A recent review done by the International Monetary Fund found Chinese Banks face capital shortfalls, in particular medium and small banks; the IMF stated that China should consider boosting risk-weighted assets by 0.5 to 1 percent in the next 12 months; Jin Zhongxia, China’s representative on the IMF’s executive board said the assessment was for the most part correct but that they have already begun implementing remedies; the IMF said the problem is manageable but laid out a set of potential reforms to improve the shortfalls going forward. Source
MAJORITY, a Florida-based mobile banking app for migrants, announced a $37.5-million Series B, including $30 million in equity.
WorldRemit recently entered the U.S. market and already expects it to be their biggest market by year end; remittances sent from the U.S. back to home countries have risen to $66bn from $50bn in the last 5 years; immigrants are becoming more tech savvy and companies like WorldRemit see big potential as apps like WhatsApp have helped move people to use their phones more and more; WorldRemit has been driven in large part by relying on a number of different partners to help set up their expanding network; tax issues are still a big concern and recently receiving the NY approval, a 2 year effort, sets the company up to focus on scale. Source.
Immigrants make up a vastly underserved demographic, Remitly's Matt Oppenheimer believes their potential financial impact is underated.
Immutable Welcomes $200M Series C, Adds Quartet of Executives. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Many fintechs are considering changes to make their UX as slick and polished as possible, especially in authentication.
The real estate market is a rocky road for first time buyers. Nationwide has invested in Kettel to improve access.
The real estate market is a rocky road for first time buyers. Nationwide has invested in Kettel to improve access.
The real estate market is a rocky road for first time buyers. Nationwide has invested in Kettel to improve access.
A new study by Cornerstone Advisors and Acxiom examined how the financial lives of women differed from men; the study...