Global FinTech | 2022 #35
Weekly news up to Tuesday, August 30th, 2022
THIS WEEK’S FUNDING NEWS OVERVIEW
For the past week’s funding news overview, we highly recommend reading our weekly #DoneDeal newsletter 👇
👀 Are you interested in funding news from the FinTech space?
💡 Read all about it in my weekly overview article and get the latest funding news from the global FinTech space in your inbox every week.
REPORT
South Koreans have grown more technologically adept throughout the pandemic, especially with using mobile financial services. The proportion of Koreans leveraging these services increased to 65% in 2021, up from 57.1% before the pandemic.
👉 Download the full PYMNTS report here.
REPORT
FinTech in India has entered a new era with the highest FinTech adoption rates globally.
👉 Download the full EY report here.
👀 NEWS HIGHLIGHT
Meta and Jio launch grocery shopping on WhatsApp in India.
If successful, a commerce engine could prove to be a major source of revenue for WhatsApp, which has largely avoided serving ads to app users.
👉 Read the full article here.
📊 INFOGRAPHIC
Tokenization has become the norm in online payments.
👉 Read the full article here.
📰 ARTICLE
The Winners of the 7th Annual FinTech Awards 2022 have been announced.
👉 Look who the winners in each category are here.
💡INSIGHTS
Deposit strategy an opportunity to challenge traditional players.
👉 Read the full C-Innovation article, with more stats and figures, by Charlotte Ford here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🌎 FINTECH HIGHLIGHTS
⭐️ A survey of fintech executives has labeled Hong Kong as uncompetitive in relation to other financial centers around the world. Link here.
⭐️ Global artificial intelligence market size in fintech is expected to reach USD41 billion by 2030. Link here.
⭐️ Citi Ventures has invested Belvo, the leading Open Finance API platform in Latin America. Link here.
⭐️ Lean Technologies and Mod5R accepted into the Saudi regulatory sandbox. Link here.
⭐️ Canada’s financial sector is not robust, but the federal government can fix that. Link here.
⭐️Ecobank Group launches 2022 edition of its Africa Fintech Challenge. Link here.
PAYMENTS
PayMate offered vendor and GST payments using commercial credit cards through its Android and IOS mobile app. Link here.
China begins the next phase of CBDC testing with e-CNY payment for public transport. Link here.
Tranglo opened a new payment corridor to the United Arab Emirates. Link here.
BNPL
Zip Co Ltd posted a more comprehensive annual loss, signaling a lackluster outlook for fintech firms in the wake of soaring inflation. Link here.
BNPL heads for R2bn in SA. Link here.
Klarna (PRIVATE) VS. Affirm (PUBLIC) Klarna’s revenues are almost 2x the size of Affirm’s but growing half the speed. Link here.
OPEN BANKING
Kuwait to test an open banking product within the fintech regulatory sandbox. Link here.
CRYPTO
PayPal Joins TRUST network along with crypto heavy hitters. Link here.
Coinbase CEO Brian Armstrong warns investors to buckle in for a prolonged crypto winter. Link here.
Shoppers in Argentina could soon be paying for their weekly grocery shop in crypto, thanks to a collaboration between Mastercard and Binance. Link here.
56% of consumers globally are more likely to transact with merchants accepting cryptos. Link here.
Coinbase could list Ethereum forks after the Merge. Link here.
INVESTMENT
LianLian partners Uncapped to offer flexible e-commerce financing. Link here.
MOVERS & SHAKERS
Ambreen Khasru is joining Juni’s leadership team. Link here.
FINTECH MAPS
If you are a fintech startup and have over 100 questions, send me an email. Maybe I can answer a few.