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This Week in Fintech
Ripple, Flutterwave partner on secure payments for Africa-based clients
The partnership seeks to foster healthy relationships between the rapidly emerging African business community and global organisations, banks and consumers. The instant payment delivery system makes Flutterwave the first payments company in Africa to use Ripple to expedite international transactions. Read more
Berkshire Hathaway Invests USD 600 Million in Fintech
Berkshire Hathaway has backed two fintech companies to the tune of USD 600 million in the last few months. The investment was completed with funding to Brazilian payments processor StoneCo, after earlier investment in One97, parent of Indian mobile wallet service provider Paytm. Read more
Ping An Launches Blockchain Trade Finance Platform in Hong Kong
Realtime trading information is now being shared between 12 initial banks in the Asia Pacific after Ping An launched eTradeConnect, a blockchain-based international trade finance platform. The platform has been facilitated by the Honk Kong Trading Authority. Read more
Australia Post Provides Quick KYC for Bitcoin Exchange Users
Snail Mail provider Australia Post is an unlikely source of regulatory compliant KYC checks, and will allow crypto buyers to verify their identity in minutes instead of several days. This will also eliminate the need for buyers to verify their identity repeatedly across platforms. Read more
ABN AMRO, Rabobank and Mastercard introduce Garmin Pay
This week, Rabobank lead ABN AMRO to allow customers to utilise ‘Garmin Pay’, a Mastercard backed payment service that facilitates paying via Garmin smartwatches. It will operate in the same fashion as debit cards with NFC chips. Read more
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Funding News
Coinbase, a US-based crypto exchange, raised USD 300 million in a Series E round led by Tiger Global Management.
PropertyGuru, a Singapore-based property tech comany, secured a USD 144 million investment from KKR.
Monzo, a UK-based challenger bank, raised GBP 85 million in a Series E round led by General Catalyst and Accel.
Akulaku, an Indonesia-based internet company focusing on e-commerce and online financial services, secured USD 70 million in a Series C round led by Fanpujinke Group.
Ess Kay Fincorp Ltd, an India-based non-banking finance company, raised USD 42 million in a round led by TPG Growth.
Ethos, a US-based insurtech, closed a USD 35 million Series B round led by Accel.
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Research
Cryptoassets Taskforce: final report
by FCA, HM treasury, Bank of England
This research gives an overview of cryptoassets and underlying technology, assesses associated risks and potential benefits, and sets a path forward for UK regulation and policy regarding cryptoassets and DLT. Read more
Transformation in the global insurance market
by Mergermarket
This report presents an overview of the insurance M&A market, analysing the numbers and dynamics behind 2018's key deals worldwide. It also considers regional variations, which are marked by varying international regulatory systems. Read more
State of the Markets: Inside Views on the Health and Productivity of the Global Innovation Economy
by Silicon Valley Bank
This research analyses the state of European markets via a comparison with the US market regarding growth capital, investors' behaviour, volatility and accompanying market softness for tech, and economic cycle. Read more
To charter or not to charter? Considerations for FinTech companies seeking to apply for an OCC special purpose national bank charter
by Latham & Watkins
This paper builds upon a recent statement by the US's comptroller and currency office where it announced it would begin accepting applications for special purpose national bank charters from non-depository fintech companies. The paper concludes that fintech companies must either obtain the appropriate state licences for their business or partner with a bank or licensed entity to provide regulated services. Read more
As China's Internet Firms Grow The Financial Services Pie, Banks Angle For A Larger Slice
by S&P Global Ratings
This research concludes that financial technology is large and fast-growing in China, and the country's internet finance companies are driving banks to innovate and advance their digital offerings. Disruption in consumer payments, loans, and transaction services are paving the way for new and intense competition for Chinese banks. Read more
World Payments Report 2018
by Capgemini
This report analyses global payments ecosystems with a focus on non-transaction volumes, the ever-changing regulatory landscape, the changing and dynamic nature of payment service providers’ roles, and the resulting new horizons for payments and transaction banking. Read more
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