According to the WSJ, clients have been withdrawing more money than expected from the hedge fund; Pine River was best known for its profits after rebounding government-backed mortgages following the financial crisis; Pine River manages roughly half of the $15 billion it managed in 2015. Source
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.
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nCino is a cloud-based banking technology provider that has raised $140 million to date; Salesforce Ventures led their latest funding round; the funds will be used to fuel global growth and further development of their Bank Operating System which is built on Salesforce; the company has 180 financial clients across the world. Source
Funding Circle recently announced it would be shifting away from manual lending to auto bidding; with the change Funding Circle follows its two closest competitors Zopa and RateSetter who only offer auto-bid options; with auto-bid investors gain access to more diversified investments; P2P Finance News outlines the UK P2P industry auto-bid platforms versus manual bid platforms. Source
The Singapore based investment firm together with Chinese investment firms Tiantu Capital and Xindahanshi Capital invested more than $72mn into the Chinese fintech Tongdun according to DealstreetAsia; Tongdun is a risk control and anti fraud service provider for financial services firms, online shopping companies and social networks; the capital will be used for research & development and expansion overseas in search of fintech partnerships. Source.
China's State Administrative of Foreign Exchange (SAFE) has granted Qualified Domestic Institutional Investor (QDII) quotas of US$89.9 billion to 132 Chinese mainland financial institutions; the new quotas follow positive investment catalysts including a Hong Kong stock market rally; the new quotas give Chinese asset managers broader freedom for investment in foreign fixed income and equities. Source
Here are the most read news stories from our daily newsletter today:...
T-Mobile is officially getting into banking with a big nationwide push to...
Funding Circle and Zopa both discussed the rationale for becoming a bank at the AltFi Europe Summit; Funding Circle's Samir Desai talked about three ways online lenders are collaborating with banks and said, "We at Funding Circle have no plans to launch a bank."; comparatively, Zopa is taking the opposite approach and Jaidev Janardana discussed the firm's bank expansion, noting that the firm will be focusing on savings deposit accounts and will be using deposits to fund loans. Source
The emerging blockchain industry is starting to look like the rest of the tech industry, predominantly male; it is estimated that only 4 to 6 percent of blockchain investors are women; there are a number of women who are looking to change this culture and have started forming clubs and conferences to attract more women to the space; “We have an opportunity to rebuild the financial systems,” entrepreneur Brit Morin said to the NY Times. “Women want to be part of that.”; there has been numerous incidents at industry events and from ICO marketing campaigns that have been discouraging to say the least for blockchain women enthusiasts; with the industry still in its infancy there is plenty of time to build a more inclusive culture for all those interested in the potential of blockchain technology. Source.
The Economic Times reports that a half a dozen of Chinese fintechs...