China launches $1.5bn fintech fund
A consortium of Chinese state-owned companies and private enterprises has created a $1.44 billion investment fund dedicated to fintech mergers and acquisitions. The fund, Asia FinTech Merger and Acquisition Fund of Funds, is led by Hong Kong-listed Credit China FinTech Holdings along with a number of other Chinese companies such as Shanghai Xinhua Distribution Group, China Huarong International and eight other corporate partners. Investments will focus on fintech fields such as big data, artificial intelligence, mobile payments, supply chain financing, and blockchain technology. The investment fund is another signal of China’s growing status in the global fintech market. According to estimates from Credit China FinTech, China’s investment in fintech ventures […]
Value of digital currency Bitcoin surges past $US1000
The value of Bitcoin has surged above $1000 as the digital unit continues a dizzying rise that made it the best-performing currency of 2016. Its value has more than doubled in the last year and it was trading at around $US1,024 in afternoon European trading yesterday, after breaking through the $US1000 mark on Sunday. It is now within reach of its historic high of more than $US1200 reached in 2013. Some analysts believe the rise in Bitcoin is due to some investors treating it as a safe-haven, like gold, at a time of global uncertainty. Others believe buying is being driven by speculative demand, with investors anticipating future rises and […]
China is behind the latest Bitcoin craze
Bitcoin had a great 2016. The cryptocurrency rallied 120% to $952, and is threatening to break the $1,000 mark for the first time. While Bitcoin has seen a consistent bid throughout the year, its 57% gain (in US dollar terms) over the past three months has been particularly impressive.So what’s behind the move? China. In his latest edition of “Greed & Fear,” CLSA’s Christopher Wood notes, “Daily turnover in Shanghai-based BTC China, the world’s largest bitcoin exchange by volume, has risen from around Rmb1bn in late September to a peak of Rmb27.8bn on 22 December and Rmb16.4bn on Wednesday (see Figure 11) while the Bitcoin price has risen by 70% […]
Qumram celebrates RegTech award success
Qumram, the leading global provider of RegTech, digital compliance and risk management solutions for the financial services industry, has been declared winner of the prestigious 2016 Private Banking International (PBI) award for Outstanding Front-End Digital Solutions Provider. Qumram has also been shortlisted as finalist for the WealthBriefing Swiss Awards 2017 in two categories: Best Compliance Solution and Most Innovative FinTech Solution. The inaugural PBI Switzerland Awards ceremony was held in conjunction with the Private Banking: Switzerland Conference in Zurich on 8th December. These awards are dedicated to celebrating excellence and achievement in private banking across Switzerland. Qumram won the PBI award against fellow finalists Avaloq, Hearsay Social, Profile Software and […]
As India braces for digital payments future, how secure are banks from cyber attacks?
As the government presses ahead with a cash to less cash to cashless economy, the success of the transition will depend on how the battle between bankers and hackers plays out. Bankers must upgrade and fortify their cyber defences as hackers attempt to pinch funds from banks or steal credit/debit card details of retail customers daily. If suddenly the easiest way to buy anything from soft drinks to cars is to use the mobile wallet, a few clicks of the mouse are all that is required to rob a bank. True, in a country with 98% cash in circulation, electronic payments replacing cash will not be easy and will take […]
VentureCrowd completes first Israeli crowdfunding deal with Knowmail
VentureCrowd, Australia’s leading alternative assets investment platform, today announced the successful completion of a $155,000 crowdfunding round for Knowmail. The company is the first Israeli startup to be funded through VentureCrowd under a partnership with investment management firm Kentgrove Capital. VentureCrowd raised $155,000 in convertible notes, as part of a larger US$3 million funding round led by reputable venture capital firms CE Ventures, AfterDox, Plus Ventures and 2B Angels. The investment gave sophisticated investors on the VentureCrowd platform the opportunity to access convertible notes at an interest rate of 4.5 per cent per annum. Knowmail, one of few startups to participate in the Microsoft Accelerator Program, is creating an artificial […]
Magic Software and Tymlez partner to develop Blockchain Apps
Tymlez and Magic Benelux have agreed to cooperate and collaborate in developing complete automated blockchain architectures for enterprises and to explore other potential mutually-beneficial blockchain-related scenarios. Under the terms of the agreement, Tymlez will use Magic’s integration platform to connect its blockchain management system to existing legacy enterprise environments. Tymlez will also be able to employ Magic’s multi-channel low code development platform to mobilize blockchain information. Magic Software Benelux will be able to work and experiment with the blockchain technology offered by Tymlez. Tymlez Blockchain architecture provides a trusted environment which enables businesses to drastically speed up processes and reduce costs. “Just like other types of enterprise systems, Tymlez Blockchain […]
RateSetter poaches new man for risk team from PayPal after chief risk officer’s departure
Peer-to-peer lending platform RateSetter has appointed a new head of risk analytics and retail credit, just weeks after the surprise departure of the platform’s chief risk officer. Michael Hoare is joining RateSetter from PayPal UK where he was chief credit risk officer. In the absence of a chief risk officer at RateSetter, Hoare and the risk team will report to RateSetter’s risk committee, chaired by former HSBC executive Jim Gunner. Hoare’s appointment follows news earlier this month that chief risk officer Cyrille Salle de Chou has left the peer-to-peer lender after just six months. He joined RateSetter from Lloyds in June but left to become chief risk officer of HSBC’s […]
