Cybercrime is a growing problem with ID theft hitting a record high in 2016 affecting 15.4 million people; Credit card fraud resulted in $21.84 billion in losses across the world; synthetic identities are a top risk for the banking industry and banks need next-generation KYC tools to protect themselves. 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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China Securities Regulatory Commission (CSRC) is now consulting some blockchain companies on ICOs, China Business News exclusively reports; now it is in the phase of collecting suggestions and having discussions; CSRC will particularly keep tabs on the fraud projects that raise money in the guise of cryptocurrencies and ICOs. Source (Chinese)
Citigroup’s new robo-advisor will be free for customers who have at least...
- DriveWealth Raises $21M in Series B Funding
- DV01’S Q1 Securitization Volume Tops $2.58B, Encompassing Nine Deals from Six Originators
- Equal Pay and the Law: What Business Owners Need to Know (TriNet)
- Connected Banking Customer Report (Salesforce)
- The Online Lending Policy Institute (OLPI) Announces Date for Third Annual OLPI Policy Summit
- The Online Lending Policy Institute (OLPI) Appoints Deputy Director
- Mosaic Readies New Solar Loan Deal
- Funding Circle Expands U.S. Operations with New Office in Denver
- China Rapid Finance Reports Unaudited Fourth Quarter and Full Year 2017 Results
Zelle, the banking p2p payments app, saw an 84 percent jump in year over year growth with Bank of America; the app saw over 68 million transactions in 2017 through their Bank of America partnership; Zelle recently started a marketing campaign to provide more exposure to the brand as many users might not realize they are using Zelle since it is integrated with their banking app. Source.
Singapore's LATTICE80 fintech hub has announced it will expand to London; it has registered as an entity and is seeking a location with plans to open by 2018; the expansion builds on the "Fintech Bridge" agreement signed by the UK and Singapore in 2016 to promote cross border collaboration; LATTICE80 is owned and operated by Singapore-based private investment firm Marvelstone Group which is actively developing new fintech services and solutions for the Asian and UK markets. Source
Frank Rotman, a founding partner at QED Investors, pens the popular Fintech...
Innovate Finance and the Financial Conduct Authority have published a preview report on the UK Fintech Sandbox with a full report planned for May 2017; the preview report provides insight on the benefits of fintech sandboxes and how they can promote innovation while also helping to facilitate regulation. Source
Of the almost 60,000 loans that have been originated through Lending Club...
Payments company Dwolla has received $6.85 million and relaunched its white label API, Access API; the funding was led by Union Square Ventures and Foundry Group; the investment will be used to expand its employees; the new API will now manage same-day transfer services and include a new dashboard for transactions. Source