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Weekly News Highlights – 3 March 2022

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

Swedish challenger Rocker introduces fingerprint sensor biometric payment card (Fintech Futures)
Swedish challenger Rocker has teamed up with IDEX Biometrics and ID authenticator Idemia to launch a biometric payment card – the first of its kind in Sweden. The payment card utilises IDEX’s fingerprint sensor to authenticate a transaction instead of a personal identification number (PIN). Rocker Touch is part of the challenger’s strategy “to offer smart and secure payment solutions across platforms, whether you wish to pay with your mobile, a card or with a transfer”, says Rocker’s vice president of save and spend Andreas Norberg. Read more.

Banking challenger and investing platform Finch set to launch in US (Fintech Futures)
US challenger Finch is set to launch this year, billing itself as a banking and investing platform that enables customers to earn investment returns directly on their account balance. Co-founder Maya Nijhawan says Finch is a “hyper-productive account designed to help millions of Americans make the most of their idle cash and develop healthy financial habits”. Designed for people who don’t know how, or have the time to, see greater returns on their money, Finch recommends personalised investing portfolios that earn market returns. Read more.

Bank Rakyat Indonesia Partners Modal Rakyat to Bolster P2P Lending (Fintech News)
Bank Rakyat Indonesia (BRI) has formed a partnership with Modal Rakyat, a fintech startup company that has grown incredibly fast in terms of funding value as well as numbers of lenders and debtors. As a state-owned bank that is focused on Micro, Small and Medium Enterprises (MSMEs), BRI sees the huge potential of peer-to-peer (P2P) lending fintechs in providing funding schemes for the sector. Financial institutions that have collaborated with fintech companies focus on P2P lending fall under the purview of the new regulation by Indonesia’s Financial Services Authority (Otoritas Jasa Keuangan, OJK). Read more.

Singaporean Neobank IN Financial Technology Acquires MyCash (Fintech News)
Singaporean neobank IN Financial Technology (INFT) has fully acquired MyCash Money, a money transfer company focused on migrant workers, for an undisclosed sum. INFT is an end-to-end, employer to employee fintech platform that empowers micro and small businesses in Asia to transform their business banking processes from traditional to digital. This includes online business accounts, virtual debit cards, spend management tools and business cash line. Read more.

European fintech’s fierce last year of funding shows no sign of slowing in 2022 (Tech EU)
The fintech industry outpaced all other tech sectors when it came to VC funding last year — and it is off to a supercharged start in 2022. The fintech sector attracted a record €23.5 billion over 695 deals, and there were 58 financing rounds of over €100 million each. July was the hottest month for funding, with the total amount raised hitting €3.2 billion. Read more.

Lloyds enters “strategic partnership” with loyalty fintech Bink (Altfi)
Lloyd bank has signed a new “strategic partnership” with Bink, a loyalty-focused fintech it recently invested in, connecting its vast pool of retail customers with retailers’ rewards.  The banking giant, which has 26 million customers, will embed Bink’s technology into its digital channels and offer loyalty programmes to its retail banking customers.  At the start of 2022 Lloyds invested in Bink, which was founded in 2015, following on from fellow incumbent Barclays which invested in the company in 2019. Read more.

 

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