This week’s trending fintech news

fintech news

PUBLISHED: 18 OCTOBER 2019
AUTHOR: FINTECH CIRCLE

A FINTECH Circle weekly round up of the latest fintech news, with headlines, summaries and links to the leading articles trending online.

Galileo Financial raises $77 million for its fintech services

Fintech startups such as Monzo, Revolut and Transferwise use Galileo APIs to open accounts and launch new products. The $77 million raise was led by VC firm Accel and Qualtrics co-founder & CEO Ryan Smith. Accel partner John Locke said “We’re in a golden era of fintech innovation and Galileo has quietly built the API infrastructure layer powering the industry’s most innovative products. Clay and his team have built a very impressive business with many parallels to companies like Qualtrics and Atlassian: bootstrapping first to build a quiet, profitable powerhouse and now, ready to go big globally.” Read more

CIMB Singapore, iTrust complete blockchain trade finance transaction

The Singapore branch of CIMB Bank Berhad used IoT cargo sensors and a blockchain platform to complete the trade financing transaction for the import of dairy products. Mak Lye Mun, CEO of CIMB Bank Berhad, Singapore, explained “This blockchain trade financing with iTrust will present an opportunity for CIMB Singapore to support our customers more efficiently and cost-effectively. It mitigates fraud risk, and alerts us of any unauthorized movement of the financed cargo. We are looking forward to working closely with iTrust on this innovative way of trade financing in other markets as well.” Read more

NatWest launches digital and innovation apprentice programme

Working with Leadership Through Sport & Business (LTSB), NatWest invited applicants to take part in a boot camp from which 10 candidates will undergo a four year paid apprenticeship’ NatWest Head of Ventures Andy Ellis said “This programme is about helping young adults in the communities we work in – who otherwise may have been overlooked in traditional application processes – reach their potential. We are committed to ensuring we provide the learning and coaching our new apprentices need so that they can excel in their new roles, while putting them in the best position to be successful going forward.” Read more

CME hops on Google Cloud for real-time market data delivery

The first derivatives marketplace to offer real-time futures and options market data has been achieved by CME Group by using Google Cloud’s global network. Trey Berre, CME Group global head of data services said “Our clients around the world increasingly are looking for quality real-time data within the cloud,” adding “This innovative collaboration with Google Cloud will not only make it easier for our clients to access the data they need from anywhere with an internet connection, but will also make it easier than ever to integrate our market data into new cloud-based technologies.” Read more

Nigerian fintech Firm targets $1.1 billion in Eastern Europe loans

After providing thousands of loans in Nigeria lending platform Lydia is now planning to expand their services into Poland and the Czech Republic using their online scoring system to grant short term loans. “Together with the long-term investors on our side, we are basically agnostic to business cycles,” said Tunde Kehinde, another co-founder of the firm. “During slowdowns, banks restrict themselves from taking risks while businesses still need to function and finance their operational expenses.” Read more

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