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South Korean Unicorn Raises $64m; India Tops China in Fintech Deals

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

Sub-Saharan Africa

  • Nigerians in the U.S. are exploring opportunities to launch a Nigerian Federal Credit United Union.
  • Kenya’s Wapi Capital partners with China-based mobile device maker Transsion to fund African fintech startups.
  • Kenya’s Capital Markets Authority (CMA) admits three fintechs – Pezesha, Innova, and another remaining in stealth mode – to its new regulatory sandbox.

Central and Eastern Europe

  • Latvian fintech Mintos tops €3 billion in loans financed.
  • Looking for a cryptocurrency gig in Russia? Coin Rivet examines top options.
  • Mobile operator Orange Poland partners with Ukraine’s PayUkraine to expand its money transfer business in the country.

Middle East and Northern Africa

  • Abu Dhabi Commercial Bank (ADCB) announces partnership with Plug and Play and Abu Dhabi Global Market (ADGM).
  • MenaFN investigates how Jordanian companies are supporting digital transformation in Iraq.
  • Central Bank of Oman finalizes plans for national payment system in effort to support local fintech industry.

Central and Southern Asia

  • CB Insights reports that the number of fintech deals in India topped those in China for the first time.
  • Female-founded Pakistani venture capital firm, i2i Ventures, announces investment in Pakistani startup Mauqa Online.
  • Indian online investment platform Scripbox acquires rival Upwardly.

Latin America and the Caribbean

  • Zenus, a challenger bank based in Puerto Rico, gains U.S. banking license.
  • Coindesk looks at how Mexico’s new fintech law may impact the cryptocurrency market.
  • CapitalTech acquires Konsigue, a crowdfactoring startup based in Mexico.


  • Toss, a South Korean P2P money transfer service, picks up $64 million in new funding.
  • Fintech Singapore profiles alternative and micro lenders in Vietnam.
  • Singapore’s Koku, a fintech that specializes in foreign exchange technology solutions, plans expansion into Indonesia.

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