Banks have previously been known for their slow service in providing small business loans however the success of small business online lenders is helping to increase their interest and banking models; with banks expected to begin broadening personal and business lending in the current environment, small businesses appear to provide the best market opportunity; American Banker details some specific areas where banks can upgrade their technology for better competitive positioning in the small business lending market including: online applications, electronic documentation, increased online disclosure and optimized lending processes based on targeted borrowers. 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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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
Since the onset of the pandemic banking customers have been forced to...
Community Banks are utilizing the plug and play partnership to innovate as...
Earlier this week there was a short story on p2p lending on...
Event follows Ethereal Summit hosted by ConsenSys earlier this year; will include panels, live music, discussions and workshops about blockchain; the event will focus on making blockchain technology easier to understand and is being marketed as a culture focused event rather than a technical one; Cointelegraph provides a list of featured speakers. Source
Join LendIt on Monday, August 14 at 2:00 PM EST for a webinar about blockchain technology and insurance; the webinar will discuss how blockchain can streamline operations for wealth managers and insurance back office operations; presenters include Jayant Khadilkar, global head of analytics and technology at Tiger Risk, and Ryan Rugg, business development at R3. Source
The Hyperledger Project, a fast growing open blockchain initiative, has added eight new members; the newest members are CA Technologies, Factom Foundation, Hashed Health, Koscom, LedgerDomain, Lykke, Sovrin Foundation and Swisscom; the Hyperledger Project now has over 100 members; Hyperledger is hosted by the Linux Foundation and seeks to create standards for distributed ledger technology. Source
Bloomberg is reporting that SoFi is in the final stages of closing...
The Consumer Financial Protection Bureau (CFPB) had a heightened presence in 2016; it was involved in governance for payday lending and marketplace lenders, it also declared a $100 million fine for Wells Fargo and was declared unconstitutional by a three-judge panel of the D.C. Circuit Court; the CFPB's structure and authority will be a factor for 2017; a marketplace lending retrenchment in 2016 also included a number of new lessons centered around governance and alternative forms of platform investment; decreased confidence and increasing platform defaults will be factors to watch for marketplace lending in 2017 while increasing credit defaults overall, and specifically in auto loans, could also be influential. Source