The Weekly Wrap: all you need to know by Friday COB | Oct 8th

By Gaia Lamperti

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The big story

China announced that it will continue to crackdown on FinTech platforms and supervision the online payments industry in line with its anti-monopoly practices to protect the data of consumers.

The country has strengthened regulatory scrutiny on its tech sector over the past year, a move that is having implications on both Chinese and Hong Kongese markets, as well as globally. “We will continue to cooperate with anti-monopoly authorities to curb monopolies and actively deal with algorithm discrimination and other new forms of anti-competition behaviours,” People’s Bank of China governor Yi Gang said in a keynote speech during the Bank of International Settlements conference on Thursday.

The central bank also announced that, from now on, it will take measures around data ownership in a more accurate manner to promote fair use of data and safeguard privacy.

Deals of the week

• ClearBank expands with its new multi-currency offering
• Fobi’s $1 million acquisition of PassWallet, a leading android wallet pass issuer
• Raiffeisen Digital Bank launches a new lending app with Mambu
• CoinSwitch Kuber raises $260 million in Series C funding
• BitOasis closes $30 million in Series B funding
• DPI raises Africa funds at $900 million to invest in innovation-led companies
• Sonovate surpassed £2 billion in total funding during September 2021

Be on the lookout for

BNPL giant Klarna got into a trademark dispute with UK-based payments company VibePay over the word ‘vibe’ which would become the name of Klarna’s rewards programme soon-to-be-launched in the UK.

The programme is already active in the US where customers can earn points for every $1 they spend. According to The Telegraph, which firstly reported the story, the dispute could potentially end with a $45 billion acquisition of  VibePay by Klarna.

Events & appointments

• The Sibos all-digital event will run 13^th-14^th October, driving engagement on major and emerging issues across the financial ecosystem, and delivering an enhanced, immersive delegate experience IBSi is proud to announce that will be a Media Partner for the event.
• Another major industry event will be held in France next week, Paris FinTech Forum, (12^th– 13^th October) create opportunities for interactions and exchanges for the FinTech community in Europe.