PUBLISHED: 13 September 2019 AUTHOR: FINTECH CIRCLE

China’s JD.com fintech affiliate launches new digital wallet in Thailand

JD Digits and Thailand’s largest retailer have partnered to launch digital wallet Dolfin. Providing online payments, investment services and lending Dolfin has partnered with 3000 stores in Thailand. Retailers will be able to leverage the big data generated from the app enabling them to offer credit, insurance and wealth management. Already a popular Chinese tourist destination this $500 million project will enable better cross boarder payments while serving Thailand’s underbanked and pave the way for the Chinese fintech into Southeast Asian business. Read more

Jack Dorsey’s Square Is Testing a New Free Stock Trading Service

In a feature published by Bloomberg early today Square’s Cash App currently used to buy and sell Bitcoin may also start letting its users buy and sell stocks.  This added feature will be in direct competition with Robinhoods free stock trading app recently valued at 47.6 billion. The news follows soon after the Revolut launch of commission free trading feature which is now live for Metal customers. The free trading business model makes money on debit card interchange fees or on fees for transferring funds to banks instantly. In its most recent shareholder letter Square said that revenue from Cash App was $135 million for the quarter. Read more

France Says It Will Block Facebook Libra in Europe

Speaking at the OECD conference on blockchain and cryptocurrencies in Paris, the French finance minister Bruno Le Maire said “I want to be absolutely clear: In these conditions, we cannot authorize the development of Libra on European soil.” Maine continued to point out that along with continuing cryptocurrency regulatory concerns Libra will be a  controlled by a company with over 2 billion users which could lead to financial disruption. The Libra Association told CoinDesk they welcome the scrutiny they have been under over the last three months since their first announcement and are committed to working with regulatory bodies. A recent CNBC report indicated that Le Maire has discussed a “public digital currency” with outgoing European Central Bank president Mario Draghi and Christine Lagarde, who will take over his position later this year. Read more

RBC opens robo-advisory service to cash-poor customers

The Royal Bank of Canada has launched InvestEase, a robo-advisory feature that can help customers invest with as little as $100. Rajan Bansi, senior director, Investments & Advice, RBC InvestEase says “We know there are Canadians who want to invest, but don’t feel they have enough money or knowledge to take that first step” and adds “RBC InvestEase’s no-minimum requirement, means you’re backed by the expertise of our Portfolio Advisors and our smart technology, and don’t need to worry about any minimums.” During a time that other banks are cutting their robo-advisors RBC have discovered that their is a demand for investing among cash poor customers.  Read more

DBS uses blockchain platform to resolve cash-flow problems for Chinese SMEs

The bank found that over half of SME’s globally are turned down by financial institutions for their trade finance requests adding to the world’s trade finance gap of $1.3 trillion. DBS is to offer a blockchain platform that can be accessed via an API enabling them to verify the credentials of a supplier within a few seconds and can then offer them digital trade financing services to upstream SME suppliers within 24 hrs. The initiative is seen as being beneficial to suppliers beyond the first layer of the logistics supply chain ecosystem which often have limited access to trade finance.  Read more  For the latest fintech news and events sent straight to you inbox sign up to the FINTECH Circle newsletter