Global Fintech News

Being a long coveted market for the New York based asset manager, a potential partnership could open up the massive market and become a meaningful player in China’s $1.8tn domestic mutual-fund industry.

Major reinsurance companies are increasingly going as direct as they can to source growth in gross written premiums from as close to the customer as they can, with Munich Re’s $250 million investment in insurtech Next Insurance the latest example. Next Insurance has a valuation of just above $1 billion, giving Munich RE a roughly 27.5% stake in the start-up, technology driven insurance carrier.

The amount of funding raised by Middle East start-ups in the first nine months is up 30% year-on-year to $517 million (Dh1.9 billion), according to a new report by technology platform Magnitt. The number of funding deals completed so far this year is also up by a more modest 3% to 354, with companies in the UAE accounting for the biggest share of funding. Of total money raised so far this year, 62% has gone to companies in the Emirates. About 13% of funds went to companies in Egypt and 9% to Saudi Arabia.

Fintech’s rise has received a mixed welcome. Stakeholders such as regulators, competitors, industry analysts, and customers experience different threats and prospects from fintech. For instance, fintech may create value for consumers with its cheaper and more convenient financial solutions, but banks may face the risk of over 40% of their revenues being threatened by new players. In turn, regulators grapple with the need to devise post-disruption regulatory frameworks, after decades of failing to manage the financial sector when it was dominated by traditional practices and simpler technologies.

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