[Editor’s note: This is a guest post from Ryan Metcalf, Head of Public Policy & Social Impact at Funding Circle.] Fintech...
The Federal Council of Switzerland is seeking to make the regulatory framework more flexible for fintech companies; they have instructed the Federal Department of Finance to devise a policy statement setting such a direction; recommendations to be considered include: (a) setting a maximum of 60 days for holding money in a settlement account, which will make settlements better aligned with crowdfunding project funding deadlines, (b) creating of an innovation sandbox in which a platform can accept funds up to CHF 1 million, and (c) establishing a new fintech license, with fewer restrictions than on traditional banks. Source
Over my decade-plus covering fintech, I see parallels between earned wage access (EWA) and equity crowdfunding, P2P lending and BNPL.
While Gensler deepens confusion on The Hill, the EU passes the first comprehensive crypto law spanning all member states.
2016 could be the alternative finance industry's first net negative year according to AltFi; uncertainty in capital investment was a substantial factor for the first time causing a renewed focus on retail investment; CEO turnover has been a significant factor with Renaud Laplanche's resignation a catalyst for decreased investor confidence; regulators have also caused market uncertainty with new regulations potentially adding compliance burdens for alternative finance businesses; macroeconomic factors including Brexit and the US presidential election have also increased pressure on alternative finance; despite hardships, sentiment for 2017 is mostly positive with 2016 seen as only a temporary retrenchment. Source
On June 13, the UK released its digital strategy paper looking at all growth areas such as intellectual property, leveling up, and talent.
Last year, 16 fintechs were authorized in Mexico. Among them, Albo, Belvo, Todito Pagos, Mercado Pago and Femsa's Spin by Oxxo.
Colorado passed a law this week that could have a dramatic effect on the ability of fintech lenders to do business in the state.
CFPB Director Rohit Chopra has made it clear that he embraces an expansive view of the Bureau's authority to remedy inequities.
CFPB director Rohit Chopra lobbed a surprise grenade onto the expo floor Tuesday morning by announcing plans for an open banking rule.