Mobile wallets to disrupt UAE payments sector
Get ready for it. The use of mobile wallets as a means of payment will perhaps be the biggest disruption the financial sector in the UAE has ever seen. But old habits die hard. According to UAE Central Bank figures, about 75 per cent of transactions in the country are made in cash. In fact, the UAE has about Dh65.4 billion in cash circulating outside the banking system. “That represents about 7 per cent of the economy,” says Maki Vekinis, CEO of Emirates Digital Wallet, a unique platform established by 16 of the UAE’s leading banks, formally launched at the Seamless Middle East conference in Dubai earlier this month. Developed […]
Fintech lender RateSetter lands FTSE 100 heavyweight as new chairman
The chairman of global insurance giant Prudential is joining to board of online lender RateSetter as non-executive chairman. Paul Manduca will join the board of the peer-to-peer lender in June and will become chair on July 17 when current chairman Alan Hughes’ three-year term expires. The appointment represents a coup for RateSetter. Manduca is a well-established figure in the City, as the founding CEO of Threadneedle Asset Management, and the former CEO of Rothschild Asset Management and Deutsche Asset Management. As well as chairing Prudential, he currently chairs the Advisory Council of influential lobby group TheCityUK. The appointment of a veteran of public markets will likely fuel speculation that RateSetter […]
Remitano announces a new worldwide remittance service based on Bitcoin
Remitano, a Vietnamese platform that helps people trade bitcoin quickly and securely, has expanded its services to include a new offering to help users make international remittance. Using its current Escrow platform, Remitano users will be able to transfer funds quickly and securely across Vietnam, Malaysia, China, Australia, Nigeria, Tanzania, Kenya and India. Remitano helps to protect bitcoin trades by providing a marketplace where people can buy and sell Bitcoin securely and quickly, with the best prices. Where bitcoin trades normally function in a step by step fashion, Remitano’s new offering makes the transaction of money across international boundaries quick and easy. “Let’s say you want to send […]
Fintech Xero just became cash positive as it passes 1 million subscribers
Xero, the cloud accountancy software group, has hit positive operating cash flow after increasing revenue by 43% to $NZ295.4 million for the 2016 year. Posting its 12 month results to March, Xero says it now has 1.035 million subscribers, a rise of of 318,000 over the year, and $NZ360 million in annualised committed monthly revenue, more than a third of the way to its target of $NZ1 billion. The net loss after tax improved by 16% to $NZ69.1 million in 2016 from $NZ82.5 million. “It has been a milestone year for Xero, achieving operating cash flow break-even in the second half of the financial year, and doubling subscriber numbers in […]
Sun Hung Kai invests US$2b in technology as fintech fiestas spread across Asia
HONG KONG finance company Sun Hung Kai & Co. has made US$2 billion available over two years for investments in financial technology, medical and consumer-facing companies, as noted by the firm’s chief investment officer, Sebastiaan Van Den Berg. The CIO added that the target size of the fund should grow over the next 24 months from its current HK$11 billion (US$1.4 billion) size, and the company hopes to be able to reap 15-20 percent in profit, whether it be debt or equity. The company is considering listing its subsidiary United Asia Finance Ltd. (UA) in order to fundraise an estimated US$500 million, according to a Bloomberg source. This entity currently […]
Bitbond secures £4.2m to fund SME loans
Global bitcoin peer-to-peer lending platform Bitbond has received a €5m (£4.2m) commitment from Obotritia Capital to fund small- and medium-sized enterprise (SME) loans. The Potsdam-based investment firm, which usually channels its funds into German commercial real estate, has also bought an equity stake in Bitbond, although the terms of that deal were not disclosed. With the new debt facility, SME loans will be funded instantly on Bitbond’s platform, reducing the time it takes business owners to apply and receive a loan to 30 minutes. The equity investment will be used for further product development and marketing, to grow Bitbond’s user base. “The debt commitment by Obotritia brings Bitbond to the […]
KPMG acquires fintech matchmaking firm Matchi
KPMG is looking to cash in on the growing trend for bank/startup collaboration with the acquisition of fintech matchmaking platform Matchi. The Matchi database includes more than 700 curated applications and a database of more than 2500 fintech companies that financial institutions can work with to develop more innovative services. “The acquisition of Matchi adds to the capabilities of KPMG firms to bring market-validated ideas to financial services clients’ toughest challenges,” says Ian Pollari, global co-leader of fintech, KPMG International. “The Matchi platform offers a curated approach that is much more rigorous than fintech databases that merely provide lists. It is designed to identify, match and enable collaboration with the […]
FSDC urges Hong Kong government to set up fintech office, focus on blockchain
The Hong Kong government should set up a financial technology (fintech) office to better coordinate the city’s efforts in becoming a hub for developments such as blockchain and insurance technology, according to an advisory body. The Financial Services Development Council (FSDC) on Tuesday released a research report suggesting that Hong Kong narrow its focus to five areas within fintech in order to catch up with cities like Dubai and Singapore and to cement its position as a fintech hub in the region. The five areas are cybersecurity, payments and securities settlements, digital identification for KYC (know your client), wealthtech and insurance technology, as well as regulatory technology, with the latter […]
