Avaloq, the fintech firm, has invested ten percent of the total shareholding in Metaco, a blockchain and crypto expert. The founder and Group Chairman of Avaloq, Francisco Fernandez is expected to join the Board of Metacom, the company which aids the financial institutions in embracing blockchain solutions. The companies target to enhance finance industry with blockchain tech.
The South Korean Financial Services Commission (FSC) has exposed plans to adapt blockchain technology in its payment system. The move is aimed at protecting the customer data and enabling simplified verification processes. The regulatory body seeks to expose ‘app-to-app’ payment system. Choi Jong-ku, the chairman of FSC said, “Fintech is the area that requires new technologies.”
The European Commission published a ‘2018 FinTech Action Plan.’ The European Union is to establish a FinTech Lab during the second quarter of this year. The Commissioner for the Digital Economy and Society emphasized the need for ‘a framework to let innovation flourish while managing risks and protecting customers.” The Payment Services Directive is modified as the banks can integrate blockchain tech.
Chandrababu Naidu, the Chief Minister of Andhra Pradesh, the pioneer of FinTech Valley Vizag initiative foretells Vizag could be India’s FinTech Hub. He projects the city to turn into classic FinTech ecosystem luring entrepreneurs, investors, academic institutions and the government. TheFinTech Valley Vizag is to work with Covalent Fund. The blockchain is expected to enhance the security of transactions.
Chong Sing Holdings FinTech (CSF) Group Limited received a third-party payment license from the State Bank of Vietnam. The license marks the landmark development of the Amigo Technologies, the parent company of CSF Group. The license cover services such as payment gateway, e-wallet and digital currency transport support with validity for 10 years.
The Citigroup Inc. perceived that the FinTech startups miss-out on opportunities to interrupt institutional banking. Naveed Sultan, the Global Head of Treasury and Trade Solutions for Citi said, “If FinTech picks a part of the value chain, they can perform better” and “the banks have inherent incentive to pass the activity onto FinTech.”
Digital Currency Group (DCG), the crypto venture capital firm declared its investment in Silvergate Capital Corporation which has sold over 9.5 million shares through private placement offer. The offer helped the firm in securing $114 million which would be used to aid fintech deposit initiatives. The founder of DCG, Barry Silbert, tweeted and revealed their participation in the offer.
French international banking group, BNP Paribas has publicized a new fund. The new investment fund is aimed at supporting FinTech startups. The fund is said to contribute to the indirect investments through the venture capital funds. The BNP Paribas is aiming to clinch technological developments for the benefit of the global financial system.
The Cyprus-based fintech solutions developer, Hello Group visions to establish exchange trading platform based on bitcoin cash (BCH) for fiat and cryptocurrency pairs. The features will include the access to live and historical data and real-time alert on market trends with highly secured and high-performance trading for the clients.
Finance Minister, Arun Jaitley said that the government will establish a group under Finance Ministry. It would ‘help devise institutional development measures’ for the growth of FinTech companies in India.