Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [January 08, 2021] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. BBVA (USA) closes its digital banking platform simple

Recently, American Digital bank simple wrote to users, saying that its parent company BBVA (USA) has decided to shut down the simple platform, and the platform will transfer its account to BBVA (USA) on the premise of ensuring the safety of users’ deposits. Simple was founded in 2009 and acquired by BBVA (USA) for us $117 million in 2014. It maintains its independent brand operation. In November 2020, PNC announced that it would spend $11.6 billion to acquire BBVA’s US business.

[2]. Japan to raise science and technology budget in quantum field

In the budget requirements of 2021, the Japanese government set the quantum computer, quantum measurement technology and other quantum technology related budget at 34 billion yen (about 2.142 billion yuan), an increase of about 50% over 2020. Among them, the Ministry of education, culture, science and technology took charge of the part, which increased by 59.8% over the same period last year, reaching 27.8 billion yen (about 1.75 billion yuan); the rest of the budget came from the cabinet government, the Ministry of economy, industry and general affairs respectively. In order to meet the needs of using quantum computing and artificial intelligence (AI) to accelerate the development of new drugs and carry out the prediction of economic activities in the post epidemic era, the research and development plan “q-leap flagship project” (q-leap), which is managed by the Ministry of education, culture, culture, science and technology and aims to solve social problems with quantum technology, will invest about 4.4 billion yen, an increase of 37.6% over 2020. The R & D cost of quantum encrypted communication network managed by the Ministry of general affairs is about double that of 2020, reaching 345000 yen. Quantum technology will bring new opportunities for industrial and social innovation. European and American countries are also actively promoting research and development.

[3]. Mambu, the “bank as a service” platform, raised 110 million euros, with a platform valuation of more than 1.7 billion euros

Recently, mambu, the “bank as a service” (baas) platform, announced that it will receive 110 million euros of financing from TCV. After the completion of this financing, mambu’s accumulated financing amount exceeded US $2.5 billion, and the platform valuation exceeded EUR 1.7 billion. Mambu was established in Germany in 2011, mainly providing fast access for financial technology and traditional financial institutions to build banks and loan platforms. At present, mambu users have covered more than 160 organizations in more than 50 countries / regions, including n26, Santander, oaknorth and other well-known brands. In the future, mambu will use this financing to continue product development and marketing, focusing on Brazil, Japan and the United States.

[4]. Sofi plans to go public through a merger with a special purpose acquisition company

Sofi, the online lending company, plans to go public through a merger with spac’s social capital hedosophia holdings Corp v. The deal valued Sofi at about $8.65 billion and is expected to provide up to $2.4 billion in cash for Sofi. The source said that the transaction has not yet been completed, the negotiations may still break down and the terms may change. It is reported that Sofi started supporting cryptocurrency trading services in late 2019, allowing users to buy and sell bitcoin, Ethereum or Leyte coins on the platform.

[5]. Grab’s financial technology department raised $300 million to speed up the layout of online financial market

On January 7, 2021, according to foreign media reports, the Financial Technology Department of grab, the Southeast Asian travel sharing giant, received a large investment of US $300 million from Hanhua asset management company of South Korea. For now, grab declined to comment. Founded in 2018, grab’s financial technology division mainly provides small investment, payment, insurance and loan services for merchants, consumers and drivers of shared travel platform. Earlier this week, grab said in a statement that its net income in 2020 was about 70% higher than the previous year. However, Moody’s, a bond rating agency, pointed out that due to its large-scale investment in the financial sector, it is expected that grab will not be able to make profits at least until 2023. In the future, grab’s financial sector may be spun off from its parent company, but it has yet to discuss the details publicly.


[6]. PayPal stops the flow of funds from Trump related accounts

In view of the riots in the U.S. Capitol building on Wednesday, a number of online commerce and payment services have begun to suspend the flow of funds to trump related accounts. Among them, Shopify, a multinational e-commerce platform, removed trump related stores from its platform, while PayPal, the world’s largest online payment platform, closed an account to raise funds for trump supporters going to Washington, D.C.

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