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THE MONTH IN NUMBERS
The month in numbers… NUMBER1… China has leapfrogged the UK and US to become the undisputed global FinTech hub, fuelled
by a government-sponsored push into digital penetration, coupled with Chinese consumers’ propensity toward mobile/ online adoption. That’s according to a new DBS/EY report. Neal Cross, DBS Chief Innovation Officer, labels the country’s speedy rise to the top as “truly remarkable”.
He comments: “It’s gotten this far because China’s landscape has operated in a sandbox-like environment conducive for FinTech to thrive — a strong domestic market, coupled with a constant push for innovation and experimentation driven by leading giants, unhindered by international influence. Much of this can be attributed to the favorable government policies and regulations. While the country hasn’t received the attention and acclaim of its counterparts in the FinTech arena, its champions are blowing away competition all over the world. It’s only recently that we are starting to see China’s leading FinTech companies take centre stage at the global level. This will be an ongoing trend in the coming years and we can expect China’s FinTech ecosystem to have a wide-ranging impact on global FinTech development.”
17.6 MILLION…The M-Pesa mobile payments service is significantly reducing poverty in Kenya, according to
a study by MIT and Georgetown, published in the journal, Science. M-Pesa (short for ‘mobile money’ in Swahili) helped 194,000 families, or 2% of Kenyan households, out of poverty between 2008 and 2014, and has been particularly successful in female- led households.
M-Pesa is also turning a profit. In November, its operator Safaricom reported half-year profits of 23.9 billion Kenyan shillings. The service, which charges people small fees, generated about 1/4th of total revenue. It now has 17.6 million active users in Kenya, with, the study finds, at least one user in 96% of the country’s households.
$90 MILLION... Nutmeg has brought its total funding to $90 million after closing a Series D round, led by
Taipei Fubon Bank. This closely followed on from the UK-based wealth management venture landing $37 million in Series C funding from Convoy.
Nutmeg CEO Martin Stead says: “There is a very significant market opportunity before us, in the UK and beyond, and we are going to capture it. With these new funds, we will continue to invest in product innovations which disrupt the industry and deliver a better deal – and a better experience – for customers. And we are going to expand into new
categories and new territories.” 950 MILLION…Bank of America has updated its mobile platform, including a money management and
financial education tool. “These newest offerings are all about connecting to the unique needs and personal goals of the more than 21 million mobile users we serve,” says Michelle Moore, Head of Digital Banking at Bank of America. “We recognise that for each individual, gaining control over their financial lives and making finances simpler and easier to manage means something different, and we are committed to providing customers the tailored solutions they want to make their financial lives better.”
During the third quarter of 2016, customers logged into their mobile accounts more than 950 million times. During that same period, they made more than eight million P2P transfers and 25 million mobile bill payments, a growth of 51% and 30%, respectively, over 2015. They also used their devices to deposit 280,000 cheques daily, receive nearly 280 million text and push alerts, and access their free FICO scores 3.5 million times.
£ 1.9 4 BILLION… Lloyds Banking Group is to buy credit card firm MBNA from Bank of America for £1.9
www.ibsintelligence.com © IBS Intelligence 2017
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