Welcome to today’s fintech crunch. A curated set of news bites about the latest updates on payments, fintech, defi, crypto, and the world beyond…
⚡ Fintech:
- Goldman Sachs is advancing its embedded finance approach. The most recent move is its agreement with General Motors. The bank will create a new digital environment for GM vehicle owners to use in order to access the My GM Rewards card and maybe other banking products.
- Apple has acquired Credit Kudos, a British credit checking service that, owing to its unique API, delivers thorough financial and credit score analyses for individuals. The newly acquired Apple subsidiary is being hailed as the missing link in the UK's Apple Card rollout. The deal might be valued up to $150 million.
- Fintech HUB LT, Lithuania’s biggest association of licensed fintech companies, has elected Asta Grigaityt as the new Chairwoman of the Association. Grigaityt is a fintech specialist with over a decade of experience in the finance industry.
- African fintech startup Flutterwave has just received approval from Bank of Tanzania to operate in Tanzania. The San Francisco-based startup will set up shop in Dar es Salaam, Tanzania's financial capital.
- Singapore’s participation in a multi-central bank project to make cross-border payments easier contributes to the development of the digital economy, Alvin Tan, Minister of State for Trade and Industry, said in the FinTech for Good 2022 event.
- There’s no doubt that fintech jargon can get complicated. Sometimes, it’s just a result of the highly technical nature of the industry. However, there are other instances where financial jargon can get confusing – such as the fact that the three numbers on the back of a credit card can be called CAV, CID, CSC, CVC, CVD, CVN, CVV, or SPC. It’s up to financial services professionals to avoid using technical language that makes fintech intimidating to consumers or to newcomers who want to join the industry.
- Guangzhou has joined Beijing, Shanghai, and Shenzhen in encouraging local financial innovation by introducing a sandbox program that allows stock exchanges and financial firms to test innovative technological projects. Participants are urged to leverage big data, cloud computing, AI, and other technologies to improve the functionality of their financial products and services.
- Fintech unicorn Oxyzo Financial Services from Gurugram, India has secured a $200 million Series A fundraise. Oxyzo makes loans to small businesses based on their cash flows, which they then use to purchase raw materials and invest in their own manufacturing skills.
💸 Crypto & DeFi:
- Thailand's SEC has announced a cryptocurrency payments ban from April 1. The prohibition was imposed due to worries about money laundering and the central bank's incapacity to give help. It emphasized that this is not a restriction on crypto trading or digital assets, but rather a prohibition on payments.
- Crypto.com announced that it will be an official sponsor of the 2022 FIFA World Cup. The corporate sponsorship arrangement will see Crypto.com's logo prominently displayed at the tournament's locations, as well as possibilities for its 10 million-plus customers to attend matches and win prizes.
🧠 Metaverse & NFTs:
- In last month’s New York Fashion Week, the models were dressed in digital wearables designed by Blueberry Entertainment. The walking avatars showcased the digital wearables production studio’s autumn/winter 2022 digital collection.
- Snap has acquired NextMind for an undisclosed sum. The Paris-based startup is best known for its headband controller which utilizes brain signals to move virtual objects – like moving a character in a video game or unlocking your device’s screen.
📑 Report of the Day:
- Fintech is sweeping the banking industry. This report gives an overview of the present health of the fintech industry, including a look at investments by location, fintech industries, exits and revenue, and a focus on payment facilitation. Investments are increasing, crypto and blockchain are becoming more popular, and corporate venture capitalists want a piece of the action.
Hope you enjoy today's newsletter
Until tomorrow, goodbye and good night (cant wait for the weekend to start!)
My mission is to help 500 Founders get funded in the next 5 years. For Startup to Mid-Size company founders, from Seed funding to Exit stage (via M&A / PE buyout).
2yCan’t help but applaud the disciplined and focused acquisitions that Apple has been doing over the years. The latest one being in the UK to support Apple Card. Thanks for bringing that out in your excellent synopsis, Arjun Vir Singh.