Fintech news
The March 2021 round-up of the month’s digital banking-related and fintech news headlines, covering Asia-Pacific and beyond.
March 2021’s digital banking and fintech news headlines covered items including mobile-first social commerce, investment in cryptocurrencies, buy-now-pay-later apps and services, blockchain-based digital custodian services for banks and more.
Startup News Asia’s monthly fintech news collections capture a broad round-up of headlines in digital banking, covering not only the technologies involved but also the ethics, failures, challenges and implementation issues affecting fintech and digital banking.
- FinTech & Banking Tech: A broad collection of recent fintech and banking technology news, online, at a glance and linked to the articles behind the headlines
- Download: Remittance Prices Worldwide Quarterly Q4 2020, an analysis of trends in the cost of remittance services from the World Bank (pdf)
- ICYMI: PayPal continues moves into crypto space with acquisition deal for Curv cryptocurrency security storage startup
- Download: A Guide To Regulatory Fintech Sandboxes Internationally, from Baker McKenzie (pdf)
- ICYMI: DC Comics, owner of Batman and Superman, reportedly exploring a move into non-fungible tokens around sales of crypto-powered digital artwork
- Download: The Pulse Of Fintech, H2 2020, from KPMG, including regional analysis for Asia Pacific, the Americas and Europe, Middle East and Africa (pdf)
- Download: Digital transformation and the rise of fintech – Blockchain, Bitcoin and digital finance 2021, from JP Morgan (pdf)
- ICYMI: Quartz business journalism platform sells article for $1800 as NFT, the world’s first for a news article, with proceeds going to Int’l Women’s Media Foundation
- Download: FinTech in ASEAN – Get up, Reset, Go! A report from United Overseas Bank, PwC and Singapore Fintech Association (pdf)
- Download: Asia Pacific eCommerce and Payments Guide 2020, from Rapyd – India, Indonesia, Japan, Malaysia, Singapore, South Korea, Taiwan and Thailand (pdf)
- Download: The Future of Ecommerce Report 2021, the Shopify Plus annual report on global commerce trends (pdf)
- Australia: Linktree raises $45M Series B, aiming to add tools to make social commerce easier for users
- China: 2021 Mobile Economy Infographic, a one-pager from GSMA (pdf)
- India: Clover agri-tech startup launches Deep Rooted, direct-to-consumer sales app, aiming to tap into estimated $100BN market for vegetables and fruits sales
- India: Cashify raises $15M with second-hand smartphone-focused business, combining online and bricks-and-mortar stores and kiosks
- Amazon India unveils 10 startups selected for Amazon Global Selling Propel Accelerator programme
- India: E-commerce market projected to grow 84% by 2024 to $111BN, with ‘buy now, pay later’ services the fastest-growing online payment method
- Indonesia: KitaBeli secures $10M Series A funding with mobile-first social commerce platform
- Philippines: A podcast interview intro to PayMongo, helping Filipino businesses move into e-commerce activities
- Finance and AI: “67% of people trust robots more than humans to manage finances” – Oracle Money & Machines 2021 Global Study
- ICYMI: Morgan Stanley the first major US bank to offer wealthy clients access to crypto funds, launching access to three funds that enable ownership of bitcoin
- China: Tencent sheds $65BN in 2-day slide as investor fears rise over increasing government scrutiny of the country’s fintech sector
- China: Government proposes establishing a joint venture with domestic tech giants to oversee data collected from hundreds of millions of consumers, led by central bank
- Cryptocurrency: PayPal Checkout to allow bitcoin, ether, bitcoin cash and litecoin to be seamlessly converted to US dollars or other fiat currencies when making purchases
- “Despite a rough start to the year, the number of crypto fundraising deals rose by 33% compared to 2019, reaching over $3 billion in venture capital…”
- ICYMI: Facebook-backed Diem, formerly Libra, clears regulatory hurdles to finally launch a dollar-backed stablecoin in Q1 2021
- Hong Kong: A look at Aqumon, robo-advisory startup helping users build portfolios of global assets using data science and AI
- Hong Kong: Hex Trust digital assets and blockchain firm raises $6M with focus on digital custodian services for banks, exchanges and corporates
- Indonesia: ALAMI Sharia-compliant P2P lending platform reportedly acquiring BPRS Cempaka Al-Amin rural bank
- Indonesia: Batumbu gains regulatory approval to operate as licensed digital financing platform, with MSME-focused lending in local supply chains
- South Korea: Mastercard and Samsung partner to develop biometric card that uses a built-in fingerprint sensor to authorize in-store transactions
- South Korea: A brief intro to 5 of the country’s fintech startups, working in crowdfunding, remittances, contactless payments and loan recommendations
- Malaysian Global Innovation & Creativity Centre’s Virtual FinTech & InsurTech Bootcamp registrations close 10th March for program commencing March 22nd
- Philippines: Uno digital-only bank partners Xebia consultancy to add AI-based features, including facial recognition, voice ID, and tailored credit
- Philippines: NextPay e-payments firm gains $125K pre-seed funding from Y Combinator
- ICYMI: Tonik digital-only bank launches first neobank in the Philippines, offering app-based deposit, payment and card products
- Singapore: OCBC Bank introduces face verification for ATM banking transactions, becoming the first bank to do so in SE Asia
- Singapore’s Insignia Ventures Partners’ take on 7 trends to look for in ASEAN’s fintech scene in 2021
- Taiwan: Act Governing Electronic Payment Institutions takes effect in July, allowing non-banking institutions to apply for licenses for outward remittance services
- Vietnam: Gimo gains funding with focus on providing underbanked workers with access to their earned income ahead of a scheduled payday
- Australia: “Collapse of crypto platform a cautionary tale” – ACX banned for life by peak industry body, while AUSTRAC has revoked platform’s digital currency license
- Australia: PayPal to launch its interest-free ‘Pay in 4’ service in Australia in June, stepping into the country’s ‘buy now, pay later’ market
- Australia: Afterpay BNPL firm launches virtual payments card for in-store use, created in-app, stored in a smartphone digital wallet and accessible via Apple Watch
- Vietnam: Prime Minister approves 2-year pilot of Mobile Money service, allowing use of mobile phone accounts to pay for small-value goods and services
- Download: Crypto 2020 Outlook, from Bitcoin Suisse – In-Depth Industry Insights into Markets, Technology and Regulation (pdf)
- Download: 2020 Global Crypto M&A and Fundraising Report, March 2021, from PwC (pdf)
- India: E-commerce market projected to grow 84% by 2024 to $111BN, with ‘buy now, pay later’ services the fastest-growing online payment method
- Philippines: A podcast interview intro to PayMongo, helping Filipino businesses move into e-commerce activities
- Australia: “Collapse of crypto platform a cautionary tale” – ACX banned for life by peak industry body, while AUSTRAC has revoked platform’s digital currency license
- Thailand’s Siam Commercial Bank and Indonesia’s Traveloka form JV to offer financial services and products to Thai customers
- A look at 5 reasons why the crypto insurance market is likely to reach new heights in 2021
- Philippines’ Land Bank partners O-City to explore automated fare collection, contactless payment and digital ticketing in Metro Manila
- Download: The Mobile Economy – China 2021, from GSMA (pdf)
Other technology focused news in March 2021:
• Artificial intelligence news
• Cybersecurity & datasec headlines
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