Global News

5 LITHUANIA

Lithuanian fintech under investigation for Wirecard fraud

Prosecutors suspect that UAB Finolita Unio may be linked to the notorious Wirecard scandal. When the $2.3bn of funds went missing in June 2020, the finserv platform declared insolvency. The accusations posit that UAB Finolita Unio stole $121.3m prior to its ultimate demise. 3 USA

American Express enters European Open Banking with Tink

Multinational financial

services corporation American Express has formally entered the European Open Banking market in partnership with Tink. The former will incorporate the latter’s Open Banking tech into its application and risk analysis processes. The development will impact AmEx’s customers in France, Germany, the Netherlands, Norway, Spain, Sweden, and others.

1 ICELAND

Central Bank of Iceland raises rates in post-COVID optimism

Ahead of western Europe’s

other central banking institutions, Iceland has raised its interest rates 0.25% to 1%. Driven by economic results at the end of 2020 and beginning of 2021 that surpassed expectations, the bank’s actions are a positive sign of post-COVID recovery. 2 SINGAPORE

Singapore Government invites applications for green fintechs

Singapore’s government

has opted to support the development of green fintechs in its latest industry event, the Global FinTech Hackcelerator. Supported by US consultancy firm Oliver Wyman, it will seek to unlock the fintech sector’s latent potential in advancing the development of green finance in Singapore and the wider region.

4 JAPAN

SoftBank Group announces annual net profit of US$45.8bn

Boosted significantly by Coupang’s listing on the US market, tech giant SoftBank has reported the highest annual earnings of any Japanese company ever. The company is reportedly now investing billions into its technology platform. B2C services and products, and has become the leading e-commerce enterprise in South Korea.