Daily Fintech Crunch: 01/05/2022

Dear All,

Welcome to today’s fintech crunch. I hope you all are enjoying your weekend. We in the UAE have a long weekend (Yipee!) but I am still at work (I guess no rest for the ........)

As always, today I’m bringing you some more fintech bites from different corners of the world. Hopefully you find them interesting and useful.

? Fintech:

• Payments and financial services tech solutions provider Fiserv is rolling out a new AppMarket to offer extended access to FIs and payment solutions that can help them reach new customers and operate more efficiently and effectively.

• Rewire, a cross-border financial services platform targeting African and Asia migrants has partnered with payments platform Paysafe to offer more options to consumers in Europe.

• Pakistan’s National Institutional Facilitation Technologies is partnering with M10 Networks to facilitate digital B2B payments inside the country and improve cross-border transfers.

• Fintech service provider WEX introduced digital payment platform Flume to expedite payments for small-to-medium-sized businesses.

• VoPay and HES FinTech are partnering up to give Canadian lenders access to real-time payments.

• So far, the fintech industry saw an astounding 182% surge in tech employment creation since the beginning of the year.

• Fintech Global, a specialist research group, has announced its annual list of the world's top wealth-tech companies, honoring the 100 most creative technology solution providers defining the future of the investing sector in 2022.

• According to recent research, 73% of consumer banking encounters are now digital , as consumers and companies increasingly choose direct banks over more traditional banks.

• Rainmatter Capital, which is backed by Zerodha, has invested Rs 3 crore in Actlogica, a wealth and investment management platform.

• Valor, a new US fintech, is set to launch with the goal of catering to the country's sizable Latino and Hispanic communities and resolving financial "pain points."

?? Crypto & DeFi:

• Tribal Loans enters into a deal with LatAm and begins underwriting business credit in stable coins and cryptocurrency, a cheaper, quicker solution with only regulatory concerns preventing widespread implementation.

• According to Flexa's co-founder, custodial wallets will be the lynchpin of retail crypto payments.

?? Metaverse & NFTs:

• Is Beijing constructing its own metaverse? ByteDance is constructing metaverse hardware, content, software, and platform portfolio comparable to that of Meta.

• CXIP Labs, a protocol aimed at addressing common issues in NFT minting, has secured $6.5 million in early investment to establish a new product suite for artists, developers, and enterprises.

?? Other News:

• The corporation that owns Ray-Ban and LensCrafters has filed a lawsuit against JPMorgan, accusing them of failing to detect that burglars had moved more than $272 million out of one of its bank accounts in 2019.

?? Graphic of the Day:

• As the graph suggests, the digital mobile wallet market is expected to develop at a CAGR of 28.2 percent, from USD 1,043.1 billion in 2019 to USD 7,580.1 billion in 2027.

?? Report of the Day:

• This report looks at the Mexican fintech industry, including the obstacles and opportunities that lie ahead; the legislative framework that governs the sector; and the key fintech businesses, which are categorized into seven broad areas.

Until the next time, goodbye and good night.

–Arjun Vir Singh