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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.

Asia/Pac Fintech News Roundup

·Sep. 1, 2017

Alipay Uses Facial Recognition Tech for Payments in a Hangzhou KFC Restaurant

Ant Financial has rolled out the world's first commercial application of a payment system that identifies payers using facial recognition technology; starting from September 1, a KFC restaurant in Hangzhou allows customers to authenticate their payments by having their faces scanned; the whole process, which takes about ten seconds, does not require users to take out their cell phones; the function is powered by Face ++ technology developed by Beijing startup Megvii. Source

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Fintech News Roundup

·Sep. 1, 2017

PBoC Officials Visit San Francisco Federal Reserve Bank and Blockchain Companies

On August 23 and 24, officials from the People's Bank of China and scholars from Peking University arrived in San Francisco and had in-depth discussions with delegates at the Federal Reserve Bank of San Francisco as well as some fintech companies including Coinbase, Prosper, Sofi, Circle and Ripple; discussion topics focused on digital currency, regtech, lending and inclusive finance; Sun Guofeng, the head of the Research Institute of PBoC, and Yao Qian, the head of Digital Currency Research Institute of PBoC, attended the tour; a report on the status quo of US fintech market, regulatory environment and its implications on China will be written after this visit. Source (Chinese)

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Europe Fintech News Roundup

·Sep. 1, 2017

Reminder: PitchIt @ LendIt Europe Applications Due September 4

PitchIt @ LendIt Europe is one of the industry's most popular startup competitions providing eight finalists with unparalleled access to industry expertise and funding opportunities as well as invaluable exposure, branding and more at the event; hosted in partnership with Startupbootcamp, the event offers fast-track status to the finalist round for Startupbootcamp Fintech Accelerator as one of its prizes; LendIt also announced this week that it will partner with SeedInvest to crowdfund live from the PitchIt @ LendIt Europe competition; interested startup companies must submit their application by September 4 and finalists will be announced on September 10; more details about the competition can be found here. Source

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Europe News Roundup Online Lending

·Sep. 1, 2017

Funding Circle Investing GBP12mn in New Marketing Initiative

The marketing initiative coincides with the firm's recent rebranding announcement and is part of the company's "Made to Do More" campaign; it is spending GBP12 million ($15.51 million) across media and specialist channels with a focus on business borrower and capital investor awareness; the firm has been a market leader in investment deals in 2017 recently announcing a partnership with Aegon and reporting a $100 million fundraising in January. Source

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Europe News Roundup Online Lending

·Sep. 1, 2017

IFISAs Report 2,000 Subscribers in 2016

ISA statistics were released on Thursday by HMRC; last year two thousand Innovative Finance ISA accounts were subscribed with retail investors collectively investing GBP17 million (USD $22 million); this compares to GBP22.325 billion ($28.94 billion) into stocks and shares and GBP39.191 billion ($50.81 billion) into cash ISAs; about one third of money invested into IFISAs on P2P platforms last year was from transfers; while the accounts opened and amount invested were low it still shows appetite for such products. Source

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Europe Fintech News Roundup

·Sep. 1, 2017

The Effect of MiFID on Fintech

MiFID II legislation is likely to come into play on January 3, 2018; the legislation will regulate trading activities and further investor protections; article highlights the impact across financial services with robo advisory and high-frequency trading directly influenced. Source

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Europe Fintech News Roundup

·Sep. 1, 2017

Passive Investing Becoming Widespread in Wealth Management and P2P

New research from Equifax Touchstone shows that automated investment has become a wider trend in P2P and wealth management; 82% of 141 surveyed investment advisors said they have a consistent approach to allocation and monitoring for clients; P2P platforms like Funding Circle recently removed self selection and instituted an autobid process for investors; John Driscoll, director at Equifax Touchstone, tells AltFi, "This approach helps strike the right balance between risk and return, particularly important in a world of increased market volatility."; according to Driscoll the FCA has been a main driver of this trend to ensure risk is maintained correctly for investors. Source

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News Roundup Online Lending USA

·Sep. 1, 2017

Innovation at the Edge: Banks Transition to Hybrid Lending

Banks have been trying to understand what they will need to change to stay competitive as finance becomes more digital; the key question they try to answer is buy, build or partner; at LendIt USA 2017 we hosted a keynote fireside chat that focused on how a global cooperative bank stays innovative; digitizing their lending process to become more like a platform, understanding that fintech is more of an evolution and not a revolution, better understanding the customer's needs and offering hybrid solutions is key to staying ahead of the innovation curve. Source

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Fintech News Roundup USA

·Sep. 1, 2017

Personal Capital Reaches Assets Under Management of $5bn

Hybrid digital wealth management firm Personal Capital now has $5 billion of assets under management (AUM) after accelerating growth with $2 billion in AUM added in 2017; Jay Shah, CEO of Personal Capital, tells Robo Advice News, "For investors with complex financial lives or for those who are just too busy to manage their own investments, we take the time and worry out of building an investment strategy."; new investors now invest $395,000 as compared to $289,000 since the start of the year, a 37% increase; the company has also launched a number of new features and closed a $40 million Series E round. Source

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Fintech News Roundup USA

·Sep. 1, 2017

AI and Automation for Lending

Source reports on the operational costs associated with loans and how automation and artificial intelligence (AI) can help reduce those costs; automation can now replace manual processes such as credit checks, data consolidation, onboarding, loan documentation, know your customer and more; robotics and AI are also assisting in risk analysis for SMEs; additionally, machine learning solutions have also been evolving to evaluate thousands of data points from various sources; as these solutions evolve, banks too will need to integrate greater automation to stay competitive. Source

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