FinTech: Dubai Launches Fund to Help Startups
In today’s FinTech news, Dubai is upping its game on becoming a serious digital player by ponying up $100.7 million in venture capital funding to help startups. Plus, legacy banker Goldman Sachs issues a loan backed by bitcoin.
Dubai Unveils $100M Venture Capital Fund for Startups
With the goal of having the region be a FinTech powerhouse, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, has given the go-ahead for $100.7 million in venture capital funding to help startups achieve that end. The fund will launch in June and plans to “promote the economic growth of the emirate and consolidate its position as a global center for financial technology [FinTech] and innovation in investment capital,” according to a tweet.
With BTC-Backed Loan, Goldman Sachs Signals TradFi’s Designs on DeFi’s Bread and Butter
The world’s second-biggest investment bank, Goldman Sachs, issued its first loan backed by bitcoin. While most of the details weren’t released, the cash loan was the legacy institution’s first secured by cryptocurrency. It’s one of a few signs that firms in traditional finance (TradFi) are looking past their crypto skepticism.
Interswitch: Infrastructure Alone Won’t Fix Nigeria’s Un- and Underbanked Problem
Bridging the gap between the banked, unbanked and underbanked in the emerging market of Nigeria is top of mind for the government as well as businesses in the African country. With 36% of adults in Nigeria lacking sufficient access to financial services, Lagos-based FinTech unicorn Interswitch wants to help bring as many people into the financial and economic fold as possible.
Bank Negara Malaysia Grants Digital Banking License to GXS Bank
GSX Bank, a digital joint venture of Grab and Singtel, was greenlighted by the Bank Negara Malaysia for a full digital banking license. The joint venture includes a consortium of Malaysian investors, including Kuok Brothers. Small businesses comprise over 97% of Malaysia’s business community.
Nium Plans $400M European Expansion
Digital payments startup Nium, headquartered in Singapore, is in talks to make up to $400 million in acquisitions, which would capitalize on its reach in Europe while also expanding its footprint on the continent. The $2 billion start up is on track to generate an estimated $150 million in annual global revenues in 2022.
