Thursday, May 19, 2022
spot_img

10 Fintech News in One Shot

1. The Nigerian SEC sets up a FinTech unit to study cryptocurrency.

Earlier in 2021, the Nigerian government did a crackdown on cryptocurrency lenders. However, now it aims to bring regulations to control the industry and offer investors some protection.

The report that came out on 2nd September, states that SEC has made a FinTech division that has the main motive to study cryptocurrency and blockchain products and investments. This study will then be used to regulate the crypto market via a framework. Nigeria’s SEC says that all the crypto related investments are securities unless proven different.

Read Cointelegraph’s full report here.

2. ByteDance plans to sell stock broker operations and reduce FinTech business.

ByteDance operates Douyin Pay, a third party mobile payment site owned by itself. This facilitates users on e-commerce transactions on Douyin. Douyin is the Chinese version of short video sharing platform, TikTok.

Note that this decision comes after the Chinese government started tightening its grip on the much ambitious and popular FinTech industry from earlier this year. According to sources, ByteDance always focused on e-commerce and gaming and not on FinTech.

Read the full story by Economic Times here.

3. Cathie Wood’s FinTech fund sells stake in HDFC Bank.

HDFC Bank is India’s largest bank by market value. Ark Fintech Innovation ETF (ARKF) sold its stake in the same in four months’ time. ARKF sold 127,637 American depository receipts.

It now holds American depository receipts worth $19 million only. Their website has also ranked HDFC as one among the world’s most priced mega banks.

Read the full story by Economic Times here.

4. Debt collection- the least talked about thing of BNPL

The charity conducted research on BNPL. It shows that shoppers were charged £39 million in late fees last year. Of the ones who were collecting the debt for non payment, 96% experienced a negative consequence.

Citizens Advice did a mystery shopping at 100 leading retailers and found out that 38 offered BNPL. Out of these, 22 offered more than two BNPL options. The research also showed that 11% of the ones offering BNPL stated clearly that a credit agreement is being done. Others put it in either T&Cs or small print.

Read the full report along with other insights here.

Global Fintech Academy has developed a course on BNPL, if you want to learn about BNPL, visit here.

5. BBVA Switzerland launched a theme based digital investment account.

BBVA Switzerland is launching a digital investment account that lets users develop portfolios based on various themes. These may range from climate change to 3D printing to circular economy. In addition to it, they are also providing a cryptocurrency wallet.

These are called Next Gen accounts. They offer a range of companies and funds revolving around 11 themes including robotics and autonomous vehicles.

This account also imitates the portfolios of major investors like Warren Buffet. It even lets users invest in traditional assets like shares and investment funds.

Read More about it here.

6. Point raises $46.5 million aims to give rewards based alternative to credit cards

Reward based debit card company, Point raised $46.5 million Series B funding led by Valar Ventures of Peter Thiel. The millennials who are mostly sunk in debt are the target customers of this company. It provides a debit card and linked bank account that gives a number of premium benefits.

It also provides the users cashback. This is done by earning points on each purchase. It also gives travel protection and insurance benefits.

Read the full story here.

7. SurePay raises €12.2 million, to provide Confirmation of Payee internationally

SurePay by Rabobank provides Confirmation of Payee (CoP) in the UK and Benelux. The round was led by Connected Capital with Iris Capital. The aim is to make their operations international.

It was launched in 2016. Since then it has carried out 4 billion payment checks. Its clients include names like ING, Rabobank, NatWest group, Atom bank, ABN amro, Tridos bank and STRATO. It also intends to make its SurePay Pay ID accessible across Europe.

Read the full coverage here.

8. PhonePe Pulse, how India transacts?

PhonePe captured the world’s attention when it launched Pulse, a window that shows how India  transacts. It is backed by interesting trends, deep insights and in-depth analysis of the data.

PhonePe claims that it is India’s largest digital payment platform. It has 46% market share in UPI. They demystified their data to show the what, how and why of digital payments in India.

Read the full story here.

9. Jeeves raised $57 million to make expense management easier.

Jeeves, an exchange management platform, raised $57 million in a Series B funding. It is valued at $500 million. The round was led by CRV and Tencent, Silicon valley bank, Alkeon capital management and Soros fund management. Besides, angel investors like Kevin Durant also participated in it.

Jeeves has more than 1000 companies in it. It also plans to reach a target of 30 countries in 3 years.

Read more about it here

10. Indian FinTech companies in August.

In the month of August, these Indian FinTech companies have undergone funding rounds.

  • BharatPe: raised $370 million in Series E Equity round. Post this, the company is valued at $2.85 billion.
  • Jupiter: raised $45 million in a new financing round. The valuation of the company stands at $300 million.
  • Zeni: raised $34 million in a Series B funding. It has seen a 550% revenue growth y-o-y.

Read the full story here.

Related Articles

Leave a Reply

Stay Connected

0FansLike
3,317FollowersFollow
19,600SubscribersSubscribe
- Advertisement -spot_img

Latest Articles

%d bloggers like this: