Today in FinTech: Korea Gets Crypto Bank; MAS Grants MPI; B2B BNPL in Africa

In today’s FinTech news, Korea gets its first crypto bank while Singapore awards a major payment institution license. Plus, B2B buy now, pay later (BNPL) options can help close the working capital gap in Africa.

Delio Launches Korea’s First Crypto Bank

Delio, the first virtual asset service provider (VASP) in Korea, has launched the country’s first cryptocurrency bank.

As a crypto bank, Delio will offer money market deposit accounts that enable crypto deposit and withdrawal at any time, plus loans 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, was awarded a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS).

With the license, the firm will continue supporting the underserved market segment of early-stage entrepreneurs by providing incorporation, accounting, taxation, corporate secretarial services and CFO-as-a-Service, in addition to business account and debit card issuance. The startup also offers local and cross-border payments and collections.

BNPL Is the Working Capital Bridge for African SMBs

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 close the gap in working capital financing for small- to medium-sized businesses (SMBs) in emerging markets across Africa.

The startup helps merchants, aggregators and distributors operating in cash-heavy markets streamline and digitize their payment flows and generate or pay invoices.

AML Software Firm Lucinity Raises $17M

Anti-money laundering (AML) software maker Lucinity notched $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 augmented by artificial intelligence (AI). Lucinity aims to help banks and FinTechs boost compliance productivity by more than 50%.

Griffin Bags $15.5M Investment to Grow BaaS

Banking-as-a-Service (BaaS) startup Griffin picked up $15.5 million in new funding led by Notion Capital. The fresh funds will be earmarked for talent expansion and new product development.

Notion Capital co-founder and managing partner Stephen Chandler was also appointed to Griffin’s board of directors.