Fintech
Advance Notice Filed with FAR Resources Ltd. to Nominate Three Directors to Replace the Directors of FAR Resources Ltd.
Vancouver, British Columbia–(Newsfile Corp. – October 7, 2021) – Scott Taylor, who, together with joint actors Jason Barnard and Christina Barnard (collectively, with Mr. Taylor, the “Concerned Shareholders“), hold directly and indirectly an aggregate of 12,187,411 common shares of FAR Resources Ltd. (CSE: FAT) (“FAR” or the “Company“), representing approximately 7.70% of the Company’s issued and outstanding common shares, has filed a notice (the “Notice“) with FAR for the nomination of three highly-experienced directors to be elected to the board of the Company at the annual meeting of the Company to be held on November 12, 2021 (the “Meeting“). Assuming exercise of all common share purchase warrants and stock options held by the joint actors, the Concerned Shareholders would have ownership and control over an aggregate of 23,162,822 common shares of FAR representing approximately 13.69% of the then issued and outstanding common shares of the Company.
Mr. Taylor’s proposed slate of director nominees includes Mr. Taylor, Andrew Lyons and Pierre Yves Tenn (collectively, the “Nominees“), each of whom is highly qualified and well-known in the business community. Please refer to each nominee’s brief biography below.
Mr. Taylor has filed the Notice in accordance with the terms of an Advance Notice Policy, without conceding the validity of the Policy, the form of which was attached as Schedule “A” to the Company’s management information circular, for the annual meeting of shareholders of FAR held on November 28, 2013 (the “Policy“).
As will be discussed more fully in a dissident circular to be issued, it is the intention of the Nominees, if elected, to appoint Mr. Scott Taylor as Chief Executive Officer of the Company.
The following table contains information regarding the proposed Nominees’ place of residence, principal occupations for the past 5 years, and security holdings in FAR:
| Name and Age | Business Address and Residential Address | Current Principal Occupation or Employment and Principal Occupation or Employment within the Five Preceding Years | Number of FAR Common Shares Owned or Controlled(1) | Position with the Company, Proposed Office and Term |
| Andrew Lyons Age: 55 |
Business Address: 716 – 518 Moberly Road Vancouver, British Columbia V5Z4G3, Canada Residential Address: 716 – 518 Moberly Road Vancouver, British Columbia V5Z4G3, Canada |
Mr. Lyons’ primary occupation is currently a self-employed independent consultant in the information technology sector where he provides program and project management services. Until January of 2021, he acted as a consultant in the information technology sector as a member of the Annex Consulting Group. | 25,000 | Proposed director Upon appointment at the Meeting he will serve as a director for a term expiring at the next annual general meeting. |
| Scott Taylor Age: 41 |
Business Address: 10807 Timberdash Avenue Highlands Ranch, Colorado 80126, USA Residential Address: 10807 Timberdash Avenue Highlands Ranch, Colorado 80126, USA |
Mr. Taylor is a businessperson specializing in various technological and oilfield services. Since 2019, he has been the owner and manager of Reservoir Imaging Solutions LLC an energy technology and engineering services company. Prior to that, Mr. Taylor managed global operations for Sigma Cubed Inc., another energy technology and engineering services company with offices in the Southern United States, South America, China, and the Middle East. Mr. Taylor is also the co-owner of Universal Seismic PTE Ltd., a real-time analytics technology development company based in Singapore. |
515,000(2) | Proposed director and proposed Chief Executive Office. Upon appointment as director at the Meeting he will serve as a director for a term expiring at the next annual general meeting. |
| Pierre Yves Tenn Age: 51 |
Business Address:
43 Glenmore Drive |
Mr. Tenn’s primary occupation is currently a self-employed business consultant focussing on cross-border investments and Asian/Canadian business development opportunities. From 2018 to 2020, Mr. Tenn was the Vice President of Business Development for Element Retirement Lifestyle Inc., a company specializing in senior living, and prior to that he was the Vice President of Corporate and Governmental Relations at Deep Sea Capital / Circle Harmony, which had offices in Canada and Asia. |
Nil | Proposed director Upon appointment at the Meeting he will serve as a director for a term expiring at the next annual general meeting. |
(1) Information as to the securities of FAR beneficially owned or controlled, or directed, directly or indirectly by the Shareholder Nominees, other than those of Mr. Taylor, are not within the knowledge of the Nominating Shareholder and have been furnished by such persons as of the date of this notice and reflects securities owned or controlled as at the date of this notice.
(2) As disclosed in Mr. Taylor’s early warning report of today’s date, Mr. Taylor is acting jointly and in concert with Jason Barnard and Christina Barnard. As at the date of this notice, Mr. Taylor, Mr. Barnard, and Ms. Barnard as joint actors, own or control an aggregate of 12,187,411 common shares.
The Concerned Shareholders are not soliciting proxies in connection with the Meeting at this time. The Concerned Shareholders have retained Gryphon Advisors Inc. (“Gryphon“) as its strategic shareholder engagement advisor and proxy solicitor. Gryphon’s responsibility will include providing strategic advice and advising the Concerned Shareholders with respect to the Meeting and proxy protocol. Gryphon’s responsibilities will also include soliciting shareholders should the Concerned Shareholders commence a formal solicitation of proxies. A Concerned Shareholder has engaged Farris LLP as legal counsel.
For more information regarding the Concerned Shareholders’ position, or a copy of their Early Warning Report (described below), please contact:
Gryphon Advisors Inc.
Tel: 1-833-292-5847
Email: [email protected]
Additional Information Regarding Early Warning
In connection with the dissemination of this news release and the filing of the Notice, the Concerned Shareholders determined that they were working “jointly and in concert” with respect to their efforts to have the Nominees nominated pursuant to the Notice of Nominations of Directors for election at the Meeting.
Mr. Scott Taylor holds direct ownership and control over an aggregate of 515,000 common shares of the Company, Mr. Jason Barnard holds direct and indirect ownership and control over an aggregate of 10,827,000 common shares of the Company, options to acquire up to 950,000 common shares of the Issuer (each, an “Option“), and warrants to acquire up to 9,896,000 common shares of the Company (each, a “Warrant“). Ms. Christina Barnard holds direct ownership and control over an aggregate of 845,411 common shares of the Company and 129,411 Warrants.
Combined, the Concerned Shareholders hold, directly and indirectly, an aggregate of 12,187,411 common shares of the Company representing approximately 7.70% of the issued and outstanding common shares of the Company. Assuming exercise of all Options and Warrants held by the Concerned Shareholders, the Concerned Shareholders would hold, directly and indirectly, an aggregate of 23,162,822 common shares of the Company, representing an aggregate of 13.69% of the then issued and outstanding common shares of the Company.
None of the Concerned Shareholders have acquired or disposed of ownership or control of any securities of the Company in connection with the events triggering filing of this report. In connection with the Meeting, the Concerned Shareholders will file a dissident information circular and solicit proxies for the election of the Nominees to the Company’s board of directors in advance of the November 12, 2021 scheduled annual meeting, in compliance with applicable securities laws. Each of the Concerned Shareholders, acquired the securities of the Company for investment purposes, and has no present intention to acquire further securities of Company, although each may in the future participate in financings and/or acquire or dispose of securities of the Company in the market, privately or otherwise, as circumstances or market conditions warrant.
A copy of the Early Warning Report filed by the Concerned Shareholders with the applicable securities regulators in respect of the above acquisition is available under FAR’s SEDAR profile at www.sedar.com.
Information in Support of Public Broadcast Solicitation
The information contained in this press release does not and is not meant to constitute a solicitation of a proxy within the meaning of applicable securities laws. Although the Concerned Shareholders have approached the Nominees for election to the Company’s board of directors at the Meeting of shareholders, the record date for the Meeting has not yet occurred and shareholders are not being asked at this time to execute a proxy in favour of any matter. In connection with the Meeting, the Concerned Shareholders will file a dissident information circular in due course in compliance with applicable securities laws. Any right for revocation of a proxy submitted in connection with the election of the Nominees will be set out in the dissident information circular or a document referred to therein.
The information contained herein, and any solicitation made by the Concerned Shareholders in advance of the Meeting, is or will be, as applicable, made by the Concerned Shareholders and not by or on behalf of the management of FAR. All costs incurred for any solicitation will be borne by the Concerned Shareholders, provided that, subject to applicable law, the Concerned Shareholders may seek reimbursement from FAR of the Concerned Shareholders’ out-of-pocket expenses, including proxy solicitation expenses and legal fees, incurred in connection with a successful reconstitution of the Company’s board of directors. The Concerned Shareholders are not soliciting proxies in connection with a general meeting of shareholders of the Company at this time.
The Concerned Shareholders may engage the services of one or more agents and authorize other persons to assist in soliciting proxies on behalf of the Concerned Shareholders. Any proxies solicited by or on behalf of the Concerned Shareholders, including by any other agent retained by the Concerned Shareholders, may be solicited pursuant to a dissident information circular or by way of public broadcast, including through press releases, speeches or publications and by any other manner permitted under Canadian corporate and securities laws. Any such proxies may be revoked by instrument in writing executed by a shareholder or by his or her attorney authorized in writing or, if the shareholder is a body corporate, by an officer or attorney thereof duly authorized or by any other manner permitted by law.
The registered address of FAR is located at Suite 400 – 725 Granville St., Vancouver, BC, V7Y 1G5, Canada and its head office is located at #510 – 580 Hornby St., Vancouver, BC, V6C 3B6, Canada. A copy of this press release may be obtained on FAR’s SEDAR profile at www.sedar.com.
Mr. Taylor is a resident of Highlands Ranch, Colorado, USA, and the other Concerned Shareholders are each of resident of Vancouver, British Columbia, Canada.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98999
In the fast-paced world of financial technology, shifts occur daily as companies strive for innovation, customer satisfaction, and enhanced market reach. Today’s briefing covers a spectrum of developments, from Visa Direct’s groundbreaking integration in Korea to challenges plaguing the app economy. We’ll also touch on recent acquisitions, strategic partnerships, and expansions in fintech ecosystems. Here’s what you need to know about today’s most pressing fintech trends.
Visa Direct’s Milestone in South Korea: SentBe’s Card Transfer Service Launch
South Korea’s fintech ecosystem has taken a notable leap forward with SentBe’s implementation of Visa Direct’s Card Transfer Service. This collaboration marks a milestone, positioning SentBe as the first Korean fintech company to offer card-to-card international money transfers, a feature in high demand given the rise in cross-border financial activities. Visa Direct’s real-time card-to-card transfers are a potential game-changer for consumers and businesses alike, facilitating faster and more secure global transactions.
The collaboration exemplifies Visa’s larger strategy of partnering with regional fintech players to broaden its influence across Asia’s dynamic fintech markets. By tapping into SentBe’s growing customer base and extensive user insights, Visa is embedding itself deeper into local markets, simultaneously offering Korean users a more streamlined and efficient money transfer experience.
The service’s design allows individuals and small businesses alike to benefit from quicker transaction processing times, marking a significant evolution from traditional remittance processes that rely on intermediary banks. The move is especially critical in a digital age where customer expectations lean heavily towards instant, seamless financial interactions.
Source: Electronic Payments International
Fintech App ‘Trap’ Enrages Consumers Struggling to Cancel Subscriptions
In the modern subscription-based economy, some fintech companies are facing backlash over what customers perceive as the ‘trap’ of endlessly renewable subscriptions that are nearly impossible to cancel. A recent expose revealed mounting frustrations among consumers who signed up for digital services but later found themselves locked into subscriptions they could not easily terminate. The piece highlights the darker side of user retention strategies deployed by some companies to mitigate churn by making cancellation processes intentionally convoluted.
The app-based economy relies on recurring revenue, which remains a vital lifeline for startups and established firms alike. However, industry insiders argue that lack of transparency and difficult cancellation processes have an adverse impact on customer trust, leading to a growing dissatisfaction that may ultimately backfire on these companies. As consumers grow more savvy, fintechs relying on these practices could risk higher attrition rates, regulatory scrutiny, and brand erosion.
This emerging issue has raised questions about ethical standards and customer-centric models in fintech. As competition intensifies, companies must balance growth with transparent practices that foster customer loyalty, rather than coercion.
Source: Forbes
Pinwheel and Terafina Partner to Streamline Omnichannel Customer Onboarding
Pinwheel, a fintech infrastructure company known for its payroll and income data connectivity solutions, recently announced a partnership with Terafina, a leader in omnichannel sales and service platforms for financial institutions. This collaboration aims to simplify and enhance the onboarding process for new customers, providing them with seamless experiences across multiple channels, whether online, mobile, or in-branch.
The partnership combines Pinwheel’s data integration capabilities with Terafina’s expertise in customer onboarding, allowing financial institutions to create more personalized and flexible account opening processes. With consumer expectations evolving towards instant service and mobile-first access, this integration empowers banks and credit unions to meet these needs by delivering cohesive and smooth digital onboarding journeys.
In an industry where customer acquisition and retention are increasingly dependent on first impressions, the significance of streamlined onboarding cannot be overstated. By improving access to real-time employment and income data, this partnership enhances user verification and compliance while also allowing institutions to better assess applicants’ creditworthiness, which is crucial in today’s lending environment.
Source: PR Newswire
nCino Acquires FullCircl in $135 Million Deal: Expanding the Scope of Relationship Management
Fintech giant nCino recently completed its acquisition of FullCircl, a move that underscores its ambition to broaden its reach in the financial services sector. FullCircl, known for its focus on customer relationship management (CRM) solutions tailored to financial institutions, brings a robust set of tools that will allow nCino to enhance its cloud-based banking platform. The acquisition, valued at $135 million, positions nCino as a stronger player in the relationship management space, especially crucial for institutions looking to build deep, long-term client relationships.
With this acquisition, nCino aims to expand its footprint in Europe and boost its offerings in the CRM space, providing banks and credit unions with innovative tools for client engagement and retention. The integration of FullCircl’s CRM capabilities will also support nCino’s existing portfolio, which includes loan origination and digital banking solutions, strengthening its position as a one-stop platform for financial institutions.
This acquisition is part of a growing trend of consolidation in the fintech sector, where larger firms acquire specialized players to fill critical service gaps and offer more comprehensive solutions. By building a holistic platform that spans multiple functionalities, nCino is better equipped to compete in the increasingly crowded digital banking software market.
Source: The Paypers
DriveWealth’s European Expansion: A Strategic Base in Lithuania
DriveWealth, a digital brokerage technology firm, has chosen Lithuania as the launchpad for its European operations. By establishing a base within Lithuania’s burgeoning fintech hub, DriveWealth is strategically positioning itself to tap into the European market, leveraging the country’s favorable regulatory environment and proximity to major EU economies.
The expansion is particularly significant given the increasing demand in Europe for retail investing platforms that provide accessible and affordable market entry. DriveWealth’s solutions enable digital brokers and financial platforms to offer customers fractional shares and real-time trading experiences, which have proven highly popular in markets like the U.S. This move aligns with DriveWealth’s long-term growth strategy and its commitment to democratizing access to investing across the globe.
Lithuania’s supportive regulatory framework and well-developed fintech infrastructure make it an ideal location for DriveWealth’s entry into Europe. The country’s fintech-friendly policies allow innovative financial service providers to set up and scale efficiently. DriveWealth’s presence in Lithuania not only adds to the growing cluster of fintech firms but also reinforces the country’s reputation as a rising fintech powerhouse within the EU.
Source: Finance Magnates
Key Takeaways and Strategic Insights
As seen from today’s top stories, several overarching themes shape the fintech landscape:
- Global Partnerships and Local Expansion: Visa’s collaboration with SentBe exemplifies how partnerships enable fintech firms to break into regional markets by addressing specific customer needs.
- Transparency in Subscription Models: The customer backlash against difficult-to-cancel fintech services raises concerns about the sustainability of current subscription models.
- Innovation in Customer Onboarding: Pinwheel and Terafina’s partnership highlights the importance of streamlined onboarding processes as a means to increase customer satisfaction and improve retention.
- Mergers and Acquisitions to Fill Service Gaps: nCino’s acquisition of FullCircl illustrates a broader trend of consolidation, where fintech companies acquire specialized players to broaden their product portfolios.
- Regional Hubs as Strategic Launch Pads: DriveWealth’s decision to establish a base in Lithuania underscores the importance of regional fintech hubs in providing a supportive environment for global expansion.
Today’s roundup underscores the adaptability of fintech companies as they navigate emerging challenges and opportunities. From addressing regional financial needs to innovating customer experience, fintech firms continue to redefine what it means to engage in modern finance. As the industry grows, so too does the necessity for ethical practices, robust infrastructure, and agile customer solutions. In this competitive environment, the companies that prioritize transparency, customer satisfaction, and strategic expansion will set the standard for the future of finance.
The post Fintech Pulse: Your Daily Industry Brief – Breaking Trends and Insights in Fintech appeared first on HIPTHER Alerts.
Fintech
Fintech Pulse: A Snapshot of Global Expansion, Regulatory Moves, and Transformative Tech in Fintech
In today’s fast-paced fintech ecosystem, the global narrative is pivoting towards integration, regulation, and technological advancement as new entrants aim for U.S. markets, emerging startups seek growth capital, and financial giants align with innovative trends. Here’s a breakdown of recent developments that underline the dynamism in fintech and the paths to profitability and compliance as technologies reshape financial services globally.
Singapore’s MAS Advocates for a Borderless Fintech Network
The Monetary Authority of Singapore (MAS) recently emphasized the importance of cross-border collaboration in the global fintech ecosystem, with chairman Ravi Menon outlining a vision for a seamless fintech network. This network would transcend geographic and regulatory boundaries, allowing Singapore and its fintech entities to engage in mutually beneficial partnerships worldwide. Menon highlighted that Singapore’s strategic geographic position and regulatory environment make it a natural hub for fintech collaborations that advance financial inclusion and foster innovation.
This call for a borderless approach underscores the need for interoperability among financial systems globally, particularly as digital payments and decentralized finance become increasingly prevalent. Singapore’s initiatives signal that regions with supportive fintech policies can potentially drive new growth avenues in the digital economy.
Source: Channel News Asia
Thredd’s McCarthy to Fintech Entrants: Be Sponsor-Bank Ready for the U.S. Market
Fintech firms eyeing the U.S. market face a challenging regulatory landscape. John McCarthy of Thredd advises that those looking to enter the U.S. market should prioritize establishing sponsor-bank partnerships. The U.S. regulatory framework mandates that fintech companies collaborate with sponsor banks to access the financial system, making this step a critical milestone for fintechs aiming to operate stateside.
McCarthy’s guidance highlights an increasingly common barrier for fintech companies: navigating complex regulatory requirements to gain a foothold in the lucrative U.S. financial sector. For many, this means rethinking business models to comply with financial regulations, even as they innovate. This approach has led several fintech firms to secure sponsorship deals with established banks, enabling them to deliver compliant financial services to U.S. consumers.
Source: PYMNTS
Spidr Fintech Lands Funding to Drive Growth with Wells Fargo Backing
Spidr, a rising fintech star, has successfully raised capital, attracting the attention of Wells Fargo and other financial institutions. The fresh funding will fuel Spidr’s ambitious expansion plans, further positioning it as a formidable player in the fintech space. This backing from Wells Fargo represents a trend where major financial institutions are investing in or partnering with fintech startups to gain a competitive edge and meet evolving consumer expectations.
For Spidr, the capital injection aligns with a robust strategy for market penetration, and it’s an opportunity to leverage Wells Fargo’s extensive network and resources. Spidr’s latest round of funding signifies that traditional banks are increasingly open to collaborations with fintech entities, a trend that is reshaping the financial services landscape as banks seek to stay competitive in the digital age.
Source: Charlotte Business Journal
Elphinstone’s Trikl: Innovating Digital Payments in MENA
Elphinstone, a digital payments startup based in MENA, is introducing its innovative solution, Trikl, aimed at transforming payments across the region. The startup’s recent developments underscore its commitment to creating accessible and user-friendly payment systems tailored for the MENA market’s unique dynamics. By addressing specific needs such as currency exchange complexities and local payment preferences, Trikl is positioning itself as a key player in the digital payments landscape.
Trikl’s approach is particularly noteworthy as it caters to the MENA market’s diverse consumer base and taps into the region’s growing appetite for digital financial services. This development represents a promising advancement in digital payment solutions, fostering greater financial inclusion and enabling smoother transactions across borders in MENA.
Source: Menabytes
Hong Kong Sets Rules on Responsible AI to Get Ahead of Disruptive Tech
Hong Kong has unveiled regulatory guidelines on responsible AI use, a proactive move that places it among the leading jurisdictions in AI governance. This development signals Hong Kong’s recognition of the transformative impact of AI on financial services, as it sets clear boundaries on how AI can be used responsibly in financial applications. With AI continuing to disrupt financial services, responsible usage is becoming a priority, particularly in regions where financial systems are heavily reliant on technology.
These guidelines aim to balance innovation with accountability, addressing concerns over data privacy, ethical considerations, and risk management. Hong Kong’s stance on AI regulation reflects its commitment to safeguarding both consumers and financial institutions, setting a high standard for other regions to emulate in terms of regulatory foresight.
Source: South China Morning Post
The post Fintech Pulse: A Snapshot of Global Expansion, Regulatory Moves, and Transformative Tech in Fintech appeared first on HIPTHER Alerts.
The Changing Landscape of Global Fintech
The financial technology (fintech) industry continues to evolve at a rapid pace, making headlines worldwide. Today’s briefing dives into transformative moves and strategic shifts within fintech companies across diverse geographies. From innovative alliances to prominent executive appointments and ambitious expansions into banking, the industry is positioning itself for a future that intertwines financial inclusivity, regulatory compliance, and customer-centric technology. Let’s unpack these developments.
XTransfer’s Hong Kong Fintech Week Entry: Scaling Financial Access in China
XTransfer, a Shanghai-based cross-border financial services firm, has joined the Hong Kong Fintech Week to showcase its solutions, marking a significant milestone in its journey to bridge financial gaps for small and medium-sized enterprises (SMEs) in China. Founded in 2017, XTransfer addresses common barriers faced by Chinese SMEs in accessing international financial networks due to regulatory complexities. The firm’s platform facilitates smoother cross-border transactions by helping businesses navigate regulatory and compliance challenges seamlessly.
The strategic choice to participate in Hong Kong Fintech Week highlights XTransfer’s commitment to strengthening connections within the Asian financial hub. The firm seeks to tap into the region’s wealth of potential clients and partners, as Hong Kong continues to be a pivotal gateway for businesses engaging in cross-border trade with China. The move is also symbolic of the broader fintech community’s push to create inclusive and accessible financial networks, even amid evolving regulatory landscapes.
Source: XTransfer Joins Hong Kong Fintech Week to Expand Global Presence (Yahoo Finance)
Propelld’s New Chief Business Officer: Driving Growth and Product Innovation
Propelld, an Indian ed-finance company, recently appointed Manoj Shetty as its new Chief Business Officer (CBO), signaling a strong commitment to enhancing its market penetration and product offerings. Known for his extensive experience in fintech, particularly in business development and scaling, Shetty is expected to spearhead Propelld’s ambitions to bring tailored financing solutions to India’s education sector.
Propelld focuses on providing student loans and education financing to underserved sections of India, leveraging advanced data analytics to assess borrowers’ potential rather than conventional credit scores. Shetty’s addition to the leadership team suggests that Propelld aims to double down on its innovative data-driven model to better serve the unique financial needs within education.
As the industry grows more competitive, having a seasoned executive like Shetty could be instrumental for Propelld to fortify its unique value proposition. His track record indicates a capacity for handling the nuanced needs of financial services catering to niche markets, and he may well position Propelld to scale sustainably in the expanding ed-finance space.
Source: Propelld Names Manoj Shetty as Chief Business Officer (IBS Intelligence)
Solo Funds Faces Legal Hurdles: The Class-Action Lawsuit Dilemma
In a move that could impact peer-to-peer lending’s regulatory path, Solo Funds faces a class-action lawsuit, alleging that the company’s lending practices breached consumer protection laws. As a platform designed to offer emergency loans to consumers facing cash flow issues, Solo Funds charges “tips” rather than conventional interest rates, a tactic intended to circumvent traditional lending regulations. However, plaintiffs argue that these tips effectively function as disguised interest, making Solo Funds’ practices deceptive and exploitative.
This lawsuit is a critical test for the burgeoning peer-to-peer lending segment, which has grown immensely in recent years as consumers seek alternatives to traditional financial institutions. The outcome may force similar platforms to reassess how they balance operational flexibility with regulatory compliance, potentially reshaping the industry’s approach to short-term lending.
With growing scrutiny on fintech lending platforms, the legal proceedings could also open a wider debate on how fintech firms should transparently operate within the bounds of financial laws. If Solo Funds is found liable, it may prompt stricter regulatory frameworks, affecting peer-to-peer platforms that rely on nontraditional models to attract users.
Source: Lending Fintech Solo Funds Faces Class-Action Lawsuit (TechCrunch)
Slice’s Transformation: A Fintech Company’s Foray into Traditional Banking
India-based Slice, originally a credit-based fintech, has announced its transition into a full-fledged bank, allowing it to offer conventional banking services in addition to its credit solutions. By securing regulatory approval to operate as a bank, Slice aims to expand its product range and deepen its relationship with a fast-growing consumer base in India. This move exemplifies a larger trend of fintech firms seeking to bridge the gap between traditional banking and innovative financial services.
Slice’s venture into banking will also set an intriguing precedent for other fintech companies in India and beyond. The company has successfully carved a niche among young users with its simple, digital credit products. As a bank, it can now offer savings accounts, lending products, and other services, thus creating a one-stop platform that could enhance customer retention and lifetime value.
The expansion to full banking status raises questions about how effectively Slice will manage its dual roles as a fintech innovator and a traditional bank, especially in a market as large and complex as India’s. It also marks a pivot point in the narrative of fintech companies morphing into full-service financial institutions, a trend that is gaining traction globally.
Source: India Fintech Slice Expands to Become a Bank (TechCrunch)
FullCircl’s 2025 Identity Verification Report: Insights into Compliance Challenges
FullCircl, a leading regulatory technology provider, recently released its “2025 State of Identity Verification” report, shedding light on the evolving landscape of identity verification and the challenges businesses face in maintaining compliance. As financial crimes become more sophisticated, firms increasingly invest in identity verification tools to stay ahead. According to the report, over 75% of financial institutions rank identity verification as a critical priority, citing the surge in fraudulent activities as a prime concern.
The report also highlights an industry-wide push towards digital identity systems and the use of artificial intelligence in detecting fraud patterns. As regulatory demands tighten and compliance risks rise, firms are urged to adapt swiftly. FullCircl’s findings underscore a need for seamless, real-time verification solutions that do not compromise customer experience—a delicate balance to maintain as identity verification protocols become more stringent.
The insights from FullCircl’s report reveal a heightened industry focus on ensuring robust identity frameworks that foster trust without hindering the ease of digital transactions. This growing demand aligns with broader trends where digital trust is crucial in retaining customers and enhancing their satisfaction.
Source: FullCircl Releases 2025 State of Identity Verification Report (PR Newswire)
The post Fintech Pulse: Today’s Key Industry Developments, Appointments, and Regulatory Challenges appeared first on HIPTHER Alerts.
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