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Fintech focus: Munich Re invests $250M in Next Insurance

S&P Global Market Intelligence rounds up financial technology companies' recent product launches, partnership announcements and fundraising activity, as well as regulatory developments in the financial technology space. Please send tips to Rachel.Stone@spglobal.com. For more fintech news, click here.

Banking and lending

Nymbus Inc. licensed NCR Corp.'s D3 Digital Banking platform to provide digital interactions in conjunction with its SmartCore private cloud-based core processing platform. The combination of the NCR and Nymbus' platforms will allow financial institutions to quickly deploy new digital bank brands to consumer and business customers.

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LendingClub Corp. launched its digital loan transaction platform LCX, to help connect an array of institutional investors to its new digital platform. The platform provides assistance in competitive price discovery, same-day settlement and improved liquidity for unsecured personal loans.

Payments

Ripple Labs Inc. and Finastra Group Holdings Ltd. joined forces to offer Ripple's blockchain technology through Finastra's payments solutions to support fast cross-border payments. Under the deal's terms, Finastra customers will receive access to Ripple's global blockchain payments network, RippleNet.

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Coinbase Inc. expanded its footprint in Europe as it received its e-money license from the Central Bank of Ireland.

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Visa Inc. and Intuit Inc. partnered to provide small business owners solutions to their cash flow problems. The integration of Visa's real-time push payments technology, Visa Direct, with QuickBooks' instant deposits feature will provide merchants the ability to make direct deposits into their linked accounts.

Cryptocurrency

Mastercard Inc., Visa, Stripe Inc. and eBay pulled out of Facebook Inc.'s Libra project.

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The Securities and Exchange Commission again rejected Bitwise Asset Management Inc.'s bitcoin exchange-traded fund proposal. The regulator cited the lack of compliance with regulatory requirements as grounds for dismissal.

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The SEC also secured a restraining order against Telegram Group Inc.'s planned U.S. digital token offering of more than $1.7 billion. The regulator said that the company and unit TON Issuer Inc. violated U.S. securities law by allegedly selling approximately 2.9 billion digital tokens with unregistered securities.

Insurance and healthcare

Munich Re Co. increased its stake in Next Insurance Inc. by investing an additional $250 million. Upon completion of the transaction, Next's value will increase to just over $1 billion. The transaction is subject to approval by the regulatory authorities.