With open banking set to go live in Europe next month US banks will be keeping a close eye on how the process works; US banks have started to share data with fintechs through different partnerships for different reasons; the time is coming where the industry will have to look at open banking as a regulatory standard and some think the banks should really be the ones to set the parameters; coming up with a potential global set of standards is something that could really benefit all parties involved; “You need to globalize that at consistency so you don’t have different standards for each country in Asia, for example,” said Cynthia Murray, a managing director at Bank of America, to TearSheet. 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.
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Dianrong is a Chinese online lender run by one of the co-founders of Lending Club, Soul Htite; the company is planning an IPO in Hong Kong and could raise $500 million next year. Source
Here are the most read news stories from our daily newsletter today:...
Lending Club's stock increased $0.76 for a 15% gain on Monday after reporting third quarter earnings that beat analysts' expectations; company also announced a new partnership with Credigy who will be investing up to $1.3 billion in Lending Club's loans; Lend Academy provides details on the company's earnings report in their article; highlights from the earnings report include revenue of $112.61 million, up from $102.4 million in the second quarter; earnings per share of -$0.04, up from -$0.09 in the second quarter; loan originations also increased with total third quarter volume of $1.97 billion, up from $1.96 billion in the second quarter however still significantly down from their high of $2.75 billion in the first quarter of 2016. Source
FinSight Ventures, a global venture capital firm focused on fintech companies, is seeking a portfolio manager for investing in real estate loans; the position will first be on a consulting basis which may lead to a permanent role; the firm has invested in companies such as Earnest, Dianrong, Lending Club and Financeit.
Conversational AI provider Clinc has launched a new self service platform for banks called Spotlight; Spotlight will help financial institutions train and deploy conversational AI at their firms; the platform is available in more than 80 languages and can be integrated into contact centers, mobile apps, Alexa, Google and Facebook Messenger; they are already working with USAA and Isbank in Turkey. Source.
There was big fintech news this week from Stripe, Zelle, CSilvergate Bank, Farmington State Bank, Amazon, Foro, Ron Shevlin, French Hill, Gemini, Bolt and more.
In this week’s WeiyangX Fintech Review from Crowdfund Insider they cover Ant Financial and Bank of China’s blockchain collaboration; China Construction Bank created Jianxin Financial Technology Co., Ltd., the first bank based fintech company from a state owned bank; 100Credit secured a big round of capital, JD bought shares in Allianz China General Insurance Company Ltd. and there is a trend of China fintechs starting to head to the Southeast Asian markets. Source.
CredifX will add to the firm's data services which provide data on over two million US commercial properties and $13 trillion in loans; the CredifX platform will offer a marketplace for commercial loans, providing access to financing and investing for commercial real estate borrowers, brokers and lenders; the new commercial real estate loan platform is expected to increase market competition and pricing for loans. Source
UK robo advisor Scalable has doubled its assets under management in the last three months to EUR 200 million ($213 million); this includes approximately 5,000 client portfolios with an average value of EUR 40,000 ($42,659); the firm says it continues to grow steadily adding EUR 1 million ($1.07 million) in assets under management per day; Scalable launched in the UK in the summer of 2016; it has since expanded to Germany and Austria and has reported significant growth from a partnership with Siemens Private Finance for employee investment plans. Source