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Asia/Pac

·Jun. 28, 2019

Digital Bank WeLab Gaining Traction in Hong Kong

WeLab is one of eight virtual banks that have received banking licenses from the Hong Kong Monetary Authority this year;...

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Asia/Pac Fintech News Roundup

·Mar. 31, 2017

Follow Up Friday: CreditEase Reporting Significant Fintech Investment through Fintech Funds

CreditEase has been reporting significant fintech investment from a range of fintech funds managed by the firm; it announced this week that its CreditEase Wealth Management Offshore Private Credit Fund (OPCF) was investing $30 million in OnDeck and LendingHome and that it also had plans for another Offshore Private Credit Fund (OPCF II) focused on fintech with a $200 million investment target; at LendIt USA 2017 the firm announced three new fintech investments for its CreditEase Fintech Investment Fund (CEFIF) which has $1 billion in total committed capital; it's also investing in Israeli fintech through two funds focused on tech startups in Israel. Source

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Asia/Pac News Roundup Online Lending

·Apr. 10, 2017

P2P Finance Association Established in China

The National Internet Finance Association has announced the establishment of a P2P Finance Association; the Association will be led by the People's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and the China Insurance Regulatory Commission; the Association will seek to improve the industry and promote its development. Source

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Asia/Pac Fintech News Roundup

·Apr. 17, 2017

Indian Fintech Perfios Raises $6.1mn

Perfios is an Indian fintech startup that has developed software products that help digital lenders, banks and financial institutions to analyze client data; the software can help reduce application times for loans, credit cards and insurance policies; the firm's $6.1 million fundraising was provided by New York-based venture capital firm Bessemer Venture Partners. Source

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Asia/Pac Fintech News Roundup

·Aug. 24, 2017

EY Report: China Sees Highest Uptake of Fintech

China ranks top among 20 world markets in terms of fintech adoption, with 69% of surveyed consumer respondents saying they are actively using fintech services, 33 percentage points higher than the global average, according to a report by consultancy services provider EY; the report is based on more than 22,000 online interviews in 2017; around 64% of fintech users said they prefer using digital channels to manage "all aspects of their life"; money transfer and payment services are major drivers of the fast growth, said the report. Source

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Asia/Pac Fintech News Roundup USA

·Jul. 14, 2020

More News for July 14, 2020

Afterpay comes to physical stores in the US How Retailers Are Cashing In On A US Coin Shortage Google to...

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Asia/Pac News Roundup Online Lending

·Apr. 4, 2017

Anatomy of a Fast Growing P2P Fintech Disruptor in Emerging Asia

The China market is bigger than the US and they tend to move much faster; Emmanuel Daniel of The Asian Banker compares China today to 1971-1984 in the US when regulation was just beginning to be put in place; Credit China is an example of a successful P2P lender in China, now valued at $3 billion; Yew Kiat Phang speaks about the company, sharing how they initially were a traditional lender, constrained by capital and customers with single revenue streams; the company took a broad approach to fintech, first obtaining a third party payment license; company reported $12 billion in 2016 on their P2P lending platform; their payment gateway saw $30 billion in flow for 2016; Yew Kiat Phang shares other details on the company in the video. Source

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Asia/Pac Fintech News Roundup

·Jan. 11, 2017

Two New Digital Banks Launching in China

Sichuan Xinwang Bank and Jilin Yilian Bank have received licensing to provide internet banking services in China; the two banks will bring the total number of digital only banks in China to four; Xiaomi is a leading Chinese shareholder in Sichuan Bank with a 29.5% stake and Meituan is a leading shareholder in Jilin Yilian Bank with a 28.5% stake; the other two digital banks in the Chinese market include Ant Financial's MyBank and Tencent's WeBank. Source

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Asia/Pac News Roundup Online Lending USA

·Apr. 3, 2017

China Rapid Finance Files for US IPO

Chinese online lender China Rapid Finance has filed for a US IPO and plans to list its stock on the New York Stock Exchange with symbol XRF; the firm plans to raise $100 million; it is working with investment banking underwriters Morgan Stanley, Credit Suisse and Jefferies on the IPO. Source

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Asia/Pac Fintech News Roundup

·Jan. 3, 2017

Social Cash Helping Increase Use of WeChat

As of September 2016, WeChat had 768 million active users; the service is owned by Tencent; social cash sent to users through customized red packets or red envelopes has been one factor driving increased usage; WeChat has also been helping fuel a cashless society with 300 million users using WeChat Pay; expanding features and red packet promotional efforts have helped the company report an estimated value of $80 billion which is approximately half of Tencent's market cap. Source

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