As bigger breaches occur startups focusing on cybersecurity have seen investment double in the last year; globally there was $7.6bn invested in cybersecurity startups this past year after seeing $3.8bn in 2016; global spending on cybersecurity was estimated to be over $80bn in 2017 as companies look to protect their data and company systems from evolving threats. 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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The Shenzhen Securities Regulatory Bureau issued the year’s first fund sales license to Tencent Holdings; the company will operate as Teng An Fund Sales; WeChat adds a police certified facial recognition technology as part of a pilot program they hope to roll out to all of China in late January; some loans on HNA’s p2p platform JBH have dealt with deferred payments a since November. Source.
Visa notified WaveCrest that they were terminating their membership with the company for non compliance; WaveCrest is a third party processor where prepaid cards were being used for crypto based activities; the terms and conditions of their agreement with Visa stated that funds could only be loaded to the card via an employer on a regular basis; the termination note leaves a number of companies in limbo and looking for another option to service customers. Source.
Some of biggest bitcoin miners in China have reportedly been looking to set up operations in other Asian countries; there has been conflicting reports out of China is the last week as to what the country is doing when it comes to mining operations; the PBOC has not made official comments yet and the mining overall doesn’t look to slow down as other countries can fill the role of China. Source.
Buying and selling of cryptocurrencies may be available as soon as June, but the bank is still working on how it will store them; Goldman remains one of the few banks who are leading the charge when it comes to trading cryptocurrencies and it remains to be seen whether other banks will follow suit. Source
The Senior Managing Director at Kroll Bond Rating Agency discusses trends in marketplace lending securitization. Source
- Testimonial Tree Partners With J4 Mortgage Solutions to Offer Online Review Software to Mortgage Lenders and Title Companies
- Reffind bets on blockchain for turnaround story
- Credit Karma Teams with American Express to Offer Advance Tax Refund
- Student Loan Startup Frank Secures $10 Million During Series A Funding Round
- 2018 In Crypto - 11 Predictions (ZeroHedge)
- CIBC Innovation Banking unit launched to help grow startups
- Finova Financial’s New Fundraising Process Leverages Cryptocurrency to Serve Non-Accredited Investors
- Why I Joined MetaProp As An EIR (Nav Athwal)
During the week I share the latest marketplace lending and fintech news...
There has been talk about one the big tech firms becoming a bank and potentially forever changing financial services; event without a banking license big tech firms are making noise in the finance market; Amazon and PayPal have been extending billions in loans and banks have started testing technologies like Alexa; the tech firms have also amassed a trove of data that could end up being as important as banking data; as banks become more digitized we will begin seeing a further mixing of interests to help offer the best experience as possible to the customer. Source.
Tiger Global has led Wealthfront’s latest $75 million round; the capital will be used to further build out their Path platform which connects users to their other financial accounts; Wealthfront now has $9 billion under management. Source