The company's revenue increased from GBP20.6 million ($26.38 million) in 2015 to GBP33.2 million ($42.52 million) in 2016; its earnings also improved with a GBP -5.8 million (-$7.43 million) loss versus GBP -8.8 million (-$11.27 million) in 2015 and the company reported a fourth quarter operating profit; the 2016 results also showed loan originations increasing by 30% to GBP689 million ($882.4 million) in 2016. Source
Dutch bank Rabobank has built a 3D model of its organization and IT systems to help them better understand how to make improvements; Anne-Marie Breuker, Rabobank business architect, tells Finextra: "We wanted to create something that would have a wow-factor within the bank, it had to appeal to the entire organisation, from the Board of Directors to the workplace. Preferably visually, and permanently. So, we came up with the idea for this model."; this is the first of its kind and there is a thought that this type of review could lead to more banks or financial services firms doing similar projects. Source
Stuart Law from Assetz Capital discusses different platform approaches to security, risk assessment and lending in an article for FT Adviser; provides details on the pre-approval and post-approval process for loans, noting the importance of these processes for investors given that P2P platforms provide alternative investments with potentially higher risks; also discusses the advantages that a provision fund can offer for investor security. Source
Fosun Group has invested in Shanghai Distributed Technologies (SDT); the amount was in the tens of millions of yuan; SDT works on blockchain with financial firms and has a joint venture with the Guiyang city government to develop blockchain-based systems for public services; SDT is a startup behind Onchain, which is founded by Da Hongfei, one of the earliest blockchain participants in China. Source
Finn.AI provides personal banking and financial management services powered by artificial intelligence; it links with banks to offer customers advice and communicates information through a range of channels including Amazon Alexa, Facebook Messenger and WeChat; Jake Tyler provides details on the company and reports on its advantages through bank partnerships. Source
While P2P lending platforms have taken a significant amount of lending from banks since the financial crisis, data from the Financial Times suggests that growth could be slowing; an Ernst & Young survey shows only 7% of 1,100 people using P2P lending platforms for borrowing and a separate survey from Blumberg Capital says only 4% of 1,050 British adults have used the platforms in the past 12 months, signaling less awareness and demand; banks have also increased investment in fintech regaining some market share; overall, the Financial Times reports that the market in the UK is changing with regulations supporting P2P lenders but less demand and market risks slowing growth. Source
The European country is considering a coin offering that would include the issuance of estcoins; the offering would build on the country's progressive innovation in technology and specifically its e-Residency Program; Kaspar Korjus, director of Estonia's e-Residency program, has been a leading proponent for the ICO and the country is also supported by ethereum founder Vitalik Buterin; funds from the ICO would go towards investment in new technologies for the public sector as well as invest venture capital into Estonian companies. Source
Landbay's most recent fundraising brings total funding to GBP7 million ($8.98 million) which the company has obtained from crowdfunding; the company's business is focused on funding buy to let mortgages and it has received authorization from the FCA; it plans to use the new funds to expand its operations and launch new products. Source
The report is titled "Beyond Fintech: A Pragmatic Assessment of Disruptive Potential in Financial Services"; in a brief summary of the report, the Word Economic Forum says: "Our findings suggest that fintechs have materially changed the basis of competition in financial services, but have not yet materially changed the competitive landscape. They play a critical role in defining the pace and direction of innovation across the sector but have struggled to overcome the scale advantages of large financial institutions."; the report is 196 pages and covers the major verticals in financial services. Source
The deal would add to market competition for retail credit, specifically competing directly with Wal-Mart credit cards; Wal-Mart plans to begin a pilot program with Affirm that would offer installment loan plans in select locations and for a targeted group of online customers; source reports that the installment loans will focus on costlier items of $200 or more; with an Affirm partnership, Wal-Mart could seek to reach an expanded market demographic, specifically customers with limited credit histories; Affirm uses alternative underwriting methods and its loans average approximately $750 with repayment periods of three to 24 months and fixed annual percentage rates ranging from 10% to 30%. Source