Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [June 02, 2021] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. World Bank: Zimbabwe’s mobile payment coverage ranks first in Africa

On May 27, the World Bank released the “Zimbabwe digital economy assessment report”, which shows that Zimbabwe’s coverage rate in the field of mobile payment is about 53%, ranking in the forefront of the African continent. The world bank’s representative office in Zimbabwe held a press conference on the report in Harare, the capital of Zimbabwe. The report points out that financial services are one of the fastest growing areas in Zimbabwe’s digital economy. At present, 7.67 million of the country’s 14.5 million people have opened mobile payment accounts. The report also pointed out that Zimbabwe still has shortcomings in the field of digital economy, including the lack of interconnection between mobile payment operators and higher handling charges for mobile payment and bank transfer. At the same time, due to the limited coverage of mobile network in the vast rural areas, about 70% of the rural population use digital financial services. President and cabinet Chief Secretary mishek Sibanda said that the government of Tianjin recognizes the significant impact of digital economy on economic development, transformation and upgrading, and has formulated relevant development plans. World Bank representative mukami kariuki said that digital transformation is one of the key driving forces for Zimbabwe’s long-term sustainable economic growth. Tianjin government should strengthen its efforts to cultivate more digital economic talents and accelerate the pace of digital transformation.

[2]. Belvo, an open financial platform in Latin America, received US $43 million in financing

On June 1, 2021, belvo, a Latin American financial technology platform, announced that it would receive US $43 million in round a financing, with future positive and fjlabs participating in the investment. Through belvo’s API service, enterprise users can quickly and easily obtain and interpret the data of end users. Belvo was founded in 2019. At present, its users have covered more than 40 financial institutions, as well as tax authorities and odd jobs economic platform. In the future, belvo will use this financing to continue product research and development to meet the growing market demand and strive to expand open financial services to more countries in Latin America.

[3]. Wefox, a German insurance technology platform, received US $650 million in round C financing

On June 1, 2021, wefox, an insurance technology platform headquartered in Berlin, announced that it had obtained US $650 million in round C financing, with the platform valuation exceeding US $3 billion. This financing is led by Tiger global, and participated by omers ventures, gsquared, meridian, horizons ventures, salesforce ventures and seedcamp. At present, wefox provides basic insurance services in five countries, with more than 600 employees. In 2020, wefox’s total revenue will reach $143 million, and it plans to increase that to $350 million by 2021. Wefox said it would use the financing to expand the US and Asian markets in the next two years, while consolidating existing markets in Germany, Austria, Switzerland and Poland.

[4]. Thailand’s SEC announced it will regulate defi

The securities and Exchange Commission of Thailand (SEC) announced that in the near future, any activity related to defi may require the permission of financial regulators, and the issuer must disclose information and provide tokens through the token portal permitted by the digital assets act. Niran pravithana, CEO of AVA advisor, an investment robot consulting application, commented that the decision was reasonable because there are many fraudulent tokens in the market, and criminals can hide in messaging applications such as telegram and manipulate the token price.

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