Dubai is quickly becoming a destination for fintech companies as the country has seen a surge in startups the last three years; according to Arif Amiri, CEO of Dubai International Financial Centre Authority (DIFCA), the country hosts 1,715 companies and banking assets have risen from $50 billion to $150 billion; financial services contributes 12% to gross domestic product, by 2024 that number is set to increase to 18%; Gareth Lewis, CEO and co-founder of Delio, which helps firms getting investment, told CNBC Thursday, "there's a fantastic opportunity in the Dubai region purely around the appetite for private investment." Source
Singapore-based Dymon Asia Ventures has received investment of $20 million and plans to meet its target fundraising of $50 million over the next 12 months; firm plans to invest in 12 to 15 companies and has already begun investing in five companies which include: blockchain startup Otonomos, financing firm Capital Match, forex-focused 4XLabs, trading platform Spark Systems and marketing service WeConvene; the firm's investment focus will be on business to business companies targeting the growing Southeast Asia internet market; it says it will invest in seed stage funding through Series B funding with investments ranging from $300,000 to $3 million and reserves available for continued investment in follow-on rounds. Source
As covered on LendIt News earlier, Malaysia's Securities Commission recently announced licenses for six P2P lending sites; one such site, EthisKapital, claims to be the first licensed platform anywhere that also adheres to Shari'ah law; Islamic Shari'ah law interpreted literally prohibits the payment of any interest on loans based on the term "riba" however modern interpretations allow for modest interest rates and/or the use of a fixed transaction fee rather than accruing interest; EthisKapital's CEO also has co-founded the Islamic Fintech Alliance. Source
China ranks top among 20 world markets in terms of fintech adoption, with 69% of surveyed consumer respondents saying they are actively using fintech services, 33 percentage points higher than the global average, according to a report by consultancy services provider EY; the report is based on more than 22,000 online interviews in 2017; around 64% of fintech users said they prefer using digital channels to manage "all aspects of their life"; money transfer and payment services are major drivers of the fast growth, said the report. Source
26 executives associated with Ezubao were on trial this week in China; the fraud case included Anhui Yucheng and Yucheng Global, operators of the online platform, along with other company executives and platform employees; Ezubao has reportedly taken in over 50 billion yuan ($7.3 billion) in fraudulent investments through two platforms Ezubao and Sesame Financial; a final result in the case has not yet been announced. Source
India's fintech market is growing with a number of socioeconomic factors driving innovation; in 2016 over $1.6 billion was invested in India's fintech industry; the CEO and founder of India's Rubique highlights three ways the Indian lending space is being disrupted, including insight on blockchain, marketplace lending and robo advisory services. Source
Faircent has released a market report on P2P lending in India; report says Faircent, India's largest P2P lender, had funding of over Rs 1 crore ($150,000) in August 2016 and has been growing originations at a 15% to 20% monthly rate; report also provides insight on the platform's borrowers; in India, P2P platforms continue to await guidelines from the government which are expected to help improve business efficiency. Source
Karun Thareja, Faircent's chief marketing officer, talks about the firm's business model and technology; the firm is one of the largest peer-to-peer consumer lenders in India and offers its investors annual returns ranging to 20%; it has built a comprehensive loan operating system with integrated client relationship management technology and lead generation channels; recently it has been focused on client acquisition through Facebook which it has integrated with its platform for customer communication. Source
Crowdfund Insider reports on regulatory developments in China's financial services sector; provides some additional insight on the CBRC's newly released document outlining ten high priority risks; according to Crowdfund Insider the chairman of the China Insurance Regulatory Commission (CIRC), Xian Junbo, has now been placed under investigation as the country seeks to regulate the financial services industry overall. Source
Consumer point of sale lender, Finomena, owns India’s most downloaded fintech app and they hope to continue gaining customers in this emerging market; led by Riddhi Mittal, formerly of Microsoft, and Abhishek Garg, a private equity investor, the company has exploded serving millennials who have little or no credit; they focus on extending credit for electronics, laptops, smartphones and furniture, which they view as good and productive categories for loans; the company has also pioneered flexible monthly installments in India and are looking to raise a Series A round soon. Source