News Briefing - Crowdfunding, SME And Alternative Finance

A large conie-shaped cloud in a sunnyblue sky

1.UK – FinTech 

Finextra reports: 

“Innovate Finance has bemoaned the Government's failure to devise a cohesive national strategy for UK fintech, as recommended by the Kalifa Review. 

In February, Ron Kalifa published his independent review of UK fintech, commissioned by UK Treasury ministers. The report, which saw contributions from across the fintech ecosystem contained actions for government, regulators and for industry, focused on five key areas: policy and regulation, skills, international, national and investment.

Eight months on and many areas still remain unaddressed, says Adam Jackson, director of policy, Innovate Finance

"We are still waiting for a government regulatory roadmap for crypto, whilst the FCA has taken some regulatory action against individual firms and extended the deadline for initial temporary crypto Anti-Money Laundering authorisations," he says. "Across Government there has been very limited progress on introducing Open Finance - extending open banking to other areas of financial services."

But the main policy and regulation recommendation that has been ducked so far is for a co-ordinated fintech strategy. Kalifa recommended a government task force to join up and develop a single, cohesive strategy.” 



2. UK – FinTech 

Finextra reports: 

Revolut is recruiting a technical lead to build a crypto exchange. 

“According to a job ad posted on LinkedIn, the successful candidate "will be leading a technical team to architect and build Revolut Crypto exchange".

The firm is looking for an individual with 7+ years experience in the tech industry and experience in building order matching engines.

Revolut in July completed a massive $800 million funding round that values the loss-making business at $33 billion.

The firm currently enables customers to trade up to 20 crypto-tokens and in May announced plans to allow customers to transfer their bitcoin holdings to wallets outside the superapp's ecosystem, adressing a long-standing gripe about the company's walled garden approach to crypto trading.” 



3. International – FinTech 

Altfi reports: 

“Credit card lender Jaja Finance has announced a change in its ownership, with a consortium of private equity giants KKR and TDR Capital taking majority control of the company. 

Financial details of the transaction were not disclosed, but AltFi understands that it will result in fresh investment coming into the business which will result in an expansion of the Jaja team next year. 

The change in majority ownership comes two years after Jaja enlisted KKR’s help to fund its £530m acquisition of the Bank of Ireland’s British credit card portfolio. 

While the landmark deal brought 500,000 Post Office and AA credit card accounts into the Jaja fold, the subsequent integration project led to a 14-month delay to the launch of Jaja’s own credit card.” 


4. International – FinTech 


The Fintech Times runs a feature: 


There’s simply no denying that the financial industry is experiencing a power struggle. Established financial institutions are now competing with FinTech-wielding startups and large enterprises with deep pockets looking to further leverage their existing customer base. And customers are increasingly open to the idea of accepting these novel digital banking services. 

Serge Beck is a serial entrepreneur, venture capitalist, IT specialist, and blockchain ambassador, with over ten years of experience on Wall Street and over ten years of experience as a venture capitalist. Beck is the CEO and Founder of Optherium, a global fintech company developing blockchain solutions to reform defective functions within financial and security infrastructure. 



5. International – FinTech 


Crowdfundinsider reports: 


Lynx Global has partnered with cryptoasset custody and trading solutions provider to improve financial inclusion to the underserved population in Southeast Asia. The process begins with the digital hotbed of the Philippines. Under this association, will provide custody and complete institutional cryptoasset trading solutions to DA5, Lynx Global’s group company, with operations in Australia and the Philippines. The services will be secured by multi-party computation.”