Fintech, Finance, Technology, Banking Highlights – 13 November 2018
New EU rules to boost crowdfunding platforms and protect investors
Economic and Monetary Affairs Committee voted on Monday on its position on common rules on the creation and functioning of European crowdfunding service providers for business.
The adopted text aims to help crowdfunding services to function smoothly in the internal market and to foster cross-border business funding in the EU, by providing for a single set of rules on the provision of crowdfunding services.
Crowdfunding is increasingly an alternative form of finance for start-ups, as well as for small and medium enterprises (SMEs) at an early stage of company growth. A crowdfunding service provider operates a digital platform open to the public to facilitate prospective investors or lenders being matched with businesses that seek funding.
Wider scope of regulation
Economic and Monetary Affairs Committee MEPs agreed to extend the scope of the regulation by increasing the maximum threshold for each crowdfunding offer to EUR 8 000 000 (from EUR 1 000 000 – as proposed by the European Commission), calculated over a period of 12 months.
Canada’s Versa Bank to provide safety deposit box for crypto currencies
VersaBank announced that its subsidiary, VersaVault, has successfully completed beta testing for its previously announced digital safety deposit box and is initiating commercialization of its services.
The first phase of the rollout will be to provide digital safe keeping as well as multi signature services for cryptocurrency exchanges and crypto based investment funds.
The beta testing, conducted with our initial target client base, focused on ensuring VersaVault’s design would meet the specific requirements of cryptocurrency exchanges and crypto funds. Furthermore, it focused on designing a seamless, efficient and timely experience for our clients, but one which maintained the unique features of the VersaVault; providing our clients with the most technologically advanced digital and cyber-security solutions while maintaining their absolute privacy. VersaVault does not have the ability to ‘drill’ into a client’s digital safety deposit box, nor does it have the ability to look inside, only the client has the capability to access their digital valuables and only they know of their contents inside.
David Taylor, President and CEO of VersaBank and its subsidiary, VersaVault, stated: “I am just delighted with the successful results of our strenuous beta testing. While many are considering ideas and plans for a digital safety deposit box, we have designed and built it, and are now commercializing a first of its kind service that provides our clients with the most sophisticated security and authentication technology available globally, in which our clients enjoy absolute privacy. The VersaVault will now begin rolling out services to cryptocurrency exchanges and crypto investment funds.”
Visa Direct integrates with Stripe
Visa, has teamed up with Stripe, a technology company that builds the economic infrastructure for the internet, to enable its real-time push payment solution on Stripe Connect, the company’s solution for multi-sided marketplaces and platforms.
Visa Direct offers real-time push payment capabilities to business owners and consumers via the cards they already carry in their wallets. Funds are available within minutes, providing speed, convenience and security to the payment experience.
With this integration, verified sellers using Stripe’s Instant Payout feature will be able to receive payments immediately on their Visa debit cards. This is a faster option than the current standard payment process, which is a payment from Stripe to the sellers’ bank accounts, which normally takes a few days to process.
Carousell was the first merchant to use this solution to enable sellers in the online marketplace to receive funds immediately. The second merchant to use Stripe’s Instant Payouts feature powered with Visa Direct, is local ride-hailing app, Ryde. Ryde will be using this solution to pay all drivers under its network.
“The payment landscape is evolving rapidly, which means that consumers and merchants are expecting faster and more secure ways of payments. We are also living in an app-based economy where digital payments is at the centre of the consumer experience. Hence, the partnership with Stripe to launch Visa Direct in Singapore helps to create a better payment experience for consumers and merchants through this real time disbursement solution,” said Kunal Chatterjee, Visa Country Manager for Singapore & Brunei. “With the introduction of Visa Direct, we can help businesses across multiple industries enhance operational efficiency and strengthen their competitive advantage.”
GTR Ventures Announces 3 New Deals During Singapore Fintech Festival
GTR Ventures, investment and venture-building platform specialized in trade and supply chain, has announced 3 new deals with Lucidity, iLoan, and RMTech.
Sopnendu Mohanty, Chief Fintech Officer of the Monetary Authority of Singapore (MAS), said, “Asia is going through a phenomenal digital transformation, on the back of innovation led by fintech entrepreneurs, financial institutions, and the rise of digital trade and e-commerce platforms. I welcome GTR Ventures’ recent investee companies to our ecosystem, and look forward to greater financial inclusion for SMEs in this region.”
These 3 investments, representing GTRV’s expanded pivot towards markets in China and South Asia, were announced on the first day of the Singapore Fintech Festival, the world’s largest fintech gathering.
Kelvin Tan, CIO of GTR Ventures said, “These latest additions to our investment portfolio correspond with our vision to create a compelling network effect of digital fintech solutions in the world of trade and supply chain, that can comprehensively cater to banks, non-banks, and SMEs. Be it geographical reach, loan products, operational efficiency, settlements, or asset distribution, we are on track to tackling different parts of the transactional value chain, with a view to deepening financial inclusion for exporters and SMEs globally.”
