Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [November 10, 2020] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. U.S. online lending platform upstart submits IPO application to sec

On November 5, 2020, upstart, an online lending platform, formally submitted an IPO application to the securities and Exchange Commission (SEC). It is reported that upstart plans to be listed on the NASDAQ Global Select market with a financing target of US $100 million, and the stock code is “upst”. The price range and total amount of shares to be issued have not been determined. In 2020, upstart will be officially profitable, with a cumulative profit of $4.6 million in the first nine months.

[2]. 40 institutions selected for final of HKMA financial technology challenge

On November 5, 2020, the Singapore Monetary Authority (MAS) announced that a total of 40 institutions’ solutions were selected for the MAS fintech awards 2020 finals. The competition, jointly organized by MAS and PricewaterhouseCoopers (Singapore), focuses on two global challenges: 1) a new operating environment inspired by the new outbreak; 2) sustainability and climate change. It is reported that the Organizing Committee of the competition has received 326 applications from 55 countries and regions, an increase of 33% compared with that in 2019. The solutions of participating institutions focus on service security, integrity, digital and remote operation of financial services, sustainable investment, supply chain flexibility, credit for low and medium-sized enterprises and green finance. On December 10, 2020, the jury will officially announce the winners at the Singapore Financial Technology Festival.

[3]. Starling plans to raise another 200 million pounds

Recently, the UK based digital bank starling plans to raise another 200 million pounds to further expand its business scope. It has been reported that starling bank may consider a chief public offering for a foreseeable period of time. Founded in 2014, Starling bank has raised about 477 million US dollars. Currently, Starling bank is expected to make profits soon, which may become an important driving force for it to attract new investors and existing investors to make additional investment. The head of Starling bank declined to comment on the news.

[4]. The Ministry of small and medium enterprises of South Korea plans to provide 150 billion won every year to support industries such as blockchain

In the newly formulated “step by step implementation plan for technology development of small and medium-sized enterprises in 2021-2023”, the Ministry of small and medium-sized enterprises of South Korea has selected 30 fields as future strategic areas, and plans to provide 150 billion won (about 133 million US dollars) of financial support annually. These 30 areas include the core technologies of the fourth industrial revolution, such as AI, big data, blockchain and 5g, as well as 10 small and medium-sized enterprise growth areas such as organic chemistry, precision machinery, food, textile and clothing.

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