The Series C round was led by Ribbit Capital; SAIF Partners, Sequoia India and Creation Investments Capital Management also participated; the company plans to expand lending, invest in products/technology and widen their geographical footprint; Capital Float will focus on loans to small merchants and kirana store owners; the company has raised $87 million and has about 15,000 customers in e-commerce, traditional retail, manufacturing as well as services businesses. Source
P2P lender China Rapid Finance has announced a partnership with Tencent's wealth management group, Licaitong; China Rapid Finance will list investments on the Licaitong platform; the product listings will include fixed-term investments ranging from nine months to 18 months with expected annualized returns ranging from 4.65% to 6.19%; the investment products reached capacity of RMB 27 million ($3.89 million) within two hours of the launch; China Rapid Finance will continue to offer investments through the Licaitong partnership; in a statement regarding the partnership, Dr. Zang Wang, CEO of China Rapid Finance, said, "This collaboration between CRF and Tencent's Licaitong platform will support the development of inclusive finance in China." Source
With demonetization in full swing, Capital Float has expanded their loan offerings to include businesses with card machines; the new program will allow vendors to take out a loan of up to 200% of their sales; loans will then be paid back based on a small fee from each transaction; the company expects a surge in loans based upon the new government program to remove large cash notes. Source
Kreditech Russia has received Microfinance Company status from the Central Bank of Russia; the approval follows new regulation in Russia that requires the status for increased transparency in the microfinance alternative lending market; Kreditech Russia was established in 2013 and is part of Kreditech Group which was founded in 2012 and has its headquarters in Germany; in 2016, Kreditech Group reported loan origination volume of EUR 125 million ($133.58 million). Source
China's State Administrative of Foreign Exchange (SAFE) has granted Qualified Domestic Institutional Investor (QDII) quotas of US$89.9 billion to 132 Chinese mainland financial institutions; the new quotas follow positive investment catalysts including a Hong Kong stock market rally; the new quotas give Chinese asset managers broader freedom for investment in foreign fixed income and equities. Source
Lufax is one of China's leading P2P lenders with support from Ping An Insurance; it is currently planning to launch a global asset allocation platform to facilitate investment for middle income earners across Asia in 2017; the platform will build on the company's offerings in P2P lending and wealth management; Lufax is also working with four investment banks on an initial public offering in Hong Kong. Source
Alibaba payment affiliate Ant Financial has announced the acquisition of helloPay; the company is based in Singapore and will help support Alipay's strategic growth initiatives in Southeast Asia; its primary payments focus is on serving e-commerce platforms; helloPay will be rebranded as Alipay following the acquisition. Source
China e-commerce business JD.com has announced the sale of its finance business which is focused on payments and investments; company will sell JD Finance for 14.3 billion yuan ($2.1 billion) in cash while also retaining some share in its future profits; with the spinoff of JD Finance, JD.com's business structure will now be similar to the structure of competitor Alibaba who also focuses on e-commerce and has a stake in payments finance business Ant Financial. Source
On November 14 to 18 Singapore held its first Fintech Festival providing S$1.15 million to ten fintech firms; supported by the Monetary Authority of Singapore and the Association of Banks in Singapore, awards were given ranging from S$250,000 to S$50,000; the top prize of S$250,000 for the MAS FinTech Awards (Singapore Open) was given to fastacash Pte Ltd; the Fintech Festival follows significant expansion in Singapore which now has the largest fintech hub in the world and numerous subsidies available to attract fintech startup companies. Source
