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Fintech

·Apr. 20, 2017

French Telecom Orange Launches Bank

Orange is a large French telecom company located in France; users will be able to create an account in an Orange store or completely online; service will be open to non-Orange customers; there will be no monthly fees provided users use their attached payment card; Orange has also partnered with IBM's Watson to provide user support and is also working to add insurance products and loans to the service. Source

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Fintech News Roundup

·Apr. 20, 2017

FCA Business Plan Includes Initiatives for Fintech

The FCA regulates approximately 56,000 firms in the UK; its 2017/2018 business plan outlines three main objectives: 1) protect consumers 2) enhance integrity and 3) promote competition; the annual business plans shows the FCA's commitment to foster fintech innovation but notes that the sector presents some of the broadest risks; its business plan states it will continue to focus on fintech initiatives such as Project Innovate and sandbox development; the FCA also plans to actively engage with international regulators for growth of the sector as well; the entire business plan can be found here. Source

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Fintech News Roundup

·Apr. 20, 2017

Lend Academy Article: Why I Don’t Believe in the Hybrid Advice Model

Emmanuel Marot writes about the hybrid robo advice model in a blog post for Lend Academy; says he is not in favor of the hybrid model since machine learning can take care of the needs of investors noting that complexity nor human whims have proven to bring any value. Source

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Fintech News Roundup

·Apr. 20, 2017

Low Cost Brokerage Provider Loyal3 is Shutting Down

Loyal3 recently announced the service would be shutting down effective May 22, 2017; the company provided commission free investments with a minimum investment of just $10; also offered investors a chance to access some IPOs; Loyal3 is offering several options to investors including moving securities to FolioFirst, transferring shares to another brokerage or selling shares; many people speculate that the shutdown will be a boon to Robinhood's business which offers similar services. Source

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Fintech News Roundup

·Apr. 20, 2017

The Future for Automotive Technology

Forbes reports on new technology in the automotive sector; says internet of things connectivity will allow users to connect their bank accounts with their vehicles; Forbes talks with industry experts about the market's evolution. Source

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Asia/Pac Fintech News Roundup Real Estate

·Apr. 19, 2017

CreditEase and Tishman Speyer Partner for Global Investment

New York-based commercial real estate developer Tishman Speyer has partnered with CreditEase Wealth Management to invest $1.4 billion in China and other countries within the next three years; according to Tang Ning, CreditEase founder and CEO, the partnership will focus on long-term development, providing clients with globalized and diverse portfolios. Source

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Europe Fintech News Roundup

·Apr. 19, 2017

Lloyds Bank Working with Microsoft on Biometric Authentication

Lloyds Bank is testing biometric authentication technology for its online banking customers; the development is centered around the use of Microsoft's Windows Hello which has fingerprint and facial recognition capabilities and can be used with Windows 10 devices. Source

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Asia/Pac Fintech News Roundup

·Apr. 19, 2017

Ant Financial Reports Payments Deal with helloPay

Alibaba payment affiliate Ant Financial has announced the acquisition of helloPay; the company is based in Singapore and will help support Alipay's strategic growth initiatives in Southeast Asia; its primary payments focus is on serving e-commerce platforms; helloPay will be rebranded as Alipay following the acquisition. Source

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Fintech News Roundup USA

·Apr. 19, 2017

Goldman Sachs Reports First Quarter Earnings

Goldman Sachs reported its first quarter earnings on April 18 with few details about its new online lending platform, Marcus; the only mention of the new platform was in the analyst Q&A; the firm said the new platform is evolving slowly and is operating according to plans; the firm reported revenue of $8.03 billion, an increase of 26.7% from the first quarter of 2016; net earnings were $2.26 billion and earnings per share were $5.15; disappointing trading revenue was a point of emphasis for the quarter; investors are interested in more details about Marcus, which has a competitive cost advantage and is reporting potential return on assets of three times the return on assets of the firm as a whole at 3%; as Goldman Sachs progresses further with its retail business expansion, investors will be watching the retail business contribution overall which could help to cover some of its recent shortcomings and give it an edge over its competitors. Source

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Fintech News Roundup

·Apr. 19, 2017

Deutsche Bank Acquires Stake in Receivables Auction Platform TrustBills

Deutsche Bank acquired a 12.5% stake in receivables auction platform TrustBills as the company looks to upgrade their core technology system; in September 2016 Deutsche Bank CEO John Cryan reportedly told employees they needed to begin thinking more like a tech startup if they were to keep their positions; the move to acquire TrustBills looks like the beginning of a fintech strategy by the bank; TrustBills is a marketplace for national and international trade receivables and they have begun looking to expand to more markets soon. Source

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