Coinbase now supports bitcoin cash and is looking into whether employees took advantage of the launch; employees may have been able to profit as they knew it was about to be added on Coinbase. 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.
To join our newsletter community please subscribe here.
In their latest edition of Confessions, TearSheet talks to an analyst at a startup attached to a large bank about innovation, trying to get tech talent and why more fintech companies should partner with banks; about half of the talent at the startup came form inside the bank and as the analyst points out it was more because of convenience as hiring from the outside could take months; banks have trouble keeping top talent because the projects are not as interesting as projects at Google or Facebook; other areas discussed include default rates ticking up, marketing practices and expanding product offerings. Source.
Fiserv partnered with TransUnion to use their CreditVision Link software to help asses risk in their auto loan origination system; Fiserv is specifically looking to identify higher risk borrowers as they look to reach more of the underbanked; Steve Chaouki, executive vice-president and head of TransUnion’s financial services business unit, says the integration “enables lenders to score approximately 95% of the US adult population” as reported by Banking Technology. Source.
A senior Chinese regulatory official said the country needs to come up with better legislation to monitor the market; "FinTech innovations that feature internet, big data and artificial intelligence are exerting profound influence on capital markets," said Huang Wei, assistant chairman of the China Securities Regulatory Commission, at a forum reported by Xinhua; the regulations need to catch up with innovation and ensure that investors are protected. Source.
The highest court in China publishes information on their website of those who have failed to repay loans; debtors are unable to fly domestically, use the high speed train system or enroll their children in private schools; individuals also have a number of other restrictions; the ban works by linking a person’s ID number; the list launched in 2013. Source
UK based challenger bank Clydesdale and Yorkshire Banking Group announced they would increase minimum salaries by 11 percent in an effort to boost pay to their female workforce; the bank released news that men were paid 37 percent more than women, mostly due to men being in higher paying roles; the bank signed up for the government’s Women in Finance Charter to help increase their proportion of women in senior roles to 40 percent by 2020 and 50 percent in the long term. Source.
Coindesk reports that the initial phase of a token sale for tZERO attracted 2,000 accredited investors; the company may now shorten the time until their token sale; tZERO is an alternative trading system registered with the SEC. Source
Lend Academy shares recent initiatives from Barclays and PNC Financial Services as traditional banks move into the online consumer lending space. Source
- Why Employers Need To Help Workers Deal With Income Volatility
- LendingClub Appoints Patty McCord to its Board of Directors
- Credit Karma adds Gannesh Bharadhwaj as General Manager, Credit Cards
- Runway Growth Credit Fund Successfully Closes $275 Million Equity Offering with Increased Investment from Oaktree Funds
- Assetz Capital launches IFISA wrapper
- Cyberattack brings a cryptocurrency exchange to its knees
- Sallie Krawcheck’s Ellevest Expands Suite of Products & Services
Not only has Ping An been investing in technology but has also started selling technology in areas of online banking, facial recognition, asset management and more; according to Deputy Chief Executive Officer Jessica Tan in an interview with Bloomberg the company wants to get half their earnings from technology; while competition from Tencent and Alibaba is stiff the company believes the combination of data and offline resources can give their products an edge; after seeing presentations in recent months analysts have started raising price targets on the company. Source.