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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

·Feb. 14, 2017

Chart of the Week: Investments in Insurtech

CB Insights shares the total number of startup investments by (re)insurers since 2012; (re)insurers have taken an increased interest in investing in insurtech companies with an estimated 135 investments in 2016; some of the most recent insurtech deals spanning many verticals of insurance are shared below. Source

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Europe Fintech News Roundup

·Feb. 14, 2017

TrueLayer Launches Private Beta API Platform

The API platform will help support banks connectivity with fintech developers; it will provide easy access for new apps and services while also facilitating new innovative solutions for financial institutions; the platform is designed for universal access allowing developers to offer connectivity to multiple institutions through the TrueLayer API platform; the platform also provides for regulatory compliance; its release will significantly promote the development of fintech apps which now have a substantial market opportunity available in the UK due to PSD2 regulations which require financial institutions to allow third parties to access customer data; the private beta API platform is currently available in the UK and the company has plans for expansion to other countries in Europe in 2017. Source

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News Roundup Online Lending USA

·Feb. 13, 2017

ABA Announces Akouba as Marketplace Lending Partner

The American Bankers Association (ABA) has endorsed Akouba as its marketplace lending partner; Akouba offers cloud-based white label technology for online business lending; the firm was chosen by evaluation from Aditya Khurjekar, CEO of Let's Talk Payments, and oversight from the ABA's Endorsed Solutions Banker Advisory Council. Source

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Asia/Pac News Roundup Online Lending

·Feb. 13, 2017

Manager Responsible for 8 P2P Lenders in China Disappears

Fang Fan has reportedly disappeared leaving investors unable to withdraw their funds from eight P2P lending platforms managed by Fan and controlled by Beijing Qiyuan Fortune Network Technology Co. in China; the platforms' investors are now unable to withdraw over 1 billion yuan ($145 million) in funds; platforms operated by Fang Fan included cmtouzi.com, naipinglicai.com, zaodianlicai.com, wanerjialicai.com, qianguan360.com, lexinglicai.com, xjinfu.com and huoniu360.com; cmtouzi.com continues to operate with a plan to provide investment withdrawals for investors. Source

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News Roundup Online Lending

·Feb. 13, 2017

SoFi Prices New Securitization

SoFi has securitized another portfolio which was priced on February 2; Moody's provided ratings ranging from Aaa to Baa2 for the portfolio; the portfolio includes private student loans from SoFi; the value of rated loans was $561 million. Source

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Fintech News Roundup

·Feb. 13, 2017

Bank of America Testing Automated Branches

Bank of America is testing three automated branches in Denver and Minneapolis in an effort to lower branch banking costs; the automated branches will focus their service around automated teller machines and video conferencing; the firm's CEO Brian Moynihan has been focused on reducing costs with a specific focus on lowering branch costs while increasing investment in mobile and digital technologies. Source

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News Roundup Online Lending

·Feb. 13, 2017

Banks Likely to Increase Buybacks and Dividends During Trump Administration

Large banks are reporting excess capital of greater than $120 billion and in the current market environment are expected to increase buybacks and dividends for the benefit of shareholders; the increased capital is primarily the result of higher Federal Reserve capital requirements for banks following the financial crisis; the higher requirements have helped to increase banking capital ratios to more than 12% of risk weighted assets from 5.5% in 2009; under the new administration, capital ratios are likely to be lowered resulting in more capital returned to shareholders; the Fed's influence is also trending towards lower capital requirements specifically in their 2017 stress test guidelines and also following the resignation of the Fed's lead supervisor, Dan Tarullo. Source

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News Roundup Online Lending

·Feb. 13, 2017

Check Cashing Stores Could Have Advantages over Banks

Lisa Servon worked at a check cashing store to identify its benefits and whether or not the financial system should direct consumers to banking services which have previously been cited as less expensive and more efficient; in her experience at RiteCheck Cashing, Servon found three factors that influenced the use of check cashers by the underbanked; costs were lower in comparison to the fees and charges from using a bank; pricing transparency was more clearly provided for check cashing services; many customers also reported better service from check cashing tellers than bank representatives; Servon has published a book titled "The Unbanking of America: How the New Middle Class Survives" which provides full details on the benefits of using check cashing services. Source

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News Roundup Online Lending

·Feb. 13, 2017

Malls and Retail Store Commercial Mortgage Backed Securities at High Risk

Deutsche Bank has reported increased defaults in commercial mortgage backed bonds tied to malls and retail stores that they underwrote in 2012 and 2013; the bank is suggesting investors short the BBB- rated portion of the 2012 Markit CMBX price index, known as the series 6, which they say is tied to these investments; their analysis sees these bonds with pre-crisis attributes which successful investors shorted to avoid losses. Source

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News Roundup Online Lending

·Feb. 13, 2017

Wave Will Offer OnDeck Credit Products to Small Businesses

Wave and OnDeck have partnered to offer credit products to small businesses; Wave currently offers small businesses financial tools and software for managing their business; the firm will now offer its clients new credit products through Lending by Wave; with Lending by Wave clients can directly access loans and credit lines from OnDeck through the Wave ecosystem. Source

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