Fintech Daily Briefing

Fintech Daily Information Briefing on [February 04, 2021]

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The following is the Fintech Daily Information Briefing on [February 04, 2021] recommended by recordtrend.com. And this article belongs to the classification: Fintech Daily Briefing.

[1]. The market value of fawry, an Egyptian online payment technology start-up, rose to more than $2 billion

Egyptian online payment technology Unicorn fawry shares have doubled in the past six months, with a market capitalisation of more than $2 billion yesterday for the first time, becoming the fourth highest on the Egyptian exchange, menabytes reported. Fawry provides hundreds of online payment services through its more than 200000 service networks in Egypt, including ATMs, mobile wallets, retail stores, post offices, etc. In the past year, fawry has launched a variety of new payment and loan products for consumers and businesses, and plans to continue to launch new services in the next few months.

[2]. The UK monetary authority plans to regulate the “buy before pay” industry

In recent years, the “buy now pay later” (bnpl) industry has developed rapidly, with the emergence of klanna, confirm and other industry giants, and the banking industry is also actively participating in it. Statistics show that since covid-19, 5 million of the UK consumers have used BNPL services, with a total value of 2 billion 700 million. Although this innovation provides consumers with an alternative to more expensive credit, because the industry itself has not been regulated, consumers may fall into debt crisis due to excessive consumption. Therefore, on February 2, 2021, the financial conduct authority (FCA) announced that it plans to introduce new regulations to regulate bnpl industry.

[3]. Stash, an investment and banking service platform, received $125 million in round g financing

On February 3, 2021, stash, an investment and banking service platform, announced the acquisition of US $125 million in round g financing. This financing is led by Eldridge and participated by old and new investment institutions such as owl ventures, goodwill capital and entree capital. Stash started as a small and micro investment platform and is committed to growing into a comprehensive service platform that provides banking, investment, technology and other products. In 2020, the growth of stash platform has set a new record. At present, it has more than 5 million users, and the asset management scale exceeds 2.5 billion US dollars.

 

[4]. PayPal is investing heavily in its new cryptocurrency and blockchain sectors

PayPal’s cryptocurrency business is expected to expand to venmo, PayPal’s mobile payment service, and the international market in the first half of 2021, according to PayPal’s investor update in the fourth quarter of 2020. Venmo’s integration with cryptocurrency is expected to take place “in the next few months.”. In addition, customers who have purchased cryptocurrency on PayPal now log in twice as often as before. PayPal CEO Daniel Schulman said on the earnings conference call that he is investing heavily in a new encryption, blockchain and digital currency business to help shape a more financial inclusive future.

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