We’re back once again with the next fresh set of news from the FinTech world. This time, besides discussing businesses, we have a lot of information about new legal regulations. Read more to find out if they can impact your company!
A week in FinTech: 17-23 November 2020
The world of banking and investment may shake soon, after China improves their currency and Texas is now a better place for investors. Interested why? Read the news to find out.
Mintos gathers a record-breaking EUR 5.3M in one day
“We are thrilled to have such a response from our community.” – Mārtiņš Šulte, CEO
Mintos is a rapidly growing investment platform that concentrates on investing in loans. It quickly became one of the European leaders of this industry and is more than just an alternative. Thanks to a great product-market fit, the company manages to finance its growth mainly from pure revenues, which makes it even more attractive for potential investors. Right now, the platform is being used by over 340 000 investors from 90 countries and it has achieved such scale in just 5 years since its founding.
Read more about platforms for investors
First “technological sandbox” in Poland
Poland will lower technical and operating costs of FinTech businesses
The government’s institution, Krajowa Izba Rozliczeniowa will cooperate with major corporations, such as IBM and PKO Bank Polski in order to run Sandbox Blockchain. The recruitment of interested companies is already on, so be sure to check it out. IBM’s help should make the initiative a success, as they have experience with similar projects in Lithuania, claims Jarosław Szymczak, the CEO of IBM Polska.
Read more about FinTech accelerators in Central Europe
Brazil promotes cashless payments
Central Bank of Brazil increases the market competition and lowers the prices
Central Bank of Brazil has announced its plans to launch an instant payments system Pix, in a move aimed at supporting financial inclusion and promoting cashless payments in a largely cash-dependent society. The new system allows its users to transfer money instantly 24/7. It’s also free for individual customers and doesn’t require them to own a debit or credit card, so it should enable the poorer part of the society.
Texas fights crypto-currency scammers
More security for the Texans and less fraudulent competition for businesses
The Texas State Securities Board managed to conduct a large-scale investigation and target 15 companies which allegedly were making money on investment scams. Their victims believed they were investing in cryptocurrencies, while in fact, they were just losing their money. 10 of those businesses were run by a single man who invested heavily in marketing in social media to find his victims.
“Bad actors know how to use social media and internet websites to create the pretense of legitimate operations. They can also use this technology to quickly reach large numbers of potential victims,” said Enforcement Director Joe Rotunda in a statement.
Read more about cybersecurity in FinTech
Starling Bank becomes profitable
Great news from England and Wales, congratulations to Starling Bank!
Founded just 6 years ago, Starling Bank is one of very few neobanking institutions to succeed so quickly. Besides conventional services, it offers a state-of-the art app that allows you to conduct most of the operations on-line and control your finances. It is so good, that it allowed the bank to win the Best British Bank and Best Current Account 2020 prize. The next milestone for Starling Bank is going to be an IPO.
Read more about digital revolution in banking
China’s Xi Jinping encourages G20 for open attitude
China prepares the world for the Digital Yuan with a kind request
World’s first central bank digital currency (CBDC), so-called Digital Yuan may strongly impact the global economy and Xi Jinping wants to make sure its arrival will not be met with hostility from the G20 countries. Chinese government, though, believes that their digital currency will attract massive investments from all around the world and make China a world’s capital of finances, so many analysts warn about double standards of the Middle Kingdom.
Read more about technology in banking
More news from FinTech Wire coming soon…
That would conclude this FinTech Wire, but be sure to come back next week! As always, we’re already gathering the most important information and you’ll be notified about them all if you subscribe to the #FinTechWire hashtag on our LinkedIn and Twitter profiles.