Fintech Daily Briefing

Fintech Daily Information Briefing on [January 12, 2021]

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The following is the Fintech Daily Information Briefing on [January 12, 2021] recommended by recordtrend.com. And this article belongs to the classification: Fintech Daily Briefing.

[1]. Bakkt, the cryptocurrency trading platform, has confirmed that it will merge with blank check company for listing, with a valuation of US $2.1 billion

Bakkt, the cryptocurrency trading platform launched by the Intercontinental Exchange, confirmed that it would merge with VPC impact acquisition holdings, a blank check company, and then go public. The two companies said the combined valuation would reach $2.1bn. Blank check company refers to the company in the development stage. The company either does not have an established business plan or its business plan is based on a merger or acquisition with another company or companies. Bad check companies are usually speculative. They usually belong to the low price stocks defined by the securities and Exchange Commission (SEC), that is, the speculative securities whose trading price is less than $5 per share.

[2]. Digital securities service platform propene becomes the first “graduate” in Singapore’s regulatory sandbox

Propine is a Singapore based digital securities service platform. In November 2019, propene was selected into the financial technology regulatory sandbox program of the monetary authority of Singapore (MAS), and launched a number of services in the test environment, such as digital asset custody, asset services, trade settlement facilitation, and investor reporting. Recently, propine has been approved by MAS, becoming the first “graduate” of its supervision sandbox project, and will carry out full operation.

[3]. Digital bank revolut applies for full banking license in UK

On January 11, 2021, digital bank revolut issued a statement that it had submitted a complete banking licence application to the UK financial regulatory authority. If the application is approved, revolut will be able to provide customers with services such as loans, deposits and overdrafts. In addition, revolut users will be protected by the UK financial services compensation scheme. If revolut goes bankrupt, users’ deposits (up to 85000) will also be protected. Founded in 2015, revolut currently provides users with prepaid debit cards, foreign currency transfers, financial management tools and cryptocurrency transactions through its mobile application platform. In 2018, revolut obtained a European banking license in Lithuania, which enabled it to launch banking services in Central Europe.

[4]. Wal Mart cooperates with rabbit capital to set up financial technology venture

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 new company’s board will include John furner, Wal Mart’s U.S. president, Brett Briggs, Wal Mart’s chief financial officer, and Meyer Malka, a partner of rabbit capital, and will recruit more industry experts in the future. The joint venture will expand the financial technology market through partnerships 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.

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