A white paper from Juniper Research projects mobile wallet transactions to increase to $1.35 trillion globally in 2017, an annual increase of 32%; the data shows that the Far East and China are currently accounting for most of the market transactions with growth specifically from Alipay and WeChat; PayPal and Apple are also noted as leading market providers; in the European market the Payment Services Directive 2 (PSD2) is also expected to be a factor supporting near-term growth in mobile wallet transactions. Source
TransferWise is the first fintech to join the Bank of England’s Real Time Gross Settlement (RTGS) system; described as game changing for the company the deal will allow them to lower costs, be on equal footing as banks and offer instant transfers to GBP. Source.
While the crackdown on bitcoin in China has hurt the value of the digital currency, prices have stabilized and traders are confident this is a blip on the radar; what traders are more focused on is the technology behind the currency and the blockchain protocol has not been affected; there are also reports that say the crackdown is temporary and China has become less central as overall volume has dropped. Source.
Digital only Starling Bank says they have reached about 65 percent of their SMB lending capacity through the various government...
I talk with Aaditya Rathod of The Canny Co., who set up an ecosystem that makes it easy for businesses and customers to save time and money.
L.A.-based credit company Sunbit launched a BNPL card this month to compete with other BNPLs through a no-fee credit card experience.
Local lenders in Singapore are offering consumers and small businesses relief during the current crisis; this includes a freeze on...
The Financial Conduct Authority (FCA) has released their annual Sector Views report; it warned of high-risk retail investments, calling out...
There is significant pain points for commercial clients of banks as they typically need to resend documents many times; as banks become more tech driven they have begun to solve these issues and clients are seeing the benefits; JP Morgan Chase has created Data Once and even smaller banks like Peapack-Gladstone Bank in NJ have new features for their clients; banks of all sizes see how the changes can impact client relations. Source.
Upstart announced Q2 earnings on Monday, disappointing investors. The company lost $32.1 million overall, on total revenue of $228 million.