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This Week in Fintech ending 24 July 2020

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This Week in Fintech ending 17 July 2020

This weekly summary from our 8 experts, brings you insights based on their experience as investors, entrepreneurs & executives.

To continue receiving This Week in Fintech, you can either become a paying Member for $143 per year (and receive all our content in addition to this weekly summary) by clicking here.  If you just want to receive This Week in Fintech for free, you will need to fill in this form

Your Editor is Bernard Lunn. He is also the CEO of Daily Fintech and author of The Blockchain Economy and occasional opinion columnist.

Monday Ilias Hatzis our Greece-based crypto entrepreneur (Founder & CEO at Mercato Blockchain Corporation AG and Weekly Columnist at Daily Fintech) @iliashatzis wrote Loyalty and Ledgers driving Crypto

Over the last weeks, in my exploration to what could drive crypto into mainstream and what could transform people from speculators to users,I’ve been writing about wallets, payments, staking and crypto debit cards. An area that I have not touched yet, is customer loyalty programs. In a post coronavirus world, it will be a long haul before we are back to business as usual. More now than ever before, customer loyalty is critical to the success of any organization, but most loyalty programs are complicated and clunky. Out of the total points earned, 30% are never redeemed. The majority of the programs require people to sign up for another credit card they don’t really need. In theory most programs are useful, but the reality is that they are full of hidden restrictions and red tape. Even the simple coffee punch cards are more likely to be lost than ever actually redeemed. Customer loyalty can make or break companies and blockchain can make or break customer loyalty. Customer loyalty could be crypto’s path into mainstream.

Editor note: Utility Tokens are a more efficient version of those loyalty card cluttering your wallet. Read this to understand the intersection of these two huge markets.

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Tuesday Efi Pylarinou @efipm our Swiss-based Fintech Adviser,  founder of Efi Pylarinou Advisory and a Fintech/Blockchain influencer – No.3 influencer in the finance sector by Refinitiv Global Social Media 2019 wrote The Re-bundling rhythm varies by region

As technology commoditizes products and services at an ever-increasing rate, the re-bundling of fintech services is trying to catch up with the rhythm.

In the US market which has more unicorns and later-stage fintechs, this is more prevalent.

SoFi first comes to mind, which started with a laser focus on refinancing student loans (a large sector in the US market), then offered personal loans and mortgages; and then grew a wealth management offering that includes, equity investing, issuing ETFs, crypto investing; and a sizable Money offering with a debit card, a credit card, a checking account, savings accounts; and partnerships with brands like Mastercard, Samsung, Lyft, etc.

Wealthfront, one of the two standalone `robo-advisors, that as early entrants and purists have advanced and impacted the entire digital investing space; has added direct deposits, saving accounts, prepaid and debit cards, personal loans and mortgages.

Editor note: As single focus Fintech ventures add more services by rebundling, they compete head on with legacy banks.

Alan Scott Managing Director EMEA at 24 Exchange @Alan_SmartMoney wrote Stablecoin News for week ending Tuesday 21 July 2020

This weekly snapshot is the news that matters in the Stablecoin market.

Wednesday Jessica Ellerm @jessicaellerm, our Australia-based Fintech entrepreneur and thought leader specializing in Small Business and the Gig Economy & CEO/Co-Founder of Zuper, a new superannuation startup in Australia wrote New SME Bank Avenue Sets Sights On Australian Market

If all things go to plan, Australia will soon have a new SME neobank pitching its services to Australia’s small business community – Avenue.

Avenue’s aim is to provide businesses with turnover of between AU$500,000 and AU$2,000,000 access to instant credit, using data to more accurately assess risk and cash flow.

The aspiring bank’s founders have real chops in the SME space, having founded one of Australia’s most prominent and home-grown disruptors in the credit reporting sector – CreditorWatch.

Editor note: Interesting story of neobank created by serial entrepreneur leveraging his prior venture’s success

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Thursday Patrick Kelahan @insuranceeleph1, our US based Insurtech expert (a CX, engineering & insurance professional, working with Insurers, Attorneys & Owners who also serves the insurance and Fintech world as the ‘Insurance Elephant’) wrote Is this how we will be seeing how the insurance industry is changing?

It’s not disruption, innovation, or reaction to pandemic that is prompting change in the insurance industry- it’s all of those and more.  Look at the news that comes in fire hose volume and force- Hippo raising $150 million for a $1.5 billion valuation as an MGA, Burn to Give continuing to build its social benefit life insurance offering in LatAm, and Aditya Birla Health Insurance realizing its Indian market agents’ sales habits have changed, probably for good due to Covid-19 and loss of collocated customer access.  These are but a few of the insurance change points that are seen as occurring- right now.

Editor note: A great overview of recent Insurtech innovation in homeowner, health and life insurance.

Thursday Christian Dreyer @x3er, our Swiss based CFA who focusses on how XBRL changes our world wrote XBRL: reporting costs for EU banks, iXBRL in US markets, IFRS taxonomy

Editor note: This weekly snapshot is the news that matters in the XBRL market.

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Friday Howard Tolman, a well-known banker, technologist and entrepreneur in London, wrote: Alt Lending: Interest Rate, High Risk Lenders and Banking Parables

Editor note: This weekly snapshot is the news that matters in the Alt Lending market.

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To continue receiving ‘This Week in Fintech’, the weekly recap of our articles, you will need to fill this form to give us consent to send this to you. Please note that Daily Fintech requires your organizational email address (e.g. corporate, educational or government) and your LinkedIn URL. This information is required for subscribers who want ‘This Week in Fintech’ for free. If you prefer to not provide this information, you can still receive all our content by becoming a paying member.

Source: https://dailyfintech.com/2020/07/24/this-week-in-fintech-ending-24-july-2020/

Blockchain

Cryptocurrency Cards: An Unnecessary Solution That Should Be Stopped

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It is high time for traditional financial institutions to see that the crypto industry has matured enough and does not possess high risks.

Source: https://cointelegraph.com/news/cryptocurrency-cards-an-unnecessary-solution-that-should-be-stopped

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This Week in Fintech ending 7th August 2020

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this week in Fintech Temp 2 Aamber no Jess.001

This weekly summary from our 8 experts, brings you insights based on their experience as investors, entrepreneurs & executives.

To continue receiving This Week in Fintech, you can either become a paying Member for $143 per year (and receive all our content in addition to this weekly summary) by clicking here.  If you just want to receive This Week in Fintech for free, you will need to fill in this form

Your Editor is Bernard Lunn. He is also the CEO of Daily Fintech and author of The Blockchain Economy and occasional opinion columnist.

Monday Ilias Hatzis our Greece-based crypto entrepreneur (Founder & CEO at Mercato Blockchain Corporation AG and Weekly Columnist at Daily Fintech) @iliashatzis wrote Ethereum is Going to the Moon

The initial Ethereum team consisted of Vitalik Buterin, Anthony Di Iorio, Bitcoin Magazine co-founder Mihai Alisie, Amir Chetrit and Charles Hoskinson. The team printed black Ethereum t-shirts and started working on the Ethereum Blockchain in 2013. Later, they added three more co-founders Joseph Lubin, Gavin Wood, and Jeff Wilcke. They didn’t know each other very well or have a detail plan of what they would finally create. But they had a vision. They wanted to create a “world computer” that would transform not just money, but allow anyone to write smart contracts, decentralized applications and create their own arbitrary rules for asset ownership. Ethereum went live on 30 July 2015, with 72 million coins minted. That was five years ago. Today, stablecoins and DeFi, have turned Ethererum into the most used blockchain.

Editor note: Ilias makes a persuasive explanation of why Ethereum is doing well, citing traction in the key new markets of the future – stablecoins and DeFi.

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Tuesday Efi Pylarinou @efipm our Swiss-based Fintech Adviser,  founder of Efi Pylarinou Advisory and a Fintech/Blockchain influencer – No.3 influencer in the finance sector by Refinitiv Global Social Media 2019 wrote A selection of 7 themes on ETFs and robo-advisors

A mini digital detox in August, may reboot and upgrade my operating system. In this post, I am sharing a selection from this year`s posts focused on ETFs (a 50yrs old innovation) and robo-advisors.

 

Fintech contribution

2020 started with a healthy and growing $5trillion global ETF market. In the US there were 2,000 already trading on platforms with zero commissions.

Editor note: the trend towards low cost, mostly passive, investment vehicles stays very strong even if we are now past the Cambrian explosion era and into a consolidation phase when a few big winners emerge.

Alan Scott Managing Director EMEA at 24 Exchange @Alan_SmartMoney wrote Stablecoin News for the week ending Tuesday 4th August

This weekly snapshot is the news that matters in the Stablecoin market.

Wednesday  Guest author Amber Sutherland wrote A bankers guide to AI Part 2. What if the AI learns the wrong behaviours, such as bias?

Editor note: In every industry, banking included, much money will be made from AI automation (and sadly, many jobs lost). This 5 parter gives you some of the nuances and complexity of making that happen in banking.

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Thursday Patrick Kelahan @insuranceeleph1, our US based Insurtech expert (a CX, engineering & insurance professional, working with Insurers, Attorneys & Owners who also serves the insurance and Fintech world as the ‘Insurance Elephant’) wrote Become a captive and be freed- an alternative to traditional risk management

Knowing there are risks that are challenging to underwrite or expensive to share with a carrier does not have to limit a firm’s or groups options for risk management, nor does a prospective firm need to engage a top-heavy syndicate where 40% of premium dollars result in expense costs.  For those firms with stout hearts, clever advisers and an urge to have closer management of risk there are captive insurance schemes.  And there just might be tax savings, too. 

Editor note: Required reading fornsurance companies figuring out how to add value to corporates who do insurance in-house.

Thursday Christian Dreyer @x3er, our Swiss based CFA who focusses on how XBRL changes our world wrote XBRL: real-time reporting, extensible lists and rulesets

Editor note: This weekly snapshot is the news that matters in the XBRL market.

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Friday Howard Tolman, a well-known banker, technologist and entrepreneur in London, wrote: Alt Lending Week ended 7th August

Editor note: This weekly snapshot is the news that matters in the Alt Lending market.

Bernard Lunn @lunnbernard, the CEO of Daily Fintech and author of The Blockchain Economy, wrote:Interview with John O’Neill of Silent Eight on how to use AI in financial services

Editor note: Read this to learn about AI for detecting money laundering, accounting fraud and consumer scams

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To continue receiving ‘This Week in Fintech’, the weekly recap of our articles, you will need to fill this form to give us consent to send this to you. Please note that Daily Fintech requires your organizational email address (e.g. corporate, educational or government) and your LinkedIn URL. This information is required for subscribers who want ‘This Week in Fintech’ for free. If you prefer to not provide this information, you can still receive all our content by becoming a paying member.

Source: https://dailyfintech.com/2020/08/07/this-week-in-fintech-ending-7th-august-2020/

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Cambodia payments fintech Clik lands $3.7m

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Clik, a Cambodia-based fintech delivering mobile payment solutions to enterprises, merchants and consumers, has landed $3.7 million funding.

It marks the largest ever seed round in Southeast Asia to date, according to Crunchbase.

Clik advert

Clik’s heavyweight partners include Ucare Pharmacy, Kiwimart and conglomerate Chip Mong Retail

The round was led by strategic investors Openway – a Belgian digital payment software – and POEMS, a Singapore-based online trading platform. The funding also includes $2 million of commitments announced at the end of 2018.

Funding and partner network

Click intends to use the new capital to flesh out its product engineering and customer service teams.

Yet to formerly launch, the capital will also underpin its launch in Cambodia sometime later this year.

Since its founding in 2016, Clik has focused on building its partner network. It now has around 2,500 merchants on its books, alongside five financial institutions. These partnerships provide it with access to more than 56,000 merchants across Cambodia.

Some of its heavyweight partners include Ucare Pharmacy, Kiwimart and conglomerate Chip Mong Retail.

“After two years of scaling up and defining the fundamentals of our regional market strategy, we’re ready to accelerate our growth with the closure of our seed round,” says CEO and co-founder Matthew Tippetts.

The CEO thinks the round proves “investors are eager to back future proof platforms for the ‘new normal’ that will inevitably exist post-covid”.

He also thinks it nods to the attractive opportunities for investment in Cambodia, “especially in start-ups with robust regional potential”.

What does Clik do?

The start-up claims to be the first Southeast Asian provider of PCI-certified mobile point of sale (PoS) and software PoS merchant acquiring payment solutions. Clik advert

The fintech is currently developing a platform which helps merchants build consumer loyalty and boost profits.

Having developed its own Know Your Customer (KYC) solution, Clik claims it can onboard consumers and merchants “in minutes”.

The new capital arrives as Clik announces a series new hires. They include its chief operating officer, Patrice Vignes, who previous served as chief financial officer of Amret, a Cambodia-based micro-finance provider.

Olivier Mermet is also welcomed into the fold. Having worked at Procter & Gamble for more than seven year, Mermet will now serve as Clik’s chief design and strategy officer.

Read next: UK leads the way in Islamic fintech ahead of Malaysia and UAE

Source: https://www.fintechfutures.com/2020/08/cambodia-payments-fintech-clik-lands-3-7m/

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