Only 8 percent of cybersecurity heads at U.S. financial firms report directly to the CEO; a survey done by the Financial Services Information Sharing & Analysis Center showed the lack of access for cyber heads and pointed to other vulnerabilities; one of the biggest areas for improvement of defenses is better employee training as people can click the wrong link and open systems up; most firms, 54 percent, compile quarterly security reports while 18 percent do bi-annual reports and 16 percent do annual reports. 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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Deutsche Bank's innovation lab adds to a number of recently opened innovation labs by other large banks in New York City; the Deutsche Bank innovation lab will be looking to identify new ideas, hire talent from fintech startups, and acquire or invest in fintech startup companies; the innovation lab is Deutsche Bank's fourth in the past 18 months with other labs located in Silicon Valley, London and Berlin; a main focus of the New York lab will be testing new technology for the capital markets with a focus on artificial intelligence, cloud computing and cybersecurity; new technologies implemented from the bank's other sites include enhanced credit risk analysis software, improved network risk management and new applications for retail bank clients. Source
The biggest news of this week actually broke on Sunday afternoon when...
After only two days American Express has ended their partnership with fintech...
PPDAI plans to raise up to $350 million in their IPO and list on the NYSE. Source
9F Group has invested in a blockchain company called Wyre in Silicon Valley; the Group will establish its Southeast Asia headquarters in Singapore soon; plus it already has 9F Primasia Securities in Hong Kong. Source (Chinese)
The CEO and Founder of Better Mortgage tells us how his company is revolutionizing the home buying process. Source
Binance, as a surprise to no one, finds themselves the subject of a Reuters exclusive alleging they commingled customer funds with corporate accounts.
Younited Credit is a marketplace lending platform that operates in France, Italy and Spain; the round included the French public investment bank Bpifrance among several other investors; total funding is now €103 mn for the company; François Fournier, chief innovation executive of Bpifrance stated, "We were attracted by Younited Credit’s team and by its unique positioning built in Europe. Its innovative digital platform model, great product agility thanks to big data, as well as its solid regulatory strategy, inspire confidence and sustainability." Source
John Gerspach, Chief Financial Officer of Citigroup stated at an investor conference they are building the foundation which will support the launch of a national digital consumer bank launch in the next three years; the bank currently has around 700 bank branches which is far fewer than the three biggest banks. Source