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·Jan. 25, 2017

Chart: New Fees Reduce Bitcoin Trading Volume on Chinese Exchanges

<p>China has accounted for over 90% of bitcoin's trading volume in recent weeks as no trading costs and a devaluing yuan have attracted the attention of traders; the country has approximately 10 of the world's leading bitcoin exchanges which have seen some intervention from Chinese regulators in recent weeks; beginning on Tuesday, three of the largest Chinese bitcoin exchanges implemented a flat fee of 0.2% per transaction to manage manipulation and volatility; trading volumes were significantly impacted following the new fee structure with volumes down approximately 90% on Chinese bitcoin exchanges.

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Europe News Roundup Online Lending

·Jan. 25, 2017

TWINO Surpasses 100mn Euros

P2P lender TWINO has reached 100 million euros ($107.53 million) in cumulative lending shortly after a new expansion to Russia; firm is the first P2P lender to offer Russian consumer loans; in 2016 platform growth was fueled by demand from all of its Eastern Europe regions specifically with increased interest from its UK investors; in 2017 TWINO expects lending volume of over 200 million euros ($215.05 million). Source

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News Roundup Online Lending USA

·Jan. 25, 2017

Money360 Hires Two New Directors

After substantial growth in 2016, Money360 has expanded its team by adding two new divisions and directors; David Christensen will lead the Northwest region and Kenneth Wood will lead the Northeast region; in December the company reported a record month of lending with $35 million in loans; in the first few months of 2017 it expects to report cumulative lending of over $200 million. Source

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News Roundup Online Lending USA

·Jan. 24, 2017

Lend Academy Article: The Lend Academy/LendIt Response to the OCC

In December the Office of the Comptroller of the Currency (OCC) released its proposal for a fintech charter with an open comment period until January 15; the OCC has received numerous comments which can be found here; Lend Academy and LendIt submitted a response in favor of the fintech charter; their response outlines the difficulties online lenders have in complying with different rules in each of the 50 states; suggests nationalization of regulation would make platform operations more efficient and help the industry to broaden the benefits it can offer to financial inclusion and other nationwide initiatives. Source

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Fintech News Roundup

·Jan. 24, 2017

Bots Are Beginning to Make Inroads at Banks

Robots have begun helping to take over menial tasks at banks and now there is talk that a full back office operation is not far away; "I think we're going to see it move from a few narrow functions to across the enterprise," said Alan McIntyre, the industry managing director for banking at Accenture; making these changes will help banks to cut costs and improve efficiency, at least when times get extremely busy; banks won't yet fully remove the human component but the trend is moving in the direction of more automation when running the back office. Source

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Fintech News Roundup

·Jan. 25, 2017

Chart: Top Factors Driving Global Wealth Managers’ Digital Adoption

Global wealth managers have been increasingly partnering with fintech companies to provide their customers with new digital wealth management solutions; the Morgan Stanley Addepar partnership is one of the market's most recent deals involving new digital wealth management services; the chart below provides insight on some of the leading factors involved in digital wealth management strategies for global wealth managers; the ability to increase access and collaboration potential with clients and experts is one of the market's top factors. Source

Top Factors Driving Global Wealth Managers' Digital Adoption

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News Roundup Online Lending USA

·Jan. 25, 2017

Morgan Stanley Reports Positive Outlook on Lending Club

Morgan Stanley Analyst James Faucette says Lending Club has upside potential of 35%; cites institutional investment, loan growth at moderate but sustained pace and industry contacts reporting no deterioration in reinvestment or retention rates; targets the stock at $8; the company will announce Q4 and year-end earnings on February 14th. Source

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News Roundup Online Lending USA

·Jan. 24, 2017

AutoFi and Ford Partner for Online Car Sales

AutoFi and Ford have announced a new partnership that will make financing and buying a car available online; Ford will use the AutoFi platform for sales from its Ricart Ford dealership in Groveport, Ohio with expansion planned for dealerships throughout the United States; through the AutoFi platform customers can select a vehicle, access Ford Credit for a financing decision and terms, customize their vehicle protection products, review their paperwork, and schedule a time to complete the sale and pick up the vehicle; Ford Credit also made an equity investment in AutoFi. Source

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Fintech News Roundup USA

·Jan. 24, 2017

Support for Eliminating the CFPB

An opinion editorial in American Banker makes the case for eliminating the Consumer Financial Protection Bureau; says the agency provides for unnecessary expansion of federal regulatory power; suggests a return to segregated oversight; provides a list of overreaching executive powers in addition to its recent unconstitutional ruling. Source

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Fintech News Roundup

·Jan. 24, 2017

Risks in Depending on AI and Machine Learning

Artificial intelligence (AI) and machine learning are becoming increasingly relied upon by financial services companies and the credit sector; the algorithms powering these solutions have also advanced the use of AI and machine learning; while these advancements have helped new solutions they have also created new risks; these risks are primarily focused in three phases: input, training and programming; risks can also be higher when using nontraditional data; a report from White and Case titled, "Algorithms and Bias: What Lenders Need to Know" provides details on the evolution of algorithms in artificial intelligence and machine learning and explains important factors to consider for credit providers. Source

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