Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [August 24, 2021] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. Opay, a Nigerian payment startup, received US $400 million in financing, led by Softbank

Recently, opay, a leading payment enterprise in Nigeria, announced that it had obtained a financing of US $400 million and the valuation of the platform reached US $2 billion. This financing was led by Softbank vision fund No. 2, and participated by many institutions such as source code capital, Dragonball capital and 3W capital. Founded in 2018, opay mainly provides payment services with small agent outlets as the core for a large number of non bank account groups in Africa. At present, opay has more than 3000 agency outlets with a monthly trading volume of more than US $3 billion.

[2]. Mexican financial technology company aplazo completed a seed round of financing of US $5.25 million

Recently, aplazo, a Mexican financial technology company, announced that it had completed a seed round of financing of US $5.25 million. This round of financing is led by kaszek ventures and invested by Picus capital and Woodson capital. Aplazo, founded in September 2020, is a “buy before pay” payment platform. At present, it has established partnerships with more than 500 businesses in Mexico.

[3]. President of coinbase: circle usdc reserves are held in cash and short-term US government bonds

Coinbase president and coo Emilie Choi said on twitter that from September, usdc reserves will be held in the form of cash and short-term US government bonds. Circle’s usdc reserves were expanded beyond cash and cash equivalents in May 2021. The company provided a more detailed breakdown of reserve composition in July to increase the clarity of funds supporting usdc. Taking into account community sentiment, commitment to trust and transparency and the evolving regulatory landscape, circle, with the support of centre and coinbase, announced that it would now hold usdc reserves entirely in the form of cash and short-term U.S. Treasury bonds, and was in the process of rapid implementation. She also said that centre responded to the participation of usdc users, developers and other stakeholders by deepening its commitment to transparency and exploring new opportunities for cooperation with the community. Later this year, it is hoped that members will more formally participate in usdc standards and governance activities. In the report on the transparency of usdc reserves disclosed by circle in July, Grant Thornton, the audit entity of centre, subdivided the investment portfolio of usdc’s $22 billion reserves at that time. In addition to cash and US Treasury bonds, it also included Yankee deposit certificates (13%), commercial paper (9%), corporate bonds (5%), municipal bonds and US institutional bonds (0.2%)

[4]. Some member companies of the Korean Listed Companies Association oppose mandatory ESG information disclosure

Recently, the Korea Listed Companies Association (klca) said that some member enterprises oppose the mandatory information disclosure requirements on environment, society and corporate governance (ESG). According to the requirements, Korean enterprises with an asset management scale of 2 trillion won (about US $1.7 billion) need to disclose ESG information from 2025, and all listed enterprises must disclose ESG information from 2030. Relevant enterprises believe that doing so will increase unnecessary operating costs of Korean enterprises and reduce their global market competitiveness. Therefore, these enterprises suggest that mandatory disclosure should be postponed until ESG information disclosure becomes an internationally accepted requirement and standard.

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