During the week I share the latest marketplace lending and fintech news...
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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- Bringing Credit Invisibles Into Focus with Alternative Financial Data
- PayJoy Partners With Vodacom & CBA to Bring Smartphone Financing to Tanzania
- PayJoy Teams Up With Allied Mobile to Bring More Smartphones to Africans
- AutoGravity Announces Partnership with U.S. Bank
- How the Internet Is Changing Life for the World’s Poorest People (Smartphones Optional)
- Are banks too blasé about mobile security?
- Life beyond cryptocurrencies – Hong Kong and China fintech firms show there is more to blockchain
- New York Lawmakers Open to Revisiting the BitLicense
- Bank of China Moves to Patent Blockchain Scaling Solution
- This 11-year-old just wrote a book on bitcoin that hopefully a kid can understand
- Difficult divorce? RateSetter can help
- This Big Cryptocurrency Acquisition Could Create a Wall Street-Style Financial Giant
The new platform will be called easyMoney and they are launching with an Innovative ISA; investors will be able to allocate to peer to peer loans which are backed by property; easyMoney has a return target of 4% and has plans for other personal finance products in the future. Source
The french bank is launching a new fund that will invest in fintech startups; the fund will be managed by BNP Paribas’ Capital Partners and will also allocate to venture capital funds in areas such as ai, blockchain, cyber security and blockchain; Jacques d’Estais, BNP Paribas group deputy COO and head of international financial services stated, “At BNP Paribas, we’re firmly convinced that Open Innovation is a powerful driver for the transformation that will help to build the bank of tomorrow and enable us to continue to provide our clients with high value-added products and services.” Source
In this week’s PeerIQ Industry Update they cover the latest minutes from the FOMC meeting, the new NY Fed report on mortgage lending and Lending Club’s earnings report; the FOMC is on track to raise rates 3 times in 2018 and the new rates could affect ABS pricing; the NY Fed report on the role of technology on mortgage lending said fintech lenders are reducing processing times by 20 percent and default rates by 25 percent; Lending Club reported record revenue and a net loss, their stock dropped 18 percent on the news; PeerIQ also gives a report on their recent partnership with Cross River Bank. Source.
Capital One is looking to ensure innovation at the bank is beyond add ons that might solve a particular problem; the bank is looking to take a fuller look at innovation and not just trying to be first to market with a new product; Capital One has rolled out a chatbot, an Alexa skill and more as they look to try and make banking part of their customers everyday experience; Sanjiv Yajnik, president of financial services at Capital One, tells TearSheet “The real power is shifting the way in which you think about the product. Customers today are demanding products and services that are seamlessly integrated into their lives.” Source.
Deloitte tracked 86,034 blockchain projects since 2009 that are hosted on GitHub; according to their data over 26,000 blockchain projects were started in 2016 and financial services firms are leading the way in blockchain; 92% of blockchain projects have failed or were started as an experiment; The Finanser shares other findings from the Deloitte report. Source
Business Insider sat with Coinbase’s Dan Romero who recently took on the role of general manager and vice president of the company in January; the interview covered the company’s plans for growth on the engineering and product sides; he said the company is looking to become for cryptocurrency what Google has become for search; the interview also talks through the recent SegWit upgrade, where Coinbase is headed in the next few years and how they compare to their biggest competitors. Source.
Deutsche Bank examined whether bitcoin is improving in a recent note they sent to clients last week; a few factors have played into fees staying low, less demand with people looking to transfer their bitcoin and the SegWit upgrade to the bitcoin network; while only 14 percent of transactions occur through the SegWit update the tech is helping to improve the network; transaction volumes moving lower are the bigger reason for the drop in fees according to Mosaic.io co-founder Garrick Hileman. Source.
The Godfather of Fintech shares his thoughts on what rewirement means, what fintech needs today, where it is going and what excites him about the future. Source