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This Week in Fintech
BBVA rolls out open banking platform in US
While PSD2 has driven open banking in Europe, the Spanish bank is being proactive on the concept in the US, taking advantage of the opportunities it creates by being one of the first movers in the market. Read more
IMF & Worldbank issue fintech guideline for policymakers
The bodies collaborated to formulate a guideline considering 12 different points that policymakers around the world can keep in mind when designing policies and regulations of fintech. Read more
Ant Financial, IFC launch 10-year tech programme for financial inclusion
The two companies, who have already partnered on initiatives in China, have once more joined forces to support and train tech experts working towards increasing financial accessibility in emerging markets. Read more
Stringent new Indian data localisation laws may lead to fines for payments giants
Visa, Mastercard, American Express, PayPal and Amazon have asked for more time to comply with the Reserve Bank of India's new data localisation rules, which were announced in April and came into force Tuesday. Read more
FCA broadens ability of SMEs to file bank complaints
The UK government is broadening the ability of small businesses to lodge complaints against their banks. The Financial Conduct Authority (FCA) will allow small businesses to file complaints and secure compensation with the Financial Ombudsman Service beginning in April, following a string of scandals highlighting bank misconduct against small businesses. Read more
7 top banks to build Trade Information Network
ANZ, Santander, BNP Paribas, Citi, Deutsche Bank, HSBC, and Standard Chartered signed a MoU to build the Network by end-2018. The endeavour will offer a single platform for trade and supply chain finance, meeting unmet demand for finance early in the supply chain. Read more
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Funding News
Linklogis, a China-based firm specialising in supply chain finance, secured USD 220 million in a series C funding round led by Government Investment Corporation.
Liqid, a Germany-based digital wealth manager, raised an additional EUR 33 million in series C funding, led by Tosca Asset Management.
ProducePay, a US-based financial resources provider to the agricultural sector, raised USD 14 million in a Series B round led by Anterra Capital.
Cobo, a China-based crypto wallet company, secured USD 13 million in series A round led by DHVC and Wu Capital.
Penta, a Germany-based fintech startup offering digital banking to SMEs, nabbed EUR 7 million in a Series A round from Inception Capital.
Jooycar, a Chilean insurtech startup, nabbed USD 3 million from HCS Capital.
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Research
Technology Based Innovations for Regulatory Compliance (“RegTech”) in the Securities Industry)
by finra
Drawing on the discussions held with participants in the regtech space including broker-dealer firms, vendors, regtech associations, and academics, this report summarises key findings including how regtech tools are being applied in surveillance and monitoring, customer identification, AML compliance, regulatory intelligence, reporting and risk management, and investor risk assessment. Read more
Changes in U.S. Payments Fraud from 2012 to 2016: Evidence from the Federal Reserve Payments Study
by US Federal Reserve
This in-depth report provides estimates of payments fraud totals and rates for payments processed over general-purpose credit and debit card networks, including non-prepaid and prepaid debit card networks. Read more
Fintech credit markets around the world: size, drivers and policy issues
by BIS
Recognising that fintech credit has grown rapidly in recent years, this research provides an extensive definition and measurement of fintech credit, a summary of market development, an analysis of the main drivers of fintech credit, implications for credit availability and risk, and an explanation of regulatory frameworks around the world. Read more
How Valuable Is FinTech Innovation?
by Mark A. Chen, Qinxi Wu, and Baozhong Yang
This extensive paper provides large-scale evidence on the occurrence and value of fintech innovation. The cross-sectional analysis shows that most types of fintech innovation yield positive value to innovators, with blockchain being particularly valuable. For the financial sector as a whole, Internet of Things, RoboAdvising, and Blockchain are the most valuable innovation types. Read more
The Request to Pay Revolution
by Citi
This short report gives an overview of the emergence of real-time request to pay (RTP) collections from bank accounts, explaining how RTP works, its benefits, where it can add value, and more. Read more
Exploring fintech solutions for women
by Genesis Analytics
This report aims to contribute to the understanding of how gender intersects with financial inclusion. It highlights examples that illustrate the potential benefits of fintech for women, while pinpointing ways in which these emerging technologies need to be better tailored to the specific barriers that African women face if they are to be truly empowering. Read more
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