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This Week in Fintech
Bunq partners with TransferWise
The Dutch bank will utilise TransferWise’s functionality to offer its customers low-cost, fast international payments. TransferWise also has integrations with Monzo, N26, and LHV from Estonia, and will integrate with France’s BPCE shortly. Read more
Top UK banks release fintech collaboration toolkit
The Royal Bank of Scotland, Barclays, Santander and other leading banks along with fintech companies created the toolkit, which seeks to increase engagement between fintech start-ups and financial institutions. Read more
European Parliament okays EUR 8 million crowdfunding cap
The Economic and Monetary Affairs Committee voted this week to raise the cap to EUR 8 million for all member states, 7 million more than the existing proposal from the EC. The move goes towards harmonising the cap across member states and helping platforms effectively scale to better serve the fintech industry. Read more
Western Union and Kenya’s M-Pesa partner
The deal further supports M-Pesa's function as an entity that increases financial inclusion and access to financial services in Kenya, as the partnership will allow its over 28 million active users to send funds from their mobile wallets to people in over 200 countries. Read more
Deutsche Bank launches mobile wallet, targets digitally savvy market
The bank set up Yunar, a subsidiary start-up to house the wallet. Gradually, the bank will build the components of the wallet, which will offer banking and non-banking services, including mobile payments, multibank aggregation, and digital ID. This is part of the bank’s efforts to reach a digital demographic which traditional banks have trouble converting into regular customers. Read more
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Funding News
Ride-hailing group Grab has rounded out USD 50 million in funding from Thai bankers Kasikornbank and has also secured USD 250 million from Hyundai, as part of its ongoing Series H round.
Netherlands-based Bitfury, who facilitate blockchain adoption for businesses, has closed USD 80 million in funding led by Korelya Capital.
TransferWise, a UK-based money transfer service, secured GBP 65 million in a syndicated debt facility from NatWest, JP Morgan, and LHV Bank.
Meesho, an India-based ecommerce facilitator focusing on WhatsApp, raised USD 50 million in Series C funding.
StarkWare, an Israeli blockchain start-up specialising in ‘zero-knowledge proof’ authentication, have secured USD 30 million in a Series A round led by Paradigm.
Credit Junction, a US-based data-driven, asset-based lender for SMEs, raised USD 23 million from Century Equity Partners.
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Research
European Payment Industry White Paper 2018
by Intrum
This paper looks at payment behaviour across Europe amongst businesses, including a sector analysis and country data. The report focuses on the impact of late payments on economies. Read more
G20 Digital Identity Onboarding
by World Bank group
This report looks at how digital ID systems can play a critical role in improving financial access and inclusion. It further gives country case studies and explains the benefits, risks, and characteristics of digital ID systems in the financial sector. Read more
The Effect of Technology on Performance of Small Enterprises in Nairobi City Country, Kenya
by International Journal of Information, Business and Management
This extensive paper concentrates on technology, which has the most potential to affect small enterprises' performance. The research concludes that technology programs in Nairobi have advanced the performance of small enterprises in employment, productivity, and skills development. Read more
The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts
by Skadden, Arps, Slate, Meagher & Flom Law Firm
This paper presents a summary of the announcement of the US Securities and Exchange Commission regarding the Strategic Hub for Innovation and Financial Technology (FinHub), and builds upon the recent counterpart developments in the EU. Read more
Breaking New Ground in Fintech
by Oliver Wyman
Many American households are not financially healthy, but at the same time pay billions in fees annually for financial products and services, making consumers distrust revenue models. This makes it difficult for entrepreneurs in financial health to deliver services to the people that need them. This report looks at revenue models that are both profitable and sustainable, and can gain consumers’ trust. Read more
Bank conduct and culture: findings from an FMA and RBNZ review of conduct and culture in New Zealand Retail bank
by Financial Market Authority of New Zealand and Reserve Bank of New Zealand
This report investigates misconduct issues in New Zealand banks, as misconduct has been an issue in the US, the UK, and Australia, and heavily affects customers. It reviewed 11 of the country’s largest retail banks over four months to identify conduct issues and risks, and learn how banks detect and remedy these issues. Read more
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