Peter Renton, Founder of Lend Academy reports on the potential of Google, Amazon, Facebook and Apple being the fintech leaders of tomorrow. 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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PwC is out with new research saying alternative asset volumes will double by 2025; alternatives will make up about 15 percent of global assets under management by 2025 because investors are looking for diversification and reduced volatility; Rob Mellor, PwC asset management partner, tells AltFi, “We have seen the rise of the multi-strategy alternative manager and an increasing trend for traditional active managers looking to add alternative strategies to their product range.” Source.
There have been a number of new funding deals closed in recent weeks and CB Insights reported that 278 fintech financing deals were done in the third quarter; Lend Academy provides the interesting mix of companies that have raised debt and equity capital. Source
HSBC intends to launch a new product in 2018 to address problems they see in the automated investment market; the new product is dubbed robo-advising 2.0 by Dean Butler, HSBC’s head of retail wealth; it will provide holistic financial advice and will eventually include recommendations for other products such as pensions and insurance. Source
Greenhouse, the new Wells Fargo banking app, will offer customers a new mobile banking experience to help manage finances; users will be able to manage their money and have the ability to send and receive payments; Crowdfund Insider reports Avid Modjtabai, Head of Payments, Virtual Solutions and Innovation at Wells Fargo said at an industry event, “We believe the Greenhouse experience will appeal to a broad base of consumers, many of whom have several income sources or are paid infrequently, which can make budgeting a challenge.” Source.
Credit Karma is looking to make managing your car related routines a lot easier by launching their auto information center; the new product will allow customers to manage their auto finances, insurance and other car related items like recall notices; the biggest benefit will allow users to shop for better auto insurance and loan refinance rates that will help make sure they are getting the best deal. Source.
The Global Digital Asset Exchange or GDAX is looking to list initial coin offerings that have thus far shown some level of success; the exchange has started too come under pressure to increase listings as investor interest in ICOs continues to stay red hot; as they try to meet demand they also want to be sure to not list too many and end up having startups that don’t deliver; GDAX is looking for track record of success, real world implementation and helps to create an open financial system. Source.
loanDepot is the second largest non-bank consumer lender; OfferPad purchases homes from homeowners, allowing them to sell their house easily; the JV called OfferPad Home Loans is a stand-alone mortgage broker where loanDepot will act as the wholesale lender; OfferPad will be using loanDepot’s platform called Mello to provide the bridge financing. Source
Volkswagen is preparing an application for a UK banking license so they can continue car financing after the UK leaves the EU; the move will help the company be prepared as negotiations for Brexit continue; they currently are able to offer loans by passporting their license in Germany to the UK, but with Brexit occurring those rules might change; their loan book in the UK is $19.6bn and if they were to open a retail bank they anticipate about 10 percent of funding to be customer deposits. Source.