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Fintech

·Dec. 28, 2016

Fast Company’s Five Fintech Startups to Watch in 2017

Fast Company looks forward to 2017 after a rough 2016 for fintechs; highlighted in their five fintechs to watch in 2017 is real estate technology firm Cadre which has closed more than $500 million in inventory; wealth management company Stash also made the top five; the company has gathered over 300,000 users and recently raised $25 million from a Series B funding round; Cross River Bank, a community bank which has close ties to the marketplace lending industry, also made the list; the company provides a banking infrastructure to many fintech firms and recently raised $28 million in new capital. Source

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Fintech News Roundup Online Lending

·Dec. 28, 2016

Target Audiences for LendIt’s Three Events in the USA, Europe and China

In our recent blog post we outline our three audiences in the USA, Europe and China; all of our global fintech conferences highlight the most innovative companies from around the world; at our March LendIt USA conference we are expecting 5,000 attendees in New York City with participants from over 40 different countries; we encourage our international attendees to book their travel plans early; read more about our global audiences in our blog post and contact LendIt to answer any questions you may have about international travel plans or visa letters. Source

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Asia/Pac Fintech News Roundup

·Dec. 28, 2016

Asia Fintech Fund of Funds Launches $1.4bn Fund

Hong Kong-listed Credit China FinTech Holdings led the launch of the fintech fund with 11 other partners that consist of central state-owned enterprises, provincial investment funds, trust and securities firms and private equity firms; financial gain was not the main motivation of the fund as the participants are looking at exposure to the emerging fintech space and possible partnerships in the future; "China's fintech sector was started later than the West's but is expanding at an unparalleled pace compared with the West," Credit China Executive Director Sheng Jia said at the opening ceremony. Source

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Asia/Pac Fintech News Roundup

·Dec. 28, 2016

CreditEase Wealth Management Wins Best Non-Bank Private Wealth Product Award

The Asian Banker has awarded CreditEase Wealth Management with its first Best Non-Bank Private Wealth Product award; the award was part of the Asian Banker's awards program which has been recognizing financial services companies for 16 years; voting was done by an advisory board using detailed criteria to identify the non-bank with the best solutions for meeting the needs of high net worth customers by matching their risk profiles and investment objectives; CreditEase's CEO Ning Tang said its wealth planners focus on cross-border, cross-regional portfolios with multi-asset classes for clients and that its Toumi RA robo advisor service was created to help clients evaluate and minimize risks with a scientific portfolio. Source

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Fintech News Roundup

·Dec. 28, 2016

BBVA Acquires Payment Service Provider, Openpay

Spanish bank BBVA has acquired Openpay; fintech startup Openpay is a payment service provider that will help to facilitate real-time payments and transfers for BBVA; according to Openpay Co-Founder Roberto Bargagli: "This acquisition shows BBVA's commitment to digital transformation and it is an example of how fintech firms and banks are going to revolutionize the global ecosystem together. We will work with tremendous enthusiasm to take advantage of this huge potential." Source

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Fintech News Roundup

·Dec. 28, 2016

2017 Technology Trends in Insurance

The insurance industry is adopting innovative technologies for profitable and sustainable growth; 2017 could be a transformational year for the insurance industry; key trends in insurance technology for 2017 include: artificial intelligence, predictive analytics with machine learning, cloud-based infrastructure, customer experience, and data solutions centered around internet of things technology and big data. Source

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Fintech News Roundup USA

·Dec. 27, 2016

Lemonade is Expanding Nationwide

Insurtech firm Lemonade is expanding to 46 new states and the District of Columbia; launch in Washington, Wyoming and Mississippi will be delayed because of statutory wait times; firm will continue to focus on its main product which includes insurance for homeowners and renters. Source

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Fintech News Roundup

·Dec. 27, 2016

Chart of the Week: Fundraising for Robo Advisors and Digital Wealth Management Firms

The chart below is from PitchBook's fintech analyst report, "Part 3: Asset Management"; shows funds raised by companies offering robo advisor and digital wealth management services; according to PitchBook, institutional investment in fintech digital wealth management companies has been increasing since the financial crisis while millennial preferences have also increased demand. Source

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Asia/Pac Fintech News Roundup

·Dec. 27, 2016

Cosun Group Bonds under Pressure after Sale through Zhao Cai Bao

The Cosun Group has told investors it will be defaulting on $45 million worth of corporate bonds issued to investors through online platform Zhao Cai Bao; the online platform is run by Ant Financial Services Group, an affiliate of China's Alibaba Group Holding Ltd.; the bonds should be insured by Zheshang Property and Casualty Insurance Co. Ltd. however China Guangfa Bank is claiming the insured documents are fake; Ant Financial is working to help investors receive the insurance payouts for the bonds and says Zheshang Insurance has no reason to refuse payment which should have been made within three days of default. Source

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Europe Fintech News Roundup

·Dec. 27, 2016

Fintech Firm, Nutmeg, Raises 12mn British Pounds

Nutmeg has received 12 million British pounds ($14.74 million) in capital from investor Taipei Fubon Bank; the 12 million British pound fundraise follows a Series C fundraising round in November led by Convoy Global Holdings; the funding will help to support the firm's rapid growth; assets under management for its robo advisor service have been increasing significantly and are now at approximately 600 million British pounds ($736.85 million); success has been driven by demand for its discretionary investment management service which also offers low fees. Source

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