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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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The Dubai Financial Services Authority (DFSA) has announced a consultation process that will begin to set a framework for P2P lending; following the consultation process the regulator is likely to begin issuing licenses for P2P lending businesses; the regulators initiative would provide for a new source of funding for borrowers and would also help to support small businesses. Source
The European Commission is developing new legislation that will help fintech companies, in particular crowdfunding sites and online lenders, operate and scale across single market member states; the idea is meant to create a digital single market, removing what some countries add on within their jurisdiction; this move could help propel funding for fintech companies and increase their ability to compete with companies in the US and Asia. Source.
Moody's has released a report commenting on the new FDIC guidelines for bank lending through third-party lenders; guidance from the FDIC is proposed and seeks to potentially improve controls on bank lending through marketplace loans; the new FDIC guidance will help to improve the overall quality of loans on marketplace lending platforms, according to Moody's; the new controls focus on greater analysis and oversight by banks of marketplace lenders' credit underwriting models to ensure that they align with the bank's lending terms. Source
Fintech industry companies have joined together to form a new industry group, the Consumer Financial Data Rights group; the group will support unrestricted consumer access to consumer data facilitating innovative financial products and services. Source
The Chinese government has stepped up their monitoring on payments, halted IPO approvals, issued new rules for online lenders and continued their crackdown on cryptocurrencies; China has been seen as an innovation leader, in particular in mobile, but the recent crackdown could set the country back as a leading fintech innovator; as the nation matures in certain fintech areas its regulators need to better handle how they react to the market; Michelle Evans, global head of digital consumer research at Euromonitor International, tells TearSheet, “The next stage of its development will require Chinese regulators to find the right balance that will be provide for consumer protection and fair operations while still enabling fintech the room to innovate.” Source.
The Luxembourg House of Financial Technology recently opened a new innovation hub; the innovation hub will provide support for Europe fintech businesses and could potentially lure more fintech businesses away from London; in comments regarding the new innovation hub, Nasir Zubairi, CEO of the Luxembourg House of Financial Technology, said: "Over the coming months we will be delivering a number of exciting projects with the community; education programs, hackathons, developer sandboxes as well as the Fintech Awards. We will work with the community to build up a soft-landing platform to make it as easy possible for fintech firms to set up in Luxembourg and we will promote all of Luxembourg's strengths internationally to put Luxembourg first in the considerations of fintech firms looking for an EU hub." Source
FinTex Chicago is launching Currency on June 1; Currency is a new initiative from the nonprofit group that will provide a new resource for startups; Currency will be located at WeWork on 20 W. Kinzie Street and will potentially rent some of its 32-desk space; Currency is expected to be a gathering place for fintech startups, academics, regulators and established firms in Chicago, according to Jason Henrichs, co-founder of FinTex Chicago; Currency and its partners also plan to share online resources and offer programming on the fintech regulatory environment. Source
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