Fintech Daily Briefing

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

[1]. South Korea: the maximum legal lending rate dropped to 20%, effective July 7

On July 6, 2021, South Korea’s Financial Services Commission (FSC) announced that the maximum legal lending rate would be reduced from 24% to 20%, with effect from July 7. It is illegal for the new loan contract interest rate to exceed 20%. The illegal financial institutions or lending institutions may face up to three years’ imprisonment and a fine of up to 30 million won. The South Korean government will monitor the market from July to October in the hope of completely eliminating predatory lending. In addition, through the Korea Inclusive Finance Agency, the South Korean government has also provided other capital lending, policy consultation and other services for low-income or low credit score people seeking small loans.

[2]. Air Asia to acquire payment company gojek’s Thai Business

On July 7, Air Asia, a Malaysian low-cost airline, said it would buy the Thai Business of gojek, an Indonesian car hailing and payment company, for us $50 million. The deal will give gojek the AirAsia super app   About 4.76% of the shares, making the valuation of the Department about $1 billion, more than the current market value of the airline affected by the pandemic of $868 million. Just a week ago, Air Asia applied for a digital banking license in Malaysia, which indicates that when most of its fleet is grounded under the restriction of the epidemic, the company will turn its focus to digital business.

[3]. Wise, a cross-border payment platform, was directly listed on the stock exchange of London for the first time

On July 7, 2021, wise, a British cross-border payment platform, landed on the London Stock Exchange through direct listing. Wise was founded in 2011, formerly known as transferwise, and has been profitable for many years. Wise optimizes the traditional cross-border transfer and payment process and greatly reduces the service cost. In addition to providing its own services, wise also cooperates with traditional financial services companies and emerging financial technology companies (such as Monzo and gocardless) to set up 14 offices around the world with a total number of more than 2400 employees. At present, not many start-ups choose to go public directly, but wise believes that this model is consistent with the company’s pursuit of “fairer, cheaper and more transparent”.

[4]. Robin Hood’s encryption Department paid a $15 million fine for security and anti money laundering issues

Robin Hood has allocated $15 million to settle a legal dispute with the New York State Department of financial services, according to a footnote to a filing with the securities and Exchange Commission last week. The document provided little detail about the nature of the charges, saying only that nydfs’s actions were related to Robin Hood’s encryption division RHC and “focused on issues related to anti money laundering and cyber security.”. Robin Hood pointed out that the company and nydfs recently reached a “settlement in principle” and that “RHC will pay a fine and hire a supervisor appointed by the government.” Previously, it was reported on June 30 that Robin Hood was ordered by the US financial industry regulatory authority (FINRA) to fine about $70 million for regulatory errors, which is the largest financial penalty ever issued by the financial industry regulatory authority. FINRA said Robinhood delivered false and misleading information to users and did not report written complaints from customers.

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