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Finovate Global: Fintech News from the Periphery

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from the Periphery is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

MENA

  • Abu Dhabi Financial Group (ADFG) invests “substantial capital” in U.S. VC firm, 500 Startups.
  • Madfooat.com raises $2.3 million in Series B funding.
  • Saudi Arabia Monetary Authority introduces online payments service via the Saudi Payment Network.

Africa

  • nanopay CEO Laurence Cooke discusses the role of mobile money payment platforms will play in the transformation of Africa’s banking system.
  • South African Reserve Bank establishes division to build proof of concept for distributed ledger technology-based interbank clearing and settlement.
  • South African software company Finteq will collaborate with Zimbabwe’s Zimswitch EFT switch and clearing house to build an automated clearing house.

LATAM

  • Banks in Chile shut down accounts of local cryptocurrency exchanges.
  • Brazil’s leading consumer loan marketplace FinanZero raises $3.6 million in Series A funding.
  • Deutsche Welle looks at Spain’s “under the radar” rise as a digital leader.

CEE

  • Romania’s first factoring fintech platform, Instant Factoring, goes live.
  • Sberbank partners with systems integrator I-Teco to develop joint cloud platform, SberCloud.
  • PKO Bank Polski teams up with blockchain company Coinfirm to log and store client transactions and agreements.

Asia

  • China and Singapore complete first all-blockchain commodity trade.
  • Is it time for a fintech revolution in the Philippines?
  • Bank Indonesia announces 15 fintech companies as official payment system providers.

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