TDB Digest

TDB Digest – What’s Cooking in the FinTech and Banking Industry (Issue 8)

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Digital Innovation in Banking

Hang Seng Invest Express app has now expanded its offerings

Hang Seng bank, a principal member of the HSBC Group, has made several enhancements to its on-the-go investments services mobile app “ Hang Seng Invest Express”. Customers can now use to app to subscribe for IPOs, track performance of the newly listed shares, and also finance their IPO needs. Customers of the bank can easily avail IPO financing based on their requirements. The bank now allows new retail/personal banking customers who have opened an account via “Mobile Account Opening service” to easily apply for an investment account by simultaneous in just a few more steps. With these improvements and enhancements, customers of  Hang Seng Bank can experience customer-centricity solutions and seamless on-the-go financial services.

Digital Banking News

Neo, a self-driven finance app, launched in India

Singapore’s fintech firm Atlantis, recently launched an app-based digital banking solution – Neo in India. Neo is primarily targeted at the growing millennials and Gen-Z population in the country. Neo’s app offers a SMART account lets customer transact, pay bills and save. Algorithms which power the app allow customers to keep track of expenses, automate finances and provide personal finance management insights. Neo also offers its customers a bank card. Currently the bank is accepting customers on an invite-only basis.

Funding in Fintechs

Mercuryo.io announced seed funding round

Mercuryo.io, an Estonian crypto wallet and cross-border crypto-payment firm, recently announced that it raised €2.5m seed funding led by Target Global. The funding will be used to grow and develop blockchain technology that they are currently using. The firm currently enables businesses to open virtual accounts, make business payments and remittances, etc through their payments network enabling them to adapt the blockchain technology.

Copper announced a seed round of $4.3 million

Copper, a Seattle based digital bank for teens, recently announced a seed round of $4.3 million led by PSL Ventures. Other investors were Mana Ventures and Western Technology Investment along with Jack Brody, Director of product at Snap. The primary target for the digital bank are teens and the company uses cash as incentive to make them conscious of money matter by inducing them to fulfil savings goals, paying parents back on time, completing quizzes.

Cross-border Payments

MoneyGram on track to create a large footprint in Africa

MoneyGram International, a leading cross-border P2P payments and money transfer company, recently become one of the largest  payment providers in Africa. MoneyGram achieved this feat by partnering with 4 wallets and FinTechs giving it access to 28 markets in Africa. The said partnerships are with Airtel  – a telecom and money services provider which has presence in 14 markets and Thunes, InTouch and MFS Africa – payment providing companies. Grant Lines, MoneyGram Chief Revenue Officer said, “We continue to execute our plan to overhaul major receive markets, and I look forward to building upon our strong momentum in Africa through these new partnerships.”

Fintech Industry Update

While the general consensus is that FinTechs have continued to receive funding amidst the pandemic, the overall funding has declined by from150.4 billion across 3,286 deals in 2019 to just $25.6 billion across 1221 deals in H1 2020, according to KPMG’s Pulse of FinTech H1 2020. Here is a break-up of the deals and their value:

 

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