Hong Kong Fintech Week began with an announcement from SuperCharger Fintech Accelerator of eight finalists; the companies provide a range of services including solutions for wealth management, regulatory technology, artificial intelligence, cybersecurity and blockchain; the eight companies will participate in a 12-week program which includes access to SuperChargers corporate partners and mentors. Source
Forbes interviews Perry Rahbar, CEO of DV01 on his previous experience at Bear Stearns during the mortgage crisis and how that brought him to start his new firm; DV01 provides insight and transparency to portfolios of marketplace lending loans; DV01 has also been asked to participate in Lending Club's securitizations; according to Rahbar, "DV01 helps people get a transparent view of what's going on, what's causing problems and what's performing well. Historically, you couldn't do this in an easy fashion." Source
Thomas Curry, Comptroller of the Currency, gave more insight on the Office of the Comptroller of the Currency's (OCC) plans for fintech regulation at a banking and innovation conference in London; Curry reported that regulation would be consistent with current banking standards, noting in his comments that, "if the OCC decides to grant a national charter in this area, the institution will be held to the same high standards of safety, soundness and fairness that other federally chartered institutions must meet"; the OCC is continuing with its plans for an Innovation Office and Curry said he would be releasing a white paper on fintech innovation. Source
Leading Chinese insurtech firm, ZhongAn, has announced the addition of a new fintech incubator; ZhongAn Information and Technology Services Co., Ltd. will be focused on technology development in the following four areas: artificial intelligence, blockchain, cloud computing and data; seeks to be a technology accelerator for insurtech. Source
As more and more fintechs disrupt the traditional banking sector, Citi is looking to embrace the new technological advances to ensure they stay relevant; the bank formed a Citi fintech division in November 2015 and stocked it with former employees of Amazon and PayPal; Citi is looking to launch a new version of their mobile app that will include voice and facial recognition to eliminate password entry; Stephen Bird, Citigroup's CEO of global consumer banking, recently told Fortune magazine, "what happens in an extinction phase is that you either rapidly adapt and new means of competition are created, or you go extinct."; the bank is looking to continue making advancements to keep up with industry tech trends. Source
As covered on LendIt News earlier, Malaysia's Securities Commission recently announced licenses for six P2P lending sites; one such site, EthisKapital, claims to be the first licensed platform anywhere that also adheres to Shari'ah law; Islamic Shari'ah law interpreted literally prohibits the payment of any interest on loans based on the term "riba" however modern interpretations allow for modest interest rates and/or the use of a fixed transaction fee rather than accruing interest; EthisKapital's CEO also has co-founded the Islamic Fintech Alliance. Source
Nine new startups spanning blockchain and digital currency are now a part of the FCA's regulatory sandbox; companies added are Billon, BitX, Epiphyte, Govcoin Limited, Otonomos, Nivaura, SETL, Tradle and Tramonex; FCA executive director of strategy and competition, Christopher Woolard, stated, "It has been an intense process for both firms and ourselves and we are grateful for their cooperation and hard work in getting us all to this position. We look forward to these businesses bringing new products and services to market whilst we ensure that appropriate consumer protection safeguards are in place." Source
The Chinese insurance market has doubled in size the last six years and according to China Insurance Regulatory Commission (CIRC) it will grow on average 13% for the next four years; these growth numbers will allow for technology disrupters to enter the space and for the insurance market to be transformed; the market is split into three different segments, which include online delivery of traditional insurance, technological upgrades to products and new ecosystem oriented products from insurtech startups; though there is tremendous opportunity, the key question will be, do the state-owned enterprises and traditional insurers create their own tech or partner and absorb these new firms. Source
The startup will open up their new bank to 10,000 "co-founders" to begin using their banking services with hopes of a public release in 2017; the bank is looking to help people manage their money and not bombard them with product sales; founder and deputy CEO, Ricky Knox, says this is its "first step" and that it plans to "grow into a full-service bank" in 2017. Source
Credible serves as a multi-lender marketplace, primarily for student loan borrowers; Lend Academy interviews Stephen Dash, Credible's CEO in their podcast; Credible has had great success in the market, beginning in 2012 when Stephen Dash moved to the US from Australia; through partnerships with a broad range of lenders, the company provides detailed, customized lending options; in the past year the company has expanded to personal loans and also partnered with Sallie Mae; given the current market environment Stephen Dash says the business will continue focusing primarily on its student loan customers for the near-term with a longer-term continued focus on customer experience and new loan categories. Source
