FinTech news headlines from July 2021
– articles, downloads, reports & more
Our fintech and banking technology news headline summary for July 2021 provides a deliberately ‘wide angle’ view of fintech, and so includes items on digital currency, fintech startups, cryptocurrencies and e-commerce. Subjects include, for instance: the rise of ‘buy now, pay later’ services; research into online payment fraud; digital banking licensing in Malaysia; China’s central bank digital currency moves; the likely growth in mobile wallets and related services; and many more.
Each fintech news item featured links to the online item behind it: free, in full, one-click access and no delays.
And ICYMI: Updates go out via app and social media and include news on fintech and banking-focused technology; you can also stay in the loop with the Startup News Asia e-newsletter.
- Decentralized finance: “With DeFi, millions…are now lending, borrowing, trading, saving…without the permission of companies whose interests may not always align with their customers.”
- Download: The Rise Of Digital Banking In Southeast Asia, a December 2020 report from Boston Consulting Group, commissioned by Google Cloud (pdf)
- Future Of Fintech 2021 Conference set for October 5-6, running online from New York and organised by CB Insights
- Is DeFi the future of finance? “In traditional finance, if you make a mistake, a financial institution can initiate a rollback of the transaction – this doesn’t exist at all in DeFi yet.”
- Square payments giant to launch new Bitcoin-focused business, an open source platform for decentralized and permissionless financial services
- Download: Online Payment Fraud from Juniper Research, covering emerging threats, segment analysis, market forecasts across 2021-2025 (pdf)
- AI and fraud detection: ” in the overall financial fraud stakes, internal fraud accounted for close to 70% of all cases annually…”
- Australia: Alex digital banking startup gains banking licence from regulator, allowing the firm to receive deposits from customers to fund loans and credit for other customers
- Australia: Spriggy gains National Australia Bank’s NAB Ventures backing with pocket money app for kids, allowing parents to set goals and monitor spending
- Cambodia: Techo Startup Center and Cambodian Ass’n of Finance and Tech ink MoU around development of digital framework for financial and other technologies
- Download: Designing a Central Bank Digital Currency with Support for Cash-Like Privacy (pdf)
- China’s digital currency moves: “… Bloomberg estimates the e-CNY could capture about 9% of China’s market by 2025.”
- “At the end of 2020, there were over 2.8BN mobile wallets in use. That number is projected…to reach 4.8BN mobile wallets…by the end of 2025 – nearly 60% of the world’s population…”
- Hong Kong: Global Fast Track 2021 programme applications now open, seeking fintech scale-ups and established firms aiming to scale from Hong Kong
- Hong Kong: A brief look at a couple of highlights from Grantit’s recent survey of 310 HK residents, aged 18-35, on payment methods and concerns
- India: An intro to Slice, fintech focused on changing the country’s credit card industry
- India: Credit Fair consumer lending fintech raises $15M with focus on unbanked and underserved segments of the country
- India: Credenc student loans firm gains $25M, using AI to track 15M data points when predicting future income of students applying for loans
- Google steps into financial services in Japan with acquisition of pring cashless payments and settlement company for over $180M
- South Korea: Tru Technologies gains $3.3M Series A with TruLab securities lending trading platform, automating securities lending transactions
- Malaysia: Central bank receives 29 applications for digital banking licenses; may issue up to 5 licences, with successful applicants notified in Q1 2022
- Malaysia: MoneyMatch secures $4.4M Series A with focus on fintech approach to cross-border trade payments and individual remittances
- Japan’s SBI Holdings takes stake in Singapore’s AND Global fintech startup, providing microloans in Mongolia via smartphone app
- Pakistan’s DigiKhata raises $2M, aiming to help MSMEs reduce trade credit losses
- Singapore: Endowus digital wealth app and platform raises new funds with sights on Hong Kong entry and further growth in Singapore
- Singapore: Syfe investment app startup closes $30M Series B just 9 months after Series A, with all full-time employees to receive equity
- Thailand: An interview-based look at decentralized finance with chief venture and investment officer at SCB 10X, venture arm of Siam Commercial Bank
- Vietnam: Sapo omnichannel commerce platform partners Fundiin to add buy-now-pay-later checkout solutions for Sapo’s 100K merchant clients
- Australia: Afterpay buy-now-pay-later startup trialing a new money and lifestyle app, offering users a savings account and debit card
- Australia: FinTech Australia’s End Of Year CEO Address, a year in review
- ICYMI: Mastercard and Circle partner to use USDC for crypto-to-fiat conversions in pilot program, aiming to boost ability of customers to spend crypto assets
- Singapore: Monetary Authority launches Global Veritas Challenge to promote adoption of artificial intelligence solutions in the financial sector
- Singapore: CrediLinqAI gains $1M angel funding with AI-driven approach intended to change how credit is underwritten
- ICYMI: US State Department Rewards for Justice program is adding cryptocurrency to its payout options, in a first for a federal agency
- Australia: Lygon platform has sights on digitising entire bonds and bank guarantees process using blockchain, backed by IBM and major banks
- ICYMI: Mastercard unveils new Start Path cohort, focused on fast-growing digital asset, blockchain and cryptocurrency companies
- Singapore: Nansen, blockchain-based data analytics platform for decentralized finance gains $12M Series A led by Andreessen Horowitz
- India: A brief look at Amazon Pay Later – 2M customers since launch last year, with over 10M transactions and claiming a near 100% payment success rate
- China: Central bank claims ‘digital yuan’ reached $5BN transaction value by end of June, across 70.5M transactions, 21M personal wallets and 3.5M enterprise wallets
- China’s Ant Group likely to sell 5% of 30.33% stake in India’s Paytm parent company, in bid to to comply with Securities and Exchange Board requirements
- Australia: Koinly tax startup partnered by Binance Australia to give users taxation office-compliant reporting solutions
- ICYMI: BlockFi cryptocurrency company launches ‘crypto rewards’ credit card, in partnership with Visa, in the US, with users earning back 1.5% in bitcoin on purchases made
- Hong Kong: Another look at Amber Group, 4-year old startup that has hit $1BN valuation with a focus on cryptocurrency lending
- Japan: Gov’t increases diplomatic efforts to regulate digital currencies globally, seeking involvement in global dialogue around stricter rules on private digital currencies
- Indonesia: BCA Digital, arm of the country’s largest publicly listed private bank, recently launched Blu digital banking app for Android users
- ICYMI: The Central Bank Digital Currency Tracker, from the Atlantic Council – “81 countries (representing over 90% of global GDP) are now exploring a CBDC…”
- India: Paytm expands its BNPL solution with addition of Postpaid Mini; PhonePe launches digital payment offering that replaces cash for delivery orders
- India’s Pine Labs merchant commerce platform partners Malaysia’s Atome ‘buy now pay later’ platform to expand BNPL presence in Malaysia
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