Happy Thursday!
In this edition:
China’s tech tycoons lose $87bn of wealth after Beijing crackdown
Investors can now get exposure to hot UK fintech Revolut
UK fintechs shatter records and attract $24.5bn investment in first half of the year
Fintechs Need to be Regulated More like Banks, says report from Global Regulator Group
Fintech adoption during epidemics depends on pre-existing inequalities.
China’s tech tycoons lose $87bn of wealth after Beijing crackdown.
Fortunes of Tencent’s Ma and Pinduoduo’s Huang fall sharply after regulatory assault on sector.
Beijing’s regulatory assault on China’s technology industry has lopped $87bn off the net worth of the sector’s wealthiest tycoons since the start of July, hitting the fortunes of magnates such as Tencent’s Pony Ma and Pinduoduo’s Colin Huang.
Investors can now get exposure to hot UK fintech Revolut.
A trust formerly run by fallen money manager Neil Woodford has invested in Revolut, the UK's most highly valued private tech business ever.
Schroder UK Public Private Trust, formerly known as Woodford Patient Capital Trust, said on Monday it had taken a small stake in Revolut. The deal gives investors who buy into the fund some exposure to the fintech giant.
UK fintechs shatter records and attract $24.5bn investment in first half of the year.
Investment in UK fintech has reached an all-time high, as firms in the industry attracted a staggering $24.5bn in the first half of the year across the highest volume of deals on record.
British fintech investment across private equity (PE), venture capital (VC) and M&A deals has exploded as the country emerges from the pandemic, soaring in the first six months of 2021 to four times the $5.9bn invested during the whole of 2020.
Fintechs Need to be Regulated More like Banks, says report from Global Regulator Group.
BIS paper says big financial technology firms may need to be considered systemically important, a designation currently reserved for big banks and insurers.
Fintech adoption during epidemics depends on pre-existing inequalities.
The Covid-19 pandemic has increased remote working, online shopping, and telehealth, with important differences across socioeconomic groups in their ability to use such new technologies. Orkun Saka, Barry Eichengreen and Cevat Giray Aksoy investigate past epidemics and find that they significantly increase the likelihood that individuals do their banking using the internet, mobile banks, and automated teller machines (ATMs). But inequality plays a role.
Thank you for the time!
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