The fintech industry is booming as shown by investors in Singapore who poured a record $735 million into financial-technology deals representing a 69% surge from the prior-year period that had $435 million.
Samsung has officially announced that it will collaborate with the Finably fintech firm, a Ripple’s partner, to launch an international money transfer service on the Samsung Pay app targeting US users.
The need for fintech solutions is very present in Southeast Asia as many are still without access to financial services. However, at the current rate of growth, there’s a good chance the region will outshine others, in the sector.
Palo Alto California insurance startup for digital businesses Next Insurance raises about $250 Million in Series C funding from a single investor MunichRe. The startup is now valued at around $1 Billion.
Broadridge Financial Solutions plans to offer post-trade services for cryptocurrency after acquiring fintech company Shadow Financial Systems. The company invested in blockchain projects, but the Shadow deal will be its foray into cryptocurrency.
A Fintech as a service Rapyd network, that allows consumers and businesses to transact however they opt for cross-border and local eCommerce transactions, raised a whopping $100M financing round spearheaded by Oak HC/FT together with Stripe.
A challenger bank based in the Netherlands has increased its coverage area to cater to the European Union. Bunq also offers extra services including an affordable Travel Card, on which there are no charges.
Tencent has agreed to acquire all the shares belonging to the Norway-based KGJ Capital AS, which is currently the largest shareholder in Funcom.
Ripple Labs Inc has made a little-known but significant acquisition – Iceland-based of Algrim, which is a cryptocurrency trading firm with small but mighty talent pool.
China’s fintech stocks are starting to soar ahead of the expected launch if its CBDC. This is driven by the possibility that the digital currency will provide a need for security and payment services.