According to a paper by the China Banking Regulatory Commission (CBRC) blockchain technology should be adopted by China’s secondary loan market; as CoinDesk reports the paper came out of a trip made by the regulator to their counterparts in the UK and France; European banks are putting together a program to test blockchain technology for the issuance of syndicated loans; the CBRC also considers blockchain technology to potentially be helpful for automating compliance. Source.
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LendingCrowd will give investors GBP150 ($195) for every GBP2,500 ($3,257) investment they make on the platform through August 31; the offer is open to new and existing investors and can also be obtained through investment in the firm's new IFISA; the Edinburgh-based peer-to-peer lending platform is primarily focused on SME loans and has originated GBP15 million ($19.5 million) in cumulative lending from 182 loans. Source
Small and mid-sized banks can’t shy away from AI Crypto Lending Startup...
The regulator says, "digital tokens in Singapore will be regulated by the Monetary Authority of Singapore (MAS) if the digital tokens constitute products regulated under the Securities and Futures Act"; if digital tokens fall under the definition of securities in the Securities and Futures Act then issuers are required to register a prospectus with MAS and other requirements may also apply to associated parties; overall the statement from the MAS increases the level of compliance needed for an initial coin offering. Source
UK Bond Network has received authorization from the Financial Conduct Authority (FCA); allows UK Bond Network to offer investors access via the innovative finance individual savings account (IFISA); the FCA is now authorizing both crowdfunded lenders and bond platforms. Source
Auxmoney is an online lending platform based in Germany; the platform grew origination volumes by 75% in the year to €316 million across 40,000 loans; the company now has lent around €700 million across 100,000 loans to date; last year auxmoney announced a partnership with digital bank N26 to expand their borrower base; auxmoney was profitable for the first time in the second half of 2017 which sets them apart from many platforms. Source
Digital-only bank N26 has launched a new credit product for its customers as digital-only banks struggle for profits due to high operating costs; the new credit product will offer credit lines of up to 25,000 British pounds ($26,810) for 5 years with varying interest rates; the product launch occurs as many digital banks seek expanded offerings to offset some of the high costs associated with deposit accounts. Source
Regulators and fintech leaders gathered in Washington DC yesterday to discuss the fintech...
Lendio reported record growth in loan originations for the fourth quarter and full year of 2016; firm is one of the leading online multi-lender services for small business loans in the US; in the fourth quarter it facilitated loan originations of $70 million and in 2016 loan originations from the platform were more than $240 million. Source
Remittances is a huge business with over $600 billion remitted every year; the fintech startups currently leading are WorldRemit, TransferWise and Remitly; the WSJ breaks down the various offerings as well as the other players in the industry; includes data on the remittance market across the globe and trends in the industry. Source