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Global FinTech News - 13th August 2021

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Global FinTech News - 13th August 2021
By Holland FinTech  • Issue #111 • View online
Dear reader,
The world is on fire and the IPCC has made it clear that climate change is inevitable and our Carbon emission reduction efforts need to step up big time. At the same time, football fans are concerned about the transfer of Lionel Messi from football club Barcelona to Paris Saint Germain.
We are zooming into the fintech industry as usual, and provide you with the latest insights, varying from digital currency, mobile wallets, crypto, banking, retail, fraud, digital banking, insurance, economic sectors and more.
From the Holland FinTech team, we wish you a sunny weekend!

Highlights from last weeks news related to fintech
Find out the latest fintech news for this week and dive into topics regarding banking, digital currency, mobile wallets, crypto and cooperation deals.
  • Circle has filed with the Securities and Exchange Commission to become a US Federally-chartered national commercial bank
  • The People’s Bank of China, the country’s central bank, has been working toward a full launch of a digital version of the yuan - and now the cyber currency is available to use even for foreign residents
  • Multinational gaming company Razer is to shut down its e-wallet and card services to focus on B2B payments
  • Venmo credit card users can now automatically buy cryptocurrency using the cashback they earn on purchases
  • Apple is reported to be working on a service that will let consumers pay for any Apple Pay purchase in instalments in direct competition to other BNPL offerings (Buy Now, Pay Later) together with Goldman Sachs
  • BitMEX, a crypto exchange company, agreed to pay $100 million and block American users in a settlement with the Commodities Futures Trading Commission
  • Consumer cybersecurity firms NortonLifeLock and Prague-based Avast announced earlier this week that the two firms have agreed to merge in a deal valued between roughly $8.1-$8.6 billion
  • Vemanti Group, Inc. announced that it has signed a Fintech and BaaSbusiness cooperation Memorandum of Understanding with Vietnam Public Joint Stock Commercial Bank to jointly develop financial products and banking solutions for the underserved consumers and small businesses in Vietnam
Read more about this week’s news HERE.
hollandfintech.com  •  Share
The largest funding rounds we found from across the world
We explore the most prominent rounds and transactions of the week including various sectors such as AI, crypto, payment solutions, retail, social banks and mobility fintech, selected from 4 to 11 August:
  • Dataiku (New York, NYC, US), a platform for Everyday AI, raised $400M (€341.5m) in Series E funding
  • Rapyd (London, GB, UK), a fintech-as-a-service company, raised $300m (€256m) for its expansion plans in a funding round led by longstanding investment partners Target Global
  • FalconX (San Mateo, CA, US), a platform that is seeking to draw major investors to the cryptocurrency market, announced earlier this week a Series C funding round that clinched its unicorn status with a valuation of $3.75 billion (€3.2b)
  • PayFacto Payments (Montreal, Canada), a provider of payment solutions and point-of-sale technologies, received an equity investment of up to C$150m (€128m)
  • Bluecore (New York, NYC, US), a retail technology company, closed a $125m (€106m) Series E funding round
  • Nozomi Networks. (San Francisco, CA, US), an OT and IoT security company, raised $100m (€85.3m) in Series-D, pre-IPO-funding
  • Other interesting funding rounds for this week: SentiLink $70M (€59.6m), Octane Lending $52M (€44m), Jupiter $45 million (€38m), Reserve Trust $30.5M (€25.9m), Kroo £17.7M (€20.9m), Moove $23M (€19.5m), Messari $21M (€17.8m)
Read more about the funding news HERE.
hollandfintech.com  •  Share
A selection of recent research reports and papers worth reading
Dive into the latest research pieces on recruiting, fraud, digital banking, insurance, economic sectors and contactless payments.
  • “2021 Recruiting Report: The Future of Remote Work Post-COVID-19 (Recruitment.com) ” - This report highlights the ongoing trend that today’s all-star candidates are focusing on remote roles that offer flexibility
  • “Banks ‘failing’ to provide fraud support (FS Tech)” - This work investigates the fact that some UK banks are failing to offer satisfactory support for fraud victims.The consumer organisation found that some customers struggled to contact their bank after they had been a victim of a scam
  • “Mambu Finds 80% Gen Z Muslims Want Access to Their Digital Banks at All Times (The Fintech Times) ” - This publication explores results of the research done by cloud banking platform Mambu, that more than half of young Islamic finance customers would adopt Islamic banking if it were more accessible
  • “US banks and insurance companies slow down ad spending to compete with fintechs (eMarketer) ” - This paper analyses the financial services industry’s digital ad spending. While financial service’s digital ad spending has historically outpaced the digital ad market, a slowdown is still expected in 2021 and beyond as incumbents in both banking and insurance focus their budgets on technological innovations to compete with emerging fintech companies
  • “Contactless Heading Towards $2.5 Trillion Transaction Valuation in 2021; Juniper Research Finds (The Fintech Times) ” - This reading investigates a new report from Juniper Research which found that global contactless card transaction values will reach $2.5 trillion in 2021, increasing from the $1.7 trillion previously recorded in 2020
  • “Chip shortage threatens vital economic sectors: Payment systems and electronic identities (Payments Cards and Mobile)” - This article highlights the fact that the global chip shortage is causing bottlenecks in numerous industries
  • “Half of global population to use digital banking by 2026 (Payments Cards and Mobile)” - This publication analyses results of a new study which has found that 53% of the world’s population will access digital banking services in 2026; reaching over 4.2 billion digital banking users, from 2.5 billion in 2021
Read more about these research papers HERE.
hollandfintech.com  •  Share
Background information and insights from opinion leaders and experts
Explore the latest voices from the industry on topics such as cybersecurity, digital currency, GDPR, credit unions and payments.
  • “Security is a Big Data Problem, and It’s Getting Bigger” via SecurityWeek - Marc Solomon, Chief Marketing Officer at ThreatQuotient, elaborates on the fact that, solving security’s big data problem is about prioritized data flow, continuously processing data for analysis and translating and exporting it to create a single security infrastructure
  • “Could the Boston Fed and MIT digital currency displace crypto in the US?” via Payments Cards and Mobile - Alex Rolfe, writer at Payments Cards and Mobile, highlights the fact that five countries (South Korea, Sweden, China, the Bahamas and US) have now fully launched a digital currency: Bahamian sand dollar
  • “The tension between the GDPR & NFTs” via LEXOLOGY - Veronika Wolfbauer, featured expert at LEXOLOGY, highlights the role of the General Data Protection Regulation (GDPR), which aims to protect fundamental privacy rights
  • “The Case for Credit Unions” via Andreesseen Horowitz - Anish Acharya, a General Partner at Andreessen Horowitz, explores the fact that in the last 10 years, as neobanks emerged and consumer financial services came online, the prevailing assumption was that credit unions and community banks would slowly die off
  • “Is data the new currency for banks?” via FintechFutures - Dharmesh Mistry, CEO at AskHomey, states that banks have huge amounts of customer data. Furthermore, there is a lot that can be deduced from spending data alone. However, the remaining question of whether they have enough or the right data is still in place
  • “Humanising Cybersecurity: Why Your Employees are the Best Defense” via MEF - Writers at MEF examine the importance of remembering the human element of cyber security and share key takeaways as to why this is even more essential in the post-Covid landscape
  • “The payments landscape in the UK after Brexit” via Payments Cards and Mobile - Writers at PCM explore the UK payments industry and the fact that it highly values the work of the European Payments Council (EPC)
Read more about these analyses HERE.
hollandfintech.com  •  Share
Connect with the fintech ecosystem at some of the upcoming events
Join this event in Amsterdam, 21 - 23 September, 2021, where the industry’s leading Financial Services innovators come together to connect and create the future of money. Money20/20 is the largest fintech event enabling payments and financial services innovation for connected commerce.
For the Holland FinTech Network, Money20/20 has a special offer: 300 euros discount! Code: HOL300
Register HERE.
europe.money2020.com  •  Share
Open Banking Asia - 19th August
Open Banking Asia Digi-Conference will bring together senior decision makers from central banks, leading banking and financial services institutions in Asia to discuss how the region can effectively implement open banking, unlock its potential, and capitalize on the financial services market opportunities it creates for the banking industry.
Register HERE.
hollandfintech.com  •  Share
Qatar Fintech Summit – Banking on the Future of Fintech - 24 August 2021
Qatar Fintech Summit is the definitive meeting place facilitating multi-stakeholder dialogue with power packed networking opportunities among C-Level executives, leading industry experts, decision makers, policy makers and government officials from across the value chain to foster collaboration, discuss current challenges, business opportunities, develop market strategies, share knowledge and identify solutions aimed at shaping the future of Fintech.
Read more HERE.
www.qatarfintechsummit.com  •  Share
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