Indian bitcoin startups form blockchain and digital currency association
Leading bitcoin companies in India have come together to set up a new alliance to create an industry body in order to engage with the regulators. The Economic Times reports that Zebpay, Unocoin, Coinsecure and Searchtrade have formed the Blockchain and Virtual Currency Association of India (BVAI) and are moving forward to formally register it. The formation of BVAI follows the recent notice by the country’s central bank, The Reserve Bank of India (RBI), cautioning users when engaging in bitcoin-related activities. The startups met for their first meeting on Friday and discussed the RBI circular among other things. “While we have been planning to create an association for some time, […]
MobiKwik in talks to raise funds, eyes $1-Billion valuation
Indian mobile payments and digital wallet firm MobiKwik says it is in talks to raise more funds at a level that would give the start-up a $1 billion (roughly Rs. 6,698 crores) valuation, as it pushes to forge new ties with banks and offer new financial services on its platform. The company, which has raised about $80 million (roughly Rs. 535 crores) in funding so far, will likely see a new cash infusion in the next month, or two, founder and Chief Executive Bipin Preet Singh told Reuters on Wednesday, while declining to comment on how big an equity stake the company might be offering to sell. Asked about MobiKwik’s […]
Lending Works becomes first major P2P platform to launch new ISA
Lending Works, the first peer-to-peer lending platform to have insurance protecting lenders against certain borrower default risks, today becomes the first major UK platform to launch an Individual Savings Account (ISA). The new peer-to-peer lending ISA – which is better known as the Innovative Finance ISA or IFISA – is a new category of ISA set up exclusively for P2P lending. The IFISA can only be offered by platforms who have attained both full authorisation from the Financial Conduct Authority (FCA), and subsequently ISA Manager approval from HMRC. Lending Works received confirmation of both permissions in late 2016, and the company has now become the first member of the industry-body […]
Alibaba’s Ant Financial to raise as much as $3 billion in debt
China’s most valuable online finance company, Ant Financial, is in early stage talks with banks to raise between $2 billion to $3 billion in debt to fund acquisitions and foreign investments, a person with direct knowledge of the matter told Reuters. Banks have made “soft pitches” to help Ant raise funds, most likely through loans, to be used by the company for acquisitions such as that of MoneyGram International Inc as well as for boosting existing investments, the person said. Ant, an affiliate of online shopping giant Alibaba Group, dominates China’s online payment market, but has been ramping up investment overseas amid fierce rivalry at home with peers like Tencent […]
Most banks to adopt blockchain by 2020
More than 80 per cent of global bankers expect to see commercial adoption of the blockchain by 2020, and over half of global financial institutions investing or planning to invest in the technology this year. This was a key finding of a survey of 100 financial services professionals conducted by Infosys Finacle and reported in “Blockchain Technology: From Hype to Reality”. The research also concluded that the average investment in blockchain projects this year is expected to be about USD$1 million with 51 per cent of CTOs and CIOs driving initiatives. Only four per cent of the survey respondents said they had spent more than US$10 million on their blockchain […]
Meniga launches ‘FitBit-inspired’ finance app improving saving & spending skills
A new ‘gamified’ digital personal finance app has been launched by Meniga, a European next-generation banking solutions provider that helps millions of banking customers across 18 countries engage with their finances through online and mobile tools. It touts “fun and social online incentives” to improve long-term financial habits of consumers. Showcased at this year’s Finovate Europe 2017 financial technology industry show today in London by Georg Ludviksson, co-founder and CEO of Meniga, the company’s new Challenges module is a digital offering designed to support banks in helping their customers manage their own finances using such incentives and assist banks retaining customers. As such it is claimed to “drive sustainable and […]
Fintech startup Plaid secures funding from Citi Ventures and American Express Ventures
Citi Ventures and American Express Ventures have made investments in Plaid Technologies, Inc., a San Francisco-based financial technology firm. Launched in 2012, Plaid serves as the foundation upon which thousands of financial technology (fintech) applications have been built. The latest investments from Citi and AmEx are part of the startup’s previously announced $44 million Series B round led by Goldman Sachs Investment Partners. “We’re excited to have both Citi Ventures and American Express Ventures as part of Plaid’s journey to help build a more inclusive financial ecosystem,” said Zach Perret, CEO and co-founder of Plaid. “We built Plaid to help developers, consumers, and leading institutions create and embrace financial innovation. […]
Japanese megabank Mizuho to develop Fintech payments platform for IoT devices
Mizuho Financial Group has announced the development of a secure FinTech payment platform to be used by connected IoT (internet of things) devices such as connected cars and vehicles, smart home devices, wearables and more. It is one of the earliest efforts by a bank to provide account access to customers through smart devices beyond mobile phones and tablets. Japanese banking giant Mizuho, in a recent announcement, has announced its intention to conduct research and development to connect IoT devices to the bank’s IT system, over secure communications protocols. The aim is to bring more convenience and accessibility for customers who are moving away from traditional banking at branches toward […]
