Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [April 09, 2021] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. BoJ officials: setting “general rules” for CBDC of major central banks

A senior BoJ official said on Thursday that the world’s seven largest central banks have room to develop common rules and platforms for the central bank’s digital currency and lay the foundation for more efficient cross-border payments. Kazushige, head of the Bank of Japan’s department responsible for overseeing the development of digital money at the central bank Kamiyama said that for developed countries with strong banking systems and emerging economies that can use central bank digital currency to make up for their lack of financial infrastructure, the role of central bank digital currency is different, so it is better to propose common rules among countries with similar economic structure.

[2]. Wal Mart new financial technology platform to submit trademark applications, or provide mobile payment and other services

On January 11, 2021, the retail giant Wal Mart group announced its cooperation with rabbit capital to set up a new financial technology start-up. The joint venture will expand its market share in financial technology through cooperation and acquisitions, the two sides said. Founded in 2012, rabbit capital has invested in well-known financial technology brands such as Robinhood, credit karma and confirm. Recently, foreign media quoted information from the U.S. patent and Trademark Office as saying that the financial technology platform has submitted an application for “hazel by Walmart” trademark, which is still in the review stage. According to the application documents, the platform may provide mobile payment, bank transfer, credit card, financial consultation, insurance service, credit repair and other services. Wal Mart has yet to comment on the news.

[3]. Robinhood to go public: trying to increase credit line

According to people familiar with the matter, Robinhood, the US online brokerage, is seeking to increase the amount of bank loans before the IPO. According to the source, Robin Hood has been negotiating with lenders to increase the amount of revolving loans. It is not clear how much credit line the company wants to get. Many companies will seek credit line before listing to ensure that they have better capital and liquidity after listing.

[4]. Paymob, an Egyptian payment platform, received US $18.5 million in financing and plans to expand the sub Saharan market

Recently, paymob, an Egyptian payment service platform, announced that it had received US $18.5 million in financing. The financing was led by global ventures, participated by Egyptian Investment Fund A15 and the FMO of the Netherlands Development Bank. Founded in 2015, paymob provides users with a series of basic online and offline payment services and aggregation services. Currently, paymob users are mainly from Egypt, Kenya, Pakistan and Palestine. In the future, paymob also plans to expand to more sub Saharan markets.

[5]. Growth, an online investment platform in India, received $83 million in financing, with a valuation of more than $1 billion

On April 7, 2021, growth, an Indian online investment platform, announced that it would obtain US $83 million in round D financing. The financing is led by Tiger global and participated by existing investors such as Sequoia India, rabbit capital, YC continuity and propeller venture partners. Growth was founded five years ago, with millennial users as the main target market. It provides mobile investment services for users, covering stocks, time deposits, gold and other fields. After the completion of this financing, the growth platform’s valuation has exceeded US $1 billion, and Indian Unicorn start-ups have added another member.

[6]. Digital bank revolut promotes mixed office mode, which can be remotely operated for two months every year

Influenced by COVID-19, many enterprises started telecommuting since 2020, and digital bank Revolut is one of them. An internal survey of the company shows that employees are very satisfied with the telecommuting mode. Among them, more than 56% of the employees said they want to telecommuting 2 to 4 times a week, 36% want to telecommuting completely, and only 2% want to commute to the office every day. In February 2021, in response to this demand, revolut built the original office into a flexible collaboration space, where employees can freely choose to work remotely or on-site. At present, this hybrid mechanism is still in the experimental stage and is expected to be promoted by the end of 2021. Recently, revolut reconfirmed that it will continue to promote this mixed office mode in the future. Employees can work remotely within a certain period of time (up to 60 working days) every year. As the epidemic slows down and travel restrictions are lifted, telecommuting sites can also change from home to any country or region in the world. Revolut has conducted a detailed study on the corporate tax, income tax and social security regulations of various countries and regions, hoping to provide necessary support for employees.

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