Nubank is testing ‘NuConsignado’
Good morning FinTech Fanatic,
The banking arm of Japanese e-commerce giant Rakuten Group Inc priced its initial public offering (IPO) at the top of a scaled-back range last week, keeping it on track to be Tokyo's biggest listing in more than four years.
Preparing the IPO could be seen as a sign of cautious recovery for the banking scene, given the recent global market turmoil with U.S. and European banks.
Also Brazilian neobank Nubank grabbed the headlines, with several developments over the last weeks. It announced testing ‘NuConsignado’ , a type of loan settled directly and automatically from the payroll.?
Furthermore it released ‘Cajitas’, or so called Money Boxes . Through this new feature of Cuenta Nu, customers will continue to have yield and access to their money 24/7, but with an additional layer of security.?
And last but not least, Nubank was once again, recognized by Forbes in their World’s Best Banks list . Nu Mexico was ranked in the 1st position for the 2nd consecutive year in the country’s top 5.?
Meanwhile, payments giant Stripe and buy now, pay later (BNPL) provider Affirm have expanded their partnership for Canadian users.?
In this case the most interesting part, from my point of view, isn’t the expanded partnership itself, as well as the timing; governments around the world are preparing to institute regulations for the BNPL space.?
Although BNPL regulation is generally absent in the U.S. at this moment, it’s widely believed that the U.S. Consumer Financial Protection Bureau (CFPB ) will unveil proposed rules sometime in the near future.?
However this will turn out, it does not prevent these parties from expanding their cooperation. Will keep a close eye on it, as this will definitely not be the last we hear about BNPL and tighter regulations.
Before we go on to the other FinTech news, I would like to point out my Twitter-feed as a channel where I share some more insights from the FinTech scene. So, if you want to stay up to date on the latest news, feel free to follow me there as well!
I wish you a nice week ahead, and please find the other FinTech news listed below??
NEWS HIGHLIGHTS
Thunes bags new French licence for global cross-border payments. The company can now offer global cross-border payment services to non-bank financial institutions in the European Union, including companies without a payments licence.
FINTECH NEWS
SFC flags DeFi licensing requirements. Hong Kong’s securities watchdog reportedly surprised industry participants by underlining licensing requirements for decentralized finance platforms for virtual assets. Link here
Nigerian FinTech startup GoFree launches messaging, payments super app. The comprehensive solution offers an all-in-one platform for communication and financial transactions , with a particular focus on meeting the needs of B2Cs, Gen-Z and Millennial users, as well as B2Bs, SMEs and startups.
dLocal debuts all-in-one payment solution. The new tool uses a single application programming interface (API) integration that lets users pay in local currency as well as distribute and split payments among users , while automatically setting fees or commissions before paying the final amount.
INSIGHTS
FinTech Airwallex survey reveals Majority of Singapore SMEs are anticipating a potential recession. The independent research “considered the challenges SMEs in Singapore would face amid the current economic uncertainty, how they would get around them, and how FinTechs could support their future growth .”
The building blocks of a profitable digital banking model. With around 250 digital banks across the globe, 20% of them are within the Asia Pacific region . This is a positive number as it reflects the fact that this sector is expected to forge the future of FinTech.?
Cards remain dominant payment method, but digital wallets projected to overtake in Singapore: FIS . According to the 2023 Global Payments Report by Worldpay from global financial technology leader FIS, point-of-sale transaction value by digital wallets will increase by 101% from 2022 to 2026.
Key Highlights from Global FinTech investor activity during Q1 2023: 2432 investors invested in FinTech companies during the first quarter, a combined $22bn was raised by FinTech companies in Q1 2023, and Overall, 1,366 FinTech deals were announced globally in Q1, according to Fintech Global .?
领英推荐
DIGITAL BANKING NEWS
Saxo introduces new interest rate model that lets clients earn interest on Uninvested Cash. With this new interest rate model, the interest rate on clients’ deposits is updated on a daily basis based on the Sterling Overnight Interbank Average Rate (SONIA) benchmark rate, which means adjustments to central bank policy are reflected accordingly.
Saudi Central Bank surpasses cashless target. The Saudi Central Bank (SAMA)’s investment into enhancing its payment infrastructure is paying off as it has exceeded the 60% retail e-payment target set by the Financial Sector Development Program (FSDP), latest figures show.?
Banque de France explores DeFi risks and regulation. In a recently published discussion paper (co-authored by Olivier Fliche , Julien Uri and Mathieu Vileyn, members of the ACPR Fintech-Innovation Hub ), the bank explores the dangers of decentralized finance (DeFi) and possible regulatory measures to mitigate them .
BLOCKCHAIN
Crypto crime fighting startup CAT Labs bags $4.3m. CAT Labs claims it is building proactive cybersecurity tools to prevent hacks, scams, and fraud from happening in the first place and protecting investors from digital asset theft. Link here
Africa’s crypto promise continues to bite the dust as more startups shut down. Nigeria-based crypto startup Lazerpay announced its closure. The shutdown comes months after the startup downsized its workforce in November 2022.?
ACQUISITIONS
There'll be few changes to SoftBank Ventures Asia post-acquisition, says TheEdgeOf's Atsushi Taira . Hundred per cent of SoftBank Ventures Asia's shares will be acquired by TheEdgeOf , a newly formed Singapore-based entity led by Mistletoe's Taizo Son and Atsushi Taira. Read more
PARTNERSHIPS
HCLTech and Temenos deepen partnership to accelerate digital transformation in the banking industry. Together, the companies will enable banks and other financial institutions to progressively modernize at scale , accelerate their digital transformation and support their transition to the cloud to help them deliver omnichannel customer experience.
#DONEDEAL
Investment platform Altruist raises $112m in Series D funding. The firm intends to expand its product capabilities in three areas: automation in areas such as portfolio management, personalisation for clients and improved integration. Read more
African crypto payment startup, Ivorypay , gets backed by Crypto Valley VC . As part of an accelerator program, is providing Ivorypay with capital funds , as well as opening up access to other funding avenues.?
MOVERS & SHAKERS
Alex.Bank appoints new State Manager as broker channel expansion grows. Alex Bank announced the appointment of Andrew Peng as State Manager for Broker Partnerships. This move comes after Alex.Bank reported in early March that 90% of its new loan originations were coming through the broker channel.?
WealthKernel appoints capital markets veteran as Chairman. Brian Schwiegernew joins WealthKernel following a long career including senior roles at the London Stock Exchange and BoA Merrill Lynch. Read more
Monument appoints new chief of staff. Craig Blackburn takes over the role six months after former chief of staff Anita Maclean joined. He will support the company as it accelerates its scale-up in the UK , following Dubai Investments acquiring a 9 per cent equity stake in the bank.
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Cheers,
Marcel van Oost