What The FinTech #175 - 1 Jul 2024
🚀 Welcome back to What The Fintech! 🌟
Jump right into our latest fintech news with this quick-read edition – just the headlines and direct links for a swift update. And if you're up for a deeper dive, our full newsletter on Substack is packed with thorough analyses, exclusive interviews, and so much more!
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In today’s edition, not only will you find the latest fintech news, but also our latest podcast episode where we explore the most pressing fintech topics. Join us for an exciting journey into the heart of fintech!
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🎙 Latest What The FinTech Podcast Episode with Stefanie Koh: TerraPay - Redefining the boundaries of global payments 🚀🌐
Join us as Stefanie unfolds her compelling journey from the high towers of traditional finance to spearheading innovation at TerraPay. Learn about her pivotal transitions across major financial institutions and her current role in catapulting TerraPay to the forefront of the fintech revolution. 🌍💡
Key Insights:
- Uncover the strategic maneuvers and technological innovations that enable TerraPay to transform the global payments landscape, making financial inclusivity more attainable than ever.
- Delve into the challenges of navigating complex regulatory environments and how TerraPay maintains agility and compliance on a global scale.
- Discover emerging trends in fintech, including blockchain and smart contracts, that are setting the stage for a new era of financial operations and security. 🤖🌟
Stay tuned for what's coming, and as always, your likes, give a 5⭐, shares, and subscribes mean the world! Keep the fintech vibes strong! 💪🎉
Listen now on:
Spotify ⭐⭐⭐⭐⭐
Apple Podcast ⭐⭐⭐⭐⭐
Google Podcast ⭐⭐⭐⭐⭐
Amazon Podcast ⭐⭐⭐⭐⭐
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🇭🇰 🏦 Hong Kong Finance Frontier
Hong Kong Fintech Firm FundPark Secures $250m In Loan Led by HSBC 💰🏦 - FundPark secures a $250 million asset-backed securitization facility, supported by HSBC, to provide funding for eCommerce entrepreneurs in Greater China.
Valuetronics to invest HK$7.7 mil in GPU, AI cloud services JV 🤖💼 - Valuetronics invests HK$7.7 million in a joint venture with Sinnet Cloud to provide AI and GPU cloud services, focusing on data and model services.
Hong Kong eyes DeFi and metaverse to boost fintech dominance 🌐💼 - Hong Kong's financial sector explores the potential of DeFi and metaverse technologies to strengthen its fintech industry and digital asset market.
Airwallex Joins Forces with Intuit QuickBooks to Streamline Business Accounting 📊🤝 - Airwallex integrates with QuickBooks Online, automating transaction syncing to simplify accounting and enhance financial management for businesses.
Tencent-backed online lender WeBank gets green light to set up fintech unit in Hong Kong 💰🏢 - WeBank receives approval to establish a fintech subsidiary in Hong Kong with a capital of US$150 million, aiming to expand its market presence.
🇸🇬 💼 Singapore Financial Innovations
From China to Singapore, Asia's AI policy "gaps" pose headaches for business 🧠⚖️ - Diverse AI regulations across Asia create challenges for businesses, with varying approaches from China’s detailed guidelines to Singapore’s flexible policies.
🇨🇳🔌 China's Tech Landscape
US Probing Cloud Arms of China's Big Three Telcos 🕵️♂️☁️ - The US investigates whether China’s largest telecom carriers are providing American data to Beijing through their US cloud services, raising security concerns.
Alipay+ Partner E-Wallets Transactions in Germany Rose by 67% One Week into UEFA EURO 2024 📈⚽ - Alipay+ sees a 67% rise in transactions during the first week of UEFA EURO 2024, driven by international tourism and local spending.
Tencent's New Blockbuster Game Exceeds $270 Million in 30 Days 🎮💰 - Tencent's Dungeon & Fighter Mobile hits $270 million in revenue within its first month, surpassing other top games and marking a successful debut.
Apple adds Alibaba, JD to list of Vision Pro Apps for China 🍏🛒 - Apple collaborates with Alibaba and JD.com to include their apps on the Vision Pro headset, enhancing the device's appeal in China with virtual shopping experiences.
China's Wealthy Play a Game of Musical Chairs 💼🌏 - Ultra-high-net-worth individuals in China shift their financial assets between Hong Kong and Singapore amidst changing market conditions and regulatory landscapes.
Chinese travelers abroad want to order via WeChat Mini Programs ✈️🍜 - A significant number of Chinese travelers prefer using WeChat Mini Programs to order food abroad, enhancing their dining experiences and convenience.
How OpenAI’s Decision Not to Operate in China Will Reshape the Chinese AI Scene 🤖🚫 - OpenAI's exit from China prompts local AI leaders like Baidu to fill the gap, offering free model fine-tuning and guidance to developers.
🌏 Asia Pacific Fintech Pulse
Qoo10 Launches 'Wish+' to Expand International Sales Channels 🌐🛍️ - Qoo10 integrates with Wish.com to launch 'Wish+', combining their extensive product inventories and offering a unified global e-commerce experience.
Razorpay facilitates international payments for Indian Freelancers 💸🌍 - Razorpay's MoneySaver Export Account helps Indian freelancers save up to 50% on international payment fees by enabling local bank transfers in multiple countries.
AllBank, MPay seal partnership for QR PH 🤝💳 - AllBank and MPay partner to enhance digital payments in the Philippines through QR PH, enabling near real-time transactions across various banks and e-wallets.
Nomura: Most Japanese Investment Managers to Add Crypto 💹🇯🇵 - Over half of Japanese investment managers plan to invest in crypto assets within the next three years, seeing it as a diversification opportunity.
GCash allows US-based Pinoys to cash-in from US banks 💵📲 - GCash enables cash-ins from over 12,000 US banks, providing convenient and low-cost remittance options for Filipinos abroad.
Flipkart launches UPI Payment App offering cashback rewards 📲💸 - Flipkart introduces a new UPI payment app offering up to 5% cashback, credit cards, and personal loans, aiming to enhance user experience and financial services.
E-commerce firm Shopee agreed to adjust its practices in Indonesia after watchdog says it violated competition law 🛒⚖️ - Shopee adjusts its business practices in Indonesia following a competition law violation, demonstrating its commitment to regulatory compliance.
SoftBank Demos Nullforming Technology for Spectrum Sharing Between HAPS & Mobile 📡🛰️ - SoftBank successfully tests nullforming technology for spectrum sharing between High Altitude Platform Stations (HAPS) and mobile networks, enhancing communication efficiency.
Nearly a Quarter of Asia Asset Owners Have No Gold 🏦💰 - 24% of Asia Pacific asset owners lack gold investments, with barriers including lack of dividends and difficulty in valuation, though many recognize its diversification benefits.
Viettel becomes the first firm in Vietnam to receive ISO 30107-3 for FaceID 🛡️📲 - Viettel's eKYC system achieves ISO 30107-3 certification for FaceID, ensuring high accuracy and security against biometric fraud.
Google Cloud vows to help Korean companies’ succeed with AI ☁️🤖 - Google Cloud commits to empowering Korean businesses with generative AI-powered cloud services, aiming to drive innovation and operational efficiency.
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Cheers,
Medhy,
Your Fintech Navigator