Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [December 21, 2020] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. IBM acquires expertus, a payment as a service solution provider

On December 15, 2020, IBM announced the acquisition of Canadian financial technology company expertus technologies, with the specific amount not disclosed. Expertus mainly provides pay as a service solutions. At present, more than 1000 banks, credit cooperatives, regulators and other entities have used the platform, processing transactions of more than $50 billion a day. After the acquisition, expertus will join IBM Global business services.

[2]. Korea: a number of mutual financial and securities companies will start to provide open banking services

On December 21, 2020, the Korea Financial Services Commission (FSC) announced that five mutual financial companies, Korea post and 13 securities companies would provide open banking services from December 22. Secondly, savings banks and credit card companies will join the ranks of open banking service institutions in the first half of 2021. Thirdly, from January 1, 2021, the inquiry rate of participating institutions in the open banking system will also drop to one third of the original level. The FSC said that with more and more financial institutions joining the open banking system, South Korea’s financial market competitiveness and consumer service convenience will be significantly improved.

[3]. The United States may plan to launch a $900 billion epidemic relief plan

In order to boost the U.S. economy at a time when the new epidemic is spreading, leaders of the U.S. Congress have reached an agreement on a spending plan of about $900 billion. Senate Majority Leader Mitch McConnell, House Speaker Nancy Pelosi and Senate Democratic leader Chuck Schumer announced the news on Sunday. Currently, the text of the bill is still in writing, and the house of Representatives is expected to vote on Monday and then submit it to the Senate for consideration. It is understood that the plan will directly pay most Americans $600, as well as $300 a week in supplemental unemployment benefits through the end of March.

[4]. Gocardless, a UK payment start-up, received $95 million in financing, with a valuation of nearly $1 billion

On December 17, 2020, gocardless, a London based financial technology start-up, announced that it had received $95 million in financing from Bain Capital. After the completion of the financing, the value of gocardless platform will reach 970 million US dollars, close to the list of “unicorn” enterprises. Gocardless was founded in 2011 to handle regular direct debit payments for corporate customers. Prior to this, gocardless has received financial support from the venture capital departments of many large companies, such as alphabet and safeforce. Currently, gocardless has 55000 users. Gocardless said it would use the financing to speed up the expansion of “open bank” business.

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