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Global FinTech News - 30th of October

Global FinTech News - 30th of October
By Holland FinTech  • Issue #70 • View online
Hello, dear news seeker!
This week has seen further developments for the fintech ecosystem. While we were getting our most frightening costumes ready for Halloween, we also browsed the news in order to bring you the most relevant materials and current trends. Dive into the recap of the week and check out the new format of our articles we arranged for you, so you can benefit from a daily dose of fintech!
And in case you missed our Flash Friday edition of today, co-hosted by Bernadette Wijnings, CFO/COO & Founder at Blanco Fintech and Don Ginsel, our Founder & CEO, check out our YouTube channel here!
From the Holland FinTech Team, we wish you a nice weekend! Happy Halloween!

Highlights from last weeks news related to fintech
Our selection of remarkable news from the industry.
  • The U.S. Treasury Department sanctioned Larry Dean Harmon, operator of bitcoin “mixers”, with a $60 million penalty for allegedly violating AML laws
  • CapitalBox, a fintech SME lender, acquired the Dutch division of Spotcap Global, a company offering digital business lending technology to financial institutions
  • Insurity, a provider of cloud-based core system solutions and data analytics for insurers, brokers, and MGAs, acquired Bill It Now, a provider of cloud-based billing-as-a-service solutions
  • JP Morgan announced that its digital asset, the JPM coin, has been commercially used earlier this week
  • Visa’s decision to acquire fintech startup Plaid for $5.3bn is currently under scrutiny from the U.S. Justice Department
  • UBS Group, a Swiss multinational investment bank and financial services company, has launched UBS Next, a $200M (€170M) portfolio for fintech investments
  • Razer Fintech, a virtual credit services provider for gamers, is collaborating with FWD Singapore (FWD), an online insurance company
  • ZestMoney, an Indian consumer lending fintech company which uses AI to offer instant, no-cost EMI plans and credit limits to users, has partnered up with Apple
  • SoFi, a finance company that offers a range of lending and wealth management services, gains preliminary approval for a national bank charter status
  • Barclays, a British investment bank and financial services company, offers a virtual accelerator for black-founded tech firms
Read more details about this news and sources HERE.
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The largest funding rounds we found from across the world
We have again looked across all oceans to find all investments that are relevant for the financial industry and listed the largest below. This is just the tip of the iceberg.
  • Ant Group (Hangzhou, Zhejiang, China) aims to raise $34.5 billion (€29.41bn) in its dual IPO (Shanghai and Hong Kong), making it the biggest listing of all time
  • Lufax (Shanghai, China), an Internet based lending and wealth management platform, announced its plans to raise $2.36 billion (€2.01bn)
  • DriveWealth (Chatham, New Jersey, US), a cloud-based and API-driven brokerage infrastructure provider, secured $56.7 million (€48.33m)
  • PrimaryBid (London, UK), a technology platform that allows everyday investors fair access to public companies raising capital, raised $50 million (€42.62m)
  • Rockset (San Mateo, CA, US), a company offering indexing databases, announced a $40 million (€34.10m) Series B investment
  • Salto (Tel Aviv, Israel), a SaaS solution provider for business application configuration, raised $27m (€23.02m)
  • Lili (NY, US), a firm that specializes in developing mobile banking solutions for freelancers, has raised $15m (€12.79m)
  • StreetShares (Reston, Virginia, US), a Lending-as-a-Service technology provider, secured a $10 million (€8.52m) funding
  • Gig Wage (Dallas, TX, US), a fintech payroll platform provider for the gig economy, raised $7.5 million (€6.39m)
Read more about this funding news HERE.
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A selection of recent research reports and papers worth reading
Please check out these research reports and white papers we discovered this week. We felt also some regulatory decisions would also fit well in this category for true readers.
  • According to a recent report from Global Digital Finance, with new technological advancements such as Facebook’s Libra, the private sector is gaining momentum
  • In a recent analysis report, the Financial Stability Board (FSB) highlights a rise in technology adoption by institutions to comply with the regtech & suptech regulations
  • According to a paper conducted by MITSloan, there is a low rate of success inside companies using AI technology due to organizational learning
  • According to Fintech Global, a new analysis finds that in terms of InsurTech deals, Q3 2020 is so far the best quarter
  • Harvard Business Research issued a new report revision, which brings additional findings for the personal credit sector
  • In a Cambridge Center for Alternative Finance paper, the increased popularity of blockchain-based token offerings has seen a need for regulatory frameworks
  • According to a survey conducted by the Financial Conduct Authority (FCA), 12 million UK adults are struggling with debt repayments
  • According to the EY FinTech Australia Census 2020, nearly a third of Australian fintechs (30%) are focusing on payments
Read more about the research sources and download pdf’s HERE.
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Background information and insights from opinion leaders and experts
We are keeping track of what opinion leaders across the world have to say about everything that is happening in and around financial services and technology. Below, you can find the ones that stood out this week.
  • According to Satya Swarup, Product Manager at Unisys, the “Contactless Banking” trend is on the rise, facilitated by Covid-19 pandemic
  • New regulatory frameworks are in store for small banks, with a focus on liquidity visibility and improved cash management processes
  • According to James Junwoo Kim, CSO/Co-founder of CrossAngle, cryptocurrencies and blockchain data are offering numerous advantages for their users
  • In a recent article by David G.W. Birch, the latest PayPal course of action to support cryptocurrencies raises follow-up questions and concerns
  • According to Nicole Jass, Senior Vice President of Small Business and Fraud Products at FIS, Covid-19 further gave rise to cyber attacks
  • Stephanie Braun Kramer, Director of Product Management at Zendrive, shows that the insurance industry has provided numerous opportunities for customers
  • Sir Chris Hohn, founder of TCI Fund Management, explains why all asset managers should focus on adopting a policy concerning climate action plans
Read more about these analyses & opinion pieces HERE.
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Connect with the fintech ecosystem at some of the upcoming events
Inspired AI Series 2020 - September to November
Inspired AI Series 2020 brings you cutting edge content at the intersection of business, tech and ethics. Immerse yourself in Inspired AI world!
Register HERE.
inspired-minds.co.uk  •  Share
Open Banking Expo Digifest - Life’s a Pitch - Deadline Applications: 2nd Nov
Produced by Open Banking Expo, a community of +10,000 global Open Finance executives, and in association with Open Banking Implementation Entity, Life’s a Pitch is a competition that helps budding businesses connect with industry buyers and investors to open doors for start-ups and providers of new technology.
Register HERE.
www.openbankingexpo.com  •  Share
Hong Kong Fintech Week - 2nd-6th November
Invest Hong Kong (InvestHK) announced that its fifth annual Hong Kong Fintech Week will take place from November 2 to 6 digitally. InvestHK also outlined some of its activities and programmes planned for the months leading up to the region’s only cross-boundary fintech trade show.
Register HERE.
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Digital Financial Summit 2020 - 24th November
Hosted in Brussels, the capital of European policy setters on the 24th of November, Digital Finance Summit is at the crossroads between Tech Talent, RegTech, Cloud Computing, Big Data, Blockchain, Crypto-assets, Artificial Intelligence, Crowdfunding, Cybersecurity and Banking.
Register HERE.
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EBAday 2020 - 24th-26th November
EBAday offers the perfect level playing field for all our sponsors and exhibitors. Virtually network with the world’s leading banks, ACHs, technology vendors and consultancies to see the latest industry offerings, solutions and corporate visions.
Register HERE.
hollandfintech.com  •  Share
DIA Prime Time - 30th November-3rd December
Tune in from home or from the office. Shape the future together with handpicked insurtechs. Learn from a record number of keynote speakers. Immerse in effective ways of networking. DIA Prime Time will take place from Monday 30 November to Thursday 3 December; each day from 2 pm to 5 pm, in three different time zones.
Register HERE.
hollandfintech.com  •  Share
European Fintech Hackcelerator - 7th-11th December
Welcome to the international program tailor-made for FinTech startups ready to conquer the ASEAN market. With Accelpoint and the Singapore FinTech Festival, we will be your gateway and guide towards a successful venture. Shall we begin?
Register HERE.
www.europefh.com  •  Share
Ready to get involved? Click here to find out more.
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