In today’s FinTech news, Korea gets its first crypto bank while Singapore grants a major payment institution license. Additionally, B2B buy now, pay later (BNPL) options can help bridge the working capital gap in Africa.
Delio Launches Korea’s First Crypto Bank
Delio, Korea’s first virtual asset service provider (VASP), has launched the country’s first cryptocurrency bank.
As a crypto bank, Delio will offer money market deposit accounts allowing crypto deposit and withdrawal at any time, as well as lending and asset transactions. A range of crypto financial services are also offered, including savings, lending, asset management, payment, and non-fungible tokens (NFTs).
Sleek Secures Payments license in Singapore
Sleek, an all-in-one digital platform for small businesses, has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
With the license, the company will continue to support the underserved market segment of start-up entrepreneurs by providing incorporation, accounting, tax, corporate secretarial and CFO-as-a-Service services, in addition to issuing corporate accounts and debit cards. The startup also offers local and cross-border payments and collections.
BNPL is the working capital bridge for African SMEs
Yele Oyekola, co-founder and CEO of Africa-focused B2B payments platform Duplo, told PYMNTS that a buy now, pay later (BNPL) program for businesses can help bridge the financing gap. working capital for small and medium enterprises (SMEs) in emerging markets across Africa.
The startup helps merchants, aggregators and distributors operating in cash-intensive markets to streamline and digitize their payment flows and generate or pay invoices.
AML software company Lucinity raises $17 million
Anti-money laundering (AML) software maker Lucinity has landed $17 million in a Series B round, which it will use to expand its customer base, product offerings, partner network and staff.
The Reykjavik, Iceland-based company develops user-centric compliance systems enhanced by artificial intelligence (AI). Lucinity aims to help banks and FinTechs increase their compliance productivity by more than 50%.
Griffin pockets $15.5 million investment to develop BaaS
Banking-as-a-Service (BaaS) startup Griffin has secured $15.5 million in new funding led by Notion Capital. The new funds will be allocated to expanding talent and developing new products.
Notion Capital co-founder and managing partner Stephen Chandler has also been named to Griffin’s board.