Stay up to date with the latest news from fintech! This week, we bring you updates and developments on payment, regulatory, fintech and banking. Enjoy reading!
China’s central bank continues to tighten regulation of fintech (Pinsent)
China’s central bank will strengthen the regulation of payment sector and require all companies providing financial services to be licensed. Fintech companies in China will face increased regulation and compliance challenges. From a data security perspective, these giant fintech companies holding huge amount of personal data will be considered as important data processors. Read more.
Indian fintech firm Pine Labs eyes IPO in 12 months – CEO (Reuters)
Indian fintech firm Pine Labs is considering an initial public offering in as little as a year, as the company made a foray into the online payments space that it sees as a multi-billion dollar opportunity. Pine Labs, which counts venture firm Sequoia Capital, Singapore state investor Temasek, and U.S. firms PayPal and Mastercard among its backers, offers services and tools such as inventory management and payment terminals to merchants across Asia and the Middle East. Read more.
Fintech Activity Accelerates in Indonesia With Multiple Startup Fundraises (FintechNews)
Fintech activity is accelerating in Indonesia, a trend marked by significant startup venture capital rounds, accelerated growth of local fintech startups, and increased participation of foreign companies in the domestic market. These past months have been seen a multitude of funding rounds going towards Indonesian fintech startups. Read more.
Central Bank of UAE sign MoU with ADGM to develop UAE FinTech sector (GulfNews)
The Central Bank of the UAE (CBUAE) and Abu Dhabi Global Market (ADGM) have signed a memorandum of understanding (MoU) to collaborate on the development and growth of the UAE’s FinTech ecosystem through joint initiatives and activities. Under the agreement, CBUAE and ADGM will further enhance the collaboration under their co-sandbox programme that will enable FinTech companies to test their innovative solutions under the existing digital sandbox programme. Read more.
Standard Chartered links up with Singapore startup in Asia fintech push (FNlondon)
Standard Chartered has tied up with Singapore start-up Atome Financial to expand in Asia’s booming financial technology market. As part of the 10-year partnership, Standard Chartered will invest an undisclosed amount in Atome Financial, which operates consumer credit platforms across Asia. Read more.
Fintech firm completes first-ever Home Equity Investment-backed securitization (TheRealDeal)
Fintech startup Point and finance company Redwood Trust, Inc. have teamed up to deliver what they claim is a historic transaction backed only by residential Home Equity Investment (HEI) agreements. The two companies announced the deal as the first time a securitization is only being backed by HEI agreements. Read more.
Prince Harry and Meghan join sustainable fintech firm Ethic (FastCompany)
Prince Harry and Meghan, the Duchess of Sussex, have another initiative under their belts. The pair have signed up to be investors and “impact partners” with the sustainable investing fintech firm Ethic. Ethic allows investors to put their money into social and environmentally conscious companies. Read more.
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