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Global FinTech News - 29 July 2022

Global FinTech News - 29 July 2022
By Holland FinTech  • Issue #161 • View online
Dear reader,
This week the virtual summit lasting over two hours took place as Beijing and Washington increasingly risk to open conflict over the self ruling island, which China considers part of its territory.
Meanwhile, scientists advising the World Health Organization (WHO) on monkeypox say the window is closing to stop its spread, with cases currently doubling every two weeks, raising concerns that it will take several months for the outbreak to peak.
In Fintech this week we see some of these layoffs hitting the industry, as well as several new partnerships and large funding rounds. You can find information about upcoming events, new investments, research and breakthroughs within the industry. In addition, find more ways to support Ukraine here. Happy reading!
From the Holland FinTech team, we wish you a great weekend.

Connect with the fintech ecosystem at some of the upcoming events.
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As a XFW22 sponsor, you’ll benefit from invite only events such as sponsor drinks, online or self-hosted event slots, conference space marketing, social media promotion and more. For more information please visit our website or contact us directly at [email protected]
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Holland Fintech Meetup - August 12
Save the date! Our Holland FinTech Meetups allow the international Fintech ecosystem to gather together and allow for the companies of our Network to stay at the Forefront of Innovation. This months meetup will take place in Utrecht and will be focused on Explainable AI! Stay tuned for more information to be announced.
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Fintech Summer School - Holland FinTech - 19 August
Do you want to stay up to date? Join the summer school to learn about the latest developments in Fintech. We will discuss all major topics, like open finance, Crypto and NFT, the use of AI, and much more. This half-day update is meant for all people new to the industry and is a great way to meet other members.
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Highlights from last weeks news related to fintech
Stay up to date with the latest news from fintech! This week, we bring you updates and developments on partnerships, banking, crypto, open banking and more:
  • Digital transformation platform InvestCloud will help Netherlands-based bank Rabobank provide its customers, both private and retail clients, with digital financial planning tools
  • Dutch financial services firm ING has announced it plans to end its retail banking operations in the Philippines before the end of 2022
  • Santander’s corporate and investment banking division (Santander CIB) has partnered with SAP Spain to boost the digitisation of the bank’s global transaction banking (GTB) services
  • The Monetary Authority of Singapore (MAS) and Google Cloud have jointly launched the Point Carbon Zero Programme to drive the innovation, incubation and scaling of climate fintech solutions in Asia over the next three years
  • The Dubai-headquartered digital payment solutions provider Network International intends to bring WhatsApp for Business banking services to financial institutions across Africa through a landmark collaboration with Infobip
  • Digital financial management platform Airbank has tapped Klarna Kosma, the fintech arm of buy now, pay later (BNPL) giant Klarna, for its open banking platform
  • The crypto company Cuddle Inc. has launched a new project that will enable people to make crypto donations to local nonprofit organisations
Read more about this week’s news here.
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The largest funding rounds we found from across the world
New week – new closed funding rounds! This week’s funding highlights cover credit cards, blockchain, investment, crypto and neo banks! Take a look at some major investments of this week:
  • Near Protocol – California based global computing company – raised $350 million (343m EUR) in a funding round led by hedge fund Tiger Global in a bid to “accelerate the decentralization of the NEAR ecosystem”
  • Malaysia-based fintech company Touch ‘n Go Group has announced that TNG Digital Sdn Bhd, which owns and operates Touch ‘n Go eWallet, has raised RM750 million (165.75m EUR) in funding
  • Neon, a FinTech and digital bank driven by the vision of improving the lives of working Brazilians, has raised $80m (78m EUR)
  • Consumer-focused neo-banking platform Fi (formerly epiFi) has raised fresh funds (43m EUR) in its series C financing round led by exister backer Alpha Wave Ventures
  • London-based investment app Shares has closed $40 million (38m EUR) in funding to tap into a boom in retail trading brought on by the pandemic
  • Australian payment fintech mx51 has raised $32.5 million (31.8m EUR) in a Series B
Read more about this week’s funding here.
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A selection of recent research reports and papers worth reading
For this week’s research article, we dive into new insights on financial inclusivity, crypto, embedded finance and more:
  • “Fintech Innovations, like Digit, may Boost Consumer Savings and Improve Financial Health” via (Bakersfield.com) - A new study from the Financial Health Network, “Building Consumer Savings with Fintech Innovations ”, shows the positive impact new technology can have on consumers’ financial health and money saving behaviours
  • “Global Embedded Banking Revenue Expected to Reach US$160B by 2025” via (Fintech Singapore) - Despite it being a relatively recent concept, embedded finance has grown rapidly in recent years. The trend is expected to rise further moving forward, with digital consulting company Publicis Sapient forecasting an annual growth rate of 41% in global embedded banking revenues from 2021 to 2025
  • “Blockchain & Crypto is the most active FinTech sector globally in H1 2022” via (FinTech Global) - Out of the 3,447 deals that occurred in the first half of 2022, the Blockchain & Crypto sector outshined other sectors accounting for one in five deals in H1 2022 with 704 deals in total
  • “UK’s Fintech Sector Investments Grow 24% YoY in H1 2022” via (Finance Magnates) - In a recent report published by Innovate Finance, the company noted that the United Kingdom fintech sector witnessed 24% growth in investments during the first half of 2022 as the number touched $9.1 billion
  • “Agility, resilience and impact: How fintech charted a positive course through the global pandemic” via (World Economic Forum) - The Cambridge Centre for Alternative Finance at the University of Cambridge Judge Business School, the World Bank Group and the World Economic Forum have jointly published the Global COVID-19 Fintech Market Impact & Industry Resilience Study
Read more about this week’s research here.
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Background information and insights from opinion leaders and experts
And we’re finishing off the week with new details on social impact, funding, regulations, ethical banking, big data and more. Dive into the latest fintech insights and have a great start of the week:
  • “Fintech future: How soon will the world be cashless?” via (FinTech Magazine) - A mere decade ago, a world without coins and notes as currency was unthinkable. Despite the fact that even as far back as 2012, the lion’s share of transactions taking place was carried out via debit and credit card transitions, cash remained king
  • “Is the crypto crash a failure of regulation?” via (RegTech Analyst) - The crypto industry has been on a white-knuckle rollercoaster over the last few years. Establishing a market presence back in 2013, the price of Bitcoin rose from just over $10,000 in 2017 to over $61,000 in October 2021
  • “Football and Beyond: When Multiple Sports Worlds Combine With Fintech To Create Something Great” via (The Fintech Times) - The Fintech Times have discussed to a great extent how fintech has begun to integrate itself into the professional sports world
  • “Fintech crash is an M&A opportunity for bold banks” via (Reuters) - Bank chief executives have spent years fretting about disruptive financial technology upstarts including Affirm, Klarna and Robinhood Markets
  • “Why digital literacy is a critical gateway towards financial inclusion” via (FirstPost) - A survey found that the pandemic all around the world brought about years of change in businesses and accelerated the adoption of technology in leaps and bounds in just couple of years
  • “Mobile wallets boost financial inclusion in developing world” via (FinTech Magazine) - For most people in the developed world, mobile technology simply makes our lives easier, allowing us to pay at a store quickly and conveniently without pulling out a card
Read more about this week’s analysis and opinion here.
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