Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
India Challenges China in Global Fintech Fundraising
Entrepreneur | Komal Nathani | May 6, 2019
India overtook China in funding as China’s fintech funding fell off in Q1 of 2019, according to the Global Fintech Fundraising report by CB Insights. The India deals were flat compared to the same quarter a year prior while China saw deal drop to a 5-quarter low. According to report, due to regulatory tightening in the online lending space, China witnessed the fall as it rattled the investors’ attention.
China’s Regulatory Limitation
China has rolled out a few measures to cover its financial risks arising from its fledgling online lending industry. The government crackdown on online lending space has affected the fintech players who provide individual loan facility, too.
In February, China reportedly seized $1.5 billion from online lenders. China’s policy investigated 380 online lenders and froze $1.5 billion in assets in a crackdown following an avalanche of scandals in the huge but lightly regulated industry. This shook the fintech industry in the country and troubled its rapid growth.
See: The 11 Biggest Fintech Companies In America 2019
The report adds that investors poured $286 million into Indian fintech companies across 29 deals in Q1 2019, narrowly beating China as the top Asian fintech market. Chinese fintech companies raised $192.1 million in funding across 29 deals over the period, down from $1.83 billion last quarter.
India v/s China
Due to China’s government crackdown on lending policies, India gained the momentum with more deals in fintech space. Lending startups are gathering steam as they, like their Chinese counterparts, tailor services to the country’s large unbanked and underbanked consumers and enterprises. Moves from tech leaders are also set to send ripples through the rest of the industry. Amazon finally followed its rivals Paytm, Google Pay and PhonePe to start offering peer-to-peer payments in the country. Walmart is closely watching how Flipkart, which it bought out last year, applies data to payments’ solutions.
Top Fintech Fundraiser
US remained the top fintech market with 170 deals and $3.3 billion raised. Europe, which beat Asia as the second top fintech market, saw 102 companies taking in $1.7 billion.
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Crypto | Nov 28, 2023 Ex-Binance CEO Changpeng Zhao Faces Up to 10 Years in Prison Amid Bank Secrecy Act Violations Changpeng Zhao, the former CEO of cryptocurrency exchange Binance, is currently facing a potential prison sentence of up to 10 years. This development follows his guilty plea for violating the Bank Secrecy Act. The U.S. Department of Justice (DOJ) has expressed frustration over Zhao's permission to reside in the UAE until his sentencing, considering his billionaire status and the UAE's lack of an extradition treaty with the U.S. See: SEC Files Lawsuit and Accuses Kraken of Commingling Key Points Zhao has been charged by the DOJ for violating the Bank Secrecy Act, with the prosecution possibly arguing for a maximum 10-year term. This is a significant increase from the initially anticipated 12-18 month sentence. Binance has agreed to pay a massive $4.3 billion fine, marking one of the largest enforcement actions against a crypto platform. Zhao himself was personally fined $50 million. Attorneys for Zhao, a dual citizen of Canada and the UAE, submitted a motion last Thursday to the Western District of Washington in Seattle. They argued that Zhao is not a flight risk, emphasizing his voluntary appearance ...
Digital Identity | Nov 28, 2023 Syngrafii Announces Integration with Trulioo Identity Document Verification, Enhancing its iinked Sign™ and Video Signing Room™ (VSR) platforms. Syngrafii's strategic integration helps secure electronic signatures, addressing the evolving needs of regulatory bodies and combating financial crimes like mortgage and auto loan fraud. The integration not only streamlines the identity verification process but also fortifies compliance with KYC, KYB, and AML protocols, setting a new standard in the digital signing realm. See: Digital Identity in the Age of Web3: Empowering Individuals, Transforming Organizations Key Points: The integration with Trulioo's Identity Document Verification brings a new level of assurance in signatory authentication, combining e-signature and IDV processes into a unified, more secure platform. This integration is a response to the changing demands of regulatory agencies, law societies, and financial institutions, ensuring compliance and mitigating risks associated with financial crimes, and meets the standards of NIST and DIACC Syngrafii's iinked Sign™ now includes a "Write to Sign" feature, allowing signatories to use their own handwriting, enhancing the authenticity and non-repudiation of electronic signatures. This collaboration supports Syngrafii's expansion in core markets like Canada and the U.S., while enhancing global trust in digital transactions. Syngrafii's suite, including the ...
ESG | Nov 28, 2023 The Monetary Authority of Singapore (MAS) has recently launched 'Project Greenprint' (Gprnt), an innovative digital platform to streamline the collection and access of Environmental, Social, and Governance (ESG) data View release This initiative, part of Project Greenprint, aims to simplify sustainability reporting and decision-making processes for both large corporations and small and medium enterprises (SMEs). Gprnt integrates four key utilities: a disclosure portal, a data registry, a solutions marketplace, and data orchestration capabilities, offering a comprehensive solution for ESG data management. See: ‘Lazy’ ESG Fund Managers Are Caught Swimming Naked as SVB Exposes Scheduled for a progressive rollout starting from Q1 2024, Gprnt promises to automate ESG reporting, providing timely insights and enhanced data access for the ESG community. Gprnt enables businesses to automatically convert economic data into sustainability-related information. This includes integrations with various digital systems like utilities, payroll solutions, and AIoT sensors. The platform will collect data through APIs and compute ESG-related outputs. It will also use AI tools for data extraction from documents and a GPT4-powered chatbot for crafting sustainability disclosures. Gprnt's data registry and marketplace functions, launching next year, will facilitate access to aggregated data and connect solution providers with investors ...
DeFi Payments | Nov 27, 2023 How Permissioned DeFi is revolutionizing cross-border payments with efficient, cost effective, secure and regulatory compliant transactions The challenges of both traditional and permissionless DeFi for payments: Traditional cross-border payment systems are often slow, expensive, and lack transparency. Permissionless DeFi, while offering advantages such as near-instant transfers and better traceability, falls short in terms of anti-money laundering (AML) and Know Your Customer (KYC) functions, making it vulnerable to fraud and erroneous payments. These shortcomings have hindered its widespread adoption by financial institutions. See: JPMorgan’s New Programmable Payments in Blockchain Best of Both Worlds with Permissioned DeFi Permissioned DeFi solves these concerns by integrating the best of both worlds: the efficiency of DeFi and the necessary compliance controls. This model involves several key steps and 8 key participants, ensuring a secure, compliant, and efficient process for cross-border transactions. Here's the step-by-step process below: Step 1. KYC Process and Whitelisting: Institutions undergo a platform-level KYC process conducted by whitelisters, who approve users and add their digital wallets to the allowed list. Institutions can act as whitelisters or appoint third parties for this role. Step 2. Initiating the Transaction: Once KYC-approved, a sender (individual, business, or institution) can ...
Funding | Nov 27, 2023 Victoria-based Payments fintech, Peloton Technologies, successfully closes a $2 million late seed funding round to simplify payment processes for Small and Medium-Sized Enterprises (SMEs) in Canada. Highlights The $2 million investment round, led by a group of undisclosed investors with expertise in payments, banking, and risk management, reflects strong confidence in Peloton's business model and growth potential. Peloton's platform is distinguished by its ability to integrate multiple payment methods across various financial institutions, offering a comprehensive and unified payments platform that is scalable and adaptable, growing alongside businesses. ISOs (Independent Sales Organizations): They provide a customizable and white-labeled solution for ISOs, ensuring a unified approach to payment processing. Merchants: The platform offers all the necessary tools for merchants to support their business growth. CEO/CFO Solution: This solution is tailored to maximize the benefits of corporate rewards cards for high-level executives. See: CB Insights Global Fintech Q3 2023 & Canada Spotlight The Pacific Economic Development Agency of Canada declared a substantial investment in July 2023. This initiative, part of the Business Scale-Up and Productivity Program, led to Peloton Technologies receiving a notable $1.5 million funding, marking it as the highest-funded FinTech by PacifiCan. Building on this ...
Crowdfunding | Nov 24, 2023 The Kickstarter campaign for the Cascade Pro | Trackable Performance Wallets by MANI WONDERS is an exciting development in the world of personal accessories. This product is designed to offer both style and functionality, making it an ideal choice for those who appreciate efficiency and security in their everyday carry items. Here's a brief overview of the Cascade Pro wallet: RFID Secure Wallet: The Cascade Pro wallet comes with RFID blocking technology, ensuring your cards are protected from unauthorized scanning and fraud. Quick-Access Card Ejection: This feature allows for easy access to your cards, making transactions faster and more convenient. Hideaway Money Clip: The wallet includes a hideaway money clip for those who prefer to carry cash, providing a secure and discreet way to hold bills. Detachable Cover: For days when you need to carry more, the wallet comes with a detachable cover, offering flexibility and additional space. Loss Prevention Tracker: One of the standout features of the Cascade Pro is its trackable technology, which helps in preventing loss or theft of the wallet. The campaign is based in Toronto, Canada, and has set a funding goal of CA$ 20,000. It operates on an "all ...
Regulation | Nov 24, 2023 UK's Approach to CBDCs and Privacy On November 7, 2023, a question raised in the UK Parliament by Mr. David Davis, a Conservative MP, brought to light the critical issue of privacy in the context of a UK CBDC. The response from Andrew Griffith, also a Conservative MP, emphasized the UK Government's commitment to ensuring rigorous standards of privacy and data protection in the design of a digital pound. Notably, the government assures that neither it nor the Bank of England would have access to personal data or insights into consumer spending habits. A recent development in the UK Parliament highlights the growing concern and attention towards the privacy implications of these digital currencies. As Canada's fintech community closely monitors global trends, the discussion around the UK's potential digital pound offers valuable insights. Implications for Fintechs and Canada For fintech companies and stakeholders in Canada, the UK's stance on privacy in the realm of digital currencies is both a benchmark and a learning opportunity. It highlights the importance of balancing innovation with consumer rights, particularly in a domain as sensitive as financial transactions. The UK's consultative approach, involving feedback from February to June 2023, also ...
Payments Regulation | Nov 24, 2023 The final regulations for the Retail Payment Activities Act (RPAA) have been published in the Canada Gazette, Part II. These regulations help clarify the details of the legislation and outline the intentions of the law. Payment service providers (PSPs) will be required to register with the Bank of Canada starting on November 1, 2024. The Bank’s related supervisory requirements will follow in September 2025. More information is now available. More resources: Canada’s New Retail Payment Regulations: Registration and Compliance Summary: This article explores Canada's Retail Payment Activities Framework, impacting PSPs in 2024. It discusses compliance, exemptions, and its effect on the fintech sector. Published: Nov 16, 2023 Read more Preparing for Retail Payment Act Changes Summary: Discusses the final regulations under the Retail Payment Activities Act in Canada, expected to be published in the Canada Gazette II, and the significant changes and preparations in retail payments supervision. Read more Regulatory Consultation (Feedback by March 28, 2023): Retail Payment Activities Act (RPAA) Summary: Covers the Department of Finance Canada’s proposed regulations on the RPAA, published for public comment, and the importance of the public comment period. Read more McCarthy Tetrault: Fintech Regulatory Developments: 2021 Year ...
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