Lennar Corp. is the largest homebuilder in the United States; they will leverage technology built by Blend to allow their customers to apply for mortgages online and through mobile devices; this will cut down significantly on the time to apply for a mortgage and Lennar hopes it will also help attract millennial buyers. 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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Since 2008 home equity has rebounded as the economy has recovered; since 2012 housing equity has increased by $7 trillion; despite the borrowing opportunity, home equity lending has yet to return to its pre-crisis levels; data from the New York Federal Reserve outlines current borrowing trends and factors that are now influencing home equity borrowing. Source
The popular financial management app for solopreneurs and freelancers, HoneyBook, has raised...
Hong Kong has approved 4 more digital banking licenses for Tencent, Alibaba,...
The Hong Kong Monetary Authority (HKMA) has approved the first batch of digital...
Hong Kong's Legislative Council Panel on Financial Affairs published a document this week on their digital currency plans; The Hong Kong Monetary Authority (HKMA), which acts as their central bank and financial regulator is working with banks and R3; according to the document: "The first phase of the research, which explores the feasibility of [central bank-issued digital currency] in performing domestic inter-bank payments, inter-corporate payment in the wholesale market and delivery versus payment (DvP) debt securities settlement, is expected to be completed in the fourth quarter of this year. Subject to the findings of the first phase, HKMA will map out the next steps." Source
With open banking starting last week in the UK, we might soon see a global push as Hong Kong is looking to explore the idea; the CFPB in the US recently came out with data sharing guidelines that look to begin creating a framework for future legislation; there is not yet the expectation that Hong Kong will adopt such regulations but they did ask for banks and fintechs to weigh in on the open API framework; the FT also sits down with former Barclays CEO Antony Jenkins to further discuss open banking and what it could mean for all participants. Source.
Hong Kong authorities are planning to issue digital banking licenses to Tencent,...
The Hong Kong Monetary Authority shared that half of the population if...
Monexo plans to hire 30 to 40 people in a new office in Salt Lake Sector V; company plans to first start with personal loans and has already tied up with CIBIL for credit scores of borrowers; according to Monexo, good borrowers will receive a rate as low as 13%; Monexo has been in operation for 18 months and has offices in Bengaluru and Chennai. Source