Data storage startup Snowflake is adding Google’s public cloud to their support...
News Roundup
This page contains an archive of the Global Newsletter summaries and the weekly fintech news roundups.
Every day the Fintech Nexus news team scours the globe for the most important stories of the day to include in our daily newsletter.
Then every Saturday we bring you our weekly news roundup of the top 10 fintech stories of the week with commentary from Peter Renton.
To join our newsletter community please subscribe here.
Here are the most read news stories from our daily newsletter today:...
Facebook's data and privacy rules have slowed business development plans for insurtech firm, Admiral; many fintech firms have sought to use social media profiles in crowdfunding with little success for various reasons; insurtech firm, Admiral, will now be forced to end its plans to use Facebook social media posts and likes for consideration in auto insurance underwriting; Facebook says use of the information is a violation of its data privacy rules. Source
Scott Penberthy, Director of Applied AI at Google joined us in 2018...
An open source movement helped propel technology in the 80s and 90s and industry professionals are speculating on the need for another open source movement in today's current environment; while open source is not favored because of its intellectual property disadvantages it does have significant advantages for innovation; Crowdfund Insider details some of the areas where it is being discussed including third party data sharing and loan stacking; it has also been a topic recently debated at LendIt USA 2017 and is in ongoing development and discussion with the Online Lending Policy Institute, ID Analytics, the Marketplace Lending Association and numerous other industry groups. Source
With bank earnings season upon us we have seen a continued growth among mobile users at some of the biggest banks; JPMorgan Chase saw active mobile customers jump 13 percent and Wells Fargo saw total active digital users jump 3 percent; mobile banking has become a priority for all banks as the focus has shifted from just offering mobile to increasing engagement on mobile. Source.
The UK's National Association of Commercial Finance Brokers (NACFB) has lifted insurance restrictions for its brokers; it will now provide insurance coverage to its brokers for all P2P loans; "Peer-to-peer lending is booming and it's fantastic that our members can now use it as much as they like, safe in the knowledge that they enjoy protection arranged by NACFB Insurance Services," said Paul Goodman, NACFB chairman. Source
Small banks have started to improve their digital experience and with this...
In a report by Moody's Investor Services, the rating agency has downgraded the global asset management industry to negative; factors for the downgrade are focused on active management performance, global regulation and increasing costs; a McKinsey report published last month pointed to the new fiduciary rule, set to be enacted in April 2017, as an industry altering step as advisers will be forced not to consider their self interests with high commissions when servicing their clients; capital has continued to flow from actively managed funds to ETFs with costs being significantly lower. Source
Chinese regulators have been cracking down on bitcoin recently but traders have found a workaround; traders can use the messaging app WeChat to buy and sell coins; users are not sure how long this will last as the government is keen to shut down as much as they can; traders do believe they can stay ahead of the government by moving from app to app. Source.