Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [May 13, 2021] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. Lili, a US mobile banking service provider for self-employed people, received $55 million in financing

On May 11, 2021, Lili, an American financial technology platform, announced that it would obtain US $55 million in round B financing. The financing was led by group 11, and participated by target global, Altair and some previous investors. Founded in 2019, Lili mainly provides free banking and financial tools such as fee management, tax preparation and account services for freelancers and casual workers. After the completion of this financing, Lili has accumulated more than $80 million in financing. Lili said that since the outbreak of COVID-19 in 2020, the service usage of the platform has increased significantly. Currently, Lili’s services cover 200000 users in 50 states of the United States.

[2]. Diem abandoned its Swiss license application and moved its main business to the United States

On May 12, 2021, the digital currency project Diem Association of Facebook announced that it would abandon the plan to obtain a license from FINMA, a Swiss regulator, and move its main business and strategic center to the United States. At the same time, Diem networks, a subsidiary of Diem Association, announced a strategic cooperation with Silvergate Capital Corporation. In the future, Silvergate bank will be the official and exclusive issuer of Diem USD stable currency. Silvergate Capital Corporation, a Chartered Bank in California and a member of the Federal Reserve, is a leading financial technology and cryptocurrency innovation business.

[3]. Growth, a wealth management platform, acquired the securities investment fund business of indiabulls with us $240 million

Nextbillion technology PVT Ltd’s Unicorn growth, an Indian wealth management company, announced its acquisition of the securities investment fund business of indiabulls for about $240 million, inc42 reported. The acquisition still needs to be approved by the market regulator of the securities and Exchange Commission of India. Growth is an online investment platform in India. The platform makes use of data science and technology based on artificial intelligence. Investors can make investment as long as they complete simple registration through the platform and do not need to submit cumbersome application documents.

[4]. Philippines digital bank tonik receives us $17 million pre-B round financing

On May 11, 2021, digital Bank of the Philippines tonik announced the acquisition of US $17 million pre-B round of financing. The financing is led by igolobal partners and participated by Sequoia India, altara ventures, insignia venture partners, Citius, baring Vostok private equity and other institutions. Founded in 2018, tonik has raised a total of $44 million. It claims to be the first digital bank in the Philippines and is committed to providing customers with retail financial services such as deposits, loans, cash accounts and payments. Tonik is currently regulated by the Central Bank of the Philippines, and the deposit insurance company of the Philippines provides security for its deposit products.

[5]. HKMA of Singapore: Investigation on the supervision of “buy before pay” industry

On May 11, 2021, Tharman Shanmugaratnam, the head of the monetary authority of Singapore (MAS), answered a question on “buy before pay”. Tharman Shanmugaratnam said that the “buy before pay” service is an installment consumer loan service provided by the digital platform and is not currently regulated by the MAS credit regulations. Although this credit model provides some convenience, it is likely to lead to excessive consumption of teenagers and impulsive sellers. At present, MAS is investigating the regulation in this field and cooperating with the media to remind consumers to consume reasonably and avoid falling into the credit trap.

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