week in Fintech
Canada’s 2nd largest pension fund buys majority stake in UK's FNZ
CDPQ and former US vice president Al Gore’s Generation Investment Management will make a GBP 1.6 billion investment in the fintech. FNZ has GBP 330 billion in assets under administration held by its clients, which include Santander, Llyods Bank, Vanguard. Read more
IFTC launches Islamic trade finance for West African SMEs
The International Islamic Trade Finance Corporation launched the programme in West Africa to enhance trade finance in 8 countries. The project’s goal is to use Sharia-compliant financial products to assist closing the significant trade finance gap for SMEs in the region. Read more
Regulators say fintech won’t eat banks’ profits at IMF meeting
At the meeting in Bali, Indonesia, policymakers and regulators said fintech doesn’t threaten banks’ existence. They also urged authorities to ensure traditional lenders are prepared for industry changes. The IMF recently released its 2018 annual report, available here.
Norway issues new crypto exchange ML rules
The country’s supervisory financial authority, Finanstilsynet, set out new rules expected to go into force October 15th, but companies have until January 15th, 2019 to be fully compliant. The rules apply to crypto storage providers and exchanges in Norway and their overseas branches. Read more
Zuora expands billing options in Amazon partnership
The SaaS outfit assists companies in managing payments for subscription businesses and is now a Premier Partner in Amazon Pay’s Global Partner Program. This means that enterprises using Zuora’s billing platform can integrate Amazon’s digital payment system during checkout or recurring payment processes. Read more
First round of GDPR fines by end 2018
European regulators are set to begin levying fines and temporary bans for companies breaching GDPR, says Giovanni Buttarelli, European Data Protection Supervisor. Read more
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Funding News
Nubank, a Brazil-based neobank, nabbed a USD 180 million investment from Tencent.
Brex, a US-based company providing corporate credit cards for start-ups, secured USD 125 million in a Series C round led by multiple backers.
Divvy, a US-based homeownership start-up allowing borrowers to buy a percentage of a home and purchase more ownership over time, raised USD 30 million from Andreessen Horowitz.
Duologi, a UK-based finance solutions provider, nabbed GBP 20 million from Paragon.
Klarna, a Sweden-based e-commerce PSP, raised USD 20 million from H&M.
PayActiv, a US-based company offering a platform to employers for employee financial wellness, raised USD 20 million in a Series B round led by Generation Partners.
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Research
2018 FDIC Small Business Lending Survey
by FDIC
This survey takes as a point of departure the paucity in information on small business lending by banks. 1,200 banks responded to the survey, which found, amongst other things, that banks lend more to small business than is currently measured, and small banks are more flexible in engaging start-ups. Read more
A journey through the FCA regulatory sandbox
by Deloitte
The FCA’s sandbox was built to test innovative products. Deloitte spoke to firms that are participating or have participated in the sandbox. This report summarises their experience in their sandbox journey. Read more
Technological Change and Financial Innovation in Banking: Some Implications for Fintech
by Federal Reserve Bank of Atlanta
Financial intermediation has significantly changed over the last 30 years, much due to technology. This paper describes how tech change and financial innovation affect social welfare, and takes a look at specific financial innovations, including fintech innovation, in transforming banking. Read more
Harnessing technology for more inclusive and sustainable finance in Asia and the Pacific
by Asian Development Bank
This short report looks at financial innovation in Asia and the Pacific, detailing fintech, access to technology, service and firm-level development, and more, also setting out challenges and implications for the region. Read More
Crypto-asset markets: potential channels for future financial stability implications
by Financial Stability Board
Crypto-assets do not presently pose a material risk to global finical stability, argues this report. Yet, the assets bring up boarder policy issues that merit close monitoring. In supporting these views, the report considers primary risks in crypto-asset markets, transmission channels affecting financial stability, and regulatory approaches. Read more
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