The new agreement with PICC P&C would provide Yirendai with a performance bond for certain loans originated through their marketplace; PICC P&C agreed to reimburse investors should any losses occur because of due diligence issues; Yihan Fang, CEO of Yirendai, said, "We are pleased to begin working with PICC P&C on performance bond. We believe a strong alliance between our two industry-leading companies will enable us to provide higher quality products and services to our customers to better serve the large demand for personal finance." 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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AI technology continues its hot streak in recent years with venture money...
Estimated return on loan production in November 2016 was 6.58%, which is down from the previous three months; Prosper attributes its revised pricing and credit market trends overall to the month's weaker performance; the average FICO score in November was 714.2 which is approximately 10 points above the FICO scores in 2015 vintages; cumulative charge-offs are trending higher in 2015 and 2016 than 2013 and 2014; higher pricing is also a factor potentially affecting prepayment rates which are higher for loans originated in 2016. Source
Aspiration has taken their marketing aim directly at some of the biggest banks by offering what they see is a better product and experience; “We’re not going after these banks for the sake of it, we’re talking about their actions and their approaches versus ours,” said CEO Andrei Cherny to TearSheet; the company does not charge ATM fees or monthly service fees and investments are done on pay what is fair basis; Aspiration is going beyond just the user experience by donating 10 percent of revenue to charity and focuses on whether customers spend at companies that are ethical and sustainable. Source.
This morning I awoke bright and early to do an interview about...
There is a lot of uncertainty in online lending as many lenders...
Tokyo-based fintech company MoneyForward could go public on the Tokyo Stock Exchange's Mothers market by September; its market cap is expected to be JPY10 to 20 billion ($90 to $180 million); founded in 2012, MoneyForward is a personal financial management app which includes accounting functions, payroll service, statement collection, expense reporting, financial projections and the ability to send an invoice; MoneyForward has over four million individual users in Japan. Source
Visa, Mastercard Fined Wirecard for Dubious Transactions Mexico-Based Prop Tech Flat.mx Secures...
As we march towards our 2020 event we wanted to share a...