In the past some fintech companies and financial aggregators have accessed JP...
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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Bloomberg and Quartz have recently been granted access to one of the largest bitcoin mines in the world operated by Bitmain; this Bitmain mine generates about a quarter of a million dollars a day worth of bitcoin; Bitmain's valuation is in the billions and the company is preparing for a possible IPO; Bitmain is also investing in an expansion to US. Source
Swedish based fintech Klarna is launching a suite of authentication services for...
On Wednesday the Treasury and Small Business Administration shared that they would...
Thomas Curry, Comptroller of the Currency, gave more insight on the Office of the Comptroller of the Currency's (OCC) plans for fintech regulation at a banking and innovation conference in London; Curry reported that regulation would be consistent with current banking standards, noting in his comments that, "if the OCC decides to grant a national charter in this area, the institution will be held to the same high standards of safety, soundness and fairness that other federally chartered institutions must meet"; the OCC is continuing with its plans for an Innovation Office and Curry said he would be releasing a white paper on fintech innovation. Source
PayPal saw payment volumes grow by 29 percent and they added 8.7 million new accounts in Q4 2017; the recent announcement that eBay was replacing PayPal with Adyen for processing overshadowed what was another strong quarter by the company; while the Adyen news was not positive for PayPal it could be seen as that in the long term as the company has been diversifying more in recent years; PayPal has seen growth through more partnerships with card networks and banks globally. Source.
Representative Patrick McHenry says Dodd-Frank reform is not likely to make it to the House of Representatives until June or July; he is confident in major changes for the regulation from the House of Representatives however he foresees opposition from Senate democrats; in an interview with WSJ Pro Financial Regulation he also provided his insight on a range of regulatory aspects which could be integrated into legislation in various ways. Source
Baidu is active in artificial intelligence (AI) development and could provide an investment channel for investors seeking to gain from the innovative technology; the company is integrating AI into nearly all aspects of its business and in September launched artificial intelligence platform "Baidu Brain" which integrates AI in search, news feeds, maps, Nuomi and PostBar; the firm is also evolving AI for healthcare and actively developing autonomous driving solutions powered by AI; overall, its business model can easily integrate AI while it also provides products for AI entrance in other markets. Source
The House Financial Services Committee has scheduled a hearing for March 28 with a panel of banking executives to gain greater insight into how Dodd-Frank has affected lending in the banking industry; the House Financial Services Committee works within the House of Representatives and is the main group governing regulation of the financial services industry; the hearing will help to gain insight into the effects on bank lending from Dodd-Frank which will help in directing Trump administration reform; the House Financial Services Committee is led by Jeb Hensarling who has previously reported the Financial CHOICE Act which is presented as a replacement for Dodd-Frank. Source
IBM is now moving into banking compliance, by purchasing Promontory Financial Group they hope they can use the compliance company's expertise to teach Watson about banking compliance; "Part of why we bought Promontory was, these systems (meaning Watson), they do have to be trained," explained IBM CEO Ginni Rometty; IBM believes artificial intelligence can help across the banking industry and ease the burden on specific firms. Source