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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.

Fintech News Roundup

·Apr. 28, 2017

Q1 2017 Global Fintech Report from CB Insights

Fintech companies raised $2.7 billion from 226 deals in the first quarter of 2017; 22 fintech unicorns in the first quarter with a total value of $77 billion; top funding rounds included Atom and Funding Circle with $100 million each; fintech venture capital funding in Europe increased to $700 million from $200 million in the fourth quarter and is expected to increase from 2016 while the US is expected to report a decrease. Source

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Fintech News Roundup USA

·Apr. 28, 2017

New York Venture Capital Funding Decreases by 35% in Q1 2017

The New York Business Journal reports on CB Insights' venture capital data by state noting that fintech investment in New York companies decreased by 35% from the previous quarter to $253 million while deals increased to 24 from 19; three New York City companies, Namely, Trumid and Payfone, were among the top 10 US fintech deals; Namely was second in top fundraisings with $50 million. Source

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Fintech News Roundup

·Apr. 28, 2017

Artificial Intelligence Replacing Jobs

According to Kai-Fu Lee, founder of venture capital firm Sinovation Ventures, robots could replace 50% of all jobs in the next decade; artificial intelligence capabilities such as rapidly dispersing loans or recognizing millions of faces at the same time can make businesses much more efficient; while humans will still represent a significant portion of the labor market, specifically in service jobs, the efficiencies of artificial intelligence solutions make them hard to overlook. Source

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Fintech News Roundup USA

·Apr. 28, 2017

Patrick McHenry Working on New Legislation for Fintech Innovation

Patrick McHenry is working with a Senate Democrat on a bill for fintech beta testing; he introduced the Financial Innovation Act in the House of Representatives in 2016 which did not advance; the Financial Innovation Act included the creation of innovation offices with 12 regulatory agencies; he says the 2017 version of the act will include "significant changes and revisions"; he plans to introduce the new bill in two months. Source

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Fintech News Roundup USA

·Apr. 28, 2017

John Ryan on the CSBS OCC Lawsuit

The Conference of State Bank Supervisors (CSBS) is suing the OCC to challenge its plans for a fintech charter; central to the case is the OCC's authority to grant special purpose bank charters; CSBS President and CEO John Ryan says, "The OCC's proposed action ignores Congress, seeks to preempt state consumer protection laws, harms markets and innovation, and puts taxpayers at risk of inevitable fintech failures." Source

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Fintech News Roundup USA

·Apr. 28, 2017

Lawsuits Successful in Battling Regulators

American Banker reports on the increasing number of financial services companies and groups using the federal court system to oppose regulatory enforcement orders and new initiatives; the Conference of State Bank Supervisors is the most recent case as the group seeks to debate the OCC's fintech charter; the CFPB has also been a notable defendant with opposition from Ocwen Financial and PHH Corp.; other cases have included MetLife and the American Bankers Association; according to H. Rodgin Cohen, chairman of Sullivan & Cromwell, "There's an increased willingness to litigate," and it seems the trend is likely to continue with industry changes resulting in new challenges and consequences. Source

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Asia/Pac Fintech News Roundup

·Apr. 28, 2017

Astri’s Fintech Initiatives in Hong Kong

Franklin Tong, CEO of Astri, talks about Hong Kong's fintech industry influence on China; provides insight on how his company is using applied science to enhance Hong Kong's competitiveness in fintech; Astri was founded by the Hong Kong government and is focused on research and development for a range of solutions. Source

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Asia/Pac Fintech News Roundup

·Apr. 28, 2017

Barron’s Reporting Investment Opportunity in China’s Huatai Securities

China's online brokerage market for retail investors is growing rapidly; Barron's suggests investment in China's Huatai Securities (6886.HK) which is one of the online brokerage market's best positioned companies; the firm is China's largest brokerage by trading volume and offers low commission rates; its business is also diversified with its wealth management unit increasing assets under management by 44% in 2016; Barron's cautions investors on the firm's earnings, with comparable net profit down 44% in the first three quarters however analysts are expecting an earnings increase of 21% in 2017. Source

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Asia/Pac Fintech News Roundup

·Apr. 28, 2017

Ezubao Case on Trial in China

26 executives associated with Ezubao were on trial this week in China; the fraud case included Anhui Yucheng and Yucheng Global, operators of the online platform, along with other company executives and platform employees; Ezubao has reportedly taken in over 50 billion yuan ($7.3 billion) in fraudulent investments through two platforms Ezubao and Sesame Financial; a final result in the case has not yet been announced. Source

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News Roundup Online Lending USA

·Apr. 28, 2017

Follow Up Friday: SoFi’s New Fund

SoFi has announced a new fund following a theme discussed at LendIt USA 2017; SoFi's new fund, the SoFi Prime Income Fund, will target family offices; it has raised $105 million from 33 investors each contributing a minimum of $500,000 and will include SoFi's unsecured student and personal loans; it adds to a Credit Opportunities Fund introduced last year; at LendIt USA 2017 panelists discussed new fund creation by platforms; the industry has begun to favor platform fund development over retail fund development; the complexity of marketplace loans and specifically their liquidity risks have kept them from widespread expansion in the retail fund management industry; challenges such as managing international currencies and using alternative leverage strategies are just a few of the retail fund risks for investment managers. Source

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