FinTech & Banking tech news
FinTech and banking technology news headlines from November 2020, collected from Startup News Asia’s all-day updates.
Our monthly fintech news headlines summary for November 2020 provides readers with both an at-a-glance overview of the month’s fintech and related news, and a set of quick links to get to the full detail behind each fintech and banking technology news headline.
Fintech news items here were gathered from online news and media sources across November of 2020, and were first featured in Startup News Asia’s daily updates, delivered via mobile app and social media.
Fintech news items featured here span a wide range of subjects, and focus where possible on the broad Asia-Pacific; from specific fintech startup coverage in the news, right through to central bank digital currency analysis items.
- The 2020 McKinsey Global Payments Report, online and available as PDF download
- Deepfakes in finance: A threat to be wary of?
- ICYMI: European Central Bank launches public consultation, seeking input on ‘digital euro’ options
- ICYMI: Switzerland’s federal finance dep’t launches Green Fintech Network to take advantage of growing opportunities in sustainable investment
- ICYMI: Mastercard unveil 10 fintech startups selected for latest edition of Start Path program
- Download: The Next Frontier In Asia Payments – seven emerging payments trends across emerging and developed Asia, from McKinsey
- ICYMI: Uber reportedly reigniting its focus on finance with emphasis on global-scalable financial products, and Uber Cash integration with Eats, Rides, Transit, and Uber for Business
- ICYMI: Google Pay revamp moves into Venmo, Square and bank territory with checking accounts, upgraded payment app and peer-to-peer payments
- ICYMI: Google announces Plex, Google Pay-integrated mobile-first bank account, providing checking and savings with no fees, overdraft charges or minimum balance
- Download: Global Fintech Ecosystem Report 2020, from Startup Genome policy advisory and research organization
- ICYMI: Facebook Libra cryptocurrency may be launching in January as a single coin backed with US dollar, with other currencies to come later
- Video: An International Strategy to Better Protect the Global Financial System from Cyber Threats, from the Carnegie Endowment with the World Economic Forum
- Philippines: A brief intro to 4 Filipino fintech startups, each focused in some way on social impact
- Download: Future of payments in Australia – The future of transaction banking and payments in 2020, from pwc (pdf)
- Australia: OwnHome takes $150K win from Commonwealth Bank of Australia’s fintech incubator Xccelerate2020 Awards with alternative method for property ownership
- Malaysia: Sagtec POS systems provider raises $257K via equity crowdfunding with focus on F&B and retail spaces
- Australia: Beforepay raises $4M with pre-paycheck wages access, providing advances and automatic repayments
- Blockchain & Fintech Asia Startup Competition virtual elevator pitch contest applications close December 4th – get the details here
- ICYMI: UK Treasury Department is drafting proposals to regulate private stablecoins; also researching central bank digital currencies as an alternative to cash
- Ant Group IPO: “Commercial banks…have been losing cash deposits to non-banking payment platforms…Alipay taking 55% of the market and WeChat Pay having 39%”
- China: PBOC Fintech Research Centre launches, a fintech research institute under the country’s central bank
- China: PBOC Fintech Research Centre launches, a fintech research institute under the country’s central bank
- Hong Kong: Statrys digital payment services platform raises $5M with SME focus, and payments and trades offered in 11 currencies
- Hong Kong: Moody’s financial services firm acquires minority stake in MioTech, HK fintech using AI to generate data for asset managers and investors
- India: A look at Payzello, combining debit, credit and forex into one card and app, initially focusing on those entering the workforce without a credit history
- India: Paytm financial services giant partners Uber India to allow users to pay for Uber rides via Paytm Postpaid account, enabling commuters to further move from cash
- India: A brief look at PayNearby, helping India’s small retailers and mom-and-pop stores act as ATMs and bank branches
- India: State Bank of Mauritius India subsidiary planning to launch neobank, partnering PayNearby payments firm to launch Nivesh recurring deposit platform
- India: A brief intro to Streak, preparing to launch its neobank aimed at teenagers, incorporating pocket money app and parental oversight
- India: Garagepreneurs Internet’s payments and credit solutions platform, Slice, raises $5.2M with focus on 18-29 age group
- India: Visa partners ICICI Bank for ‘Visa in a Box’ program to boost fintech applications in digital issuance, lending and prepaid use cases
- India FinTech Forum advocacy group unveils the 27 fintech startups shortlisted for 5th edition of India Fintech Awards
- Indonesia: Investree lending platform gains $15M from Accial Capital, an impact-focused, tech-enabled VC firm, to provide loans to Indonesia’s SMEs
- South Korea: QARA Soft fintech gains $3M with a range of AI-driven investment advisory solutions
- Malaysia: CapBay and Kenanga partner to form country’s first Islamic supply chain finance fintech
- Philippines: Bexpress gains full license to operate as a Virtual Currency Exchange from Bangko Sentral ng Pilipinas
- Singapore FinTech Festival x Singapore Week of Innovation & TeCHnology set for December 7-11, featuring round-the-clock online and in-person events
- Singapore: StashFin neobanking startup lands partnership with Visa to launch co-branded prepaid credit cards, expanding its digital banking footprint
- Singapore: Cash-IN-Asia gains S$5M with B2B financing platform for Asia-Pacific MSMEs, with AI and data analytics providing 3-minute application and onboarding
- Thailand: Krungthai Bank launches Infinitas R&D firm for digital innovation in financial products to further digitize more than 40M customers
- The 2020 McKinsey Global Payments Report, online and available as PDF download
- ICYMI: IBM gains patent for blockchain system for handling transactions in large-base multiplayer games
- Australia: Extreme Tech Challenge, competition for entrepreneurs which addresses global challenges, set for December 1st as part of WA’s West Tech Fest
- Australia: A 16-item video snapshot of recent tech and startup news headlines from Australia, QR coded from screen to each full online article
- Australia: Link4 e-invoicing startup gains pre-approval for software to be used across 187 federal gov’t departments after successful trial with Treasury
- South Korea: BlueVisor takes 2nd place in Startup Network’s Fintech Unicorn Battle in Asia with AI-driven asset management platform
- CBDCs and privacy: “Making privacy or identity an ad hoc process is suboptimal from both a privacy or identity perspective, and most importantly from a security perspective.”
- Download: A Global Look at Central Bank Digital Currencies From Iteration to Implementation (pdf)
- Thailand: FinVest online wealth management platform for retail investors launched by partnership between Kasikornbank and Singapore subsidiary of China’s Lufax
- Reserve Bank of Australia boosts Wholesale Central Bank Digital Currency Research Project with collaboration with 3 major banks
- Japan: 30+ major firms including 3 banks, telcos and brokerages to begin experimenting towards issuing a digital yen via common settlement platform
- South Korea: Danal payments firm to accept digital currencies via ICON blockchain ecosystem, opening 60K merchants using ICX tokens to users, including 7-Eleven
- Fidelity Digital Asset enters the Asian cryptocurrency market via partnership with Singapore’s Stack Funds, gaining local and regional investor knowledge
- Indonesia: Gojek to undergo managerial reshuffle to double down on e-wallet business in response to consumers’ shift to digital payments during pandemic
- Hong Kong’s Elevator Pitch Competition 2020 selects The Philippines’ PearlPay as winner of fintech category
- Philippines: An intro to Saphron, building AI-powered tool to help microinsurance agents reach more lower-income families to provide affordable, accessible insurance
- Video: For Innovation in Insurtech, Look to Asia – from the recent Wild Digital Southeast Asia Conference
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