Sweden’s Central Bank lays out its plans for its digital currency
Stefan Ingves, the Governor of Sweden’s central bank, Sveriges Riksbank, has laid out his six-step plan for the introduction of is central bank digital currency. Part one of the plans is that both large value and retail payments must be settled in the central bank digital currency anywhere around the world, at any time, all year round. Part two, cross-currency and cross border payments must also be settled in the central bank digital currency at any time. Part three concerns what will constitute as legal tender if banknotes disappear tomorrow. Part four is the implementation in the digital world and securing the korona with AML regulations. Part five is a distinction between wholesale central bank […]
Tencent to build virtual bank after Hong Kong regulator approves license
Chinese internet giant Tencent is set to open a blockchain-based virtual bank after the Hong Kong Securities and Futures Commission (SFC) approved a new license. Speaking at the World Blockchain Summit in Wuzhen, China on Friday, Tencent blockchain chief Yige Cai said the company’s virtual bank received the SFC’s green-light. Moving forward, the company will assemble a team to support the blockchain-based banking platform, according to Chinese media site Sina Finance. “Hong Kong’s new regulations and supervision on digital assets transactions validates the importance of blockchain technology and digital assets, which is good news for the whole industry,” Cai said in his speech at the summit. The SFC has granted […]
Santander takes big stake in UK FinTech
Spanish bank Banco Santander is acquiring just over 50 percent of the U.K. payments platform Ebury for £350 million ($453 million), Ebury announced in a press release on Monday (Nov. 4). The Ebury payments platform gives small and medium-size companies the ability to trade internationally. The acquisition is scheduled to close in the first quarter of next year and is intended to help boost Santander’s global payments business. “Small and medium-sized businesses are a major engine of growth around the world, creating new jobs and contributing up to 60 percent of total employment and up to 40 percent of national GDP in emerging economies,” said Santander’s Executive Chairman Ana Botín. […]
Amica Financial Technologies raises $24 million in funding
Amica Financial Technologies, an upcoming digital retail bank founded by Citrus Pay cofounder Jitendra Gupta, has received $24 million in its maiden funding round. The funding is backed by a long list of institutional investors including Greyhound Capital, 3One4 Capital, Germany’s Rocket Internet, venture capital funds Matrix Partners and Sequoia Capital. Gupta, a former PayU India managing director, is among a growing tribe of second-time entrepreneurs who have attracted big bucks from marquee investors even before officially launching their companies. The Mumbai-based startup, which Gupta cofounded along with Vishnu Jerome of law firm Jerome Merchant and Partners, has also brought on board a host of angel investors. To read more, […]
Nubank surpasses Revolut, Monzo and N26 combined with 18 million app downloads over the past year
If there was ever any doubt, you best believe that Nubank is growing exponentially fast and won’t be slowing down anytime soon. Making this all the more evident is the fact that the Brazilian fintech unicorn has seen over 18 million app downloads this past year. Based on a report from Apptopia, that’s more than Revolut, Monzo and N26 combined. While these neobanks are prevalent in Europe, Nubank continues to show immense mobile banking potential in developing markets. This is particularly true in Latin America. Like other fintechs, Nubank’s target audience is the region’s population without bank accounts. Latin America’s unbanked population Compared to the U.S. and European markets, Latin Americans […]
Koyo FinTech raises $4.9M to assist underbanked UK borrowers
FinTech startup Koyo, which uses Open Banking to offer loans to underbanked UK borrowers, announced that it has raised $4.9 million in funding. The round, a mixture of debt and equity funding, was led by Forward Partners, with participation from Seedcamp, Christian Faes (founder and CEO of LendInvest) and Charles Delingpole (founder and CEO of ComplyAdvantage). Founded last year by Thomas Olszewski, the FinTech firm aims to secure loans for people with a limited credit history through the use of Open Banking data. “If someone is new to the country, or otherwise has a thin credit file, it can be difficult for that person to access credit,” said Olszewski. “For […]
The ‘Underbanked’ Is The Next Trillion-Dollar Opportunity in Fintech
It’s expensive to participate in the mainstream financial system if you’re poor. Overdraft penalties and banking fees prevent billions of people from accessing the most basic financial tools like savings accounts and lines of credit. This has created the greatest market opportunity in fintech—low-cost, high-tech financial services for the underbanked, said Angela Strange, a general partner at Andreessen Horowitz, during a panel at the Forbes Under 30 Summit in Detroit on Monday. “This opportunity [to serve the underbanked] is massive. Depending on which numbers you believe there are anywhere from 2 to 3 billion people worldwide,” said Strange. Historically, traditional banking institutions have done a bad job serving these customers […]
Hungarian Central Bank reveals Fintech strategy to foster financial innovation
The central bank of Hungary, the MNB, has just published its first strategy on fintech. The plans aim to bring greater digitization to the domestic financial sector in the country. The report, titled ‘Financial Innovation and Stability,’ is the product of central bank collaboration with Hungarian companies working in the fintech industry. It is comprised of a total of 24 new proposals and initiatives. The Magyar Nemzeti Bank believes it important to move quickly towards the digitization of the financial system. As a part of this strategy, the proposals put forward include efforts to improve financial knowledge and training for those involved in the industry. Aiding with the implementation of […]
