The co-founders of Xendit, Moses Lo and Tessa Wijaya, discuss payments infrastructure in Southeast Asia, smartphone penetration and why the opportunity there is so big.
Nearly a full year after purchasing RadiusBank, LendingClub boasted revenue of $262.2M and diluted earnings per share of $0.27.
Innovate Finance has announced eight industry leaders for a new ambassador program; Innovate Finance is one of the UK's most active trade associations for fintech; it's led by CEO Lawrence Wintermeyer; some of the program's industry leading ambassadors include Anju Patwardhan from the CreditEase FinTech Fund and Mike Sigal from 500 Startups; the ambassadors will be actively involved in the organization's upcoming Global Summit on April 10 and 11 in London. Source
Paxos has announced it will add former New York Stock Exchange CEO Duncan Niederauer to its board of directors as blockchain companies are increasingly testing new blockchain technologies for exchange trading and post-trade settlement; Paxos is a blockchain service provider for the financial services industry; Niederauer says blockchain technology has the potential to revolutionize post-trade clearing infrastructure. Source
SoftBank’s Vision Fund has invested $800 million into Greensill who provides alternative supply chain financing; the company is now valued...
The new API by Fidelity Investments called Fidelity Access will give third parties access to customer data; the idea behind the program is for customers to give apps focused on tax prep, budgeting or portfolio advice access to their Fidelity data; Fidelity believes this will cut down on cyber crime as access will be more secure instead of a user passing along their credentials; they are following a number of other financial institutions who have started similar programs recently. Source.
Deposit accounts and debit cards will be available to some customers next month according to SoFi; the account will function like a checking account that will earn interest; the company recently shared that they were working with WSFS Financial Corp for the new product called SoFi Money. Source
There were many new regulations added in the wake of the financial crisis in an effort to prevent the next recession; with the new administration some of the regulations have been removed and now regulators are looking at lowering a key piece of regulation; the supplementary leverage ratio requires banks to maintain capital on their balance sheet as protection; bankers have pointed out that the regulation has been hurting their ability to lend and operate; some regulators agree but there are others still on from the previous administration who believe it should stay in place; there is a fear that too much deregulation will push banks to revert back to practices that contributed to the financial crisis, striking the right balance is where regulators are currently focused. Source.
The tech entrepreneur has been increasingly focused on Bitcoin, a key growth area for the payments company he co-founded.
Quint owns four companies in the consumer credit sector including Monevo, Monevo Data Services, CreditAngel and MoneyGuru; according to the announcement: "The Queen's Award for Enterprise is widely recognized as being the UK's highest accolade for business success. The annual awards recognize British firms that have excelled in exporting, social or environmental good work, or innovation." Source