News Roundup
This page contains an archive of the Global Newsletter summaries and the weekly fintech news roundups.
Every day the Fintech Nexus news team scours the globe for the most important stories of the day to include in our daily newsletter.
Then every Saturday we bring you our weekly news roundup of the top 10 fintech stories of the week with commentary from Peter Renton.
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9F Group has invested in a blockchain company called Wyre in Silicon Valley; the Group will establish its Southeast Asia headquarters in Singapore soon; plus it already has 9F Primasia Securities in Hong Kong. Source (Chinese)
"Orebits Corp. has created a new asset class, enabled by Symbiont's distributed ledger technology, which will change the precious metals financing marketplace forever," says Scott Mehlman, CEO of Orebits Corp.; through support from Symbiont's blockchain technology, Orebits will offer clients digitized "smart certificates" called "orebits" that are tied to gold reserves setting up a new form of gold trading; additionally the exchange for the new gold orebits will operate based on a peer-to-peer structure; Symbiont reports that the innovation has created a completely new trading alternative for investors to gain exposure to gold and Orebits says the exchange will operate without margins, storage and insurance, creating a considerable advantage over other current methods for investing in gold. Source
Google is expected to launch a mobile payments app in India next week; Google Tez, which means fast in Hindi, will offer a comprehensive set of payment options beyond existing products like Android Pay according to Banking Technology; it also plans to support Unified Payments Interface (UPI), Paytm and MobiKwik. Source.
The accelerator is being launched by the founder of venture capital firm Boldstart Ventures, Ed Sim, and is the first accelerator dedicated to the Hyperledger Fabric blockchain; Sim tells CoinDesk: "We feel like there's a tremendous amount of corporates working and using Hyperledger Fabric, but there aren't as many startups working in that area. We'd like to bridge the gap."; the program, will last eight weeks helping companies to build with the open-source code and they will receive an undisclosed amount to help them along the way. Source
The fundraising round was led by TransUnion, Hearst, and Macquarie with participation from existing investors Uprising and John Mack; firm plans to use the funding for expansion of its data analytics platform services; it will also extend its services to the traditional lending market; following the deal, Steve Chaouki, executive vice president and head of TransUnion's financial services business unit, will join the PeerIQ board along with Shea Wallon, managing director of Hearst's Financial Venture Fund. Source