Fasanara Fintech Weekly

Fintech Adsorbs Banks, Green Singapore, China Fixes Ant Group Problems, Growth of ESG & Other News



Happy Thursday!



In this edition:


  • How fintech will eat into banks’ business

  • Monetary Authority of Singapore invites applications for green fintech accelerator

  • Ex-London Stock Exchange Chief said to plan Fintech SPAC

  • Chinese regulators tell fintech groups to fix ‘problems’

  • FinTech Goes Green




How Fintech Will Eat into Banks’ Business.



Bankers, once kings of capital, may be dethroned by payment platforms.


The clout of non-bank financial firms is growing, making the balance-sheets that banks use to support lending less valuable. And tech giants are using the competitive power of their platforms to muscle into banks’ main business. It is as if the entire industry were in a pincer grip that might one day kill it.


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Monetary Authority of Singapore Invites Applications For Green Fintech Accelerator.



The Monetary Authority of Singapore (MAS) announced the launch of the 6th edition of the Global FinTech Hackcelerator, with the theme “Harnessing Technology to Power Green Finance”.


The competition, supported by Oliver Wyman, seeks to unlock the potential of FinTech in accelerating the development of green finance in Singapore and the region.

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Ex-London Stock Exchange Chief said to plan Fintech SPAC.



Former head of the London Stock Exchange (LSE), Xavier Rolet, is looking to launch a special purpose acquisition company in the US targeting financial technology investments.


This news was confirmed by people familiar with the matter and it is expected to raise about $300 million. The plan for the listing is expected to be revealed over the next few days.


Mr. Xavier is known to have helped LSE close several successful deals during his tenure there which gave the LSE control over the largest clearinghouse in the world and also made it one of the biggest financial index compilers. He left LSE in 2017 and moved to London-based hedge fund firm CQS in 2019 as its CEO.


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Chinese Regulators Tell Fintech Groups to Fix ‘Problems’.



Tencent, ByteDance and 11 others summoned as Beijing extends pressure beyond Jack Ma’s Ant Group.


Chinese officials have told 13 of the country’s biggest tech companies to “rectify prominent problems” on their platforms, a sign that the regulatory pressure on the fintech sector is spreading beyond Jack Ma’s Ant Group.

Tencent, ByteDance and the fintech affiliates of Baidu, JD.com, Meituan and Didi were among the group summoned to a meeting with officials from the People’s Bank of China and other banking, securities and foreign exchange regulators, according to state news agency Xinhua.

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FinTech Goes Green.



There is a growing acceptance here is a growing acceptance that business has a role to play in combatting climate change. The desire to accelerate a transition to a low-carbon economy is real and is shaping transformation across many sectors. Just last week, Ryanair pledged to power 12.5% of the carriers’ flights with green fuel — currently two to four times more costly than the standard fuel — by 2030 in a bid to cut carbon emissions. As Peggy Hollinger pointed out when “Michael O'Leary is ready to pay a premium for sustainable jet fuel to help save the planet, you know the business world has changed.”


Reflecting the growing importance of climate change for the economy and the role it has to play within the European Central Bank's (“ECB”) policy, the ECB has set up a climate change centre to bring together the work on climate issues in different parts of the bank and to drive the climate agenda. Christine Lagarde, President of the ECB, noted recently that the centre provides the structure needed “to tackle the issue with the urgency and determination that it deserves.”

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