News Briefing - Crowdfunding, SME And Alternative Finance

two small test tubes

1. UK – FinTech 

 

Altfi reports: 


“Hundreds of credit card customers have been informed that their cards are being closed after connecting them to all-your-cards-in-one fintech Curve. 

The move by Creation Finance, which issues the credit cards of hotel chains IHG and Marriot, is apparently linked with the practice of ‘cash recycling’. 

Essentially people had been using their credit cards, via Curve’s debit card, to pay into savings accounts and earning points in the process, then using their savings accounts to pay off credit card balances while keeping their points. 

Affected customers flooded Curve’s community forum and reported that Creation’s customer service had said at least 1,800 cardholders were affected. 

A Creation spokesperson wouldn’t confirm the figure, but told AltFi that: “From time to time we may close individual accounts in accordance with our rights under the credit card terms and conditions.” 

 

2. UK – FinTech 


Finextra reports: 


“Standard Chartered is working with fintech FinLync to help corporate treasury and finance teams connect to the bank's API offerings. 

Standard Chartered says that the partnership will help clients make the shift to real-time treasury and significantly increasing working capital efficiency.

Corporates will be able to make decisions faster, more frequently and based on more-precise information, giving them an edge over their competition without the time and financial investments typically required in such integration projects.

The bank has a host of APIs available via its Open Banking platform, aXess, including Transactions, Payment Initiation, Payment Status and Balances. FinLync’s technology can directly embed account data into any clients’ ERP platform, especially for SAP, providing real-time visibility into account data and cash positions.” 

 

3. International – FinTech 

 

The Fintech Times reports: 

 

“MetaOpus, an asset issuance and trading platform, is powered by BlockCreateArt (BCA) Network. With this partnership, Matrixport will provide institutional-grade storage and protection measures for high-net-worth, institutional and retail investors. 

The NFT-tailored services include secure custody, top-auction house consignment, and on and offline exhibition curation. Matrixport will also provide institutional custody solutions for assets of Vulcan DAO (Decentralised Autonomous Organisation), Asia’s first DAO-based art fund, including CyptoPunks, Meebits, and Great Mercy Universe amongst other NFT assets.” 

 

 4. International – FinTech 

 

Crowdfundinsider reports: 


“Non-fungible tokens (NFTs) are perhaps the “most exciting” development in crypto in 2021, according to the team at Kraken. 

The digital assets firm writes in a blog post that many people might believe the future of NFTs is “bright.” However, relatively few understand their true value and potential, the Kraken team notes. In order to separate the hype from the facts, Kraken Intelligence has prepared an extensive report covering what NFTs really are, how they work, and why they may be considered valuable. 

NFTs are more than digital artwork — they “represent identity and verifiable proof of ownership on a blockchain,” the Kraken team explains. They also mentioned that NFTs are able to function as “a passkey to unlock access to exclusive experiences, such as events, blog posts or communities.” Not only that, but any form of intellectual property or physical item “can be minted and linked to a blockchain.” 

The Kraken team further noted that Cryptopunks, Cool Cats and The Bored Ape Yacht Club are just some of the “more popular” NFT collections “with a loyal following.” Behind these collections lies a strong community of consumers sharing a “common interest.” The NFT can serve as “a funding mechanism for those same communities and a passkey for those who wish to join,” the Kraken team added.” 

 

5. International – FinTech 

Crowdfundinsider reports: 

“ZA Bank has announced that it aims to streamline the financial management experience with a “fixed-rate” tax loan at a “guaranteed 1.58% APR.” 

Driven by the motto of “Be the Game Changer”, Hong Kong’s virtual banking platform, ZA Bank, has introduced another tax loan with a fixed annualized percentage rate to offer users a “simple” and “straightforward” financial management experience. 

Starting from today until December 31, 2021, users may take advantage of a guaranteed APR of 1.58% “upon successful application for the tax loan with an invitation code and drawdown of a loan amount of HKD 200,000 or above with a tenor of 6 to 36 months.”