Banking, forex, capital markets, investment, corporate finance and regional markets
The Middle East’s financial centres are keen to collaborate on fintech, in an effort to catch up with US, UK and Asian markets. G20 ministers wrestle with cryptocurrency oversight. Finance ministers and central bankers at the G20 have called for greater global coordination in their approach to cryptocurrencies, but that looks a remote prospect when different regulatory bodies in the same country cannot agree a strategy. Seven years ago, the country had virtually no formal banking sector. China is going cashless and cardless fast, with hundreds of millions of wealthy consumers leaping ahead to mobile wallets and providing some valuable insights for the possible future of open banking in Europe.
Transaction automation and open banking can help banks to strengthen customer relationships, especially as fintechs are encroaching on their traditional services – but the sector has been slow to adapt. Why SME banking may spawn the industry’s next big winners. It is here that concepts of open banking and banking as a platform may first become real. Euromoney looks at the approach taken by regulators to encouraging fintech innovation in North America, after the announcement of a formal information exchange arrangement between the UK’s Financial Conduct Authority and the US Commodity Futures Trading Commission. The Coincheck cryptocurrency fraud has rocked Japan, which had been the first country in the world to build a regulatory environment for crypto exchanges.
A bitcoin conference on a Thai beach, part of a cryptocurrency cruise, is quite a thing. The latest cryptocurrency price crash is shining the spotlight on the regulation of these borderless, digital currencies, but the rules differ wildly from country to country; global super-regulator IOSCO is set to make an announcement.
Top 25 fintech companies
Why it’s hot: Having become the UK’s leading direct debit provider, the company is launching new products, and focusing its attentions on larger businesses and foreign markets, starting with Europe. Why it’s hot: Although payments are currently free and only between consumers, the app could be used to transact payments to merchants who would pay a fee for the service. Why it’s hot: Closed a $250-million funding round at the end of last year that valued the company at $1.5 billion. Why it’s hot: Currently has a user-base of 300 million, controls half the Chinese e-commerce market and processed $519 billion in payments during 2013. Why it’s hot: Already the largest company of its type across Latin America, it has now completed a successful test in China and is targeting expansion there.
Why it’s hot: Monitors millions of data sources, including social media in 26 languages, to identify and mitigate security threats. Why it’s hot: Offers users the ability to understand the financial performance of their competitors, suppliers and customers, and already offers data about private companies in 20 countries. Why it’s hot: Has facilitated more than $500 million of loans. Why it’s hot: With £1.5 million in seed funding, it has gone on to lend more than £300 million, act as a conduit for UK government funding, do a deal with PwC and partner with FTSE 100 software provider Sage.LendInvest Londonwww. Why it’s hot: Comes from the Rocket Internet stable of companies, founded by the controversial Samwer brothers.
Why it’s hot: As long as someone uses a smartphone, the company should be able to establish their creditworthiness. Why it’s hot: With 2.1 million consumer wallets, it is thought to be the most widely used bitcoin wallet in the world.
Fintech Malaysia Report 2017
In the context of conversations surrounding fintech opportunities in South East Asia, Malaysia is often overlooked in lieu of Singapore. While it is true that the environment in Singapore is conducive for fintech to flourish, one should not dismiss Malaysia and its potential. The Fintech Malaysia Report intends to provide a comprehensive overview about the fintech landscape in Malaysia. Malaysia’s population over 30 million strong that largely digitally savvy, making them a prime captive audience for fintech innovations. Increasingly we see more incumbents, foreign players and startups entering the fintech scene in Malaysia.
In our report we’ve compiled 88 players within the fintech space with payments being the dominant vertical and wallets being a close second. Malaysia’s regulators in these few years has taken a open but cautious approach towards regulating fintech. Since the appointment of Tan Sri Muhammad Ibrahim as the new Governor of the Central Bank of Malaysia in 2016 we’ve seen several key reforms and regulations being introduced most notably was the announcement of the Malaysia’s fintech regulatory sandbox. The Fintech Sandbox is open to all fintech companies including those without a presence in Malaysia, however the prequisite is that said company must have a genuinely innovative solution that fills a gap in the market. They are not required to work with a bank but the Bank Negara Malaysia encourages it.
Upon being approved to be in the sandbox the fintech companies has 12 months testing period. Overall the industry seems healthy and we foresee a lot of growth potential for Malaysia with significant interest from Chinese players like iPayLinks and AliPay along with homegrown players like Softspace, iPay88, and GHL steadily expanding to ASEAN Markets.