Yesterday round two of the PPP loan program kicked off after Congress...
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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Lend Academy provides details on the emergence of online auto lending and the market opportunity for both lenders and technology providers in their article; Lending Club is the largest marketplace lender to begin offering auto loans; Finova Financial has launched a new title loan product; AutoFi and AutoGravity are two companies offering innovative online services for the car buying process; in the used car market, Blinker has also been successful in developing a marketplace for car buyers and sellers; LendIt USA 2017 will be featuring a panel on the future of buying and selling vehicles including insight from many of these companies. Source
HSBC UK has agreed to a partnership with consents.online, an Account Information...
Chinese consumers are increasingly using mobile payment technology; currently 57.7% of the country's internet users are using mobile payment services; the shift to mobile payments is being supported by the growth from fintech companies which has also helped to make China the world's leading fintech hub; four of the world's largest fintech unicorns, Ant Financial, Lufax, JD Finance and Qufenqi, all have their headquarters in China; Bitcoin is also popular in China, accounting for 42% of the digital currency's transactions; statistics also show mobile payment services advancing ahead of traditional bank offerings with Alipay reporting more than 50% market share in mobile payments; while the country has seen exponential growth from fintech services, Chinese regulators are evolving fintech regulations which could require greater compliance requirements from fintech companies. Source
Startups like Salt Lending, Nebeus, CoinLoan and EthLend have all started a new industry by making loans to borrowers using bitcoin as collateral; with the world of bitcoin millionaires growing they will need to buy houses or cars and being able to secure a loan by putting up their bitcoin will allow then to make these purchases; securing a loan for $100,000 could cost a borrower 12 to 20 percent in interest and $200,000 in bitcoin as collateral; the loans could help bitcoin miners secure funding and potentially compete with P2P lenders; it is still early days but the potential is there as more byproducts are coming to light in the bitcoin craze. Source.
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