HSBC is planning to hire 1,000 new Asian wealth management operations employees; the announcement is part of a cost cutting initiative which has closed 60 branches in the UK and moved 200 IT-related jobs to Asia; the newly added employees will primarily be focused on Chinese retail banking and wealth management, adding to a team of 2,400 employees. Source
"We couldn't be more excited to, essentially, be taking the reigns and bringing a stablecoin to market hopefully later this year," Silvergate CEO Alan Lane said.
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Nearly a quarter of respondents in a recent Credit Karma survey said that their total debt increased after using “buy now, pay later” services, which allow users to pay off purchases in installments over a few weeks.
2019 has already seen a massive amount of deals in fintech; the founder and CEO of Curve, a company which...
Latin American fintech Kiwi raised $80 million in funding to boost lending to underbanked Latino migrants in the United States.
Ant Financial’s Yu’e Bao fund has grown since launch in 2013 to become the largest money market fund in the world; JP Morgan’s fund, which launched in 1993, was recently passed by Yu’e Bao in assets and is still seen as the safer fund; according to a report by Fitch Ratings Yu’e Bao is a lot riskier in terms of market concentration, credit quality, liquidity and regulatory risk. Source.
Steps are being made to close the gender divide in fintech, but lack of access to funding can be crippling to female-led firms.
There are unique tax implications when it comes to investing in marketplace lending and investors should consider investing through an IRA; LendingClub is currently offering a bonus for IRA investments and is working with a new preferred custodian. Source
By acquiring First Sound Bank in Seattle, the fintech would control the strategic direction of the combined company and won't have to share revenue, CEO Luvleen Sidhu says.