You have to acknowledge the star quality of JPMorgan Chase chairman and CEO Jamie Dimon after reviewing the investor day details yesterday.
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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Allianz has invested in Lemonade, an insurance startup powered by artificial intelligence and behavioral economics; Solmaz Altin, chief digital officer stated: "Allianz is committed to staying at the cutting edge of insurance. We follow the insurtech space closely and globally, and have seen nothing to match Lemonade in terms of technology, user experience and business model innovation. We're thrilled to become a stakeholder in Lemonade, and will do what we can to accelerate their rapid expansion throughout the US and beyond." Source
Fang Fan has reportedly disappeared leaving investors unable to withdraw their funds from eight P2P lending platforms managed by Fan and controlled by Beijing Qiyuan Fortune Network Technology Co. in China; the platforms' investors are now unable to withdraw over 1 billion yuan ($145 million) in funds; platforms operated by Fang Fan included cmtouzi.com, naipinglicai.com, zaodianlicai.com, wanerjialicai.com, qianguan360.com, lexinglicai.com, xjinfu.com and huoniu360.com; cmtouzi.com continues to operate with a plan to provide investment withdrawals for investors. Source
- AUTOGRAVITY EXPANDS VEHICLE FINANCING OPTIONS TO INTERNATIONAL STUDENTS THROUGH A NEW PARTNERSHIP WITH WESTBON
- FINITIVE LAUNCHES ALTERNATIVE LENDING INVESTMENT PLATFORM WITH $1.3 BILLION OF INITIAL TRANSACTION VOLUME
- Intrinio to Release API v2, Making Financial Data Even More Accessible
- NELNET EXPANDS LOAN SERVICING OFFERINGS TO MEET DEMANDS OF FINTECH LENDERS
- NSR Invest secures growth financing with FinSight Ventures
- Quovo Launches New Products to Improve Lending Value Chain at LendIt Fintech USA 2018
- TransUnion Boosts Entrepreneurial Innovation with new Startup Credit Kit
- Upgrade, Inc. Introduces Personal Credit Line
- Vizolution Launches North American Business at LendIt Fintech
- MoneyLion Announces the Big Alternative to the Big Bank
- LendingPoint To Accept Loan Payments and Disburse Loans via Debit Cards
- MedZERO Launches in Salt Lake City in Partnership with Asserta Health
Lisa Servon worked at a check cashing store to identify its benefits and whether or not the financial system should direct consumers to banking services which have previously been cited as less expensive and more efficient; in her experience at RiteCheck Cashing, Servon found three factors that influenced the use of check cashers by the underbanked; costs were lower in comparison to the fees and charges from using a bank; pricing transparency was more clearly provided for check cashing services; many customers also reported better service from check cashing tellers than bank representatives; Servon has published a book titled "The Unbanking of America: How the New Middle Class Survives" which provides full details on the benefits of using check cashing services. Source
Happy State Bank in Texas started using digital tools in a bigger...
Peer-to-peer loan investing is growing as an investment category and capturing a greater share of the loan market from banks; as interest rates remain low across the globe and in the US, it continues to be a viable alternative to fixed income investing; Simon Moore discusses some of the current considerations for investing in P2P loans including availability, default risks, lending standards, interest rates, liquidity and tax efficiency. Source
MoneyLion provides customers with a range of services for managing their finances and also includes credit products; the platform incorporates a unique rewards program that can help customers receive loan discounts and rewards from endorsements and on-time payments; company is a featured applicant in the 2017 Benzinga Global Fintech Awards competition; led by co-founders Dee Choubey, Chee Mun Foong and Pratyush Tiwari, the company raised $650 million in debt financing in September 2016 and $22.5 million in a Series A equity funding round in December 2016. Source
The China Banking Regulatory Commission (CBRC) has issued a new guidance document titled, "Guiding Opinions on Risk Prevention and Control in the Banking Sector"; the document targets banking institutions and their risk prevention efforts related to internet finance businesses; it focuses on ten types of high priority risks and emphasizes the requirement that P2P lenders partner with a custody bank; in addition to further details on broad market rectification it also includes emphasis on student lending and microloan businesses. Source
What is social lending? It’s a new take on an old concept....