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·Aug. 2, 2017

Ablrate Launches Innovative Finance ISA

Ablrate was recently authorized by the FCA and is now launching their custom Innovative Finance ISA; Ablrate offers a self-select marketplace where investors hand pick the loans they look to invest in; this is one of many products the company will launch in this arena; Ablrate facilitates asset-backed loans with specialization in aircraft and capital equipment; they currently will take cash deposits for their IFISA but no transfers as David Bradley-Ward, CEO of Ablrate, tells AltFi, "We want to be able to get everyone going with their IFISA first and then allow transfers in from other providers after the first week of our launch." Source

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Asia/Pac Fintech News Roundup

·Aug. 2, 2017

Up Financial CEO Steven Yuan Describes the Power of Big Data and AI

At LendIt's Lang Di Fintech conference this July in Shanghai, Up Financial CEO Steven Yuan talked about the power of big data and artificial intelligence for the economy; he calls this intelligent finance and believes that using these tools will allow for investing to come to the masses; he also thinks that the tools can help to lift up the broader economy; he points to a report by Boston Consulting Group about China's private investable assets in the next three years and believes there is an enormous opportunity to leverage wealth management; Up Financial's goal is to create a personalized new financial system for individual investors and big data plus artificial intelligence will allow for them to potentially reach these goals. Source

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Fintech News Roundup

·Aug. 2, 2017

Bitcoin Price Dropped 10% after the Bitcoin Blockchain Split

Starting August 1 at about 8:20 AM EST, the bitcoin blockchain split, and there is a new set of tokens - bitcoin cash (BCC) - on the new blockchain; bitcoin's price dropped about 10% from $2,944 to $2,632 in about forty minutes, according to bitcoin trading platform OKCoin. Source (Chinese)

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News Roundup Online Lending USA

·Aug. 1, 2017

Money360 Has Record Breaking Quarter

Money360 is a marketplace lender for commercial real estate; in Q2 the company closed $143 million in loans making Q2 the company's largest quarter; to date the company has closed $350 million in loans and expects to surpass the $500 million mark by the end of the year; the press release provides further information about the deals closed. Source

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Fintech News Roundup USA

·Aug. 1, 2017

Building APIs on Traditional Banking Technology

APIs combined with banking has become an important topic for banks and fintech companies; we are seeing increasing interest in APIs as every bank has to have an API or open banking strategy; since APIs often need to be built on legacy infrastructure there are often many challenges involved; the panel has a wide variety of perspectives from API service providers to banks who share how to build APIs on traditional banking technology. Source

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Asia/Pac News Roundup Online Lending

·Aug. 2, 2017

Dianrong Announces Series D Round Funding of $220mn

Dianrong has obtained $220 million from a Series D funding round; this latest funding was led by GIC Private Limited (Singapore's sovereign wealth fund), CMIG Leasing, and Simone Investment Managers, among others. Source

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Asia/Pac Fintech News Roundup

·Aug. 2, 2017

Monetary Authority of Singapore Releases Report on Digital Token Offerings

The regulator says, "digital tokens in Singapore will be regulated by the Monetary Authority of Singapore (MAS) if the digital tokens constitute products regulated under the Securities and Futures Act"; if digital tokens fall under the definition of securities in the Securities and Futures Act then issuers are required to register a prospectus with MAS and other requirements may also apply to associated parties; overall the statement from the MAS increases the level of compliance needed for an initial coin offering. Source

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Fintech News Roundup USA

·Aug. 1, 2017

JPMorgan to Use Robot to Execute Trades

JPMorgan will soon be using robot technology to execute trades across its global equities algorithms business; the artificial intelligence, also known as LOXM, will be launched across Asia and the US in the fourth quarter; LOXM's job is to execute client orders with maximum speed at the best price, by using lessons it has learned from billions of past trades; one possible evolution of LOXM is teaching the machine how to get to know individual clients, so that it could consider their behavior and reaction as it decides how to trade. Source

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News Roundup Online Lending USA

·Aug. 1, 2017

Lend Academy Article: Credible Adds Ron Suber as Executive Vice Chairman

Ron Suber has been involved with Credible since 2015, investing in both the Series A and Series B rounds as well as acting in an advisory role; Suber will now spend about one day per week helping Credible in a broad range of activities from fundraising to helping the team as the company grows; Credible CEO Stephen Dash noted that despite headwinds many other industry participants faced, Credible continues to grow; Ron Suber will play a role in navigating the growth they expect going forward; the company also announced a pilot for a credit card marketplace which launched today. Source

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News Roundup Online Lending USA

·Aug. 1, 2017

Elevate Credit Reports Second Quarter Earnings Results

Elevate Credit reported its second quarter earnings results on Monday, July 31; revenue for the quarter was $150.5 million, increasing 18.7% from the comparable quarter; earnings per share were $0.08, increasing from a loss of -$0.59 in the second quarter of 2016; business highlights noted in the earnings release included over $200 million in total principal outstanding with more than 120,000 open accounts, the launch of Elevate Labs and the introduction of the RISE line of credit product in Kansas. Source

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