ING launches €300mn fintech investment fund
Dutch multinational banking firm ING has announced the launch of a new fintech investment fund in the aim of expanding its portfolio and propelling industry innovation.
“ING considers partnering with and investing in fintechs as a key element of its innovation strategy,” the company said. “ING has successfully launched various own innovations in the market, but scanning the outside world for solutions that help create a differentiating customer experience has always been part of the bank’s approach.”
The fund, ING Ventures, will invest as much as €300mn into fintech companies over the next four years, offering many startups the cash-flow necessary for them to succeed.
“ING has been very active in developing strategic partnerships and investing in fintechs that help to empower our customers to stay a step ahead in life and in business,” said Benoît Legrand, ING’s Global Head of Fintech and CEO of ING Ventures. “This has worked very well: our current partnerships have resulted in products and services that are making the lives of our customers easier.
“As we see changes in the external environment happen faster and faster, we have to anticipate and step up our pace as well,” he continued. “Establishing this fund is yet another way for ING to use the digital revolution as a growth opportunity and help transform the bank to become the go-to platform for financial needs and become part of other platforms.”
ING Ventures will be part of the firm’s Chief Innovation Office, serving to accelerate ING’s Think Forward Strategy.
Ericsson: 5G will be fastest adopted mobile generation in hi
Ericsson’s June Mobility Report projects that nearly 600 million 5G subscriptions will be active by the end of 2021, making it the fastest adopted mobile generation in history.
The longer range forecast is for around 3.5 billion 5G subscriptions and 60 per cent 5G population coverage globally by the end of 2026.
China, the US, Korea, Japan and the GCC (Gulf states) will lead deployment, with Europe lagging behind. The latter got off to a slower start and has been mired in infrastructure battles over the provenance of hardware.
North East Asia is expected to lead 5G deployment with an estimated 1.4 billion subscriptions by 2026, while North America is expected to account for the highest 5G subscription penetration.
Key findings of the Ericsson Mobility Report, June 2021
5G remains on track to become the fastest adopted mobile generation in history with subscriptions increasing at a rate of about a million per day
China, North America and the Gulf Cooperation Council markets are leading the way on subscriber numbers, while Europe is off to a slow start
5G subscriptions with a 5G-capable device grew by 70 million during the first quarter of 2021 and are forecast to reach 580 million by the end of 2021
5G ready for 'advanced use cases'
Fredrik Jejdling, executive vice president and head of networks, Ericsson, said, “We are in the next phase of 5G, with accelerating roll-outs and coverage expansion in pioneer markets such as China, the USA and South Korea. Now is the time for advanced use cases to start materialising and deliver on the promise of 5G. Businesses and societies are also preparing for a post-pandemic world, with 5G-powered digitalization playing a critical role.”
Photo credit: Ericsson