News > FinTech

Chinese tech giants tiptoe into US fintech market
While the likes of Square and ApplePay are yet to tackle China’s immense market for payments and remittances, China's tech majors are gradually making inroads stateside. E-commerce giant Alibaba’s Ant Financial has already spent the last year trying to woo US retailers with its  payments platform, AliPay. Now WeChat, the messaging app run by social media firm Tencent, is teaming up…
Square IPO prices below its range at $9
It's not looking good for Square. The San Francisco-based payments startup has priced its IPO at $9, below its initial range of $11 to $13, as it prepares to go public on Thursday. That's 40% below the level paid by Series E investors a year ago. The meager price will trigger a clause that means those late stage investors are entitled…
Democratization of markets
  Average investors are big beneficiaries of morphing markets, financial technology (fintech) and more market information than at any point in history.  For ordinary investors, trading is more analytically sophisticated, faster and cost-effective ever. Markets are democratizing. Back in the day, average investors pretty much stuck to the stock market, or maybe a bond here or there. Their key strategy:…
Video: Partners are key to going global for fintech startup
<p>Hedgeable has opted for an open architecture so it can land almost anywhere in the world and set up to provide private wealth management services for millennials. In an interview with NexChange, Mike Kane, founder and "master sensei" at Hedgeable, says there are still two things fintechs need to move forward from there.</p>
Earnest raises $275M as VC cash floods to lending startups
Lending startups seem to be latest obsession for venture capitalists on the hunt for fintech deals.  Two months after student loan company SoFi raised a staggering $1 billion from SoftBank Capital, a consortium of investors have channeled $275 million into lending company Earnest through a mix of debt of equity. Tech Crunch reports that Battery Ventures led the $75 million
Video: Hedgeable's Mike Kane tells us what he would do differently
<p>&nbsp;</p> <p>Everyone makes mistakes when launching a new company. In this interview with NexChange, Hedgeable's founder Mike Kane shares what he would do differently when prepping to go overseas.</p> <p>Kane will be part of a New York City panel on November 18 discussing startups seeking to raise funds and go global in Asia. For more information and registration, follow this link here.</p>
Japan’s Amazon ups its fintech game with new fund
Japan’s leading e-commerce player Rakuten is already a prolific venture capital investor, backing tech and e-commerce startups across Asia and North America. Its latest $100 million fund now puts the fintech space in its crosshairs. The firm reports that its new fund will focus on mid-stage fintech startups in the U.S. and Europe. The idea is that the fund is&hellip;
Hedgeable appeals to millennials in US and abroad
Hedgeable, the platform that bills itself as the only private banking platform for millennials, plans on going global in 2016. The goal: Fifty percent of Hedgeable's business should be outside the U.S., says founder and "master sensei" Mike Kane in an interview with NexChange.
Singles' Day reveals the extent of China’s fintech revolution
<p>Online shopping records were smashed by China’s ecommerce giants Alibaba and JD.Com on Tuesday as the country celebrated Singles’ Day, an annual consumer holiday that puts Black Friday to shame. It was a big day for e-commerce but it was also a notable milestone for mobile payments, with rival platforms Alipay (Alibaba) and WeChat payments (Tencent) battling for supremacy.</p> <p>Techcrunch reports that of the $14.4 billion transacted by Alibaba - itself is remarkable jump from last year’s tally of $9.3 billion - 69% came via mobile, up from 43% last year. That means around $10 billion was transacted via Alibaba's Alipay.</p> <p>But there was also competition. – Tencent’s e-commerce partner – didn’t announce its sale figures, but did reveal a 130% jump in single day orders for the same period on the previous year. The company claims 74% of its total orders were placed via mobile platforms, including's native app and through Tencent’s WeChat - which has it own Alipay payments service embedded - and Mobile QQ’s platform. </p> <p>The day was a major validation of the success of Alibaba’s mobile payments platform, but Tencent and’s success also proved that the battle for market dominance will be a hard fought.<br /> Photo: Jamz196</p>
Cyberport and MaRs join forces
<p>More than 200 delegates from the Hong Kong and Toronto fintech communities gathered at a MaRs and Cyberport event in Hong Kong on Wednesday afternoon. They were immediately treated to an uplifting announcement.</p> <p>Earlier in the day, MaRs and Cyberport had signed a memorandum of understanding (MoU) that should strengthen the bonds of collaboration between the two energetic fintech hubs.</p> <p>The panel discussion that followed at Cyberport reinforced a sense of shared purpose. Specialists from across the sector gave their geographical perspectives as they emphasized how startups can revolutionize the global financial industry through the application of disruptive technologies.</p> <p>“Hong Kong and Toronto are gateways; the former to the vast Chinese potential and the latter to New York and Silicon Valley. But both have their particular advantages and challenges too,” said Adam Najee, head of financial technology at MaRS.</p> <p>For instance, Hong Kong has a large, skilled financial services workforce, but the high cost of living means it’s a risk for them to venture into startups where salaries are initially low. Toronto has some of the best, highly trained tech minds in the world, but they often lack access to capital to convert their ideas into practice.</p> <p>“There is a constant need for talent among startups in Hong Kong and there is the further issue of a tight regulatory environment to navigate,” agreed David Ng, business development specialist, The Payment Cards Group.</p> <p>Cedric Jeannot, founder and CEO, APrivacy knows the ecosystems of Hong Kong and Toronto intimately, with operations in both centers. He recognizes the similarities and the differences.</p> <p>“But, if everyone can contribute a brick then eventually we will build a wall,” he said</p> <p>And although, there is a widespread recognition that Hong Kong’s fintech sector is making strong progress, there is no room for complacency.</p> <p>“Hong Kong needs to find a niche in order to catch up with London and New York,” said Jacob Wai, a committee member in the Hong Kong Computer Society Fintech SIG and Business Intelligence SIG  and research director at the Asia Financial Risk Think Tank.</p> <p>Nevertheless, clearly Toronto and Hong Kong share similar attributes and challenges as fintech hubs.</p> <p>“They have vibrant ecosystems, are gateways to other major centers and they are in a continuous search for funding,” concluded the panel moderator Juwan Lee, lead founder and CEO, Nexchange.</p> <p>“Today’s MoU should ensure Cyberport and MaRs can work even more closely together and help fulfil the enormous potential of fintech entrepreneurs in both cities,” he added.<br /> Photo: Carolyn Hall Young</p>