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This Week in Fintech
BlackRock invests $123 million in fintech Envestnet
The world-leading asset manager bought a 4% stake in the company, which provides tech solutions for financial advisors. BlackRock made the investment as financial advisors are moving away from bond and stock picking, preferring model portfolios created and managed by third parties. Read more
Ohio first US state to accept Bitcoin for taxes
As of this week, businesses in the state can pay taxes using the popular cryptocurrency, as the state looks to attract blockchain start-ups. The state partnered with Bitcoin payment service provider BitPay to facilitate payments. Read more
African telcos MTN, Orange partner on cross-continent payments
The network, initiated by two of the continent’s largest telcos, is called Mowali and will allow users of any mobile money provider to send funds between mobile money accounts in real-time cheaply. The parties seek to make mobile money a universal way to pay on the African continent, and increase financial inclusion. Read more
UK Challenger Revolut expands to Singapore, Japan
The mobile bank secured licenses from Singapore and Japan, gaining a Remittance Licence and a Stored Value Facility from the former’s Monetary Authority and an operational authorisation from the latter’s Finance Service Agency. Revolut plans to launch in Q1 2019. Read more
Line readies for smartphone bank, partners with Tencent on payments
The Japanese chat app is prepping to launch a smartphone-based bank with Mizuho Bank. The app-maker also partnered with Tencent, where it will process WeChat mobile payments via its terminals in Japanese stores. Read more
Amazon launches ledger database, managed blockchain
The Amazon Quantum Ledger Database is a fully managed database with a central trusted authority. The company also unveiled a managed blockchain service, which allows users to easily create and manage a scalable blockchain network. Read more
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Funding News
Judo Capital, an Australia-based challenger bank, is creeping towards a banking license after raising USD 350 million in funding. The round was led by Credit Suisse.
Bright Health, a US-based digital-first insurer, raised USD 200 million in a series C round.
Mpower Financing, a student loan provider based out of America's capital, raised USD 110 million in a round led by Gray Matters Capital and Community Investment Management.
Oriente, a Hong Kong-based financial services and technology company, completed a USD 105 million initial funding round.
Deskera, a Singapore-based company providing a business management platform, raised USD 60 million in Series A funding led by Jungle Ventures.
InCred, Mumbai-based provider of a digital lending application, secured USD 41.9 million in a funding round led by founder Bhupinder Singh and joined by Paragon Partners.
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Research
Financial Regulator Development Focus
by Sherman & Sterling
This snapshot is an overview of European and global financial regulatory developments. In particular, it explores the legality and effects of Brexit, an updated MiFID2 suitability briefing and the exploration by three central banks of issuing Central Bank Digital Currencies. Read more
Is Open Banking open for business?
by KPMG
The research compiled in this report details the current landscape surrounding the open banking wave, reporting which services and under what conditions SMEs are receptive to open banking. It further highlights what SMEs are expecting from open banking, and the successful models breaking into the market. Read more
Cryptocurrency and its susceptibility to speculative bubbles, manipulation, scams and fraud
by MPRA
This paper explores the varied differences between cryptocurrencies and more traditional financial assets as it determines that an indeterminate intrinsic value has led to irrational price movements. It also contrasts the emphasis on blockchain’s ‘security’ with current regulations to dissect how and why there is persistent scams, fraud and manipulation. Read more
Credit Disrupted: Digital MSME Lending in India
by Omiydar Network and BCG
Focusing on the India lending market, this report’s finding has further significance as it details the disruption caused by fintech in a rapidly digitizing economy. Noting that previously MSMEs had limited and expensive access to investment, the findings highlight that partnership between fintech adoption and traditional finance is providing the greatest benefits in business lending. Read more
SWIFT Institute Annual Report 2018: Bridging the Gap between the Financial Industry and Academia
by SWIFT
Overviewing the recently-published and currently-in-progress academic studies into fintech, this paper is able to provide a summarised insight into academic perception of financial technologies and their adoption. It also highlights key findings and outcomes from fintech summits and conferences. The paper culminates in an outline of fintech developments likely to become more prominent, and the academic research that should be conducted to better understand the technology and its applications. Read more
India Banking Fraud Survey
by Deloitte
This survey details the trends confronting the Indian banking sector, and the issues the sector may have to navigate in the coming years. Concluding that fraud and cybercrime are on the rise, and current preventative techniques are lagging, the report signposts AI and wider technology as keys to maintaining anti-fraud compliancy and effectiveness. Read more
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