Financial Technology & Banking tech news
The news items listed below are a broad collection of fintech and banking-related technology news headlines that were reported by online news platforms in October 2020.
Headlines listed are hyperlinked and will take you directly to the fintech news article that each headline was gathered from, connecting you with the fintech news sources, finance journalists and online fintech news platforms that each article was produced by.
Fintech and banking tech news headlines here are not tied to a particular country, location or jurisdiction; the October 2020 fintech news summary aims to connect readers with global fintech knowledge, banking tech reference points, research and food for thought on the impact that fintech increasingly has on our lives.
- ICYMI: European Central Bank’s report on a proposed digital euro currency
- 2020 McKinsey Global Payments Report – a look at the accelerating pace of change in the payments industry
- Accenture selects 10 startups for FinTech Innovation Lab AsiaPacific mentorship program, including firms from Hong Kong, India, Singapore and Australia
- ICYMI: Visa partners Stripe to enable buyers on Visa Payables Automation to pay suppliers digitally via virtual Visa card
- CBDCs: ‘Central bank digital currencies – foundational principles and core features’ collaborative report released by central banks of 6 nations
- ICYMI: Financial services firms including Visa and JPMorgan are preparing for a future where quantum computers could break some of the most widespread cryptography
- International Monetary Fund, World Bank, G20 countries and Bank for Int’l Settlements working together to formalize rules and use of central bank digital currencies
- ICYMI: PayPal makes move into buy now, pay later space, adding interest-free instalments to its UK payment wallet
- ICYMI: JPMorgan to roll out new SME-focused service named QuickAccept in challenge to digital payments companies like Square, PayPal and Fiserv
- France’s Societe Generale, multinational investment bank, expands Global Markets Incubator to Asia Pacific – applications close November 15th
- ICYMI: JPMorgan invites 400-plus financial institutions, including 25 of largest 50 banks, to build on its revamped Liink blockchain-based banking network
- Square digital payments firm introduces QR code ordering feature for self-serve mobile ordering for customers – how many years is this after Asia’s payments ecosystem?
- Australia: ‘Retail Central Bank Digital Currency – Design Considerations and Rationales’, a speech by the Reserve Bank of Australia’s Head of Payments Policy
- Cambodia: Central bank rolls out Bakong digital currency, built on blockchain tech designed by Japan’s Soramitsu
- China: 50,000 residents of Shenzhen to receive over $1.5M worth of the upcoming digital yuan as part of public trials, with 3389 outlets reportedly participating
- ICYMI: Amazon launched Amazon One, biometric technology allowing customers to make contactless payments using hand-scanning
- Vietnam: AppotaPay gains Intermediary Payments License, allowing it to offer electronic payment gateways as well as e-wallet and collection services
- An opinion piece on the future of money, from eToro CEO: “…indelibly inscribed on-chain and distributed globally at scale”
- Indonesia: A look at the country’s steps in Sharia-compliant fintech, with regulator OJK adapting to both a growing market and a requirement for banking without interest
- Australia: WeMoney gains $2M with app helping people to manage their finances which includes a social component
- Australia: Intersekt Festival 2021 now set for May 19-20 in Melbourne, showcasing the country’s fintech ecosystem
- Australia: The 2020 Finnies Award winners, showcasing the best of Australian fintech and financial innovation
- Australia: STAX platform client, West Coast Aquaculture Group to be first business to launch an IPO accepting a blockchain-powered token, the Tether stablecoin
- China: People’s Bank of China claims to have processed over 3M digital yuan transactions since piloting central bank digital currency, totalling $162M
- China: DODO decentralized exchange raises $5M
- ICYMI: Coinbase, US digital currency exchange, to launch Coinbase Card cryptocurrency debit card in the US for retail spending
- 2020 Hong Kong Fintech Week online event set for November 2-6
- Hong Kong FinTech Week 2020 set for 2-6 November, running online – here are the main conference tracks
- India: An interview intro to Afthonia Lab fintech startup incubator and 5 of the financial tech startups approaching graduation from the program
- India: Reserve Bank bars digital payments firms from issuing proprietary QR codes in move to create interoperability between systems
- India: A look at Easy Pay digital payments startup, connecting small kirana stores and their customers to payment options and financial services
- India: Startups Fedo and Knight FinTech selected for Accenture FinTech Innovation Lab Asia-Pacific mentorship program
- Kazakhstan: An overview of the country’s growing list of achievements in financial technology
- Myanmar: ThitsaWorks B2B fintech gains backing from BOD Tech Ventures VC with services spanning data analysis, operational efficiency, client education and more
- Myanmar: An intro to Mother Finance, crunching mobile data for credit scores and digital lending, focusing on the unbanked population
- Philippines: Venio expands services nationwide, providing nano-credit between $1 and $5 to unbanked consumers via smartphone
- Philippines: An intro to reach52, building a suite of apps to empower local women in providing affordable microinsurance, healthcare and health products to rural communities
- Philippines: First Circle online SME lender makes it to Inclusive Fintech 50, Metlife and Visa selection of startups pushing inclusion for the financially underserved
- Philippines: An intro to BeamAndGo, payment and digital marketplace providing OFWs with control over how remittances are spent by their families back home
- Singapore: RootAnt banking-as-a-service startup secures $1.46M, sights set in part on multi-tier financing to support businesses within supply chain ecosystems
- Singapore: An intro to Lucy, fintech currently testing pilot initiative in Singapore, focusing on underserved and underbanked female business owners in SEA
- Mastercard partners Singapore-based MatchMove and France’s Idemia augmented identity firm to pilot fingerprint-based biometric payments card in Asia
- Singapore’s DBS Bank launches feature enabling businesses to track cross-border payment collections in real-time, rolled out to over 240K corporate and SME clients
- Singapore: DBS bank and financial services corp reportedly building digital assets trading platform, ‘…solutions to tap the vast potential of private markets and digital currencies’
- SingTel likely to commit $440M to joint venture with Grab to start digital bank in Singapore
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