The Bank of Thailand and Monetary Authority of Singapore have signed a deal for further cooperation, especially in Fintech. The deal enables both parties to share information, evaluate market trends and introduce easy fintech migration to their counterparts. BOT governor Veerathai Santiprabhob believes that the partnership will promote financial stability and sustainable growth.
Revolut raises $66 million for its global banking alternative
In a Series B round, Revolut has raised a sum of $66million. This comes after Revolut’s expansion in financial products. Revolut was a mobile application that offered multi-currency transaction services. It’s recent pivot means that Revolut is expanding its product line with the introduction of credit services and banking services for businesses.
Bank Commits to Decade of Fintech Investment
Hopping on the bandwagon, Sumitomo Mitsui Banking Corp has made a decade long investment on fintech firms. Through this investment, SMBC intends to collect data on finance technology as well as provide support and funding to fintech firms looking to expand into Japan.
Fintech startups are changing the way we generate credit score. Many young borrowers are looking to fintech startups such as EarlySalary, Zestmoney and ePayLater for hassle-free loans. These firms uses GPS, bank statements, online transaction history and social media to determine an individual’s loan eligibility. In fact, some of these firms have prevented individuals from taking loans behind their spouse’s back!