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<br /> Fashion ecommerce company <keyword id="6388367" type="COMPANY" weightage="100" keywordseo="Jabong">Jabong</keyword>, which is running in losses, has been given additional funds by <keyword id="2504271" type="UNKNOWN" weightage="100" keywordseo="Global-Fashion-Group">Global Fashion Group</keyword> (<keyword id="47053" type="UNKNOWN" weightage="100" keywordseo="gfg">GFG</keyword>), so that it can stay afloat for one more year. <br />
<br />
"The board has agreed to put more than $20 million in Jabong," a person who participated in the meeting held in Luxembourg told ET.<br /> GFG was founded in 2011 by Swedish Investment <keyword id="3106793" type="UNKNOWN" weightage="100" keywordseo="AB-Kinnevik">AB Kinnevik</keyword> and German <keyword id="834871" type="UNKNOWN" weightage="100" keywordseo="Rocket-Internet">Rocket Internet</keyword> SE, and operates ecommerce ventures Dafiti in Latin America, Lamoda in Russia and the CIS, Namshi in the Middle East, Zalora in Southeast Asia and Australia while operating Jabong in India. <br />
<br />
It is reported that Oliver Samwer, CEO of Rocket Internet and deputy chairman at GFG, was not in favour of continuing the India venture, it was Kinnevik that insisted on staying put, leading to which the board eventually agreed to back Jabong. <br />
<br />
Jabong receives funds on a regular basis, similar to the financing structure of other multinational corporations, the company said in an email, adding that there are no pre-agreed funding commitments. <br />
<br />
"GFG has raised over $1.5 billion in capital in its history and its Board remains unanimously committed to all regions it operates in, including India. Jabong has made a number of recent senior management hires and has also recently witnessed record operating performance. These facts, which are supported by public filings on our current investment rate, are clearly evident of GFG's commitment to growing Jabong," GFG said in an email. <br />
<br />
Jabong further added that it denies "any other rumours or speculations that are to the contrary." <br />
<br />
<a href="http://economictimes.indiatimes.com/thumb/msid-51218105,width-310,resizemode-4/jabong-gets-20-million-to-stay-afloat-for-one-more-year.jpg"><em>Image source</em></a><br />

Jabong gets $20 million in fresh funding round

Online classifieds portal Quikr today said it has raised $150 million (about Rs 900 crore) from investors, including existing ones.<br />
<br /> The additional <keyword id="6357455" type="EVENT" weightage="80" keywordseo="Funding">funding</keyword> will be utilised to consolidate its leadership position, <keyword id="47916" type="UNKNOWN" weightage="80" keywordseo="invest">invest</keyword> in mobile and in key categories, it said in a statement.<br />
<br /> The financing round included significant investment by its existing investors <keyword id="260318" type="COMPANY" weightage="80" keywordseo="Tiger-Global-Management">Tiger Global Management</keyword> and <keyword id="2798250" type="UNKNOWN" weightage="80" keywordseo="Investment-AB">Investment AB</keyword> Kinnevik, and first time investor <keyword id="6497288" type="UNKNOWN" weightage="80" keywordseo="Steadview-Capital">Steadview Capital</keyword>, a Hong Kong-based firm, it added.<br />
<br /> "This fresh round of funding will be used to further invest in Quikr's fast growing mobile business and in key categories where the company already has leadership positions, including goods, cars, <keyword id="6354553" type="COMPANY" weightage="80" keywordseo="real-estate">real estate</keyword>, jobs and services," the firm said.<br />
<br /> The firm's strategy of innovating for the local markhas played out really well and Quikr intends to continue to do that as we go <keyword id="53005" type="POSITION" weightage="80" keywordseo="Forward">forward</keyword>, <keyword id="2798251" type="UNKNOWN" weightage="80" keywordseo="Quikr-Founder">Quikr Founder</keyword> and <keyword id="5645" type="POSITION" weightage="80" keywordseo="CEO">CEO</keyword> <keyword id="1063538" type="PERSON" weightage="80" keywordseo="Pranay-Chulet">Pranay Chulet</keyword> said.<br />
<br />
"The big things for us going forward are to continue to innovate for India, innovate for mobile and go deeper in key categories where we already are leaders," he added.<br />
<br />
Quikr has more than 30 million monthly consumers and small business users across 1000 cities.<br />
<br />
The firm had last year raised USD 60 million funding for business expansion.

Quikr in a 'hurry' to grow! Raises Rs 900 crore in funding to invest in mobility

<br />
In a bid to seal its position as market leader, <a href="http://www.businessinsider.in/searchresult.cms?query=flipkart&amp;sortorder=effectivedate">Flipkart </a>has acquired online fashion portal<a href="http://www.businessinsider.in/searchresult.cms?query=jabong&amp;sortorder=effectivedate"> Jabong</a> through its unit <keyword id="319719" type="COMPANY" weightage="100" keywordseo="Myntra">Myntra</keyword>. The e-commerce player has pipped rival <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> and <a href="http://www.businessinsider.in/searchresult.cms?query=aditya+birla+group&amp;sortorder=effectivedate">Aditya Birla Group</a> to seal the deal at an estimated $70 million.
<p> <keyword id="6388367" type="COMPANY" weightage="100" keywordseo="Jabong">Jabong</keyword>, which was at par with <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword>'s <a href="http://www.businessinsider.in/searchresult.cms?query=myntra&amp;sortorder=effectivedate">Myntra</a> in sales until early 2014, has seen a steep decline in market share since then. This is mainly because of the crores Myntra’s parent Flipkart, Snapdeal and Amazon have been spending on advertisements and discounts.</p>
<p>
	By the end of May, Jabong was down. While it reported a 14% hike, it's loss only narrowed from €11.9 million from €16.3 million in the same quarter a year earlier.</p>
<p>
	Not to mention, the company has seen an exit of senior management, slowdown in funding and overbearing competition from Amazon India.</p>
<p>
	Earlier this month, Jabong fastened up its exit process as the firm’s owners, AB Kinnevik and Rocket Internet didn't want to pump more money into a losing race horse.</p>
<p>
	The valuation of GFG (owner of Jabong) slid almost a third to $1.13 billion in a mere 10 months. In May, the company last raised $339 million from Kinnevik and Rocket Internet, but that was a much lower valuation.</p>
<p>
	The current deal is estimated to be around $50-75 million, allowing existing investors Rocket Internet and Kinnevik AB to quit.</p>
<p>
	Jabong’s investors have managed to find a buyer for their struggling business, but does this mean any good for Flipkart? We'll have to wait and watch.<br />
	<br />
	<em><a href="http://ateen.in/wp-content/uploads/2014/09/jabong-21.jpg">Image Source</a></em></p>

The Story of Jabong's exit: From $500Mn to $70Mn

<p></p><ul class="summary-list"><li>Venture-capital backed app, Karma, works with wholesalers and restaurants to bring their excess food to consumers.</li><li>To make customers more comfortable, they use transparent language to let them know exactly what they're buying, and how long it's still good to consume.</li><li>This article is part of a series on growing a small business, <a href="https://www.businessinsider.com/category/1-to-100">"From 1 to 100."</a></li></ul><p>Karma, a Swedish food-waste startup, has done a good job of convincing thousands of deal-hungry consumers to use its hot pink app to buy edible items that would otherwise become garbage.</p><p>Based in Stockholm, the company's app allows people to reserve and pick up surplus food from restaurants, grocery stores, wholesalers, and farms. The consumer gets cheap food, and the seller gets to make some money on excess stock.</p><p>Like many startup ideas, the app has changed focus since its first iteration. It started out as a generic "deals" app that offered all kinds of products, but its lack of focus was a problem.</p><p>"It was too much at the same time in one platform," cofounder and CEO Hjalmar Ståhlberg Nordegren said.</p><p>Nordegren and Karma's three other cofounders realized they needed to focus on one thing.</p><p>"We saw that some [high-end restaurants] were uploading their surplus food without us even having to ask them to do so," he said.</p><p>There are other food-waste apps on the market. Karma's claim to differentiation is that it shows consumers exactly what items are available, rather than a general description without detail.</p><p>There are no "mystery bags or magic boxes," Hordegren said.</p><h2>Changing minds about secondhand food</h2><p>One of Karma's biggest challenges, in the beginning, was convincing consumers and businesses that selling and buying surplus food is a socially acceptable thing to do.</p><p>But a cultural moment was on their side. People were concerned about the impact of farming, food-production processes, and how much food was thrown away every day.</p><p>The company has taken steps to disclose as much information as possible to reassure consumers about the products.</p><p>"[We] ensure food safety by posting allergens and food contents with the items on Karma, [and provide] clear communication on when items are best before and consume by dates," Nordegren said.</p><h2>Helping bring food to consumers</h2><p>There are now over 4,300 outlets selling their excess food on Karma's app in Sweden, 1,800 in the UK, and 1,000 in France. The US is on the company's radar but the leaders want to expand further across Europe first.</p><p>The range of outlets is impressive, with trendy restaurants and fast food spots all using the app to shift food.</p><p>It's easier for some businesses to shift potential food waste than it is for others. Those based in the city - i.e shops and restaurants - have access to a large number of consumers. Wholesalers, on the other hand, are usually suburban or rural.</p><p>"We said to the wholesalers, 'Is there a way that we can help you reduce your food waste because you are sitting on one-third of the problem?'" Nordegren said. The wholesalers responded that they needed Karma to set up dropoff points.</p><p>Karma listened and started putting hard-to-miss pink fridges across cities in Sweden. There's one in Stockholm's Central Station, for example. The first UK pink fridge landed in the last few weeks.</p><p>People can buy things like meat and fish from them, as well as slightly more random food products. According to Nordegren, one person bought 3kg of dried creme brûlée.</p><h2>The business model that helps Karma stay afloat</h2><p>Karma takes 25% of every transition that happens on its app. So if someone buys some sushi for £2.00 from a sushi restaurant, Karma will collect 50p. The model has been effective so far, though Karma is still in development mode.</p><p>The company has 75 employees but expects to have more than 100 by the early months of 2020.</p><p>Nordegren stressed the importance of speed. "The market waits for no one and the fastest players usually win."</p><p>"We've thought several times should we go profitable and sort of grow from there," Nordegren said. "We can sit on our hands for six months, go profitable, and then keep investing. But there's really no reason for us to do so with the amount of capital available on the market."</p><p>Karma has raised $16.7m in total, with the bulk of that coming from a funding round 18 months ago. Venture capital investors include Kinnevik AB, Bessemer Venture Partners, and e.ventures.</p><p>"We are always looking to raise," Nordegren said. "We're in a pretty good spot but as a startup, at some point, you always have to go crawling for more."</p>

Karma app aims to help restaurants in the EU and UK reduce food waste by redistributing surplus

<br /> If you’re a fan of buying fashion stuff online, here’s something of your interest. We hope you have upgraded to a smartphone by now. Because fashion ecommerce company <keyword id="319719" type="COMPANY" weightage="20" keywordseo="Myntra">Myntra</keyword> will be shutting down its website from 15<sup>th</sup> of this month and become an “app only” platform. With mobile-based commerce emerging as the next biggest opportunity, Myntra is taking the lead in marking the end of desktop and browser based shopping.<br />
<br />
The rapid expansion of smartphones from 120-140 million in 2014 to 600-700 million in 2020 will provide the base for creation of an inclusive market unprecedented in the history of fashion shopping. Mobile apps are taking utilitarian role in users’ life by being the default mode of accessing and consuming internet services. According to a recent study, 90% of smartphone users in India use apps, which is close to 158 million as of today. The country ranks second only to the US in the usage of shopping apps.<br />
<br /> However, if you dislike shopping from mobile, blaming it to the smaller screen size, know here, <keyword id="6388367" type="COMPANY" weightage="20" keywordseo="Jabong">Jabong</keyword> will keep websites open for apparel shopping.<br />
<br /> “We strongly believe customers should have <keyword id="819468" type="UNKNOWN" weightage="20" keywordseo="the-choice">the choice</keyword> to buy either on his smartphone or on the computer," Jabong <keyword id="217739" type="POSITION" weightage="20" keywordseo="cofounder">Cofounder</keyword> <keyword id="536011" type="PERSON" weightage="20" keywordseo="Praveen-Sinha">Praveen Sinha</keyword> told The Economic Times, adding that the <keyword id="174155" type="CITY" weightage="20" keywordseo="Gurgaon-based">Gurgaon-based</keyword> company generates half its sales from mobile devices and will continue to host its website. "It's still 50-50 for us."<br />
<br />
Sinha said an app-only operation may limit price comparison and product visibility for consumers, who could find it easier to quickly open other sites on a laptop or desktop. "Getting a price discovery from an app will be very difficult.”<br />
<br />
<strong>Jabong won’t raise funds independently:</strong><br /> In an interview with The Economic Times, Jabong Cofounder Praveen Sinha has said, “Funds will be raised at a global level and allocated to the various country-specific businesses as the need arises. Jabong is now part of the <keyword id="2504271" type="UNKNOWN" weightage="20" keywordseo="Global-Fashion-Group">Global Fashion Group</keyword> (GFG).<br />
<br /> Sinha said Jabong will no longer raise funds independently. It received $100 million from British development finance institution CDC and other investors last year. Jabong is now part of the Global Fashion Group, which will provide the finances. GFG will now become the central group where, if required, further <keyword id="6357455" type="EVENT" weightage="20" keywordseo="Funding">funding</keyword> will be raised." <br />
<br /> As per the financial daily, last year, Rocket Internet and AB Kinnevik created a global alliance of five large ecommerce companies in which both have sizeable investment -- Jabong, Dafiti in <keyword id="48890" type="COUNTRY" weightage="20" keywordseo="Latin-America">Latin America</keyword>, Lamoda in <keyword id="6358826" type="COUNTRY" weightage="20" keywordseo="Russia">Russia</keyword> &amp; CIS, Namshi in <keyword id="1009187" type="UNKNOWN" weightage="20" keywordseo="the-middle">the Middle</keyword> East and Zalora in <keyword id="53564" type="UNKNOWN" weightage="20" keywordseo="Southeast-Asia">Southeast Asia</keyword> and <keyword id="6355478" type="COUNTRY" weightage="20" keywordseo="Australia">Australia</keyword>. Sinha told the ET that, as part of the global alliance, Jabong will be able to secure exclusive rights to sell foreign brands in India, to list brands in other countries and meet its technological requirements.<br />
<br /> Sinha was dismissive of the buzz that US-based <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>.com was in talks to acquire Jabong in a bid to gain a strong foothold in fashion, one of the fastest-growing segments of online retailing.<br />
<br />
“Talks with Amazon were never serious," he said. Germanybased Rocket Internet's ambition is to become the largest online platform outside China and the US and Jabong is an important cog in its global scheme of things. <br />

Myntra now an App-only brand, Jabong not keen on shutting down website for app-only approach

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Twitter</span></p><p class="caption">DeepMind cofounder Mustafa Suleyman.</p></div><p></p></div></div>The founders of DeepMind are about to invest in a <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> healthcare startup after they <a href="http://www.theguardian.com/technology/2014/jan/27/google-acquires-uk-artificial-intelligence-startup-deepmind" target="_blank">sold their own artificial intelligence company to Google</a> for a reported £400 million, the <a href="http://www.ft.com/intl/cms/s/0/1d980d5e-b94d-11e5-bf7e-8a339b6f2164.html#axzz3wrA09FjY" target="_blank">Financial Times reports</a>.</p><p>DeepMind cofounders Demis Hassabis and Mustafa Suleyman are among a group of investors that are due to back Babylon Health with $25 million (£17 million) this afternoon - an app that allows people to consult a doctor through their mobile phone.</p><p>The round was due to close this morning but Business Insider understands that the deal is yet to be signed off. It should be finalised at some point this afternoon.</p><p>It's unclear exactly how much Hassabis and Suleyman will invest in Babylon.</p><p>The funding round, to be led by Swedish investment group AB Kinnevik, will reportedly allow Babylon to hire engineers and scientists that can build a version of its platform that is powered by artificial intelligence. Hassabis and Suleyman are widely regarded as <a href="http://uk.businessinsider.com/the-most-impressive-ai-scientists-working-at-google-deepmind-2015-11" target="_blank">some of the most prominent minds in the field of artificial intelligence</a> so they may be able to help develop the new AI-powered version of Babylon. </p><p>DeepMind is on a mission to <span>"solve intelligence" and then use that to "solve everything else". </span>The company's self-learning algorithms, or "agents," can <a href="http://uk.businessinsider.com/google-deepmind-makes-atari-playing-computer-2015-2?r=US&amp;IR=T" target="_blank">already outperform humans on computer games</a> like "Space Invaders" and "Breakout" but the company has no plans to stop there. It's now teaching its algorithms to play 3D racing games and understand other complex puzzles.</p><h2>AI can change the world</h2><p>Eric Schmidt, executive chairman of Alphabet, Google's parent company, said yesterday that <a href="http://uk.businessinsider.com/google-chairman-eric-schmidt-artificial-intelligence-platforms-can-change-the-world-2016-1" target="_blank">AI systems can change the world</a> and help solve "hard problems" like climate change and overpopulation.</p><p>An AI-powered version of Babylon is expected to be released within the next two months. The AI version of the app will ask the patient a series of questions about their symptoms before giving them the advice they require.</p><p>The idea for the app, currently only available in the UK and Ireland, was coined by former Goldman Sachs banker and Babylon CEO Ali Parsa.</p><p>"We are trying to figure out a way to get most of the healthcare people need straight to them on their mobile phone," Parsa told the FT, adding that he wanted to "do with healthcare what Google did with information."</p><p><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><p class="source"><span>YouTube/Zeitgeist Minds</span></p><p class="caption">DeepMind cofounder Demis Hassabis.</p></div><p></p></div></div>According to the FT, the investment values the three-year-old startup at approximately $100 million (£69 million).</p><p>Over 150,000 registered users have signed up to Babylon's subscription health service, which allows people to have a video conference with one of the 100 doctors that are employed full time by Babylon. People can, for example, talk to a therapist over Babylon if they are suffering from "January Blues." People can also use Babylon to book appointments and order medical tests.</p><p>Parsa told the FT that his company, which charges users £4.99 a month, has no intention of completely replacing doctors with machines. However, he believes there's a case for using technology to facilitate the screening process and referring patients to trained medical staff when necessary.</p><p>"The challenge is how do you deal with the bottleneck that answers people's questions, check their symptoms so that they don't go to the doctor, and if they do, they go appropriately?" he told the FT.</p><p>The startup has partnered with companies like Samsung, BT, and Citi so that their staff can get access to medical professionals with relative ease. Babylon is also reportedly in talks with the NHS.</p><p>Technology investors and Silicon Valley giants are moving in on the healthcare sector as they believe it is ripe for disruption. Alphabet, Google's parent company, incorporated a biotech subsidiary called Calico in a bid to tackle diseases.</p><p>Hassabis and Suleyman have invested in a number of other UK technology companies after they were bought out by Google. <a href="http://www.techworld.com/news/startups/google-deepmind-founders-back-music-ticketing-app-dice-3619699/" target="_blank">One example is Dice</a>, an app that allows people to find and purchase gig tickets.</p><p>Hassabis attended the same AI conference at New York University yesterday that Schmidt spoke at. Hassabis went to discuss the issue of <a href="http://uk.businessinsider.com/the-ceo-of-googles-400-million-ai-startup-is-going-to-meet-with-tech-leaders-2015-11" target="_blank">ethics and artificial intelligence</a>.</p><p>DeepMind's third cofounder is Shane Long but he rarely talks in public and doesn't seem to be as active on the investment circuit. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/huawei-mate-8-phone-battery-life-ces-2016-1">This new phone crushes the iPhone in one key area</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="JwZWUxMDE6_HS-ONmfMPC8kiMDaJ5Rvf" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The founders of Google DeepMind are investing in a startup that lets you talk to a doctor through your smartphone

<p><em>Welcome to <strong>The Fintech Briefing</strong>, a morning email providing the latest news, data, and insight into disruptive fintech in Europe and around the world, produced by <a href="https://intelligence.businessinsider.com/" target="_blank">BI Intelligence</a>.</em></p><p><strong>Want to receive The Fintech Briefing to your inbox? Enter your email in the box below.</strong></p><form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"><p><label>Email:</label>  <button style="border: none; padding: 6px 8px; vertical-align: top; font-family: helvetica,arial,sans-serif; font-size: 12px; font-weight: bold; text-transform: uppercase; color: #fff; background: #ff722d;" type="submit" value="Subscribe">Subscribe</button></p></form><p><strong>NEARLY A THIRD OF BANK JOBS ARE AT RISK: </strong>The global financial services industry could see a 30% reduction in jobs by 2025, according to a <a href="https://ir.citi.com/SEBhgbdvxes95HWZMmFbjGiU%2FydQ9kbvEbHIruHR%2Fle%2F2Wza4cRvOQUNX8GBWVsV">new report </a>from Citi. For context, that's a decline of about 45% from peak employment levels just before the 2008 financial crisis. </p><p><strong>It's driven by cost cutting. </strong>Since the financial crisis, banks have been looking to reduce costs. Profits are being dented due to increased regulatory burdens and heavy IT spending. Over 70% of banks' IT spend goes to supporting legacy systems according to the report. </p><p><strong>Staff can be replaced with automated processes. </strong>60-70% of all retail banking employees are doing "manual processing-driven jobs" that can theoretically be replaced or partly replaced by automation. One bank found that 85% of its operations, which accounted for 80% of employees, could be at least partially automated <a href="http://www.mckinsey.com/business-functions/business-technology/our-insights/automating-the-banks-back-office">according</a> to McKinsey. An "ideal level of automation" would result in a 50% reduction in back-office staff.</p><p><strong>Replacing employees with automation reduces risk. </strong>Alongside cost cutting, risk management is a major priority for bankers. 71% of bankers considered risk management the most important agenda item for their organisation in 2015, compared to 56% in 2014, according to <a href="http://www.ey.com/Publication/vwLUAssets/EY-european-banking-barometer-2015/$FILE/EY-EBB-2015.pdf">Ernst and Young.</a> Automation can help mitigate risk because it removes opportunities for internal fraud, as well as human error. </p><p><strong><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="BI Intelligence" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/56fe0e66dd0895342b8b48c9-960/full time fs employees.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>BI Intelligence</span></p></div><p></p></div></div></strong></p><p><strong>SWISS BANKS COLLABORATE ON MOBILE PAYMENTS: </strong>The 5 biggest banks in Switzerland have said they are in talks with payments and telco infrastructure providers to create a joint mobile payments service, according to <a href="https://www.finextra.com/newsarticle/28678/swiss-banks-investigate-common-mobile-payments-system?utm_medium=newsflash&amp;utm_source=2016-3-30">Finextra</a>. The five banks, Credit Suisse, PostFinance, Raiffeisen, UBS and ZKB, are looking into an "integrated, standardised system that will be open to all comers."</p><p><strong>Banks are facing external threats</strong>. If Apple Pay, Android Pay, and Samsung Pay take off in Switzerland, the companies that offer them will become intermediaries between the banks and their customers. That will make it more difficult for the banks to differentiate themselves which would mean competing with one another on price. There is also a risk that one of the tech giants could attain a banking license and completely disintermediate the legacy banks. </p><p><strong>Ubiquity is key. </strong>Payments is highly dependent on network effects; the more people that use a product and the more merchants that accept it, the more useful it is. The tech giants that are offering payments solutions already have a large installed based of potential users. For example, Apple has <a href="http://stats.areppim.com/stats/stats_mobiosxtime_ch.htm">53%</a> of the smartphone market in Switzerland, which equates to 3 million adults with an iPhone, out of a total <a href="http://data.worldbank.org/indicator/SP.POP.TOTL">adult population</a> of 5.5 million. By banding together on a mobile payments solution that can be used by nearly everyone, the banks increase their chances of gaining widespread adoption before competitor solutions come to market. </p><p><strong>But consortiums rarely work. </strong>Retailers and telcos around the world have formed mobile payments consortiums that didn't work out. In the US there was telco-backed Softcard which failed and was rolled into Google in 2015. A similar UK-based initiative called Weve also failed in 2015. And while US-based MCX has the backing of major retailers, it has shown no signs of success. The problem with consortiums seems to be that the companies involved can't get along.</p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="BI Intelligence" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/56fe0e66dd0895342b8b48ca-960/ios vs smartphone share in europe.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>BI Intelligence</span></p></div><p></p></div></div></p><p><strong>Enjoying The Fintech Briefing? Enter your email to receive it directly to your inbox. </strong></p><form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"><p><label>Email:</label>  <button style="border: none; padding: 6px 8px; vertical-align: top; font-family: helvetica,arial,sans-serif; font-size: 12px; font-weight: bold; text-transform: uppercase; color: #fff; background: #ff722d;" type="submit" value="Subscribe">Subscribe</button></p></form><p><strong>SINGAPORE MOVES TOWARDS OPEN APIS:</strong> The Monetary Authority of Singapore (MAS), Singapore's central bank, plans to make its data available to third parties through APIs, according to <a href="http://www.channelnewsasia.com/news/business/mas-takes-step-towards/2649372.html?utm_content=buffer92daf&amp;utm_medium=social&amp;utm_source=twitter.com&amp;utm_campaign=buffer">Channel NewsAsia</a>, a Singaporean news outlet. The plan is part of the country's <a href="http://www.mas.gov.sg/news-and-publications/speeches-and-monetary-policy-statements/speeches/2015/a-smart-financial-centre.aspx">Smart Nation initiative</a>, which "embraces innovation ... to increase productivity and improve the welfare of Singaporeans." API access could encourage third parties to create financial management products that benefit consumers, e.g. personal finance management apps similar to Mint.com.</p><p><strong>But the APIs have to be useful to encourage innovation.</strong> While the idea is sound, the key is in the implementation. There is a difference between a good API, which lets third parties easily pull and format data into their own systems, and a bad API, which provides information that is in the wrong format or of no use to third parties. The APIs have to be useful to third parties for innovation to flourish. One way to achieve this, <a href="http://theodi.org/open-banking-standard">which the UK has adopted</a>, is to establish a national standard for APIs which all banks have to adhere to. </p><p><strong><keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> REGULATORS FAIL TO DELIVER ON TIME: </strong>The UK financial regulator (FCA), will fail to authorise the majority of P2P lenders in time to for the launch of the new Innovative Finance Individual Savings Account (IFISA) next week, according to a <a href="http://www.fca.org.uk/news/peer-to-peer-applications-for-full-authorisation">statement</a>. The investment account becomes open to the public on 6th April, and will allow people to invest up to £15,240 ($21, 593) a year through P2P lending platforms (e.g. Funding Circle and RateSetter). The platforms then lend that money to borrowers, and pay the IFISA holder tax-free interest on those loans. In order to offer the IFISA to consumers, though, P2P lenders must be certified by the FCA as ISA Managers. To date, only eight firms have been fully authorised, while a further 86 firms are waiting for a decision.</p><p><strong>PEOPLE ON THE MOVE</strong></p><ul><li><strong style="line-height: 1.5em;">Oliver Bussmann </strong>has resigned as Chief Information Officer at UBS Group. Bussmann had been leading the group's blockchain initiatives. He remains a mentor at fintech UK-based accelerator Level39 and was formerly global CIO at German tech firm SAP. </li><li><strong>Gavin James </strong>joins Monitise as Chief Operating Officer. James has been working with UK-based Monitise as an advisor for five months, more recently in a "finance function capacity." He is currently the CEO of call-centre group Vertex. </li><li><strong>Richard Goold </strong>joins Ernst and Young's UK legal department as<strong> </strong>a partner to "lead and grow a legal Tech team and continue to support the firm's wider Tech and FinTech practice." He is currently Co-Chair of Tech at Wragge Lawrence Graham &amp; Co and has over 10 years experience in the tech and fintech industries. </li><li><strong>Jim Gunner </strong>and <strong>Nigel Wilkinson</strong> have joined UK-based marketplace lender RateSetter. Gunner will be Chair of the Risk Committee and sit on the Board as a non-executive director, while Wilkinson joins as Head of Commercial Credit. Both previously held senior positions at HSBC.</li></ul><p><strong>Around the world...</strong></p><p><strong>BETTERMENT CLOSES FUNDING ROUND: </strong>US-based robo-advisory firm Betterment <a href="http://e.businessinsider.com/click/6396474.2279/aHR0cHM6Ly93d3cuYmV0dGVybWVudC5jb20vcmVzb3VyY2VzL2luc2lkZS1iZXR0ZXJtZW50L291ci1zdG9yeS9iZXR0ZXJtZW50LXJhaXNlcy0xMDAtbWlsbGlvbi8jLlZ2cUtCdDFlY2o0LnR3aXR0ZXI/56cb14e098cb756f3b8b57fbB6137cb0e" target="_blank">announced</a> the close of a $100 million funding round on Tuesday. The round, led by Swedish investment group AB Kinnevik, brings the company's total funding to $205 million at a valuation of $700 million, according to <a href="http://e.businessinsider.com/click/6396474.2279/aHR0cDovL3d3dy5ibG9vbWJlcmcuY29tL25ld3MvYXJ0aWNsZXMvMjAxNi0wMy0yOS9yb2JvLWFkdmlzZXItYmV0dGVybWVudC1zZWVzLTcwMC1taWxsaW9uLXZhbHVhdGlvbi1hZnRlci1uZXctcm91bmQtb2YtZnVuZGluZw/56cb14e098cb756f3b8b57fbBc54769f5" target="_blank">Bloomberg</a>. Robo-advisory startups are carving out their own territory in the wealth management market; Betterment has $3.9 in assets under management, and competitor Wealthfront has $3 billion. Large funding rounds should help these new entrants expand even further, adding legitimacy to their business models. </p><p><strong>US BANKERS STILL UNCONVINCED BY MOBILE.</strong> Only 43% of American adults who had both smartphones and bank accounts said they use their devices for mobile banking, according to newly released data from the <a href="http://www.federalreserve.gov/econresdata/consumers-and-mobile-financial-services-report-201603.pdf">Federal Reserve Board</a>. The most common reason given for not using mobile banking was that consumers felt all their banking needs were met without it. This might change as banks continue to close branches in an attempt to cut costs.  </p><form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"></form>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/giant-floating-solar-panel-thames-water-2016-3">Giant floating solar panels are saving a water company millions of dollars</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ZvMXg4MjE6Rc9b05hn6owFYpAczA-uC6" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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