Japan lender Mizuho to launch fintech venture
Japan’s Mizuho Financial Group will start a venture next month to create new businesses using “fintech,” an executive said, joining a global race in financial technology that threatens to unsettle traditional players. Japan’s second-largest lender by assets said there were already 20 projects in the pipeline for the venture, utilizing blockchain technology and artificial intelligence programs in areas such as farming and travel. Daisuke Yamada, Mizuho’s chief digital innovation officer, said the challenges were cultural as well as technological, as truly new business models required a break from Japanese banks’ conservative, overly risk-averse attitudes. For that reason, he said the bank would limit its stake in the yet-to-be named venture […]
Canadian FinTech startup Mylo launches mobile app and raises $1.25M
Mylo Financial Technologies (Mylo), a Montreal-based FinTech startup that offers a mobile personal finance platform to help Canadians achieve their financial goals, has successfully raised $750K and completed its pre-seed financing round. This latest raise brings Mylo’s current financing to $1.25M, led by Ferst Capital Partners (FCP) with the participation of leading FinTech angel investors. “I founded my first company fresh out of university, so I experienced first-hand the challenges of managing my money on an entrepreneur’s budget,” says Philip Barrar, CEO and Founder of Mylo. “Many Canadians have difficulty achieving their financial goals because managing one’s personal finances is complicated, time consuming and for many, inaccessible. Mylo is working […]
Fintech unicorn Transferwise achieves first profit
U.K. financial technology (fintech) firm Transferwise claimed it has achieved its first operational profit six years after it was founded in London by Chief Executive Taavet Hinrikus and his fellow Estonian Kristo Kaarmann. The global fintech unicorn, which means it is a start-up valued at more than a billion dollars, is a currency exchange that offers a simple user interface and peer-to-peer network that it says matches customers wanting to swap money with each other. This means foreign exchange (FX) rates can be drastically reduced in comparison with bank charges where money is actually moved overseas. Transferwise says it is currently amassing £8 million a month in revenue and is […]
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 […]
Humaniq to use blockchain for social good
A London/Luxembourg start-up is planning to use the blockchain to create a new kind of bank that will help tackle global poverty. It will enable people to use its cryptocurrency to donate or lend money, and bring banking services and income generation opportunities to “the last billion”. Humaniq has been developed by a group of people, many with experience in cryptocurrencies, who have seen the potential of biometrics, blockchain and mobile to help solve a number of social and economic problems. The challenge they aim to tackle is considerable. “Over 2 billion people in the world don’t have bank accounts. About 1.5 billion people don’t have any identification documents. They […]
Australia’s Top 25 fintech influencers revealed
finder.com.au has released its list of Australia’s Top 25 Fintech Influencers. The people on it work in a variety of areas within the fintech sector, including lending, venture capital, the blockchain, bitcoin, coworking spaces and hubs, the media and fintech industry bodies. Australia has a strong history with fintech, having been recognised for embracing fintech startups and engaging in international agreements that drive innovation forward. However, without the individual voices within the fintech industry, change wouldn’t happen and innovation would be much more stagnant. For this list, factors we considered included: Editorial judgement Social following Industry involvement and visibility Notable successes Each of the top 25 influencers is visually represented […]
Interest in FinTech services highest among younger tech savvy users
The financial services industry has, since the financial crisis, found itself operating in a rapidly evolving environment, as regulatory requirements, customer expectations, new technologies and new FinTech entrants create a perfect storm of change. A new report finds that uptake of FinTech propositions differs considerably between generations and other groups, and that trust in the industry remains problematic. The financial services industry continues to face uncertainties from various fronts. Following the financial crisis, regulatory efforts aimed at limiting future risk and creating stability in the industry brought about a range of new regulatory frameworks, which are currently being implemented. At the same time, a raft of changes have begun to […]
UK looks to strengthen FinTech ties with India
A UK envoy that includes politicians, central bank officials, and prominent FinTech executives are in India to discuss trade relations that will deepen industry ties between the two nations as the UK prepares for the separation from the European Union. A UK-delegation led by Chancellor Philip Hammond that includes Her Majesty’s Treasury FinTech envoy Eileen Burbidge and Bank of England governor Mark Carney along with a number of leaders from banking and financial technology firms are currently in India as a part of a two-day visit as a part of the 9th UK-India Economic and Financial Dialogue (EFD). Hosted by Arun Jaitley, India’s finance minister, the trade envoy will see […]
