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InvestHK Creates Dedicated Team to Help Fintech Startups Come to Hong KongUncategorized
2016 is the Year of Fintech in Hong Kong Hong Kong is on the growing list of countries that see Fintech as strategically important for their regional economy and global competitiveness. This past week, in a speech delivered in New York City, Hong Kong Financial Secretary, John C Tsang provided an update on how Hong Kong expects to become a leader in disruptive finance. Tsang started by pointing out that Hong Kong has consistently been recognized as the “freest economy in the world”. Taxes are are very competitive as one would expect. Corporations are taxed at 16.5%, income tax at 15%. There is no VAT, capital gains nor inheritance tax. Beyond the business-friendly ecosystem, Tsang declared Hong Kong poised to take advantage of disruptive finance; “Hong Kong has what it takes to become a worldwide hub for Fintech.” Hong Kong has created a “dedicated team to assist overseas Fintech start-ups, investors and R&D institutions in establishing a presence in [their] city.” Dozens of incubat..
Katipult Launches Peer to Peer Lending Software for UK MarketUncategorized
Katipult has launched new software designed to power UK peer to peer lending platforms. Katipult has partnered with payment platform Mangopay in their European push. Katipult, based in Canada, is a white label software provider that facilitates investment crowdfunding / P2P lending in over 20 regulatory environments. Mangopay, launched in 2013, has quickly generated a dedicated portfolio of clients across Europe providing a payment service for marketplaces that was not previously commercially available. Brock Murray, CEO of Katipult, said they were excited to partner with Mangopay; “The level of sophistication and security required to properly service the debt markets is unique and we’re bringing a product to the UK market that benefits everyone from lenders to borrowers as well as regulators, by creating a high standard for industry confidence.” Céline Lazorthes, CEO of Mangopay – a company that boasts over 1500 platforms across Europe, said that peer to peer lenders demand a high ..
Crowdcube Alum Monzo Secures £4.8M During Interim Funding Round Led By Passion CapitalUncategorized
On Thursday, app-only bank and Crowdcube alum, Monzo, announced it has raised £4.8 million during an “interim” funding round, which was led by Passion Capital. The company crushed past records by securing £1 million in an astounding 96 seconds. According to Business Insider, the funding round now values Monzo at£50 million, it was previously valued at£30 million during its February 2016 funding round. Sharing details about the round, CEO of Monzo, Tom Blomfield reportedly stated: “With the huge success of our Beta program, we wanted to raise additional funding to allow us to continue growing and keep up with the overwhelming demand.” Blomfield also mentioned that with Passion’s support he and his team have been able to close the latest funding round quickly so that they can get back to working on the bank’s growth and development. Also discussing the beta Monzo accounts, Blomfield revealed: “We launched these Monzo accounts as a beta trial, ahead of our full current accounts avail..
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