Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [October 20, 2021] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. Facebook begins to pilot encrypted wallet Novi in the United States

According to a tweet released by David Marcus, executive officer of Facebook blockchain, social media giant Facebook has begun to launch a small pilot of its Novi digital wallet in the United States and Guatemala. People can send and receive money instantly, safely and free of charge. Marcus expressed the hope that this would demonstrate a new use case of stable currency as a payment instrument. In addition, Marcus made it clear that Facebook’s support for Diem has not changed and plans to launch Novi with Diem after Diem has obtained regulatory approval and went online.

[2]. Deel, a remote employee compensation service platform, received a round D financing of US $425 million

On October 18, 2021, deel, a financial technology platform, announced that it had obtained a round D financing of US $425 million, and the valuation of the platform reached US $5.5 billion. Deel was founded in 2018 and mainly provides salary and compliance services for remote employees. Previously, deel has raised at least US $204 million, including US $156 million in round C financing harvested in April this year.

[3]. Indonesia suspended the issuance of licenses to small businesses and individual consumer lending platforms

According to Bloomberg, Indonesian President Joko Widodo ordered on October 15 to stop issuing licenses to financial technology enterprises engaged in small business and individual consumer loans. The article points out that although the market share of legal online loans in Indonesia is considerable, there are still some illegal acts to induce users to make illegal high interest loans, which the Indonesian government plans to crack down on. According to statistics, a total of 107 financial technology lending enterprises have registered with the Indonesian Financial Services Authority. So far, the Indonesian authorities have closed 1800 illegal financial technology lending institutions this year. With the large investment of venture capital institutions, the rapid development of local financial technology institutions and the entry of cross-border enterprises into the Indonesian market, Indonesia’s financial technology industry has achieved rapid development. According to the 2020 Southeast Asia e-economy report from Google, Temasek and Bain, as the country with the largest population and the largest economy in Southeast Asia, Indonesia’s e-commerce market is expected to exceed US $43 billion this year, and the field of digital financial services will see an increase of about 34%, reaching US $8.6 billion in 2025.

[4]. British digital bank Zopa received US $300 million financing, led by Softbank

Recently, the British digital bank Zopa announced that it had obtained US $300 million in financing, led by Softbank “SoftView fund No. 2”, and participated by chimera Abu Dhabi, existing investors IAG Silverstrand, Davidson Kempner Capital Management LP, northzone and Augmentum fintech. Zopa was granted a banking licence by the prudential supervision authority (PRA) in 2020. Like ordinary banks, Zopa is covered by the financial services protection scheme (FSCs), with a maximum compensation of £ 85000. Zopa said it expected to be profitable in the next 10 weeks.

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