According to Visa 96 percent of U.S. payment volume took place on chip cards, with the large majority being chip and signature cards; starting next month major card brands will look to move customers to the chip and PIN cards that have been widely adopted across Europe; Merchants will be able to turn cell phones into terminals instead of buying expensive POS terminals with pin pads; wide adoption will take time as smaller retailers might not see the benefits as quickly and large retailers have invested a lot in the current technology. 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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P2P Lending Expert reviews The Worthy Bond which is a new investment option created under Reg A+; the investment pays 5% annually and has a $10 minimum investment; Worthy invests in asset-based loans. Source
Innovate Finance published their annual list of women in fintech and while progress has been made, more work is needed; Innovate Finance CEO Charlotte Crosswell said "We’ve still got work to be done. When you look at statistics of women in fintech — it’s not there yet.”; other leaders like Anne Boden of Starling Bank said we all need to try harder; studies also show that the more diverse a team the better they perform. Source.
If you missed any sessions at LendIt Fintech USA 2019 the audio...
In his LendIt Fintech USA 2019 keynote, CEO and Co-founder of Affirm,...
Kabbage’s Latest Data Reveals Small Businesses’ Revenue Growth Is Stronger Than Perceived...
According to a recent Wall Street Journal report, costs associated with rewards credit...
Neo Capital provides details on their business services in their featured blog posts; the firm provides a range of services for wealth management, inclusive finance, consumer finance and investment management with a specific focus on data management and anti-fraud solutions for financial inclusion initiatives; their white paper, "How Big Data Risk Management Helps to Build the Value of Inclusive Finance Rapidly" offers insight on financial inclusion solutions and fintech for financial enterprises. Sponsored Blog Post
Tom Lee, founder of Fundstrat Global Advisors, is projecting bitcoin's value to reach $25,000 in the next five years; the strategist also projects a bitcoin value of $6,000 by mid-2018; the cryptocurrency is currently trading at $4,284.14, gaining approximately 330% in 2017; Lee cites bitcoin derivatives as a key catalyst since they have now been approved and are increasingly being used in wealth management strategies and also expects bitcoin derivatives trading will lead to increased institutional investment. Source
Despite initial concerns over risks from Brexit, the UK's Funding Circle has been growing significantly; Funding Circle is one of four firms Bloomberg plans to follow throughout the Brexit process which will begin when Prime Minister Theresa May triggers Article 50 of the EU Treaty; for Funding Circle, results following the Brexit vote in June have been overwhelmingly positive; in the second half of 2016, originations increased 50% from 2015 to 530 million British pounds ($685 million) and in the fourth quarter of 2016 the firm's UK division reported its first net profit; while some funding challenges and employee visa risks still remain, the firm's business seems likely to continue its positive trajectory; low rates on fixed income investments in the UK and slowed bank lending to small businesses appear to continue as leading factors for the firm's growth. Source