The CBRC issued a warning that the surge in consumer loans could pose a risk to the country's lending system; they noted that lenders should not try to push up the consumer leverage ratio and they should take lessons from the US subprime mortgage crisis; recent reviews of loan books show misuse of loans for housing down payments and banks need to stay closer to lending regulations. Source.
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The U.S. Consumer Financial Protection Bureau (CFPB) will promote competition and scrutinize the outsized influence Big Tech firms have in the marketplace, its director told the Senate Banking Committee during a hearing on Tuesday.
When it comes to e-commerce, the world is smaller than ever. Developing a new global financial infrastructure capable of supporting a world dominated by digital commerce is a massive challenge.
While the Chinese have been quickly adopting fintech in recent years it has come at a cost to the consumer; the Chinese government is able to view troves of information as payment apps like Alipay and WeChat Pay now need to pass through the central bank; not only in fintech but other areas of tech innovation, like facial recognition, has been a boon to the government; while apps and services are making lives simpler and more efficient, they can also help to make government intrusion a lot easier. Source.
Traditionally seen as the tool of the super-rich, thanks to open finance, personalized financial advisory services could be taking a turn.
- Ezbob Raises £15M in Expansion Capital
- Elevate Appoints Former PayPal, loanDepot Executive Brian Biglin as Chief Credit Officer
- GLI Finance scores £50m funding line from HoneyComb fund
- Western Union Opens Tech Center In India
- Nissan Motor Acceptance Corporation Announces New Way to Finance from Your Mobile Device
- SEC Halts Alleged Initial Coin Offering Scam
When the Consumer Financial Protection Bureau (CFPB) first proposed the concept of a regulatory sandbox back in September last year...
The Depository Trust and Clearing Corporation (DTCC) has announced development of a new distributed ledger technology solution for processing credit derivatives; DTCC has selected IBM, Axoni and R3 to lead the integration of the solution; IBM will manage the solution-as-a-service with Axoni providing infrastructure and smart contract applications and R3 participating as a solution advisor; the solution will be one of the first comprehensive financial services trade processing solutions used globally; its goal is to streamline, automate and reduce the cost of derivatives processing; the solution is anticipated for completion in 2018. Source
Spanish bank BBVA and leading UK venture capital firm Anthemis have announced a joint seed investment of £1 million in...