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FinTech Payments

Velo Labs Teams With Visa, Lightnet On MSME Lending In Asia

November 30, 2020 at 11:47PM

Velo Labs has unveiled a joint effort with Visa and Lightnet Group to build out payment offerings together in Asia, according to an announcement.

Velo Labs, Visa and Lightnet Group will work together on payment offerings targeted at serving the micro, small and medium enterprise (MSME) lending market in Asia, the announcement stated. The collaboration seeks to let those who have substandard credit histories, or no credit histories, get a line of credit by putting digital assets up as collateral.

“Being new-to-credit or lacking creditworthiness is often an obstacle to achieving one’s financial goals, such as securing loans to start a business or even buying a car,” Lightnet Group Vice Chairman and Group CEO Tridbodi Arunanondchai said in the announcement. “We are providing customers from the MSME market with another pathway to build credit and improve financial wellness.”

The partnership also grows the reach of the three companies by allowing near-real-time international transactions among money transfer operators, participating financial institutions and other financial service companies.

The International Finance Corporation forecasts that $5.2 trillion in MSME lending goes unserved each year worldwide, while over half of that funding gap occurs in the Asia-Pacific (APAC) area, according to the announcement.

“This agreement is a testament to Velo Labs’ and its partners’ continuous efforts to achieve financial inclusion for millions in the under-served MSME lending market,” Velo Labs Chairman Chatchaval Jiaravanon said in the announcement. “It also illustrates Velo’s capacity as a bridge asset enabling greater financial inclusion.”

Velo Labs said its aim is to build out a Velo Protocol-fueled “Federated Credit Exchange Network.”

The news comes after the firm that built out the Velo Protocol, Lightnet, landed $31.2 million in a Series A funding round in January. The round was headed up by Seven Bank, UOB Venture Management, HashKey Capital, Uni-President Asset Holdings, Signum Capital, Hopeshine Ventures, Du Capital and Hanwha Investment and Securities.

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FinTech Payments

Today In The Connected Economy: A Very Digital Holiday Season

November 30, 2020 at 11:38PM

As has been long forecast, not to mention strenuously requested by the CDC, the 2020 shopping season is shaping up to be a rather digital affair, with customers eschewing stores in favor of digitally enabled shopping paths. The shift in consumer preference is altering the market, shifting valuations and creating entirely new species of demand in the shopping population.

Digital Sales Surge on Black Friday

Though normally one of the biggest days in the brick-and-mortar shopping year, Black Friday 2020 saw half the number of consumers showing up in stores, while digital sales shot up 22 percent to reach $9 billion. PYMNTS research found that 25 percent of shoppers prefer shopping entirely digitally. Katherine Cullen, director of industry and consumer insights at the National Retail Federation, reportedly told the publication: “People very much seem to have heeded warnings to avoid crowded shopping and have understood that most of these deals are also available online.”

Cyber Monday Looks to Be the Biggest Digital Shopping Day to Date 

While still ongoing as of the wiring of this article, Cyber Monday is forecast to be the biggest digital shopping day ever in the U.S., forecast to bring in $12.7 billion in revenue, according to Adobe Analytics. And the promotional period will stretch across the week at many retailers. “We know many people are doing more of their holiday shopping online this year, so our biggest Cyber Week yet includes more deals and more ways to save than ever before,” Rick Gomez, Target executive vice president and chief marketing, digital and strategy officer, said in a statement.

Omni-Connected Tech Gadgets Are Booming 

It seems connected gadgets will be in a lot of stockings this year, with the wearables market estimated at a value of  $70 billion worldwide — a big valuation that disguises a temporary stall in year-on-year growth due to COVID-related manufacturing disruptions during the second quarter. The long-term forecast, however, is for double-digit percentage growth for years to come, driven by an array of new products from new mass-market firms flooding into the market.

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FIAT GBP

[AC] 1 GBP equals 18824.0801 IDR

THE RATE TODAY FOR GBP/ IDR IS 18824.0801 November 30, 2020 at 11:37PM

View GBP/ IDR Chart

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News

Mag 6.3 earthquake Chile-Argentina border area

November 30, 2020 at 11:18PM

USGS with the report on a large quake:
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Author: https://www.forexlive.com/news/!/mag-63-earthquake-chile-argentina-border-area-20201130 Selected by SYFX+

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Saudi Arabia and the UAE move closer with plan to launch a digital currency

November 30, 2020 at 11:14PM

The
Saudi Central Bank (SAMA) and Central Bank of the  Unitd Arab Emirates (UAE) have issued a joining report on
the benefits of using a distributing payment system over a centralized payment structure. 
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Author: https://www.forexlive.com/cryptocurrency/!/saudi-arabia-and-the-uae-move-closer-with-plan-to-launch-a-digital-currency-20201130 Selected by SYFX+

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Leaked documents provide insight into Chinas cover-up of the early days of the Wuhan coronavirus outbreak

November 30, 2020 at 10:45PM

CNN says they have unearthed  a report marked "internal document, please keep confidential" with information on China’s early days of COVID-19 fraud. 
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Author: https://www.forexlive.com/news/!/leaked-documents-chinas-cover-up-of-the-early-days-of-the-wuhan-coronavirus-outbreak-20201130 Selected by SYFX+

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BankingTech FinTech

Inside look: New data drives banks’ mobile UX 

November 30, 2020 at 11:24PM Each day, KeyBank’s digital team receives two reports. To start the day, the team receives a qualitative report with subjective feedback from customers detailing problems or suggestions. A few hours later at around 11 a.m., employees get a quantitative report with data on usage from the previous day. “What we start with is the qualitative, […] via Bank Innovation https://bit.ly/33vAUR0
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Australia – ANZ-Roy Morgan Consumer Confidence 107.5 (prior 104.5)

November 30, 2020 at 10:33PM

Up 2.9% w/w and to its highest since March 1 this year.
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Author: https://www.forexlive.com/news/!/australia-anz-roy-morgan-consumer-confidence-1075-prior-1045-20201130 Selected by SYFX+

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FinTech Payments

Meituan Revenues Up Nearly 30 Pct YOY In Q3

November 30, 2020 at 11:23PM

Food delivery emerged as the top earner in the third quarter for China-based firm Meituan, according to a report from the company.

Meituan works in food delivery, travel and other services.

Total revenues for the company increased in the third quarter by 28.8 percent year over year to 35.4 billion renminbi ($5.4 billion), the report stated. That included a huge boost from the food delivery component of the business, which saw a 32.8 percent revenue increase compared to last year.

As in much of the rest of the world during the pandemic, the increase was a result of the greater dependence on delivery apps in lieu of going out in person, so as to avoid infection.

The daily average number of food transactions increased by 30.1 percent to 34.9 million since last year, the report stated, while the average value per order increased 4.5 percent year over year. All of that resulted in food delivery revenue increasing to 20.7 billion renminbi ($3.1 billion) for the third quarter.

The report noted that summer is usually the peak in terms of order volume, and Meituan worked on expanding its base of merchants and increased the number of options available for restaurants, with the hope being to stimulate the recovery of the company’s food delivery business and help local restaurants.

The company also worked on flexibility through more delivery time options for riders, and it worked on new algorithms to help boost rider safety. The company also worked to make sure riders got reasonable compensation and had more options for healthcare and education, the report stated.

Meituan was valued earlier this year at $100 billion, becoming only the third Chinese company to get to that level after Tencent and Alibaba, PYMNTS reported. The pandemic caused a downturn for Meituan’s overall operations early in the year, with transactions dropping while people tried to save money. But the larger food delivery orders helped the company continue making money anyway.

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DoorDash Valuation Could Hit $28 Billion, As Firm Says It Only Has 3 Pct Of US Market

November 30, 2020 at 11:16PM

DoorDash is reportedly seeing its estimated valuation rise to some $28 billion as the food delivery platform moves ahead with its long-awaited initial public offering (IPO). The company noted in a recent filing that it’s currently capturing just a tiny piece of the total U.S. market for food delivery.

“Our [gross order volume] in 2019 represented less than 3 percent of this off-premise spend, highlighting the large addressable opportunity ahead of us in the food vertical alone,” DoorDash wrote in its recent S-1 filing. “We are also beginning to expand into other verticals beyond food and our ambition is to empower all types of local businesses.”

That’s good news for DoorDash’s upcoming IPO. The Wall Street Journal quoted unnamed sources Monday (Nov. 30) as saying that the IPO is seeing good demand in road shows, boosting DoorDash’s likely valuation to a range of $25 billion to $28 billion from the $25 billion initially anticipated.

The company noted in its S-1 that while COVID-19 has slammed many industries, the pandemic has actually been a big positive to its business as consumers choose takeout over in-restaurant dining.

DoorDash wrote in its S-1 that “58 percent of all adults and 70 percent of millennials say that they are more likely to have restaurant food delivered than they were two years ago, and we believe the COVID-19 pandemic has further accelerated these trends.”

The company said that helped it boost revenues to $1.9 billion during 2020’s first nine months — more than double the $885 million recorded in the same 2019 period. DoorDash added that it swung to a $994 million gross profit during the year’s first nine months vs. a $149 million net loss for the same 2019 period.

However, the company said it expects to continue growing over the long term even after the pandemic ends. “We believe the improving value proposition of local logistics platforms, including DoorDash … has contributed to increasing off-premise consumption, and we expect this trend to accelerate, particularly in today’s convenience economy,” the firm wrote.

DoorDash also noted that “while we are the category leader, U.S. consumers on our platform in September 2020 represented less than 6 percent of the U.S. population. … We believe we are in the early phases of broad market adoption.”

However, the company conceded that it faces stiff competition from not only rival food delivery platforms like Uber Eats, Grubhub and Postmates, but also from Domino’s and other delivery-friendly pizza chains. The firm added that other competition includes grocers that have their own delivery systems in place, as well as restaurants that offer tradition takeout and delivery.

“Changing traditional ordering habits is difficult, and if merchants and consumers do not embrace the transition to local food-delivery logistics as we expect, our business, financial condition and results of operations could be adversely affected,” DoorDash wrote.

But the company added that in addition to its flagship delivery service, it’s also expanding into new businesses like DoorDash for Work, which provides restaurants with large catering orders from businesses.

The company wrote in its filing that it has also developed DoorDash Drive, a white-label logistics service for restaurants that chains like Chipotle and Little Caesars have already signed on to. The firm wrote in its filing that DoorDash drive “allows merchants that generate demand through their own websites, apps and other channels to fulfill orders using our platform.”

 

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