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·Aug. 16, 2017

Lend Academy Article: Hongling Capital: The Worst Victim of China’s P2P Lending Regulatory Crackdown

China's P2P platform Hongling Capital is shutting down; Lend Academy details its business highlights and subsequent shutdown in their article; continued losses, large loans and payment guarantees were a few of the factors that led to its closing; the article also highlights some of the issues with guaranteeing principal or interest and includes Hongling's plans for the future. Source

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Asia/Pac Fintech News Roundup

·Aug. 16, 2017

9F Group Unveils Its International Strategy

9F Group has invested in a blockchain company called Wyre in Silicon Valley; the Group will establish its Southeast Asia headquarters in Singapore soon; plus it already has 9F Primasia Securities in Hong Kong. Source (Chinese)

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Europe Fintech News Roundup

·Aug. 16, 2017

Juniper Research Releases 2017 Disruptive Technologies Report

In the "Top 10 Disruptive Technologies in Fintech" report, Juniper identifies the emerging technologies that are disrupting and influencing financial services in 2017; the top three include PSD2 and open APIs, regtech, and chatbots; at the top of the list, open APIs are a trend influencing financial services globally and Europe's PSD2 legislation is expected to help accelerate innovation. Source

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Asia/Pac News Roundup Online Lending

·Aug. 16, 2017

P2P Lender Funding Societies Joins International Association of Credit Portfolio Managers

Funding Societies is the first P2P lender to join the International Association of Credit Portfolio Managers (IACPM); the IACPM was established in 2001 and is focused on supporting a community of members in the practice of credit portfolio management; the Association currently has approximately 100 financial institution members. Source

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Fintech News Roundup USA

·Aug. 15, 2017

Community Banks Stand to Gain a lot from Blockchain if They Pool Their Efforts

In an opinion piece on American Banker, General Counsel of US Century Bank argues that community banks could gain a lot from using blockchain technology; unlike big banks they don't have resources to test ideas and spend millions of dollars; pooling their resources or joining a consortium would be the best way forward to begin to test usages of the technology; engaging with the big four bank vendors is another idea; FIS, Fiserv, Jack Henry and D+H provide the core banking software at most banks and ensuring a dialogue with them is crucial; increased efficiency can help community banks stay competitive in an environment that is becoming more crowded by the day. Source

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Asia/Pac Fintech News Roundup

·Aug. 16, 2017

Alibaba to Cash in on Japan’s e-Payment Market

Alibaba will bring a version of its smartphone-based payment platform to Japan as early as 2018 spring; the Japanese unit of Ant Financial will offer a version of the Alipay digital payment system tailored for the Japanese market under a new brand. Source

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Fintech News Roundup

·Aug. 16, 2017

A New Wave of Personal Finance Apps

Forbes reports on the next wave of personal finance apps; discusses pairing, partnering and mergers among companies, helping to allow companies to offer life solutions; highlights market partnership cases including deals led by Acorns, Revolut and Starling Bank; also notes some of the key aspects in marketing personal finance apps to millennials. Source

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Asia/Pac News Roundup Online Lending

·Aug. 16, 2017

Australian SME Lender TruePillars Raises $3.9mn

TruePillars, an Australian SME lender that focuses on individual investors, raised $3.9 million in a series A round; the round was led by a Melbourne-based private investor; "This investment will give us the means to further innovate and build on our service, including our ground-breaking secondary marketplace which allows investors to liquidate their investments ahead of schedule by selling to another investor in real time," says John Baini, TruePillars co-founder and CEO; the company allows for individual investors to fund loans with a $50 minimum commitment per loan. Source

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Asia/Pac Fintech News Roundup

·Aug. 16, 2017

Fintech Disruption in India’s Lending Market

India has become one of the fastest and most diverse fintech markets in the world; at LendIt USA 2017 we hosted a panel featuring leading India fintech firms; panelists talk about what makes the India market unique and what is the size of the opportunity right now; banks have helped to serve the top of the credit pyramid and micro lending has helped to serve the bottom of the credit pyramid, there is a big opportunity in serving the missing middle; panelists focused on how their lending models differ, the differences in the small business and consumer markets and how India has gone from a data scarce country to a data rich country; Aadhaar has also played a key role in helping to get more people and businesses into the financial system; other areas discussed include borrower acquisition channels and leveraging third party data sources. Source

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Fintech News Roundup USA

·Aug. 15, 2017

Volcker Rule’s Unintended Consequences Hurting Small Banks’ Engagement with Fintech Companies

The Volcker Rule was enacted in the aftermath of the 2008 financial crisis to prohibit banks from some of their riskiest activities; the rule is having a damaging effect when it comes to smaller banks who wish to work with fintech companies; according to the rule, banks cannot engage in proprietary trading and it limits banks from making investments in hedge and equity funds; smaller banks like community banks and credit unions don't have the resources of big banks to build out new technology so they look to partner with fintech firms; the limitations force these banks to invest in individual companies rather than funds who could potentially invest in a portfolio of companies; policy makers are looking toward Volcker Rule adjustments and the OCC recently signaled changes could be coming soon; while regulation has helped to curb abusive practices in financial services it would help to tailor legislation in a more specific fashion. Source

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