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The options for banks to compete in a changing financial services landscape are to either build, buy or partner; while we have seen a number of banks build their own technology or partner with fintechs, there has yet to be significant acquisitions in the market; an article in Tearsheet highlights how few purchases banks have made and how that compares to the amount of investments in fintech companies. Source
Hyperledger has added seven new members bringing its total membership to 135; new members include CollectorIQ Inc., Korea Exchange, Shanghai Onechain Information Technology, Shenzhen Forms Syntron Information, The State of Illinois, The Netherlands Organization for applied scientific research (TNO) and 1worldblockchain; the new members will help to support the consortium's goal of developing blockchain solutions and creating an open standard for distributed ledgers. Source
The U.S. Justice Department will sell off $56 million worth of cryptocurrency it seized as part of a massive Ponzi...
Wells Fargo, Morgan Stanley, JPMorgan Chase and others have launched or will launch their own robo products to compete with slicker startups; after seeing the success of startups in the space the banks realized they needed to improve their offerings to keep customers and attract newer, younger ones; the trend to move away from white labeling technology to building their own is a recent one as some traditional players like UBS, State Street and John Hancock are still using services from SigFig, Motif or NextCapital. Source.
In light of the coronavirus crisis the consumer lender has opted to stop originating C, D and E grade loans;...
Transferwise CEO Taavet Hinrikus and LocalGloabe back DeFi start-up Radix in $4.1m fundraise Railsbank continues global expansion and launches in...
The new CFPB director Mick Mulvaney is planning to rollback a key regulation that will allow payday lenders to charge very high interest rates; the current rule was set to be enacted soon and allow for lenders to become compliant by the middle of 2019; the rule limited the amount of money or the amount of times a person could borrow from these short term lenders; with the removal of the rule payday lenders can go back to operating like they did prior to the CFPB; many fear that lower income Americans will become mired in debt. Source.
De acuerdo a Inviertis, en España el interés por el mercado inmobiliario ha crecido en un 400% gracias al uso de las criptomonedas.
The new regulation came from a new state body focused on regulating internet finance; it put a stop to new approvals of offline micro lending companies; companies already in operation may see heavier regulation which has caused drops in the share price of recent IPOs including ZhongAn, Ppdai and Qudian. Source