Fintech, Finance, Technology, Banking Highlights – 8 December 2017
Dubai signs fintech pact with Hong Kong
The Dubai Financial Services Authority (DFSA) deepened ties with regulators in Hong Kong today signing two cooperation agreements to enhance collaboration in financial technology (FinTech) innovation. The agreements reinforce the existing strong relationship between the authorities in the two markets, which cooperate in the regulation of the financial services sector and FinTech businesses.
The DFSA signed bilateral agreements with Hong Kong’s Insurance Authority (IA) and the Hong Kong Monetary Authority (HKMA), in Hong Kong. Under the terms of each agreement, the authorities will cooperate on information sharing and referrals of innovative businesses. The agreement with the HKMA extends to collaborating on joint innovation projects.
Mr Ian Johnston, Chief Executive of the DFSA, said: “Our Agreement with the authorities in Hong Kong is indicative of the importance we place on maintaining a close relationship with Hong Kong’s financial services regulators. The signing of these agreements in FinTech is a natural next step to the collaboration we have in regulating traditional financial services.”
WorldRemit raises $40 million
Leading digital money transfer service WorldRemit has raised $40 million to drive its next phase of growth, supporting its plan to serve 10 million customers connected to emerging markets by 2020. The Series C funding round brings the total amount raised to $220m.
Currently sending from over 50 countries to 148 destinations, the funding will be used to expand WorldRemit’s service into new markets, deliver innovative products and services, and scale the technology that underpins its mobile-first, digital model.
The Series C round was led by LeapFrog Investments, with significant participation from existing investors Accel and TCV.
WorldRemit handles a growing share of the $600 billion migrant money transfer market – better known as remittances. The company is a global leader in international transfers to mobile money accounts – an emerging market technology where a customer’s phone numbers acts like a bank account to hold funds.
API-first payout platform Payment Rails launches
Payment Rails, an API-first payout platform, announced the official launch of the first truly global payout platform for sending payments to 220+ countries in 135+ currencies. Through a single simplified integration, businesses and platforms can now access global banking, payment and real-time networks around the world in a fully compliant and regulated environment. The Payment Rails platform has no setup fees, monthly minimums or long-term contracts.
“Payment Rails is re-wiring how business payments are sent around the world,” said Tim Nixon, co-founder and CEO. “With our API, businesses can now seamlessly send payments to over 220 countries for as little as $1 per transaction, with live foreign exchange rates, and delivering funds direct to bank accounts as opposed to a recipient’s e-wallet. Our clients are looking for an easy to use payout platform where they own the full customer relationship and UX instead of handing off their customers to an e-wallet removed from their core payment process.”
Rabobank talks up value of blockchain for food suppliers
Companies that want to remain successful in the future food value chain should start to explore options for participating in blockchain initiatives in order to help them lower costs, increase efficiencies, offer sustainable products and explore opportunities for creating new value, which are also of benefit to the consumer, according to the latest RaboResearch report ‘Blockchain: The Trigger for Disruption in the Food Value Chain’. Transparency, food safety and changing business models
Once implemented, the blockchain can be used to reduce costs and/or increase the value of end products or raw materials by using the information that accompanies products. There are opportunities for increasing the added value of raw materials—for example, by meeting specific wishes of consumers related to production method (e.g. fair trade), origin, and other physical and ‘virtual’ quality attributes.
