I have been keeping a daily track of my NAR on all...
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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Its platform focused on funding from fans for internet celebrities on YouTube, Twitch and other live streaming platforms; in August it raised 119.5 ether which is about $47,000; the SEC notified Protostarr of its investigation however a final status has not been reported; the firm says forming a legal department to manage the ICO investigation and potential need for registration is not within its short-term plans and it will refund its ICO investors. Source
J.D. Power is out with their most recent Small Business Banking Satisfaction Study and small businesses are still dissatisfied with banks; the biggest issue that could increase positive interaction with small businesses and banks is more account representatives; having someone available to speak to SMBs and help them is something that is sorely lacking; banks have seen market share go to fintechs and digital banks in recent years so better serving this key customer group is something the banks need to recognize. Source.
All P2P lenders will now be known as non-banking financial companies (NBFC-P2P); all p2p lenders will also have to receive a certificate of registration; companies will go through a 12 month period before getting final approval; under the rules a p2p firm can’t raise deposits or lend on its own; other details of the guidelines including loan caps for borrowers are outlined in the article. Source
Carvana has filed for a US initial public offering (IPO) and plans to list its shares on the New York Stock Exchange with the ticker symbol CVNA; the online auto dealership sells its cars from vending machines located across the US; the company is planning to raise $100 million from the IPO and is working with investment bankers at Wells Fargo, Bank of America, Citigroup and Deutsche Bank on the deal; its registration statement reports significant risks including higher public registration costs and profitability uncertainty. Source
The Finanser shares which banks are leading in digital and which ones are falling behind; an article in Financial News recently found that 92 of the world’s top 100 banks still rely on IBM mainframes; banks spend a majority amount of money on maintaining legacy technology, which are often written in programming languages like COBOL. Source
Scott Sanborn talks with Bloomberg about LendingClub's recovery and Q217 results; says the firm has focused on internal controls and investors; highlights that 44% of loan funding in Q2 came from banks; also discusses competition with credit cards and the consumer credit market. Source
RateSetter saw pre tax losses jump to $31mn from $7.1mn due to a bad loan to an advertising company; RateSetter also saw revenues jump by 38 percent as well as increases in customers and borrowers; the bad loan was absorbed by the lender as they explained it fell outside their credit policy and it was unfair to put the losses on their investors. Source.
Video conferencing service Zoom has seen a dramatic rise in users with...
According to the bank statement, “In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling [virtual currencies].”; the government had previously issued warnings about risks around trading cryptocurrencies; the Reserve Bank of India is more open to the development of blockchain technology. Source