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 […]
Swiss Fintechs launch Asia service
Two Swiss fintech companies have launched a service in Asia designed to give local financial-service operators access to robo advisory products. Additiv and Synpulse in the framework of a cooperation agreement developed a three-step process, which will give companies in Southeast Asia and Greater China access to robo advice. The two companies are based in Zurich. The service is levelled at retail and affluent clients, the two fintech companies said in a statement. Change of Strategy in Asian Banking Banks are finding it increasingly hard to grow in the business with the very rich – the so-called ultra high net worth individuals. They therefore are targeting less wealthy client groups […]
Assetz Capital attracts £10m of new investment in three weeks
Assetz Capital has seen more than £10m of new investment in peer-to-peer loans following a rise in the interest rate on its 30-Day Access Account. The platform announced last month that it would be increasing interest rates for investors on its 30-Day Access Account by 0.5% to 4.75% for a limited time. Investors still have until midday on 11th May to take advantage of the new rate. “Due to strong borrower demand, we decided to temporarily raise the target rate on our 30-Day Access Account,” said Stuart Law, CEO of Assetz Capital. “This has gone against the grain in a period where many P2P platforms have been dropping rates. “It’s […]
This guy is quickly but quietly building Sweden’s next fintech giant
Johan Tjärnberg is quietly building a fintech business that may prove as successful as Klarna. During 2016, his payments company, Bambora, grew 20% to revenues of SEK 2 billion. “Sales will increase even more this year, by as much as 30%, and we’ve been profitable from the start,” Johan Tjärnberg told Breakit. Bambora is a platform that aggregates hundreds of payments services, and it’s currently available in 65 markets. Bambora’s clients can even choose to use Klarna as their payment service. During 2017 the business will expand to North America, where the number of merchants using the service will increase by 10,000 over the year. That will boost the sales […]
Lockheed Martin bets on blockchain for cybersecurity
Lockheed Martin has contracted Guardtime Federal to provide blockchain cyber security, the defense company announced in a blog post. It’s the first US defense contractor to adopt blockchain as part of its security approach and Lockheed Martin says the partnership will allow it to “realize more efficient and secure software development and supply chain risk management.” A blockchain is a type of secure database that maintains a constantly expanding list of records. Each record, or block, contains a link to a previous block. This makes them inherently resistant to modification by outside sources. “These new cyber security approaches will enhance data integrity, speed problem discovery and mitigation,” said Ron Bessire, […]
