Britain leading the way in fintech adoption, report shows
Britain is leading the way in fintech adoption in the developed market, according to a new report from professional services and Big Four firm EY. EY’s fintech adoption index showed that 42 per cent of consumers in the UK are now using fintech services. However, there has been growth worldwide when it comes to the adoption of financial technology, with usage rates being high in emerging markets such as South Africa, China, India, Brazil and Mexico. Highest Emerging markets topped the fintech adoption index, with China having the highest adoption rate at 69 per cent, followed by India at 52 per cent. The report, which was based on findings from […]
Visa buys stake in fast-growing fintech group Klarna
Visa is taking a stake in Klarna in a sign of the Swedish fintech’s growing presence in online payments. A week after Klarna became the largest European fintech to receive a banking licence, Visa said it was making a strategic investment through the purchase of a stake of less than 10 per cent as well as offering a future partnership. The price paid by Visa was not revealed. Klarna has become a big participant in Germany and the Nordics for online payments, allowing its 60m customers to buy goods on the internet quickly and pay only after receiving them. It is looking to make a similar splash in the UK […]
Why India’s Fintech startups are flocking to disrupt the UAE
India’s technology startup ecosystem has grown exponentially in recent years and now appears to have caught the eye of startup enthusiasts in the UAE. The Middle East nation is keen to elevate disruptive Indian fintech startups by providing them an international platform and financial support. UAE’s affinity for disruptive fintech According to the Associated Chambers of Commerce & Industry in India (ASSOCHAM), India now stands third after the UK and USA in fostering the growth of technology startups. With the UAE aspiring to be a technology hub, there has been considerable interest in identifying appropriate Indian technology startups that could address the nation’s immediate needs across sectors, especially finance. Sandeep […]
BITPoint wants to bring Bitcoin to Japan
BITPoint Japan Co. is reportedly gearing up to enable hundreds of thousands of Japanese retail outlets to accept the digital currency bitcoin, reported Bloomberg News. In a Bloomberg report, Genki Oda, BITPoint’s president, said the company is in talks with a retail-related company and that “by going through a company providing payment terminal services to shops, we have the possibility of increasing its use at one stroke. It’s easier than talking to lots of individual retailers.” Bloomberg pointed out that BITPoint is joining a growing list of companies that are embracing regulations enacted in Japan in April that recognize digital currencies as a way to pay for things. Bic Camera […]
Malaysia Fintech firm Soft Space raises US $5 Million from Japan’s Transcosmos
Malaysia Fintech firm Soft Space, which offers mobile payment solutions, announced it has secured US $5 million in funding from Japanese e-commerce company Transcosmos Inc. Mobile POS and E-Commerce Soft Space offers mobile point-of-sale services for small and large merchants in Malaysia and other parts of Southeast Asia. Businesses can plug a small device into a smartphone or tablet that allows them to swipe customer credit cards for payment. The company takes a small transaction fee every time a card is swiped. Soft Space also offers an online management console where businesses can track and manage customer data, sales history, and even fraud management. Transcosmos, which is based in Japan, […]
Digital wallet services gain growing acceptance
Money and wallets simply aren’t what they used to be. Tech giants’ card-less payment services — including Apple Pay, Android Pay from Google and Samsung Pay — aim to ease the path to the truly digital wallet, and researchers project huge growth in adoption by retailers and consumers. Even staid financial giants such as Wells Fargo and Bank of America are behind a push to encourage and enable customers to access ATMs without their debit cards. Yet the digital wallet business has gotten off to a rough start, said Bay Area-based analyst Trip Chowdhry, managing director with Global Equities Research. “There have been many false starts in this industry,” Chowdhry […]
Southeast Asia’s biggest startup files for $1 Billion IPO
Sea Ltd., Southeast Asia’s most valuable startup, has filed confidentially for a potential U.S. initial public offering that could raise about $1 billion, according to people with knowledge of the matter. The Singapore-based company, formerly known as Garena, filed with the U.S. Securities and Exchange Commission in the past few weeks, according to the people, who asked not to be identified because the information is private. Sea is considering listing in early 2018, though no final decisions have been made, one of the people said. Sea is working with Goldman Sachs Group Inc. and Morgan Stanley on the share sale, the people said. Under the Jumpstart Our Business Startups Act, […]
NDTV & Mastercard launch “Cashless Bano India” to encourage adoption of digital payments among the masses
Keeping in sync with Government of India’s vision of cashless India, NDTV and Mastercard joined hands to launch the Cashless Bano India movement. The campaign aims at accelerating the adoption of digital forms of payments through an on-ground and TV campaign that will educate the masses about digital payment solutions and encourage its usage for everyday spends. This campaign will work with partners in driving behavioural change and spread awareness on the importance of digital payments to millions across the country. The campaign was launched through a high decibel panel discussion focusing on the need for a robust digital payments ecosystem in the country. Cashless Bano India would also extend […]
