Blockchain
Chinese and Asia-Pacific companies dominate the top 10 in KPMG and H2 Ventures 2019 Fintech100
Chinese and Asia-Pacific companies made a strong showing in the top 10 of the 2019 Fintech100 report from KPMG International’s global Fintech practice and fintech investment firm H2 Ventures.
As in 2018, this year’s list showed payments and transaction companies dominating, representing 26 of the ranked companies. This was followed by wealth companies (20), insurance companies (17) and lending companies (15).
China had three companies in the top 10 this year, with a total of seven companies in the ‘Top 50’ and three in the ‘Emerging 50’.
Two India-based companies also featured in the top 10, as did two companies from the US and one from the UK (see the complete top 10 ranking below).
Ian Pollari, Global Co-leader for KPMG’s Fintech practice and a partner with KPMG Australia said: “Globally, we have seen a rise in companies from across Asia-Pacific (including China) which represent the top six, and seven of the top 10 fintech companies in 2019, with China again securing the most top-ten positions.
“In 2019, we have also seen the emergence of India as a fintech force, taking two of the top positions and with seven companies in this year’s list in total,” he added.
Chris Wang, Partner, Head of Fintech, KPMG China, said: “As fintech development continues to go strong in China, we are seeing some changes in China’s fintech landscape. Aligned with trends we observe globally, we see an increasing number of wealth, insurance and multi-sector companies in China on the list, which indicates that technologies and innovations have spread into more financial services sectors. Also, we can see an increase in the number of fintech companies from Hong Kong on the list following a series of efforts by the Hong Kong Monetary Authority to facilitate the development of the fintech ecosystem in Hong Kong. With the competitive advantages of leading fintech companies from Shenzhen and increasing cooperation and interactions among fintech companies in the region, the Greater Bay Area is becoming an important fintech hub in China and undoubtedly has key role to play in the continuous transformation of financial services.”
Overall, the Asia-Pacific region dominated the top 10 for another year with five companies in the ranking. Ant Financial (China) ranked first for the second year running, followed by Grab (Singapore) and JD Digits (China). Coming in fourth was Indonesia-based GoJek. China-based Du Xiaoman Financial took sixth.
Avril Rae, Director, Head of Fintech, Hong Kong, KPMG China, noted: “The annual Fintech 100 champions innovation and innovators. Having led the rankings for the past three years and again securing the most top ten positions on the List in 2019, we see that China remains strong in this field. Additionally, we see a significant increase in venture capital backing of fintech companies; leading fintech players are attracting a greater share of capital from significant venture investors in fintech companies and strategic investors.”
2019 Fintech100 – Top 10:
- Ant Financial (China) is the world’s largest third-party payments platform.
- Grab (Singapore) uses data and technology to improve everything from transportation to payments across a region of more than 620 million people.
- JD Digits (China) is a digital technology company, dedicated to providing digital, online and offline all-scenario services around three key points: data, user and connectivity. It uses emerging technologies such as big data, AI, cloud computing, blockchain and IoT.
- GoJek (Indonesia) a multi-services platform with more than 20 services including Gopay, Gobills, Gopoints, Paylater, and Gopulsa serving millions of users in Southeast Asia.
- Paytm (India) is the largest digital payments company in India with more than 380 million registered users and 12 million merchants on-board its Paytm platform.
- Du Xiaoman Financial (China) provides short-term loan and investment services.
- Compass (United States) is a real estate technology company with a powerful end-to-end platform that supports the entire buying and selling workflow.
- Ola (India) off the back of its ridesharing user base Ola Money is making payments easier and simpler.
- Opendoor (United States) makes it possible to receive an offer on a home in just a few clicks, and sell in a matter of days, removing the headaches, uncertainties, and risks from the transaction.
- Oaknorth (United Kingdom) specializes in small-and-medium-enterprise lending using its proprietary data and technology platform.
Many fintechs are also benefiting from being at the forefront of several key trends, the report found.
Globalization
According to market analysis, an increasing number of fintechs are rapidly globalizing across multiple jurisdictions, such as Australia’s AfterPay Touch, Brazil-based Nubank, Germany-based Kreditech Holdings, and Spain’s Bnext.
Monoline to mainstream
Early fintech innovators with monoline product propositions are now diversifying to fulfil a greater set of mainstream customer needs.
Open banking
A number of companies, such as China’s Ant Financial and India’s Open, are benefiting from the global policy shift to open banking, which is driving competition and allowing fintechs to access customer banking data to create faster, more personalized and innovative services.
SOURCE KPMG
Blockchain
Alpha Transform Holdings Releases March Report on ASC AI Index
Blockchain
Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
In a recent communication directed to Treasury Secretary Janet Yellen, US Senator Elizabeth Warren has strongly advocated for the incorporation of robust Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures specifically tailored for stablecoins. Senator Warren’s correspondence underscores the critical importance of adopting the full array of AML tools outlined by the Treasury Department in a prior November 2023 communication to Congress.
Senator Warren has underscored the burgeoning threat posed by cryptocurrencies, particularly stablecoins, to national security. She has specifically drawn attention to instances where entities like Iran and Hamas have turned to cryptocurrencies as a means to raise funds and support terrorist activities. To effectively address this evolving threat landscape, Senator Warren asserts that any forthcoming crypto legislation must encompass comprehensive AML/CFT authorities as requested by the Treasury Department.
Moreover, Senator Warren has made reference to the testimony provided by Deputy Secretary Adewale O. ‘Wally’ Adeyemo before the Senate Committee on Banking, Housing, and Urban Affairs. In this testimony, Adeyemo emphasized the critical need for additional AML authorities to combat the growing menace posed by cryptocurrencies. Senator Warren has pointed out that the exclusion of crucial actors within the digital asset ecosystem, such as miners and validators, from AML/CFT requirements could potentially enable nefarious actors to exploit the increased crypto trading facilitated by stablecoin legislation.
Senator Warren’s steadfast stance on the regulation and oversight of cryptocurrencies is aligned with her prior efforts aimed at curbing illicit activities and safeguarding consumers, the financial system, and national security interests. She has persistently advocated for the closure of loopholes in AML regulations that allow sanctioned entities like Iran to derive revenue through crypto transactions. Furthermore, Senator Warren has consistently voiced concerns regarding the exploitation of cryptocurrencies in terrorist financing schemes and has called for the implementation of stronger regulatory frameworks to protect both consumers and national security interests within the realm of stablecoin-related legislation.
Source: blockchain.news
The post Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins appeared first on HIPTHER Alerts.
Blockchain
Binance Launches Megadrop: A Token Launch Platform with Airdrops and Web3 Quests
Binance has rolled out Binance Megadrop, a novel token launch platform that blends airdrops with Web3 quests. This platform enables users to engage in BNB Locked Products subscriptions and complete tasks within their Web3 Wallet to earn early rewards from chosen Web3 projects, even before their tokens hit the Binance Exchange.
The inaugural project featured on Binance Megadrop is BounceBit (BB), a BTC restaking chain. Here are the token specifics for BounceBit: Max Token Supply: 2,100,000,000 BB, Megadrop Token Rewards: 168,000,000 BB (8% of max token supply), Initial Circulating Supply: 409,500,000 BB (19.5% of max token supply).
To kickstart their journey with Binance Megadrop, users must log into their Binance account and ensure they possess an active Binance Web3 Wallet. From there, they can subscribe to BNB Locked Products and/or fulfill Web3 Quests to accumulate scores. These scores dictate the rewards received through the Megadrop program.
The scoring mechanism for Megadrop relies on the Locked BNB Score, determined by the quantity of BNB subscribed and the subscription period’s duration. Users also earn a Web3 Quest Bonus and a Web3 Quest Multiplier upon completion of designated Web3 Quests. The total score is computed by applying the Web3 Quest Multiplier to the Locked BNB Score and adding the Web3 Quest Bonus.
Importantly, only wallets created within the Binance Web3 Wallet and not external wallets will count towards Megadrop participation. Megadrop rewards will be airdropped to users’ Binance Spot Wallets.
Users must undergo identity verification and maintain at least one active Binance Web3 Wallet to qualify for Megadrop rewards. Additionally, certain jurisdiction-based eligibility criteria apply. Users from Australia, Canada, Cuba, Crimea Region, Hong Kong, Iran, Japan, New Zealand, Netherlands, North Korea, Russia, Singapore, Syria, United Kingdom, United States of America, and its territories are presently ineligible to participate in BB Megadrop.
Binance Megadrop is aimed at offering users an interactive and rewarding experience within the crypto realm. Further details regarding the Megadrop amount, Web3 Quests, and the comprehensive listing plan will be disclosed separately.
Source: blockchain.news
The post Binance Launches Megadrop: A Token Launch Platform with Airdrops and Web3 Quests appeared first on HIPTHER Alerts.
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