Top fintech news daily 2019 from 19-25 August curated by the VisibleBanking.com team with the help of our fintech community.
In this series, we aim to curate only the very best, most insightful fintech news from all over the world.
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Fintech News Daily: 19-25 August 2019
"The value of fintech deals worldwide during the first six months of this year declined to $22bn which is a significant decrease when compared to the $31.2bn spent during the same period a year earlier. At the same time though, the number of global deals increased by two percent to 1,561 during the first half of this year."
"Results of the survey also found that the average fintech firm in Singapore employs 10.8 people, with most working in software and application development (43%) and sales, marketing and business development (22%). The survey also found that more than 40% of firms employ 30 or more staff, while 31% have between 11 and 30 workers. SFA president Chia Hock Lai revealed to The Straits Times that in a survey conducted with more than 70 SFA members, talent shortage emerged as “one of the key concerns among fintech firms here."
"Key to the Fintech Innovation Lab’s value proposition is access to New York’s technology and financial services sector. They have been instrumental in shaping our efforts and identifying the fintechs that will dictate the future of the industry. What follows is their collective wisdom on where the fintech sector is headed over the next several years."
"China aims to make its fintech sector globally competitive and use the industry as a “new engine” for country’s high-quality financial development, the People’s Bank of China (PBOC) said in a statement on its website. Under a development plan for 2019-2021, China will improve the top-down design of the fintech industry, and strengthen risk controls, including an early warning regime on cross-market and cross-industry financial risks, the central bank said."
"With the Brexit looming, the city of lights is poised to become ‘Europe’s Financial Hub. Notably, this city is home to success stories in various segments of the financial industry, supported by increasing private and public investments. In this regard, let’s take a closer look at 10 of the most interesting Paris-based fintech startups."
"In the 2nd quarter of 2019, fintech funding topped US$8.3 billion, bringing the first half 0f 2019 global fintech funding to US$15.1 billion, according to CB Insights’ Global Fintech Report Q2’2019 report. To date, there are 48 fintech unicorns, combined these startups are valued at US$186 billion. Much of these unicorns are largely concentrated in North America and Europe but Asia, particularly China, is quickly catching up."
"The Israeli Capital Market Authority is looking to change how fintech licenses are distributed in Israel according to a Monday announcement reported by Israeli daily newspaper Calcalist. Some 2,000 fintech and blockchain-businesses are currently seeking licenses from the state regulator. Due to the glut, the Authority is setting up a licensing fast track."
"Reserve Bank of India Governor Shaktikanta Das on Monday said banks need to make the most of the technological advances in the payments and lending space to compete with FinTechs and BigTechs. The benefits of the coming together of new-age technology and traditional banking methodology will be a win-win situation for the financial ecosystem and offer more options to the customer."
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