Orchard's weekly snapshot highlights some new securitization activity in the online lending market; SoFi has filed for its third securitization of 2017 (SCLP 2017-2); Kabbage has filed for their first securitization of the year; in its fourth quarter 2016 earnings report, Lending Club also reported a new securitization program with quarterly issuance of up to $100 million. 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.
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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Mizuho Financial Group is looking to invest several billion dollars over the...
Two of our favorite Forbes fintech pundits weighed in on the potential of the Apple Vision Pro headset to transform digital banking in the not-to-distant future.
ICOINFO, one of China's largest ICO exchange platforms, announces the suspension of new project launches, awaiting relevant regulatory rules; users will not be able to add value to their accounts during the suspension. Source
UK based digital only bank, Atom Bank, raised more than $205mn from investors including BBVA; the new capital will help the bank further investment in technoloy and business capabilities; BBVA Chief executive Carlos Torres Vila tells the FT, “we are fully aligned with the vision of banking that Atom is pursuing, and the disruption it is already bringing to the UK financial services sector.” Source.
While banks might have been a bit slow to react to online lenders they are certainly taking notice today and changing how they operate; fintech companies originated about 30 percent of unsecured consumer loans in 2016 according to TransUnion, up from 1 percent in 2010; banks have started to take notice and compete with fintech companies head on and in some cases partner with them as well; banks hold significant advantages over online lenders in cost of capital and customer acquisition costs which could erode that 30 percent market share that fintechs have built. Source.
Square is starting to take on the look of a full service...
Hong Kong's Securities and Futures Commission has entered into a cooperation agreement with the Dubai Financial Services Authority (DFSA) to establish a framework to help each other develop the fintech industry; the two regulators will work together on information sharing, innovation projects and referrals of fintech firms seeking to enter one another's markets. Source
CreditEase Wealth Management announced the first close of their second fund dedicated to investing in Israeli tech startups; the amount raised was $32.2 million; final target for the fund is $50 million; the focus of investments will include virtual and augmented reality, artificial intelligence and machine learning, digital healthcare, internet of things technology, cloud and data storage, and advanced manufacturing. Source
While Twitter is awash with naysayers and confusion about whether the real-time payments network is actually a CBDC (it is not), there's a flurry of excitement from fintech leaders.