HSBC to build the bank of the future by giving its 30,000 devs access to APIs
HSBC is building a new digital banking platform, with the organisation looking to power the bank of the future through the use of APIs. Turning to Salesforce-owned MuleSoft, HSBC chief architect of digital technologies Prakash Sethuraman said the bank is taking advantage of open banking to develop new, “connected” experiences for its more than 38 million customers worldwide, using this as the foundation for the bank of the future. Speaking at Dreamforce 2019 in San Francisco last week, Sethuraman said HSBC is wanting to reach out beyond the branch, the contact centre, and other more traditional channels to create those connected experiences. “When we work with our partners and they […]
MiddleGame Ventures announces $165m FinTech-focused fund
MiddleGame Ventures (MGV), a fintech-focused investment firm, announced today that it had raised a new fund targeting post-seed, series A and series B lead investments in Europe and North America. MGV’s Venture Fund I has achieved its first close, with a final close target size of $165MM. It will invest in and partner with B2B and B2B2C startups driving the transformation of financial services from analog to digital and from centralized to decentralized, with an emphasis on middleware and back office solutions. Its remit extends to enabling technologies such as RegTech, Digital Identities, “FinData” and crypto-enabled infrastructure across banking, asset management, insurance, payments, and capital markets. The Luxembourg Future Fund […]
India’s Paytm raises $1bn with SoftBank’s contribution
Indian financial technology giant Paytm has raised $1 billion in a new financing round led by U.S.-based global asset manager T Rowe Price and backed by existing investors Ant Financial, SoftBank Vision Fund and Discovery Capital, the company said Monday. The Series G funding round values Paytm at about $16 billion and comes as the company is set to start preparations for an initial public offering in the next 22-24 months. Ant Financial contributed $400 million, while SoftBank Vision Fund invested $200 million in the latest round. The financing sees Paytm outstripping fellow high-profile Asian startups such as Grab and Gojek in valuation and boosts the firm’s war chest to […]
China is on a mission to regulate Fintech
China has now publicly voiced its desire to be the leading country in financial technology development and adoption. The president of the republic openly called for the promotion of blockchain technology across the nation and proceeded to block all the negative opinions about blockchain throughout the Chinese cyberspace. But now the Chinese government and the People’s Bank of China are taking it to the next level. The vice president of PBoC Yifei Fan spoke at the meeting of the National Technical Committee this week and voice the plan to better regulate new technologies that are applied to the financial industry. China has set out to create 17 standards for Fintech […]
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 […]
The latest marker of Chinese interest in African fintech is a $120 million funding round for OPay
Chinese interest in African fintech has just stepped up another gear. OPay, the payments service operating in Nigeria, has raised $120 million in a Series B round led mainly by Chinese investors including familiar names like Sequoia China, IDG Capital and Source Code Capital. The round also included participation from Softbank Ventures Asia, Meituan-Dianping, DragonBall Capitak, GaoRong Capital and GSR Ventures. It’s the second major funding announcement by OPay this year and comes just five months after it raised $50 million back in July in a round also led by Chinese investors. OPay was incubated by Opera, the China-owned internet browser. OPay says the new funding will be deployed to […]
Indonesia study: P2P lenders create thousands of jobs, reduce poverty
Peer-to-peer (P2P) lending platforms have provided jobs for more than 362,000 Indonesians and reduced the poverty rate by 0.7 per cent – equal to 177,000 individuals – as they provide access to financing in cities and remote areas alike, a study said last week. The study was conducted by local think tank Institute for Development of Economics and Finance (Indef) and the Indonesian Fintech Lenders Association (Asosiasi Fintech Pendanaan Bersama Indonesia, AFPI). Speaking during the study’s launch in Jakarta, Indef researcher Izzudin al-Farras said: “P2P lending enables MSMEs [micro, small and medium-sized enterprises] to boost production and thus can directly impact the country’s gross domestic product [GDP],” P2P platforms have […]
Boost and U Mobile partner UnionPay to expand digital payment options in Malaysia
UnionPay International (UPI) has tied up with Malaysian e-wallets U Mobile’s GoPayz and Boost to offer greater ease and convenience of payment to Malaysian consumers. UPI’s partnership with GoPayz enables users to make digital payments locally and overseas by using the new UnionPay Virtual Card available on the app. GoPayz users can make payments by scanning the merchant-presented QR code to enjoy various promotions at participating UnionPay QR merchants worldwide. GoPayz users also have the option of paying with their GoPayz UnionPay physical card. GoPayz is also looking into enabling NFC payment on the app soon so users can easily make payments locally and overseas with a simple tap of their mobile phones […]
