AI solutions provider Personetics has developed an autonomous technology dubbed Self-Driving Finance...
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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Lend Academy provides insight on achieving success from this year's Fintech Woman of the Year finalists; highlights include visualizing success, setting goals and learning from experiences; the article also includes a link to a recent Exchanges at Goldman Sachs podcast where Goldman Sachs' global co-head of the Industrials Group in Investment Banking shares her career advice. Source
Making news this week was Stripe launching a new product to compete with Plaid, changes to the CRA have finally been proposed, Yuga Labs almost crashed Ethereum, Robinhood starts a stock lending program, Affirm teams up with Fiserv and more.
RateSetter was the last of the “big three” p2p lenders to be authorized after a two year wait; both Zopa and Funding Circle were authorized in May, 2017; RateSetter will now be able to launch their Innovative Finance ISA; Founder and CEO Rhydian Lewis stated, “Authorisation has been a long but positive journey during which we have learnt a lot, improved our infrastructure and implemented important changes, notably making the business more transparent. Transparency is vital to our business because our customers need to understand what we do to appreciate the risk of lending on RateSetter.” Source
The competition for deposits continues as Wealthfront has raised the interest rate...
UK firm Populous is seeking to provide a new innovative approach to invoice financing using blockchain technology; the firm plans to utilize smart contracts for invoice financing operations which will lower costs and also provide safer and more secured investments with competitive yields; the platform has been in development for 24 months and plans to launch in May 2017. Source
Banking led off fintech news again this week with the regional bank "mini crisis" continuing to unfold
SoFi’s lending goal in 2017 was to lend more than they had in the previous 5 years combined; the online lender fell 26 percent short of the goal and instead lent out $12.9bn in 2017; the company had seen their share of issues in the last year with sexual misconduct claims and their CEO being forced out; SoFi spokesman Jim Prosser said the true goal for 2017 was closer to $13bn and the higher amount was a stretch goal. Source.
Fintech is helping to increase consumer spending in China as lenders provide increased access to capital; these lenders are becoming more integrated with merchants and providing point of sale credit options; Dumaio is one example of a fintech lender that has been successful by adapting to market demand; real estate fintech platforms are also emerging in the country with Shenzhen-based Touchouwang offering domestic real estate investment opportunities and Beijing-based Uoolu offering foreign real estate investments. Source