In terms of fintech news, the highlighted topics for this week are: M&A, payments, stock exchange, cyber security, and regtech. Dive into the news flash and enjoy the selection of materials!
JPMorgan Acquires ESG Investing Fintech OpenInvest (ESG Today)
JPMorgan announced an agreement to acquire sustainable investing-focused financial technology company OpenInvest. According to JPMorgan, the acquisition aims to accelerate ESG investing capabilities for its Wealth Management clients. OpenInvest will retain its brand, and the company will be integrated into J.P. Morgan’s Private Bank and Wealth Management client offerings. Read more
Wehkamp Finance spins off deferred payments platform Tinka (Finextra)
The spin-off of deferred payments provider Tinka marks a new phase in the digital and business transformation of former Wehkamp Finance. Tinka makes customer purchases easy with deferred payment and payment in installments options for all retailers and e-tailers in the Netherlands. In addition, Tinka has fully digitized customer acceptance, updates to regulations and supervision, as well as the prevention and timely addressing of potential payment issues. Tinka aims to lead the change in responsible lending, combining consumer payment options with dedicated customer care and protection. Read more
MobilePay to merge with Vipps and Finnish Pivo (MobilePay.dk)
MobilePay will merge with Vipps and Pivo and form the most comprehensive and one of the largest bank-owned wallets in Europe. The ambition is to create Europe’s best and most comprehensive digital wallet. Serving 11 million users and over 330,000 shops and web shops, the company will be one of the largest bank-owned mobile payment providers in Europe. Read more
Deutsche Boerse to buy Swiss fintech Crypto Finance (Reuters)
German stock exchange operator Deutsche Boerse was buying a two-thirds stake in Swiss fintech Crypto Finance to expand its offering for digital assets. Deutsche Boerse declined to provide details on the purchase price but said it was somewhat more than 100 million Swiss francs. Read more
The European Cybersecurity Competence Centre and Network is now ready to take off (EU Commission)
The regulation establishing a new Cybersecurity Competence Centre and a Network of National Coordination Centres is entering into force. The Cybersecurity Competence Centre, which will be located in Bucharest, will contribute to strengthening European cybersecurity capacities and to boosting research excellence and the competitiveness of the Union’s industry in the cybersecurity field. Read more
Mastercard buys regtech firm Ekata (Verdict)
Mastercard has strengthened its fraud-fighting capabilities with the acquisition of regtech firm Ekata, in a deal valued at $850m. In response, regulators worldwide have actively introduced new legislation such as the EU’s Payments Directive (PSD2) and the upcoming Sixth Anti-Money Laundering DIrective (6AMLD). It is against this background that Mastercard has now acquired Ekata. Digital identity companies, or regtechs, provide ways to prevent fraud, money laundering and other financial crimes by verifying the identities of the actors on each side of a transaction. Read more
Binance gets banned by UK regulator (CNBC)
Britain’s Financial Conduct Authority said that Binance Markets Limited “is not permitted to undertake any regulated activity in the U.K.” From June 30, Binance, a crypto currency exchange platform, must notify U.K. users of the FCA’s restrictions in a prominent place on its website and apps. It’s the latest sign of a growing crackdown on the cryptocurrency market from regulators around the world. Read more
Deutsche Boerse to buy Swiss fintech Crypto Finance (Reuters)
German stock exchange operator Deutsche Boerse (DB1Gn.DE) said on Tuesday that it was buying a two-thirds stake in Swiss fintech Crypto Finance to expand its offering for digital assets. Read more
Deposit Solutions + Raisin: Rivals Build Giant (Headline)
Deposit Solutions is a leading B2B platform in the savings space. It counts 150 partners including Deutsche Bank. Raisin leads the European B2C savings and investments space. The new entity Raisin DS will offer both B2B and B2C products, directly serving 550.000 customers in 30 markets. Read more
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