Der Beitrag Unstoppable Finance will DeFi massentauglich machen erschien zuerst auf BTC-ECHO.
Der Beitrag 600 Prozent Wachstum: NAGA veröffentlicht Quartalszahlen erschien zuerst auf BTC-ECHO.
Der Beitrag Diese Krypto-Start-ups räumen bei Fintech Germany Awards ab erschien zuerst auf BTC-ECHO.
15th December 2020, Tallinn, Estonia – Gaming venture capital firm Yolo Investments (formerly known as Vereeni Investments) exited its investment in Estonia-based online gaming and sports betting operator Coolbet for an impressive 5.8x return. The acquisition of Coolbet by GAN Limited marks the first start-to-exit investment in Yolo’s portfolio.
General Partner and Founder of Yolo Investments Tim Heath said:
“This is a very significant milestone for all of us at Yolo. It makes us especially proud to have been the early investors for Coolbet, back when we started Vereeni Investments in 2017.”
The funds will be used to reinvest in Yolo’s growing investment portfolio, which spans 46 investments across four funds focused on fintech, gaming and live casino, as well as other related products and services.
“We wish all the best for Coolbet as it takes things to new heights with GAN, and look forward to achieving similar results with the rest of our portfolio, of which many are increasing significantly in valuation.”
About Yolo Investments
Yolo Investments is a venture capital, focused on seed- and A-stage investment opportunities across gaming and fintech. Based in Estonia, Yolo’s mission is to invest in outstanding people with bright ideas, who are focused on innovating and disrupting the norm in all manner of tech startups.
Founded in 2017 by Tim Heath as Vereeni Investments, Yolo has created a thriving ecosystem with ventures across a variety of industries, including fintech, gambling, media, software development, crypto and blockchain-related companies.
Learn more about Yolo Investments – https://yolo.io
Media Contact Details
Contact Email: [email protected]
Yolo is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all
The post Yolo Investments Firm Makes First Portfolio Exit with 5.8x ROI appeared first on BitcoinNews.com.
Indonesian e-commerce and marketplace platform Bukalapak, one of the few in Southeast Asia to have attained unicorn status by being valued over USD 1 bullion, is now considering to expand to the Middle East, according to CNBC.
Since its founding in 2010, it has already entered five other Asian markets (Singapore, Malaysia, Brunei, Hong Kong and Taiwan), but co-founder and president Fajrin Rasyid has his eyes set on farther horizons. He said:
“In the future, it is possible that we go to other countries and other regions, Middle East is one of them.
The primary driver behind that, according to him, is Indonesia’s large Muslim population. It is the world’s most populous Muslim country and that has given the company an extensive learning and experience that would allow them to leverage the merchants and customer base in the Middle East.
Rasyid said that expansion into fintech was a “natural growth” path for e-commerce platforms like Bukalapak. And because a large section of Indonesians have very limited access to traditional financial services, these kinds of fintech innovations made a lot of rational sense.
Especially because most of the population now owned mobile devices, the co-founder believed that these so-called unbanked populations can now be reached, and Bukalapak was well placed to offer these “easy financial services” to them, including opening bank accounts or buying insurance.
Rasyid revealed these insights at the recent Innovfest Unbound in Singapore taking place just this week. Bukalapak bills itself as the one stop shop for anything to sell and buy, with a company that can be trusted. It is one of the most popular marketplaces online in Indonesia.
Image Courtesy: Pixabay
The post Indonesia Unicorn Bukalapak Considers Middle East Expansion appeared first on BitcoinNews.com.
The government of South Korea has committed to revising current laws that would allow for more flexibility in fintech startups in the country to create new business models. This was a statement made by the Financial Services Commission (FSC), as reported by local English daily Korea Times.
Should this change come into effect, local firms will be able to use global models as templates and quickly adopt business practices and financial services, especially those developed by so called tech unicorns across the world.
The FSC used the example of fintech startup Kabbage that offered loans to SMEs as well as retail users on its platform, to show how useful that could be in the Far East country:
“We will consider whether to allow the adoption of overseas models by local startups beginning in July.”
As of now, the only entities allowed to offer such loans to clients are banks or financial units of non-banks such as credit card suppliers and mutual savings.
Prime Minister Lee Nak-yon said that the consideration of such sweeping changes represented the state’s desire to give a boost to its fintech sector, hoping to spur innovation and and the creation of new industries through deregulation. Lee announced at a recent policy meeting in the administrative city of Sejong:
“I urge all government agencies to move forward in relaxing rules after reflecting on the needs of the market so that new industries such as fintech, drones and hydrogen vehicles can be developed.”
A taskforce set up by FSC has reviewed 188 cases of potential financial services using new tech, for a possible revision, with a proposal to amend laws at the National Assembly in the second half of 2019. One such law will allow financial firms to fully acquire fintech startups — now they are only allowed a maximum of 15%.
Image Courtesy: Pixabay
The post South Korea to Copy Global Models in Fintech Adoption appeared first on BitcoinNews.com.
The Financial Conduct Authority (FCA) Director of Competition, Christopher Woolard, has just testified before the House Financial Services Committee Fintech Task Force.
In his presentation entitled ‘Overseeing the FinTech Revolution: Domestic and International Perspectives on FinTech Regulation’, Woolard touched upon some of the key work that the FCA and other agencies in the UK had done in the sector of innovation and open banking.
Several projects were detailed, including the Project Innovate in 2014, the regulatory sandbox in 2015, a feedback statement on supporting the development and adoption of regtech (2016) and a lessons learnt document from the sandbox published in 2017. Fresh details of the impact and effectiveness of the regulatory sandbox were also shared evidence that suggests its work:
“… gives firms the regulatory certainty they need to develop their innovations and deliver
them at speed; improves outcomes for consumers by firms we support bringing innovation to market and incumbents responding to compete harder and improve their own offerings; encourages positive innovation domestically and internationally.”
The newly formed Task Force was set up to investigate new solutions that would foster innovation in the financial services sector. Its announcement by House Financial Services Committee Chairwomen Maxine Waters last month was meant to hold hearings for legislators so they would gain better understanding of the upcoming innovations in financial services.
Woolard’s role as the head of a leading global regulatory body, and its significant place in facilitating fintech, was meant to provide the US committee members with a non-US viewpoint. The UK’s regulatory ecosystem is generally more organized and can come into stark contrast with that of the US, and is widely recognized as the benchmark for innovation.
Others participating in the hearing included:
- Paul Watkins, Assistant Director, Office of Innovation, Consumer Financial Protection Bureau (CFPB)
- Beth Knickerbocker, Chief Innovation Officer, Office of the Comptroller of the Currency (OCC)
- Valerie Szczepanik, Associate Director of the Division of Corporation Finance and Senior Advisor for Digital Assets and Innovation, Securities and Exchange Commission (SEC)
- Charles E. Clark, Director, Department of Financial Institutions, State of Washington, on behalf of the Conference of State Bank Supervisors (CSBS)
Image Courtesy: Pixabay
The post Fintech Watchdog Chief Testifies Before Congressional Committee appeared first on BitcoinNews.com.
A new report from credit ratings agency Moody’s Investor Services has given a sound backing to the three largest banks in Singapore, believing them to be well placed to withstand the threats from financial technology (fintech) startups.
The ‘Fintech – Singapore: Bank of the Future: Fintech threats are growing fast but large incumbents will hold their ground’, report has Moody’s VP and senior analyst Simon Chen praising the regulators of the tiny island nation as “highly supportive” of fintech innovation. Its policies and financial incentives have led to many expansions of tech firms, with Singapore as their base.
“While startups are facing increasing competition for funding, Singapore’s three largest banks have abundant financial resources to invest in technology, and have been channelling cost savings from efficiency gains through digitalization back into technology investments.”
It was in Singapore that the first regulatory sandbox for fintech opened in Asia, just three years ago. After a public consultation, last year they launched the “Sandbox Express” that allowed fintechs to experiment even more quickly.
Aside that, regulators have been trying very hard to improve the country’s digital infrastructure ensuring payment systems and real-time fund transfers benefited from interoperability.
The Singapore Quick Response Code (SQRC) launched in 2018 is now used by over 1 in 4 mobile payment services operators to consolidate different QR payment code platforms into a single one. Moody’s says this helps Singapore take its place as the “most advanced in implementing open banking globally”.
There are some protectionist measures however, that restrict fintech from expanding into deposit-taking and lending. The MAS (Monetary Authority of Singapore) is also monitoing fintech firms via the Payment Services Act. Fintechs aren’t allowed to use wallet funds to provide loans without a banking license either, even if they provide electronic wallets to store funds.
BitcoinNews is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.
Follow BitcoinNews on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews: https://t.me/bconews
Image Courtesy: Pixabay