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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.

To join our newsletter community please subscribe here.

Asia/Pac Fintech News Roundup

·Aug. 8, 2017

China’s Central Bank Now Has Fintech on Its Mind

The People's Bank of China says in a report that it is considering expanding its risk-assessment system beyond banks to include major online financial businesses; the Wall Street Journal comments that China's central bank is increasing its monitoring of the loosely regulated fintech sector. Source

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Fintech News Roundup

·Aug. 8, 2017

Chart of the Week: Digital Banking Market Map

CB Insights provides a market map with 102 lending, investing and personal finance startups; gives retail consumers an array of options to choose from; includes companies providing innovative solutions across the entire retail banking market. Source

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Asia/Pac News Roundup Online Lending

·Aug. 8, 2017

Indonesian Consumer Lending Startup UangTeman Raises $12mn

The Series A fundraising included both debt and equity capital; investment was led by K2 Venture Capital with participation from STI Financial Group and Silicon Valley venture capitalist Tim Draper who made his first investment in an Indonesian startup; firm will use the funds to expand its lending and build its technology with plans for adding new research and development centers for machine learning and algorithm design; platform provides short term micro-loans of between US$75 and US$350 for a maximum of 30 days. Source

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News Roundup Online Lending USA

·Aug. 7, 2017

Prosper Potentially Valued at $550mn Following New Funding Deal

Prosper is in talks with Chinese conglomerate Linca to sell an approximately 10% stake in the company; according to the source, Linca would invest $50 million in Prosper at a valuation of about $550 million, reducing Prosper's value from approximately $2 billion reported in 2015; plans for its recent $5 billion investment in loans on the platform from a consortium of investors continues and this new deal is reportedly expected to help provide capital for future investments. Source

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Fintech News Roundup USA

·Aug. 7, 2017

OCC Seeks to Dismiss Fintech Charter Lawsuit

The OCC has filed a motion to dismiss in a court case filed by the CSBS suggesting that the agency is not authorized to issue the fintech charter it has been drafting to support the growth of fintech companies in the US; the primary argument of the CSBS centers around the issuance of a national charter to fintech companies offering only unbundled banking services with no deposit taking business; in its motion to dismiss the OCC says the CSBS' allegations are speculative given that the OCC has not yet begun taking any applications for a national charter. Source

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Fintech News Roundup USA

·Aug. 7, 2017

FDIC Defends Its Bank Charter

In a statement defending allegations against its issuance of new bank charters, the FDIC reaffirmed its authority to review and approve applications for US businesses seeking deposit insurance from the FDIC; the criticism comes from the OCC as it continues to develop plans for its national fintech charter; in a podcast interview Friday with a Commodity Futures Trading Commission official, Keith Noreika criticized the FDIC's process for chartering banks, suggesting that the open process was too long and cost too much for requesting companies eventually leading to many withdrawn applications; Noreika also said the OCC has proposed a bill that would take away the FDIC's role in approving newly chartered entities for deposit insurance. Source

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News Roundup Online Lending USA

·Aug. 7, 2017

OnDeck Capital Reports Second Quarter Results

OnDeck Capital beat earnings estimates and missed revenue estimates for the second quarter; revenue was $86.85 million, increasing 25% from the comparable quarter; earnings per share were $0.02, increasing from -$0.20 in the second quarter of 2016; loan originations decreased from $589.7 million in the second quarter of 2016 to $464.4 million in the second quarter of 2017; company reported success in acceleration to profitability; expanded online lending partnership with JPMorgan for up to four years; deBanked provides their perspective on the earnings release. Source

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Fintech News Roundup USA

·Aug. 7, 2017

LendIt Webinar: Blockchain Technology: Helping to Transform Wealth Management & Insurance

Join LendIt for a webinar about blockchain technology and how it can streamline operations for wealth managers and insurance back office operations; register here for the August 14 webinar at 2:00 PM EST; presenters include Jayant Khadilkar, global head of analytics and technology at Tiger Risk, and Ryan Rugg, business development at R3. Source

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News Roundup Online Lending USA

·Aug. 7, 2017

LendingRobot Series Returns for the Second Quarter

LendingRobot shares returns for the second quarter; aggregated return for the LendingRobot series was 2.7% year to date; there are currently four risk-based funds in the series ranging from short term conservative to long term aggressive; loans included in the funds are from Lending Club, Prosper, Funding Circle and Lending Home; the series funds are available to accredited investors for investment. Source

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Fintech News Roundup USA

·Aug. 7, 2017

ConsenSys to Hold Ethereal San Francisco Event Supporting Blockchain as a Social Movement

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

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