Tagged: coronavirus

Indonesia’s Vice President Says Digital Technology and Online Payments have become “Absolutely Necessary” due to COVID-19

Bank Indonesia (BI), the nation’s central bank, introduced the seventh Indonesia Sharia Economic Festival (ISEF) this past Friday. The event took place virtually or online, which was notably the first of its kind in the country. Established in 2014, ISEF is an international event that… Read More

Omnipresent, a Company Offering Assistance with Payroll, Compliance, Taxes, to Remote Workers, Secures $2 Million in Seed Funding

The Omnipresent Group, which focuses on offering assistance to remote workers, has secured $2 million in seed funding. The company claims that it acquired the funds “within six weeks” of the COVID-19 outbreak, so that it can offer a viable solution to support what it… Read More

Fintech Adoption in India will Lead to More Contactless and Digital Payments, but Cybersecurity Risks Must be Addressed, Industry Exec Says

China and India had the highest Fintech adoption rate (at 87%) out of all emerging markets, as of March 2020, according to a Research and Markets report. The Fintech sector has been expanding during COVID-19 because more consumers and businesses are conducting transactions online. Many… Read More

SoFi Launches Program to Offer $200 Towards Emergency Savings To Those Who Open An Account With SoFi Money

SoFi, one of the most successful Fintechs in the US, recently announced it has launched a program to offer $200 towards emergency savings to all who open an account with SoFi Money. According to SoFi, the program headlines a COVID-19 pandemic-relief package that also includes… Read More

British Business Bank: Coronavirus Loans Working

The British Business Bank says the Coronavirus loan schemes are benefiting businesses in all corners of the UK. According to a note distributed by the Bank, loans are tracking the business population of each region. The loans are being provided by both traditional financial services… Read More

UK’s Federation of Small Businesses Cautions that £1.5 Billion in Unclaimed COVID-19 Related Funding Might Go Back to Treasury if not Claimed Soon

Emergency COVID-19 funding or financial relief for companies in the UK will reportedly go back to the Treasury at the end of this month if it’s not claimed, the BBC reports. About four months after £12 billion in Coronavirus related funding was approved to help… Read More

Australian Neobanks Continue to Slash Interest Rates on Savings Accounts due to Economic Challenges Created by COVID-19

Even though interest rates offered by challenger banks or neobanks in Australia (and globally) are generally higher than those offered by incumbents, Mozo reports that these all-digital banking platforms have been lowering their rates. Analysis performed by Mozo reveals that three neobanks were forced to… Read More

Global Fintech Funding Surpasses $9 Billion in Q2 2020, More Merchants Accepting Payments from Digital Wallets Following COVID-19: Report

The Fintech sector managed to secure more funding, globally, during Q2 2020 than it did during the first quarter of the year, according to a recent report from CB Insights. The report noted that the Fintech industry in all major world regions, except for Asia,… Read More

US Federal Reserve Is Focused on Launching FedNow for Real-Time Digital Payments and Settlements

The US Federal Reserve, which is the central banking system of the country, has reportedly been working on a new real-time payment and settlement system, called FedNow. Governor Lael Brainard claims that the Fed plans to have FedNow fully operational as soon as possible. Brainard… Read More

New Zealand’s Fintech Sector is Well Placed to Support Consumers with Managing their Finances, Industry Professional Claims

James Fuller, CEO and co-founder at Hnry, a New Zealand based online freelance accountancy company, claims that his firm has seen a significant increase in the number of new customers following the COVID-19 outbreak. In an interview with Channel Life, Fuller notes that since the… Read More

Indian Fintech Sector Receives $1.47 Billion in Investments during H1 2020, 2,147 Fintechs Operating in Country as of June 2020

Approximately $1.47 billion was invested into businesses operating in the Fintech sector in India between January to June 2020, according to the latest MEDICI Report covering Indian financial technology markets. The amount invested into India’s Fintech industry during H1 2020 was 60% greater than the… Read More

UK Fintech iwoca, which focuses on Lending to SMEs, Is Asking for Closer Collaboration between Banks and Alternative Lenders for Supporting CBILS during COVID-19

UK-based Fintech iwoca, a company focused on lending to SMEs, is calling for closer collaboration between the country’s largest financial institutions, after securing £100 million to support the operations of small businesses looking for financing via the Coronavirus Business Interruption Loan Scheme (CBILS). The COVID-19… Read More

Fintech Become, an Online Lending Platform for SMEs, Is Offering Business Loans for E-Commerce Sellers

Fintech firm Become, an online lending platform for SMEs, notes that digital or e-commerce has been accelerated by about 4-6 years due to COVID-19 which has led to permanent changes in consumer behavior. Individuals and business owners are increasingly using all-digital services, instead of visiting… Read More

European Marketplace Lender October Reports a “Record Month,” 55 Projects Received Funding During July 2020

October, a leading European online lender, reveals that it was definitely not “idle” during the month of July 2020, despite the challenges created by the global COVID-19 outbreak and the resulting economic uncertainty. October claims that July 2020 was a record month, during which 55… Read More

Stuart Sopp, CEO at Digital Bank Current, Explains Why It’s Critical to Assist Low Wage Earners, Especially During COVID-19

Stuart Sopp, founder and CEO at digital bank Current, has previously noted that the COVID-19 outbreak has shown how his company serves employees whose roles are considered essential during the global pandemic. In June 2020, Sopp had confirmed that Current would remain focused on spending,… Read More

Digital Payments Surge in India with UPI Transactions Reaching Record Highs, Pakistan Also Seeing Rise in Online Transfers

Digital payments experienced a surge in India during July 2020. UPI transactions increased by 11% month-over-month to $38.7 billion in July. Unified Payments Interface (UPI) is an instant real-time payment system that has been created by India’s National Payments Corporation. It aims to facilitate inter-bank… Read More

European P2P Consumer Lender, Mintos, Financed Record €2.8 Billion in Loans in 2019, Generates Nearly €1 Million in Net Loss

Mintos, a global loan marketplace, has reported had a record year for new investors and platform lending.  Mintos has operations across Europe as well as Africa, Asia and the Americas. The peer to peer (P2P) lender revealed that it financed €2.8 billion in loans via… Read More

SME Lender Funding Circle Reports that Millions of UK Consumers have Switched to Local Businesses

Funding Circle (LSE: FCH), an SME lender that facilitates loans in both the US and parts of Europe, recently noted that as the Coronavirus-related lockdown measures are eased, many businesses in the United Kingdom are preparing to open up again. However, even for businesses that… Read More

OurCrowd CEO Jon Medved: Smart venture capitalists and other investors know that downturns often become the best venture vintages

OurCrowd is one of the largest investment crowdfunding platforms in the world. Based in Israel but investing globally, OurCrowd reports over $1.5 billion in committed capital and a growing number of institutional investors. Since platform launch, OurCrowd has had over 35 exits including high profile… Read More

P2P Bitcoin Marketplace Paxful Reveals that Russians are Turning to Cash and BTC Due to Economic Uncertainty Resulting from COVID-19

Peer to peer Bitcoin marketplace, Paxful claims that there’s now a growing interest in the use of P2P Bitcoin (BTC) trading platforms in Russia. According to a release shared with Crowdfund Insider, many Russians have been turning to cash and BTC during these times of… Read More

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