SEC brings the hatchet down on Wall Street’s bad recordkeeping with $289m in fines
The SEC has leveraged 30 enforcement actions to date against firms failing to comply with recordkeeping requirements.
Investment, Asset & Fund Management
DBS completes acquisition of Citi’s consumer banking business in Taiwan
DBS has also absorbed close to 3,000 employees from Citi Consumer Taiwan.
Nationwide Building Society transfers financial planning service to Aegon UK
The transfer is set to take place in early 2024.
Nutmeg and Chase UK CEO Sanjiv Somani resigns
According to a Companies House filing, Somani has resigned as head of Nutmeg and JP Morgan Europe.
Naga integrates Rezolve AI into its social trading platform
The integration is also set to extend to Naga’s e-payments solution, Naga Pay.
Banque de France, ERAFP, Generali Group tap Iceberg Data Lab for ESG data solutions
The clients will be able to access Iceberg Data Lab’s ESG dataset available via its impact calculation platform.
Singapore’s Endowus raises $35m as it eyes regional expansion
The round saw participation from existing investors including UBS Next, EDBI and Prosus Ventures.
Hong Kong fintech Micro Connect raises $458m Series C funding
According to Forbes Asia, the funding round values the start-up at $1.7 billion, making it Hong Kong’s latest unicorn.
MarketAxess acquires Pragma to leverage quantitative trading technology
MarketAxess aims to accelerate the development of quantitative execution algorithms for fixed-income products.
Challenging funding environment pushes LedgerEdge into administration
David Robert Baxendale and Edward John Macnamara have been appointed as joint administrators.
Allfunds acquires local paying agent business of Iccrea Banca
The acquisition enables Allfunds to develop its position in Italy as a local paying agent business.
ICYMI fintech funding round-up: Giraffe, eflow Global, Galaxy Ventures & more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Robinhood reignites plans for UK expansion with chief exec hire
According to an FCA filing, Jordan Sinclair has been appointed as UK chief executive for Robinhood.
BlackRock and Jio Financial Services to launch joint asset management venture in India
The announcement follows JFS’s recent demerger from Reliance Industries.
UBS to pay $388m in fines relating to Credit Suisse’s doomed dealings with Archegos
The US Federal Reserve has fined Credit Suisse $269 million, with the UK’s PRA issuing a further $119 million fine.
ICYMI fintech funding round-up: Anduin, Thunes, Portrait Analytics & more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
FusionIQ integrates with wealth management platform Blueleaf
The integration seeks to provide wealth managers with the tools needed to boost their digital transformation.
Global fintech investment falls over H1 2023 amid economic turbulence but sector remains resilient
According to Innovate Finance data, $27.3bn was injected into the industry globally during H1 2023 through 1,714 deals.
DBS Bank to sell majority stake in AXS to Tower Capital Asia
The bank has struck an agreement this week to sell a 77.8% stake in AXS to the private equity firm.
US fintech start-up MerQube lands $22m Series B funding
The round was led by Intel Capital, with participation from new investor Allianz Life Ventures, and existing investors.
The Bank of London formally submits application for EU banking licence
The firm is setting up a new base in Luxembourg and will invest €200m in the country and across the wider EU.
Platform One appoints former SEI operational director Terry Leavy as new COO
Leavy joins the company following a decade-long stint at US financial services firm SEI.
Rimes supports digital transformation of Jana with Matrix solution
Jana has gone live with the solution in an effort to streamline and automate its operational processes.
Silvr secures up to €200m credit facility to close European SME funding gap
The new transaction is backed by Citi and Channel Capital, and the initial facility will be for €67 million.
Digital asset firm Laser Digital snaps up Elysium Technology Group
Laser says the deal will help bring cross-asset post-trade capabilities to institutional digital asset investors.
Robinhood reportedly laying off 7% of staff in fresh round of job cuts
The news marks Robinhood’s third round of layoffs since April 2022.
Digital banking tech provider Backbase acquires wealthtech Nucoro
Nucoro’s offering will be incorporated into the Backbase Engagement Banking platform.
New CEO of Pipe builds “fintech dream team”
Pipe makes new hires across technology, innovation, product, risk, and operations.
HSBC unveils AI Markets for institutional investors and corporates
AI Markets “has been built from the ground up with user experience in mind”, HSBC says.
FinTech Futures: Top five stories of the week – 5 May 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Deutsche Bank acquires Numis in £410m deal to build out UK investment banking arm
Deutsche Bank plans to fold its UK and Ireland corporate finance business into Numis.
UK fintech Revolut marks Latin America debut with Brazil launch
Revolut will initially offer a multi-currency account and crypto investing for customers.
Tradeweb in advanced takeover talks with Aussie trading platform Yieldbroker
The AUD 125 million ($84m) deal remains subject to Yieldbroker stockholder approval.
Deutsche Börse to acquire Denmark’s SimCorp in €3.9bn deal
SimCorp will sit within a newly created investment management solutions segment, Deutsche Börse says.
FinTech Futures: Top five stories of the week – 28 April 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Pakistan’s UBL Fund Managers taps Codebase for digital onboarding solution
The omnichannel digital onboarding solution has been built using Codebase’s Digibanc platform.
Bunker taps InvestCloud to launch digital investment platform in LatAm
Bunker will make it easier for LatAm consumers to open and manage US investment accounts.
South Korea’s Kakao Pay eyes majority stake in Siebert
Kakao Pay has acquired a 19.9% stake in the US firm and plans to buy an additional 31.1%.
OWIN23: Key takeaways from the Objectway user conference
Wealthtech and banking technology provider Objectway sets out its strategy.
Platform One snaps up £1bn worth of assets from SIPP operator Gaudi
The acquisition takes Platform One’s total assets under administration to £2.7bn.
