Weekly News Highlights – 4 November 2021

Stay up to date with the latest news from fintech! This week, we bring you updates and developments on payments, banking, partnerships, trading and more. Enjoy reading!

France Fintech and Binance Announce Creation of EUR100 Million Crypto and Blockchain Initiative in France (PR Newswire)
France FinTech, a leading non-profit association whose mission is to promote FinTech excellence in France, and Binance, the world’s leading blockchain ecosystem and cryptocurrency exchange, announced the launch of a EUR100 Million initiative to support the development of the French and European blockchain and cryptocurrency ecosystem. The EUR100 million initiative, which will be funded by Binance, will see the development of a Binance Research and Development hub in France, along with the creation of a Decentralized Ledger Technology (DLT) accelerator and a new online Education Programme to develop blockchain and crypto industry talent in France. Read more.

Argentine fintech Ualá to buy Mexico’s ABC Capital (National Post)
Argentine financial services firm Ualá said that it had reached an agreement to purchase Mexican bank ABC Capital, which will allow it to accelerate its expansion and growth plans in the North American country. The closing of the deal is subject to obtaining the required government authorizations, the company said in a statement. Read more.

Indian Fintech Firm Paytm Signs up Over 100 Institutional Investors for IPO (US News)
Ant Group-backed fintech firm Paytm said it has allocated shares worth 82.35 billion rupees ($1.11 billion) to more than 100 institutional investors, including the government of Singapore, ahead of what is expected to be India’s largest stock market listing. Paytm’s offer of up to 183 billion rupees, which was increased last month from 166 billion rupees, garnered interest from 122 institutional investors who bought more than 38.3 million shares for 2,150 rupees apiece, according to a regulatory document dated Nov. 3. Read more.

TradeStation Group To Become Public Company Through Business Combination With Quantum FinTech (Business Wire)
TradeStation Group, Inc. and Quantum FinTech Acquisition Corporation , a special purpose acquisition company, announced that they have executed a definitive business combination agreement through which TradeStation will become a publicly traded, NYSE-listed company under the ticker symbol “TRDE.” Net proceeds from the transaction are intended to be used to help fund the company’s plans to accelerate account and revenue growth through substantially increased brand-awareness and performance-based marketing spend, as well as increased product development and IT headcount for completion of certain new product feature initiatives, and to add liquidity to support an anticipated larger customer base. Read more.

Fintech Unicorn Nium Joins HKSTP’s FinTech Community to Accelerate Hong Kong’s Booming Fintech Ecosystem (Business Wire)
Hong Kong Science and Technology Parks Corporation (HKSTP) announced the addition of a global Fintech unicorn, Nium, as a partner company to HKSTP’s thriving Fintech ecosystem. Nium is opening its new office at InnoCentre to leverage Hong Kong’s growing Fintech opportunities as well as the huge GBA market potential for seamless application programming interface (API)-based payments services. Read more.

7RIDGE to acquire US FinTech group Trading Technologies (The Trade News)
Trading Technologies has agreed to be acquired by 7RIDGE, the private equity fund owned by former Deutsche Börse chief Carsten Kengeter. As part of the acquisition, 7RIDGE will help drive the organic growth of Trading Technologies, a Chicago-based trading technology provider, and help with future strategic acquisitions moving forward. The acquisition is expected to close before the end of the year. Terms of the transaction were not disclosed. Read more.

Squid Game crypto crashed to $0 from $2,861 after founders reportedly ran away with $2.5 million (Insider Paper)
The Squid Game, or SQUID, the latest crypto sensation, which surged more than 230,000 percent in the past week to $2,861.80 according to CoinMarketCap pricing, has reportedly dropped 100 percent to less than half a cent as of Monday, in what appears to be a scam. According to the wallet activity, the game’s developers are said to have ran away with approximately $2.5 million in untraceable BNB. Read more.

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