The Center for Financial Inclusion at Accion (CFI) and the Institute of International Finance (IIF) in collaboration with the MetLife Foundation have released a report on financial inclusion; the report focuses on how partnerships between mainstream financial institutions and fintechs are expanding financial inclusion; findings are based on 24 in-depth interviews with firms and experts from around the world with emphasis on the emerging markets; the report is part of a two-year financial inclusion project from CFI, IIF and the MetLife Foundation called "Mainstreaming Financial Inclusion: Best Practices." Source
News Roundup
This page contains an archive of the Global Newsletter summaries and the weekly fintech news roundups.
Every day the Fintech Nexus news team scours the globe for the most important stories of the day to include in our daily newsletter.
Then every Saturday we bring you our weekly news roundup of the top 10 fintech stories of the week with commentary from Peter Renton.
To join our newsletter community please subscribe here.
Student loan trader Nate Huebscher reports on the simplicity and benefits of marketplace loans versus the traditional lending sources: Sallie Mae, Discover, and the US Government; interviews Jason Jones of LendIt and Karan Mehta of Marlette Funding; Huebscher discusses the wide variation in marketplace lending models; also reports on some of the market challenges ahead that could dramatically affect the next cycle of platform results. Source
PwC's new Vulcan Digital Asset service will include digital asset wallets, international payment processing, investment/trading services, and eventually point-of-sale and merchant services; platform is currently in pilot mode by an international banking group and a central bank; an airline and other multinational banks are assessing the platform; according to Robert Allen, PwC director and Vulcan lead, "Vulcan is a cloud-based platform that enables banks and corporates to offer a suite of new digital currency related products and services to individual, retail and institutional customers within a trusted, transparent and compliant ecosystem. It is the first of its kind globally and has been created to bring digital assets and currency to the mainstream." Source
According to the bank statement, “In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling [virtual currencies].”; the government had previously issued warnings about risks around trading cryptocurrencies; the Reserve Bank of India is more open to the development of blockchain technology. Source
Orchard stresses the importance of recovery rates in valuing pools of loans; blog post takes Orchard’s US unsecured consumer lending industry data and discusses what loan recoveries are, how they are calculated, how debt holders recover defaulted loan balances, and why recovery rates are so important. Source
If you're a developer that needs to keep up to date in order to support the new wave of blockchain technology/ICO's and wants to immerse yourself in learning how to build/code your own token or smart contract, come join us on December 9th at FinTech School's Ethereum - Solidity Programming Workshop. Classroom setting, but this time all virtual (provided by Shindig.com) and you can be located anywhere globally. You'll be learning live from Neeraj Srivastava and the DLT Labs team (Ethereum Alliance Member). Use Code “FTSLENDIT” For 50% Off Source
LendingClub’s announced acquisition of Radius Bank could be the beginning of a...
Making fintech news this week was the SEC, Stripe, Goldman Sachs, India and Singapore, Green Dot and more
Cash flow is often a challenge for businesses; with Square’s Instant Deposit merchants can access bank deposits much faster for a 1% fee; Square hopes this will help attract even larger merchants and boost revenue; the service has already seen success in the US market. Source
In June 2016 the White House held the White House FinTech Summit for regulators and industry stakeholders; on January 13 the White House published a white paper on its principles titled, "A Framework for FinTech"; the paper outlines government policy objectives for fintech as well as ten principles; the white paper also outlines agency actions to date. Source