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Global FinTech News - 8th October 2021

Global FinTech News - 8th October 2021
By Holland FinTech  • Issue #119 • View online
Dear reader,
Facebook has suffered its worst service outage since 2008, along with Instagram and WhatsApp. At the same time, a whistle blower revealed that Facebook is aware of the negative impact their algorithms have on society, sparking polarization and aggression. Ouch.
Meanwhile, the natural gas market has entered uncharted territory, with gas prices increasing 8 fold over the past 12 months, rising demand for EU intervention.
We are back with the news in fintech, exploring the latest news, investments, reports and opinions on fintech, cybersecurity, cryptos, banking, partnerships, payments and more! In any case be sure to check out the event section at the bottom.
From the Holland FinTech team, we wish you a sunny weekend!

Highlights from last weeks news related to fintech
Explore the latest fintech news for this week and dive into topics regarding payments, tokens, NFT, crypto, money violation, investing fraud and more:
  • The governor of the China’s central bank said that the country would be strengthening the regulation of the payments sector and require all financial services companies to be licensed
  • Global Buy Now, Pay Later (BNPL) firm Zip is teaming up with all-in-one payments processor Adyen in a strategic partnership to widen their eCommerce reach
  • High hopes for intra-Africa trade under the terms of the Africa Continental Free Trade Area (AfCFTA) got a boost this week with the formal roll-out of a payments platform (Afreximbank)
  • People’s Bank of China Governor Yi Gan says the central bank will continue to strengthen the regulation of the payments sector and ask all financial services companies to be licensed
  • Block & Leviton is investigating Peak Fintech Group, Inc. for potential securities law violations. Investors who have lost money in their Peak Fintech Group, Inc. investment should contact the firm
  • The operator of Toss, a leading fintech startup in South Korea, acquired a troubled mobility startup to disrupt a market dominated by the mobility service wing of the country’s web service giant Kakao
  • Payments automation company AvidXchange Holdings Inc. filed an initial public offering for its common stock with the U.S. Securities and Exchange Commission in an effort to raise up to $444.6 million in funding
Read more about this week’s news HERE.
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The largest funding rounds we found from across the world
This week’s prominent fundings are shared by multiple sectors, including fintech, payments, transactions, banking, risk management, insurtech and more:
  • Konfio, which helps small businesses secure loans, said in a statement its latest funding totaled $235 million (€203.4m)
  • Bolttech (Hong-Kong, China), an insurtech startup announced the extension of its recently announced US$180 million (€155.8m) Series A funding round led by Activant Capital Group, bringing the series total to US$210 million (€181.8m)
  • Built Technologies (Nashville, Tennessee, US), a construction industry-focused financial-technology startup, has more than tripled its valuation to $1.5 billion (€1.3b) after raising $125 million (€108.2m) in an equity funding round led by TCV
  • Ascend Money (Bangkok, Thailand), a fintech startup behind TrueMoney, an e-wallet service, announced today it has raised a $150 million (€129.8m) Series C round at a valuation of $1.5 billion (€1.3b)
  • XTransfer (Shanghai, China), a cross-border financial and risk management services provider, announced that it raised $138 million (€119.5m) in Series D
  • Till Payments (Sydney, Australia), a payments fintech has raised $110 million (€95.2m) in a Series C
  • Other interesting funding rounds this week: Cover Genius $100 million (€86.6m), TransferGo £37m (€43.5m), OakNorth valued at $5 billion (€4.3b), Tag $12 million (€10.4m) valued at $100 million (€86.6m)
Read more about this week’s funding HERE.
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A selection of recent research reports and papers worth reading
Explore the numbers and trends from fintech regarding digital payments, InsurTech, cloud, household finance and financial institutions:
  • “Finance Minister of India Releases UN Report at Global FinTech Fest” (Yahoo Finance) - This report revolves around good practices for financial consumer protection, putting users at the center of payment digitisation, especially women and people living in rural areas
  • “World InsurTech Report 2021” (Efma) - This report explores the impact of exponential InsurTech growth and customer adoption on the insurance industry
  • “Payments Modernisation: The Cloud Imperative” (Volantetech) - This research is aimed to quantify trends in payments modernisation, cloud and ‘as-a-service’ delivery models for account-to-account payments
  • “Despite the Digital Move, People Still Want Their Banks To Have Branches Finds Toluna” (Fintech Times) - This study explores key issues related to the UK population’s personal and household finances, attitudes towards financial institutions in the UK and behaviours in relation to personal finances
  • “The Future of Banking Is People, Not Products; Finds Temenos Report” (Fintech Times) - This work explores the fact that over the course of the next 4 years, 81% of bankers agree that financial institutions will seek to differentiate the customer experience they offer rather than their products and services
Read more about this week’s research HERE.
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Background information and insights from opinion leaders and experts
Learn more from fintech experts about crypto, BNPL, digital transformation, insurance and more:
  • “Digital transformation: the fintech fuel of tomorrow” via (The PayPers) - Anton Komukhin, Unlimint’s Head of Product Management, talk about the most impactful digital transformation financial trends to rise out of the COVID-19 pandemic
  • “Solving the insurtech puzzle” via (The Insurer) - Marc Piccione, partner, managing director – NY, Acrisure Re elaborates on the fact that there are vast, unique and valuable ideas circling the market which are digitally transforming the industry and bringing the (re)insurance sector into the future
  • “Insurtech in 2021: A journey of reinvention” via (Property Casualty) - Steve Murphy, expert at Property Casualty highlights the fact that insurance executives rated above the global average on their prioritization of technology democratization, with almost all (91%) stating that technology democratization is becoming critical to their ability to ignite innovation across their organization
  • “This is why China finally halted its bitcoin boom” via (Wired) - GIAN M. VOLPICELLI, elaborates on the crypto currency ban in China. Every time Beijing announces a crackdown on their industry, the running joke among the crypterati is that China has already banned cryptocurrency 18 times
  • “B2B BNPL: how data can drive more financial flexibility” via (Fintech Futures) - Paul Christensen, CEO, Previse analyzes the recent global boom in buy now, pay later (BNPL) offerings that now begs the question as to why that’s suddenly happened
Read more about this week’s analysis and opinions HERE.
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Holland Fintech team had a chance to take part in one of the biggest fintech focused events this year - Money20/20. It was an insightful 3 days journey, where we were able to visit lots of informative presentations, make some new connections and film short interviews with some of the leading companies in this field like: Bankish, Sentinels, Fortech, Finnick Legal, Nium and Form3.
There are already some interviews available. If you want to know more about the companies participating in Money20/20, their plans and experience of the event - check our social medias or Money20/20 member dedicated page HERE.
Connect with the fintech ecosystem at some of the upcoming events
About this event LHoFT, Holland FinTech, and FinTech Belgium have joined forces to share essential insights on ESG developments and the relevance for fintech in the Benelux. Register today!
During this session, we’ll share insights and address the following questions:
-What is driving financial service companies to do good (and no harm)?
-How do they measure effects and influence the outcome of their involvement?
-How can they live up to the changing demands of society?
-How does technology support this movement?
-And how can we build a responsible environment where everyone belongs and people feel welcome, valued, and respected?
Register HERE.
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WorldPensionSummit 2021| OCT. 12-14, 2021 • THE HAGUE
The P&I WorldPensionSummit has, in 12 years, grown into a leading global event that is truly for and by pension professionals. The goal is to provide a platform for the strategic exchange of relevant pension market developments between asset owners, policy makers, experts and investment professionals. Attendees will learn innovative ideas and strategies, discuss the future of pensions with global thought leaders and get fresh perspectives on how to tackle pension challenges and achieve sustainable pension provision.
Discount code for 20% discount: PARTNERWPS2021
conferences.pionline.com  •  Share
Discover Perfect Pitch | Sibos - 13th October 2021
Sibos 2021 sees the second edition of the Discover Perfect Pitch competition, a challenge with a twist giving fintechs from around the globe the opportunity to showcase their products and services to the Sibos community.
Once again, entrants can select from nine categories across three streams – Leadership, Society & Sustainability and Partnership & Collaboration. Fintechs will have to make an upfront decision by selecting which category best aligns to their business, values and principles. The panel will select the best nine entries for the live final, hosted on 13 October 2021, the Wednesday of Sibos week.
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October 26 - 27, 2021 | Virtual Summit - Finnovex West Africa leading summit on Financial Services Innovation and excellence 2021
Finnovex aims to bring together top professionals and C-level executives from the financial and financial services industry to examine how technology is changing the delivery of banking and financial services. Finnovex West Africa will discuss the roles of banking and non-banking institutions, financial organizations, investment firms, fintech companies, and other stakeholders in developing incentives to the paradigm shift in this sector. West Africa leading summit on Financial Services Innovation and excellence.
Register HERE.
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