Dear Subscriber,

Your wallet is about to get an upgrade. Beginning in March, a new 12-sided version of the £1 coin will begin to circulate, boasting a range of features that make it much more difficult to counterfeit. Alara Basul covered the news for PaymentEye this week and looked into what will be changing about the £1 coin, and why.

Also this week, a group of Chinese companies and state-owned businesses has partnered to create a $1.5 billion fund to nurture fintech enterprises in China. And in mobile news, the mobile-only bank Monese has raised $10 million in a series A funding round; while Clarity Money, the brainchild of venture capitalist Adam Dell, has launched its personal finance mobile app in the US.

Enjoy!

The government has confirmed that the £1 coin will be replaced for the first time in 30 years. The new coin is said to be the “most secure” coin due to a number of new features that will make it much more difficult to counterfeit.

Clarity Money, the brainchild of venture capitalist Adam Dell, is a new personal finance app that uses AI and data science to save users money by finding better-priced energy bills, cancelling subscriptions and provide tailored suggestions on things such as credit cards.

Monese, the mobile-only bank aimed at European customers who may struggle to open a bank account in the UK via traditional means, has raised $10m in Series A funding round.

A group of Chinese companies and state-owned businesses are partnering to create a new $1.5 billion fintech fund that will focus on mergers and acquisitions, and nurturing fintech enterprises in China.