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Thiel-backed fintech N26 take on US

BERLIN: N26 GmbH, the German banking app that’s backed by billionaires Peter Thiel and Li Ka-shing, has raised new funds at a valuation of US$2.7bil, making the company one of Europe’s most valuable non-listed fintech startups.

RAM reaffirms Sumitomo Mitsui Banking's rating

KUALA LUMPUR: RAM Ratings has reaffirmed Sumitomo Mitsui Banking Corporation Malaysia Bhd’s (SMBC Malaysia) AA1/Stable/P1 financial institution ratings. 

A man walks past a sign board of Sumitomo Mitsui Banking Corporation, part of Sumitomo Mitsui Financial Group Inc (SMFG) outside its branch in Tokyo, Japan, January 27, 2017.

Ringgit higher against US$ on better demand for ringgit

KUALA LUMPUR: The ringgit was higher against the US dollar, in early trading Thursday, on better demand for the local note because the US dollar was under pressure as the United States Federal Reserve was anticipated to put a hold its rate tightening cycle in 2019.

At 9.16 am (016 Malaysian time), the ringgit stood at 4.1030/1080, versus the US dollar, up 100 basis points, from 4.1130/1160 on Wednesday.

Malaysia to hold rates, most other emerging countries to raise rates

LONDON: Highest number of emerging economies will raise rates this year since 2006. A presentation by the U.S. investment bank showed 19 of the 24 emerging economies it follows are likely to lift borrowing rates. Only one country, Malaysia, will keep them on hold, while Nigeria, India, China and Turkey are set to cut their rates.

JP Morgan's global head of research, Joyce Chang, who made the presentation, said the expected pace of hikes could end up being slower if the U.S. Federal Reserves keeps its own increases to a minimum. However, the trend will still be upwards and shows the turnaround seen in emerging markets over the last 12 months.

EU watchdog says new cryptoasset rules may be needed

LONDON: New European Union rules may be needed to better protect consumers from cryptoasset risks and stop diverging national regulations from creating unfair competition, the bloc’s banking watchdog said yesterday.

The value of Bitcoin rocketed close to US$20,000 in late 2017, sweeping up investors from across the world, but it has since lost three-quarters of its value.