Top fintech mergers, acquisitions and partnerships of summer 2018

  • Tenemos, the banking software company and Venture lab at The American University in Cairo (August 13)
  • Path Solutions, a global provider in Sharia-based technologies to the Islamic financial services industry and Attijariwafa Bank Group in Morocco (August 13)
  • Onfido, identity verification provider and TransferGo, global remittance company (August 9)
  • Bank of China extends use of AxiomSL‘s regulatory platform to implement AnaCredit reporting in France (August 7)
  • Intercontinental Exchange (Ice) and Microsoft, Starbucks and Boston Consulting Group (BCG) (August 3)
  • Capgemini and Startupbootcamp (SBC), in collaboration with the Victorian government and YBF Ventures (August 2)
  • Liv, lifestyle digital bank by Emirates NBD and Al Etihad Credit Bureau (AECB) (August 1)
  • Entrust Datacard, a leading provider of trusted identity and secure transaction technology solutions and CensorNet, the complete cloud security company (31st July)
  • Five Degrees acquires Libra (26th July)
  • TransferTo and (25th July)
  • eBay and Square Capital (24th July)
  • PPRO Group, a cross-border e-payment specialist and YapStone, online marketplace payments provider (13th July)
  • Uber and Venmo (12th July)
  • Thomson Reuters and SAP (10th July)
  • TrueLayer, a leading provider of financial APIs and Canopy, rental marketplace (5th July)
  • Currencies Direct and Ripple (2nd July 2018)

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Europe’s leading fintech, blockchain & finance experts set to speak at 3rd Blockchain for Finance Conference in October

The European meeting point for finance & technology professionals working to commercialise blockchain technology returns to Ireland this October. The conference takes place on October 2-4 at the Aviva Stadium in Dublin. The 3rd Blockchain for Finance Conference, Europe is expected to attract 350+ attendees from the largest financial institutions, tech giants and blockchain solution providers to discuss the latest projects that are being moved from proof-of-concept to Production. They will network and learn from the industry’s leading lights about the future of finance, cryptocurrency, tokens, technology and banking, regulation and much more.

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Algorithm of Action for Victims of Scam ICO

There are a lot of scam projects on the ICO market, so it’s quite difficult for an investor who is starting not to get bogged down by criminals. But even if you have become a victim of swindlers, albeit low, but still there are the chances of getting your investments back. It is necessary to adjust to a lengthy lawsuit, which will also require financial injections from your side. Is it real to return your money if you’ve invested in a scam ICO?
As practice shows, surely, there have been similar precedents in history, but to a greater extent they concern only the United States and Canada. For example, in 2017 on the initiative of the SEC, the founders of the scam project Munchen returned 15 million dollars to their depositors. Another example, the organizer of the cryptostart PlexCoin Dominic Lacroix was arrested, sentenced to 8 weeks of imprisonment, and fined personally for 10 thousand, and his company for 100 thousand dollars.

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Temenos and AUC Venture Lab team up to accelerate fintech innovation in Egypt

The Venture lab at The American University in Cairo, university-based startup accelerator in Africa and the MENA region, and Temenos, the banking software company, have announced their intention to collaborate and strengthen the fintech ecosystem in Cairo. A key aspect of the collaboration will see Temenos provide a sandbox service to the startups utilizing the accelerator. This sandbox, a non-production cloud-based version of Temenos T24 core banking system, will enable startups to integrate their solutions with banking data and functionality as well as to test them for scalability and robustness. It will also allow them to plug into the 11 major financial institutions in Egypt already running Temenos T24.

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Hong Kong’s PE firm GSR to invest $270m in Overstock’s blockchain subsidiary

Hong Kong-based private equity firm GSR Capital has agreed to make an equity investment of up to $270 million in blockchain startup tZero, a subsidiary of Nasdaq-listed online retailer tZero focuses on the development and commercialization of fintech using blockchain technology. GSR Capital will spend an additional $104.55 million to buy 3.1 million Overstock shares at a five per cent discount to the closing share price on August 1. Finally, it will purchase $30 million in tZERO Security Tokens as part of the blockchain arm’s ICO. In total, GSR Capital’s investment in Overstock and tZero would reach $404.5 million upon deal completion.

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Cryptocurrency fraud leads to £2 million worth of losses this summer

The UK’s national reporting centre for fraud and cyber crime Action Fraud has warned the public about fraudsters advertising ‘get rich quick’ investments to scam people out of money. The latest statistics from Action Fraud show that in June and July, victims reported losing £2,059,501.29 to cryptocurrency scams – an average of £10,095.59 per person. In the same period, 203 reports of this type of fraud were made to Action Fraud.

Action Fraud’s recommendations on how not to get fooled:

  • Don’t assume it’s real – professional-looking websites, adverts or social media posts don’t always mean that an investment opportunity is genuine. Criminals can use the names of well-known brands or individuals to make their scams appear legitimate.
  • Don’t be rushed or pressured into making a decision – a genuine bank or financial organisation won’t force you to part with your money on the spot. Always be wary if you’re pressured to invest quickly or promised returns that sound too good to be true.
  • Stay in control – avoid uninvited investment offers, especially those over cold calls. If you’re thinking about making an investment, get independent advice and thoroughly research the company first.

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Fintech: Robo-advisors developing a better value proposition

As robo-advisory platforms become more common around the world, the focus of these service providers has shifted to creating a robust investment framework rather than just providing a convenient and affordable way to invest, says Michele Ferrario, co-founder and CEO of Singapore-based robo-advisor StashAway. Robo-advisory platforms are already commonplace in some countries, with the bigger players in the US — such as Wealthfront and Betterment — managing billions of dollars. The first robo-advisor was established a decade ago. By comparison, robo-advisors are not as common in Southeast Asia. Last year, Singapore welcomed this innovation and granted StashAway the first Capital Markets Services Licence for retail fund management using an automated investment platform. StashAway is now expanding to Malaysia. Other robo-advisors in Singapore and also those from India have expressed interest in expanding to Malaysia. That is because there is a market gap that these service providers can fill in the region. As Ferrario points out, investment products here are still relatively expensive to access.

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41% of Americans Say They Won’t Ever Invest In Cryptocurrencies

According to a June survey of over 2,000 adults by cryptocurrency app Gem and analytics firm Harris Insights, roughly 8% of Americans invest in cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. About 41% of those same adults say that nothing could motivate them to invest in such digital assets. In comparison, roughly 52% of Americans own stock, according to a Gallup poll from 2016. Another interesting tidbit from the research: Those earning more than $100,000 annually are less likely to invest in cryptocurrencies than those with lower earnings.

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Cryptos, blockchain high on agenda for Aug 16 FinTech Canada forum

FinTech Canada, an annual conference in Toronto on August 16, will include panel discussions on global impacts of blockchain and cryptocurrencies, and on digital currency exchanges. Big companies such as Google, IBM, MasterCard and Amazon will be represented with an agenda largely taken up by cryptocurrency and blockchain issues. One of the about three dozen speakers at FinTech Canada will discuss benefits of market decentralisation. Another will talk about the use of artificial intelligence to combat fraud.

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Meet the 100 top-funded fintech companies in China

The entire financial system could be due for an overhaul, and China is right at the forefront. Which company in the country is most likely to challenge the status quo? An imperfect way to judge would be the amount of money they have raised. Using its data, Tech in Asia has generated a constantly updated list of 100 fintech companies in China who have raised the most money from investors.

View the list