Friday August 30, 2019 –
Here are the new and noteworthy stories we have been following this week.
Ride-hailing firm Grab plans major investment in Vietnam – top executive
Grab, the Singapore-based ride sharing, food delivery, and payments app is set to invest “several hundred million dollars” in Vietnam as the company broadens and deepens its reach within Southeast Asia.
Atlanta-based VC’s raise $200M blockchain fund
Algo Capital has raised $200 million for its first fund that will invest in blockchain technology – more specifically, startups building on top of one particular blockchain called Algorand.
https://hypepotamus.com/news/algo-capital-200-million-fund/
This banking app is now giving customers a break on overdraft fees
Varo is s rolling out a “no-fee overdraft” service that will allow customers that meet certain criteria to overdraw their account up to $50 without any fees or interest.
https://www.cnbc.com/2019/08/27/mobile-banking-app-varo-is-rolling-out-no-fee-overdrafts.html
JPMorgan Weighs Sale of $1 Billion AARP Credit-Card Portfolio
Chase is reportedly considering the sale of the $1 billion AARP credit-card portfolio, with Alliance Data named as a possible buyer.
Alipay and Adyen Partner to Streamline Global Payment Experiences for Users, Merchants and Businesses
Alpay and Adyen have entered into a partnership whereby Adyen will facilitate payments outside of the Chinese mainland for AliExpress, Taobao, Tmall and Alibaba.com as the Alibaba Group looks to enhance and streamline existing payment management operations.
Goldman Sachs, Point72 and others invest $42 million in Mexico’s Credijusto
Mexico-based online lender Credijusto that focuses on the SME segment has raised $42 million in a Series B round to continue with its expansion including launching a credit card product.
MAS accepting applications for Singapore’s first digital bank licences till year end
The Monetary Authority of Singapore has started accepting applications for digital bank licenses and expects to issue licenses for five banks (two retail full service and three wholesale) by mid-2020.
PNC Launches A Fintech Startup Inside The Bank
PNC has created a startup program, numo, that functions as an internal startup focused on building new and innovative products and services – currently working on an account for gig economy workers, an analytics platform, and regtech software.
Temenos boosts US position through Kony acquisition
Temenos has acquired Kony for $559 million to augment its core banking business with Kony’s digital banking product that has seen robust adoption from large and mid-tier banks.
https://www.finextra.com/newsarticle/34323/temenos-boosts-us-position-through-kony-acquisition
India Merges State Banks to Battle Bad Debt
The Indian government has merged ten state run banks into four in an effort to drive scale, manage debt debt, and rationalize operations within a macroeconomic backdrop of slowing growth.
https://www.wsj.com/articles/india-merges-state-banks-to-battle-bad-debt-11567176133
Credit Sesame, a platform for managing loans and credit scores, picks up $43M en route to IPO
Credit Sesame has raised $43 million in debt and equity to continue its expansion including building out AI algorithms as the company positions itself for an IPO.
