Stay up to date with the latest news from fintech! This week, we bring you updates and developments on payment, exchange, investment, partnerships, crypto and banking. Enjoy reading!
PetroFunders Launches Fintech Platform to Provide Access to Oil and Gas Investing (PR Newswire)
PetroFunders, a fintech-powered investment platform providing access to oil and gas income, announced the official launch of its platform and the offering of its first royalty interest fund (RIF I), a yield-oriented fund vehicle designed to deliver periodic income to investors through investment in oil and gas royalties. PetroFunders is the first of its kind to provide exposure to institutional-grade funds, tax-advantaged cash flow potential, and access to a diversified portfolio of income-producing properties within the energy industry, open to all investors. Read more.
Binance to stop Singapore users buying or trading crypto on main platform (Reuters)
Binance, one of the world’s largest cryptocurrency exchanges, said on Monday that users in Singapore would no longer be allowed buy and trade cryptocurrencies on its main platform, to comply with local regulation. The Monetary Authority of Singapore (MAS) this month warned Binance.com that it could be in breach of local laws and should stop providing payment services to the city-state’s residents.
The International Cricket Council Announces Strategic Partnership With FinTech Infrastructure Leader: Nium (Yahoo)
The International Cricket Council (ICC) announced today that it has entered a multi-year strategic partnership with Nium, a leading global financial technology (FinTech) infrastructure company. Nium provides banks and businesses with access to a suite of fintech infrastructure services through one API. Read more.
Women in fintech welcome Barclays initiative and demand more from the sector (ComputerWeekly)
Women in UK financial technology have welcomed bank’s new female-focused lab and funding initiative and call for more like it from the sector. Barclays Bank and US funding platform Anthemis are bringing a US initiative that invests in women in financial technology (fintech) to the UK and Europe. In the UK, there will be a $30m fund and fintechs will receive support from the lab team and access to office space in London. Read more.
Swiss markets watchdog approves first crypto assets fund (Reuters)
Switzerland’s financial markets supervisor said, that it had approved the country’s first fund that invests primarily in crypto assets. The Crypto Market Index Fund is restricted to qualified investors and categorised under “other funds for alternative investments” with particular risks, the Swiss Financial Market Supervisory Authority (FINMA) said in a statement. Read more.
TrueNorth Joins Visa Fintech Partner Connect Program (Bakersfield)
TrueNorth, a global fintech software development company, announced it has joined Visa Fintech Partner Connect —a program designed to help Visa’s issuing clients quickly connect with a vetted and curated set of technology providers. By participating in the program, TrueNorth can help financial institutions integrate with Visa’s business-to-business (B2B) payment services and data solutions, and facilitate standardized adoption and implementation of Visa payment solutions. Read more.
Modulr brings fast-tracked fintech to Europe with expansion to the Netherlands
Modulr has opened offices in the Netherlands as part of its EU-wide expansion strategy. The leading payments-as-a-service platform will run its pan-European operations from its base in Amsterdam. Modulr offers businesses across Europe a digital API-led alternative to wholesale banking, an offering historically inaccessible and inadequate to the needs of SMEs and enterprises. Read more.
India has 87% fintech adoption rate — highest in the world: Goyal (Business Today)
Union Commerce and Industry Minister Piyush Goyal said that India is poised to become one of the largest digital markets in the world. Virtually addressing the 2nd Global Fintech Fest-2021, Goyal said, “At 87%, India has the highest FinTech adoption rate in the world against the global average of 64%”. Read more.
Wise becomes the first fintech approved to join Australia’s New Payments Platform (Startup Daily)
The Australian arm of UK fintech Wise has been approved to join the NPP (New Payments Platform) as a participant and shareholder of NPP Australia – the first fintech to do so. The move will allow Wise Australia to connect directly to the NPP to clear and settle real-time payment and the regulator, APRA, granting Wise Australia a limited ADI licence late last year. Fintechs need to have an ADI to be involved in the NPP. Read more.
Ex-Robinhood staffers start up a fintech (Today UK News)
Several former employees of stock-trading platform Robinhood Markets are building a new fintech startup for small businesses. San Francisco-based Parafin, which is also backed by some of Robinhood’s early venture investors, is reaching small businesses via partners to offer online cash advances, a type of financing that’s repaid as a percentage of a business’s daily sales. Parafin is an early-stage alternative to the likes of Square Inc.’s Square Capital, Stripe Inc.’s Stripe Capital, and other providers of financing for small businesses. Read more.
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