FinTech Futures: Top five stories of the week – 10 February 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
South Africa to pilot national rapid payments programme this year
SARB says RPP will broaden financial inclusion in the country
The South African Reserve Bank (SARB) is set to launch a pilot of its national Rapid Payments Programme (RPP) later this year which it hopes will help modernise the nation’s payments infrastructure.
Currently in the implementation stage, the national payment system forms part of South Africa’s Vision 2025 programme, designed to boost the economy and broaden financial inclusion.
The RPP will enable instant payments “that are final and irrevocable”; the use of proxy payments without the need for bank account details; and request to pay, allowing users to request payment digitally.
Crypto exchange Binance snaps up majority stake in South Korea’s Gopax
Binance has acquired a majority stake in South Korean cryptocurrency exchange Gopax as part of its ‘Industry Recovery Initiative’ (IRI).
The investment, the financial details of which are undisclosed, marks the company’s return to the South Korean market after its exit in 2021.
Announcing the deal, Binance says that in November, Gopax “halted the withdrawal of principal and interest payments in its decentralised finance (DeFi) service GoFi as a consequence of the upstream challenges experienced by Genesis Global Capital, LLC”.
“Since then, Gopax has been working closely with local regulators and industry partners in an effort to raise funds to make affected users whole,” it adds.
With the acquisition, Binance says it plans to “inject capital into Gopax with the objective of securing in full any potential GoFi users’ withdrawal requests against all staked deposits, including interest”.
Canada’s Jobber secures $100m in Series D funding round
Jobber raises $100m Series D
Jobber, an operations management software provider for home service businesses, has secured $100 million in a Series D funding round led by General Atlantic.
The round also saw participation from existing investors Summit Partners, Version One Ventures, and Tech Pioneers Fund. Aaron Goldman, managing director and head of enterprise technology investing at General Atlantic, has also joined Jobber’s board of directors.
With the new funding, the company plans to boost its growth through investments in R&D, sales and marketing, and new customer acquisition.
Bank of England and HM Treasury outline case for digital pound
The Bank of England and HM Treasury have released a consultation paper setting out the case for a retail central bank digital currency (CBDC).
Outlining the case for a digital pound, Chancellor Jeremy Hunt says it is likely one will be needed in the future and that it would offer benefits, even if it is too early to commit to building the infrastructure needed.
Nonetheless, the Bank of England and HM Treasury plan to “accelerate” work on the technology and policy architecture for a digital pound.
“Any future digital pound would be a major piece of national infrastructure which would likely take several years to complete,” Hunt says, and its launch would require “deep public trust” in this new form of money.
FNZ to acquire Luxembourg-based B2B fund platform Ifsam
FNZ acquires Ifsam
Global wealth management platform FNZ is set to acquire International Fund Services and Asset Management (Ifsam), a Luxembourg-based B2B fund platform, for an undisclosed amount.
FNZ says the acquisition, subject to regulatory approval, will strengthen its client proposition by adding “advanced” product, research, data and service solutions to its platform. It will also provide its partners with broader access to specialist talent and build out FNZ’s presence in Luxembourg.
Since 2001, Ifsam operates with a team of “seasoned” subject matter experts and offers execution of subscription, redemption processes and custody of fund shares for all types of investment funds, including alternative fund products such as hedge funds, private equity and venture capital.
