The freshest news from the world of FinTech are back and this issue of FinTech Wire is as full of insight as ever. This time, we’re covering topics from all around the world, including Africa, Asia and Europe—but it all may affect your business!
A week in FinTech: 10-17 November 2020
What a week it was. New initiatives are sprouting, FinTechs are gathering funds and governments are noticing their potential. Read this week’s issue of FinTech Wire for all the details you need.
A new way to compensate employees by Deel
Remote work payments made simpler and more cost-effective
As teams become more and more dispersed around the world, international payroll solutions are becoming something extremely desired. Deel, a start-up from San Francisco has just launched such a tool, but they went a step further. Deel’s international payroll for teams without borders allows companies to compensate their employees in crypto! Besides that, it also operates in 120+ conventional currencies and is super-easy to use (mass payments, payment cycles, one-click payouts etc.)
Read more about worldwide payments
Will crypto investments become safer?
China wants to make investing in cryptocurrencies more approachable
China Construction Bank—one of the biggest banks globally—has announced plans to raise as much as $3 billion by means of blockchain-based bonds. How? In order to offer the “Longboard”, they had partnered with Fusand, a fully-licensed Asian stock exchange company that focuses only on digital assets. Soon, retail investors will be able to invest in this fund with the entry amount as low as $100. The companies claim that using their solution, instead of buying cryptocurrencies individually makes investing much easier and safer. Also, they believe that such an institutionalization of digital asset products is the advent of Crypto 2.0.
Read more about apps for investing
Visa promises to revolutionize global digital payments
A new, gigantic, digital payments consortium
Visa has started a new initiative called FinTech Partner Connect and the company claims it will transform the world of digital payments by bridging the gap between FinTech innovators and other companies or financial institutions. Visa’s “suite of enhanced capabilities” will combine the payment’s giant with 13 other partners, including 11:Pulse, ComplyAdvantage and Onfido. At the beginning, the programme will function only in Europe.
African challenger bank Kuda raises a record breaking sum
2020 is the year of African FinTechs and Kuda is the living proof of that
FinTechs are growing rapidly in Africa, there’s no doubt about it (we’re working on a detailed analysis of this phenomenon right now, so stay tuned!) Last week, an impressive record was broken: Kuda, a Nigerian challenger bank raised $10 million in a seed funding round led by Target Global. It’s very important information, because Kuda (which, by the way, calls itself “the bank of the free”) offers accounts and debit cards for free and plans to invest in analytics, so they will probably launch new, cost-effective services soon. Kuda also provides an impressive money saving service and claims a 15% yearly interest. Will they make it even more thanks to smart investments?
Read more about effective data engineering
The Swiss want to help their FinTechs
Switzerland wants to become the go-to location for FinTech startups
State regulations are needed when dealing with money—that’s a fact. Last week, the global capital of finances, Switzerland, has launched a new initiative called Green FinTech Network. Its aim is to identify and propose new measures needed to make the environment for FinTech startups healthier. The new institution was set up by the State Secretariat for International Finance and let’s hope it will cooperate with Swiss accelerators and lead to a new boom of companies specialising in finances and technology.
Read more about digital revolution in banking
A new bank from Belgium and its new Country Head for Poland
Not as complicated as they seem and a promise for a good start for aion Poland
Belgian aion bank is a pretty fresh institution that offers an all-inclusive access to its service for a fixed monthly fee. It’s CEO is Wojcech Sobieraj, the same person who founded Alior Bank. As the bank is growing and expanding to new markets, the CEO has decided to employ the former Revolut’s country manager of Poland, Karol Sadaj, and make him the Country Head for Poland. Mr. Sadaj’s job will be to prepare aion’s products and services for the Polish market and build a team to lead the new financial institution to success in his country.
Read more about open banking apps
More news from FinTech Wire coming soon…
That would be all for this week’s FinTech Wire, but we’re constantly on the lookout for everything that happens in the industry. Be sure to subscribe to the #FinTechWire hashtag on our LinkedIn and Twitter profiles to receive updates straight to your news feed!