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The Monday Roundup: what we are watching this week | August 21st

By Puja Sharma

August 21, 2023

  • Acquisition
  • AI lending
  • Fintech news
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MondayThe Monday Roundup sets the scene for the week’s biggest news stories, industry deals, and upcoming events. For Prime subscribers only.

Merchant lending segment

WrenchTo expand revenues and offer mid-size and small-ticket loans to its existing merchants, Mobikwik is entering the business-to-business (B2B) merchant lending segment.

“In addition to QR-based payments and payment soundboxes for merchants, we will also be looking at offering merchant loans.We are experimenting with a few merchant lending products right now,” said Upasana Taku, Co-founder and Chief Operating Officer (COO) of Mobikwik.

Mobikwik is yet to launch the product and is experimenting with its existing merchants. The firm will be majorly targeting Tier II and Tier III cities for small and medium enterprises (SMEs) for their working capital needs.

Gurugram-based Mobikwik has been offering lending and other credit products to its customers. Mobikwik has about 4 million merchants on its platform.

CoinEurope has witnessed the launch of its first live Central Bank Digital Currency (CBDC) project launched by The Central Bank of Hungary, with the support of Perfinal.

At the helm of Perfinal’s involvement is Mate Brezovszki whose role was instrumental in ushering crypto into the regulated arena. From institutional banking at renowned international banks in London to pioneering decentralized finance solutions, Brezovszki’s journey reflects a rare blend of traditional finance acumen and a foresight into the future of digital currencies.

He articulated the current financial zeitgeist, saying, “We are living in the era of a monetary metamorphosis. The number of money-like asset issuers is evolving and expanding. One shared priority emerges amidst this evolution: the safe and transparent management of client holdings. Where this transparency and safety don’t exist, they must be addressed.”

New banking horizon

Positive graphSohar International has completed its merger with HSBC Oman, solidifying its position as one of the fastest-growing financial institutions in the Kingdom. The company celebrated the moment by ringing the market-opening bell at the Muscat Stock Exchange (MSX) on 20th August 2023.

The merger opens many opportunities for the Bank as it embarks on an exciting journey of strategic growth. The Bank has laid the groundwork to amplify its operations and expand its reach, both within and outside Oman. The infusion of additional capital allows for increased lending and investments, fortifying the Bank’s position as a key driver of economic growth and prosperity.

Mohammed Mahfoodh Al Ardhi, Chairman of Sohar International stated, “This glorious occasion marks the start of a new era for Sohar International one that is marked with abundant growth prospects, not only for the bank but also for its stakeholders, investors, customers, and the thriving community that we proudly serve. As we embark on this transformative path, we stand firm in our unwavering commitment to inspire and innovate, steering our banking horizons to new heights of excellence.”

ATMNCR Corporation, an enterprise technology provider, has partnered with Kiwibank, the New Zealand-owned bank. NCR will administer the bank’s ATM fleet through its ATM as a Service solution, and Kiwibank’s 200+ ATMs will be incorporated into NCR’s Allpoint Network in New Zealand.

Kiwibank had previously partnered with NCR to enhance the capabilities and performance of its ATMs through NCR’s managed services and solutions 11 years ago. By expanding the relationship to include ATM as a Service, NCR will take on operational management and maintenance of both in-branch and offsite ATMs.

The bank customers will still be able to access all the same features they have today and continue to enjoy fee-free ATM transactions at Kiwibank ATMs. In 2024, Kiwibank customers will gain access to NCR’s Allpoint Network in New Zealand, which offers surcharge-free access to Allpoint ATMs nationwide.

What is the buzz

ComputerUS-based GoLogiq has signed a non-binding letter of intent to acquire Fram Venture 7. GoLogiq’s letter of intent has valued the acquisition of the Swedish FinTech company at $6 million, which it intends to complete via an all-stock transaction. However, the acquisition value could be increased to $20 million if certain earn-out targets are achieved.

If a deal is agreed, the acquisition will also include Fram Venture 7’s wholly-owned subsidiary, DragonLend, a Vietnam-based short-term lending platform serving SMEs engaged in various supply chain verticals, such as manufacturing, wholesale and distribution.

The acquisition of DragonLend would further our expansion into Vietnam with a proven business lending service that is highly complementary to our FinTech ecosystem,” noted GoLogiq CEO Granger Whitelaw. “We see its scalable platform enabling us to expand into other emerging markets across Southeast Asia, such as Singapore and Thailand.”

“We believe market conditions are perfect for DragonLend to rapidly scale its SME lending platform in Vietnam, especially given how the country’s small business sector has been experiencing strong economic growth,” adds Max Bergman, CEO of DragonLend.

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August 21, 2023

GoLogiq plans to acquire Fram Venture 7 and SME lender DragonLend

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