In documents reviewed by the FT Ant Financial says they now have...
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.
Mark Cuban and Jill Castilla, CEO of Citizens Bank of Endmond, made...
The Securities and Exchange Commission (SEC) has requested that Lending Club provide increased disclosure on its loan portfolio and sources of funds also suggesting they improve non-GAAP reporting which is potentially misleading for investors; Lending Club has agreed to provide more disclosure and evolved its SEC filings accordingly however it has defended its non-GAAP accounting procedures, reporting it did not see the measures as misleading; recent requests for added disclosure as a publicly traded company are included in the SEC's last correspondence on November 4; the items remain open and the SEC's most recent correspondence is in addition to its review of the company following the replacement of its CEO in May. Source
This week's industry update from PeerIQ focuses on some good fundraising news for the market; OnDeck extended their credit facility with Deutsche Bank to 2019 and increased the borrowing capacity to $214 million; SoFi is looking to launch a risk retention fund soon and their most recent securitization deal worth $461 million deal was rated by S&P, Moody's and DBRS; Marlette closed on their third securitization deal, MFT-2017 1, which was their largest transaction; the deal was originally set for $257 million but was oversubscribed and priced at $333 million on Friday; PeerIQ listed a few other interesting items of note on the deal; the deal pricing of this transaction is tighter than past Marlette securitizations and they are using a step function for cumulative net loss triggers. Source
Consumers have submitted hundreds of complaints about the p2p payments app because they are unable to sign up or access money that was sent to them; the reason behind the issues is Zelle’s security structure is very similar to that of a bank; if something doesn’t match perfectly or the users bank is outside the Zelle network then its possible they will not be able to sign on; Zelle initially launched inside their bank network only, but in September they launched their stand alone app and thats when the issues began; the company is looking at improving the process but says they will not compromise their security. Source.
This morning, SoFi announced they have agreed to acquire Galileo Financial Technologies...
Ahead of his presentation at LendIt Europe 2017, Richard Peers, Director of the Financial Services Industry at Microsoft discusses fintech with Verdict; provides his perspective on artificial intelligence, blockchain, cloud computing, challenger banks, why London is a great place for startups, and what firms can learn from the Chinese market. Source
The Fed made one increase to the federal funds rate in December 2016 and economic market activity appears to be improving with the election of President-Elect Donald Trump; Rohit Arora of Biz2Credit says the outlook is optimistic for small business owners in 2017; with only one rate increase, borrowing rates are still low for small business owners and lenders are approving a higher percentage of loans; Donald Trump's plans to alleviate some of the burdens from Dodd-Frank on banks is also likely to help approval rates for small business owners. Source
Considered part of the 'Big Four' banks in China, the China Construction Bank (CCB) is looking to launch a banking and insurance blockchain product; their hoping to use their new bancassurance product in Q3 to sell third-party insurance products on the distributed ledger as CoinDesk reports; they are using the IBM blockchain and have been testing the products for months. Source.
Loan stacking has reportedly been influencing an increase in default rates for marketplace lenders; TransUnion has reported data on delinquency rates and online fraud; firm announced an expansion of its Fraud Prevention Exchange at LendIt USA to help mitigate online lending fraud and specifically loan stacking. Source