Business Insider takes a look at a growing trend in fintech as companies look to offer blockchain technology as a service; companies offering this already include Amazon AWS, IBM, Microsoft Azure and R3 Corda; this trend is seen as something that will only increase in the coming years as more adoption of this technology occurs in financial services and beyond. 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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One former trader discusses his foray into bitcoin; in a Forbes article he shares how he was wrong to dismiss bitcoin initially and why bitcoin matters more than the blockchain. Source
deBanked spoke with ID Analytics and learned that the firm has increased its visibility into the consumer lending market to 85%; ID Analytics offers a tool which allows lenders to see where a borrower is at with other lenders which is only accomplished with this kind of visibility into the market; ID Analytics also helps lenders combat fraud by analyzing applications for credit; the company analyzes about 1 million credit applications a day. Source
UK digital banks Monzo and Starling Bank announced payments integrations; Monzo plans to integrate Android Pay into the user interface for current account users; Starling Bank says it will be the first bank to partner with Fitbit Pay; while this is the first partnership of its kind for Monzo, Starling Bank integrated with Android pay a few months ago. Source.
- Tink secures investment and bank partners as it plans European expansion
- BioCatch to power behavioural biometrics for Samsung SDS America
- OnDeck signs deals with Ingo Money, Visa
- AutoGravity Announces Partnership With Global Lending Services
- SoFi Surpasses $25 billion in Originations, 390,000 Members
- Fraud Hits U.S. Large Digital Lenders the Hardest in Broader Lending Space, According to LexisNexis® Risk Solutions True Cost of Fraud Study
- Going Digital: The race to meet B2B customers' evolving expectations (Behalf Report)
- Disney spinout Dragonchain pursues initial coin offering to build out new blockchain technology
- Ethereum co-founder and Mark Cuban put $25M toward Unikrn esports betting platform’s initial coin offering
Fintech companies have found it increasingly hard to work with tier one banks; while most talk openly in private some companies have begun talking publicly about the frustrations; issues the commonly deal with include sense of entitlement, questions about intellectual property, failure to pay and long lead times. Source.
While speaking on a panel at Money 20/20 former and current regulators talked about the different approaches to fintech regulations; the Financial Conduct Authority recently released a report showing the UK approach has helped get new ideas into the market and seen companies get access to much needed capital; the US on the other had has seen federal and state regulators argue over proposed charters; there could be a lot the US can learn from the current UK program. Source.
More than $1 billion has been invested in UK fintech companies this year; the first half of the year brought $564 million of VC investments, up 37% from the prior year period; according to the article, fintech is worth $9.25 billion to the economy and employs 60,000 people. Source
There are many fintech companies who are getting significant traction in changing financial services industry; Business Insider has curated a list of 11 startups that are each worth over $1 billion and shares what each company does; list includes: Clover Health, Kabbage, Robinhood, Avidxchange, Coinbase, Apttus, Avant, Oscar, Credit Karma, SoFi and Stripe. Source
The high volatility in cryptocurrency prices has created an opportunity for high frequency traders looking for alternatives; the stock market has been steadily rising but their has rarely been a daily jump or drop of more than one percent; while there has no been wide adoption of the strategy more firms have begun trading in the space as the market cap continues to rise. Source.