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“Banking facing ‘Uber moment’, says former Barclays boss,” The Guardian
Technology continues to strengthen new banks and alternative finance, while traditional banks are at risk of falling behind, said Anthony Jenkins to Reuters. Jenkins was ousted from Barclays in July.
“Chinese Online Lending Startup Dianrong To Expand Into South Korea,” Wall Street Journal
One of China’s biggest peer-to-peer lenders will partner with a Seoul-based conglomerate to bring the Chinese company’s technology to South Korea’s financial industry.
Patreon users exposed in a September hack are now being extorted by scammers who claim to have extensive data on those users. Patreon executives have urged users to ignore the messages.
“China Report: Bank Executives are Fleeing to FinTech Companies,” Crowdfund Insider
Several executives of high profile Chinese banks have turned to jobs in fintech after salary caps in the banking industry made it less attractive.
“Apple ‘to launch peer-to-peer payment app,” BBC
A new payment application from Apple would allow users to transfer money directly as a complement to the existing Apple Pay, and in direct competition with PayPal.
“investUP Authorised as “Crowdfunding Brokerage,” AltFi
investUP has now received full FCA authorization. Among other changes, the move means investUP can now continue to work with customers beyond the point of transaction.
“Bessemer Backs Consumer Lending Startup Bread,” Wall Street Journal
New York-based Bread powers a pay-over-time option for online merchants with seamless integration into the merchant’s website. The company recently received $14.3 million in backing from Bessemer Venture Partners.
MIT will offer the U.S.’s first graduate level program on financial technologies.
““MIT has always been at the forefront in financial innovation and as financial technology is becoming more important in the financial world, we thought it was imperative to have a class covering this new trend,” observed Antoinette Schoar, Michael M. Koerner, Professor of Entrepreneurial Finance.
Says Morgan: “It’s a challenge to hire a diverse team, and it’s almost impossible if you’re not paying attention. After two years of building P2Bi I felt confident that I had found my own system for hiring the best people who were also diverse and wanted to share it since it’s such a huge issue. I’m hugely proud of the fact that P2Bi is 50 percent female across our company including our leadership team, which is extremely rare in tech and even more rare in finance.”
“SC to unveil peer-to-peer lending framework,” The Star Online
The Securities Commission in Kuala Lumpur will introduce a P2P framework next year. Leaders hope the program, called afFINity@SC, will encourage the growth of finance and investment innovation.
“How changes to EIS could affect UK small business funding,” GrowthFunders
Changes to the Enterprise Investment Scheme outlined earlier this year by Chancellor George Osborne will go into affect later this month. The changes lower both the age a participating company can have (seven years instead of 10) and the amount that investors can put into one company (£12 million instead of £15 million).
“Brief: Another Record Set in China P2P Lending for October,” Crowdfund Insider
Amid changes to regulations and other challenges, P2P lending in China continues to set records. So far this year, the industry has lent more than 1 trillion yuan, or about £1 billion.
“Treasury sings praises of peer to peer lenders,” FT Adviser
At the P2P Finance Association Summit in London, city minister Harriett Baldwin tipped her hat to the P2P industry, saying: “P2P platforms and fintech provide competition, ideas, and technology– making people’s lives better and the markets more effective. When you do well, your businesses flourish. Excellence breeds excellence. Customers have the services they need to meet their aspirations. And this country becomes better off, as a result of all this activity taking place here in the UK.”
“Where it’s due: Britain’s small firms are not as credit-starved as they may seem,” The Economist
Analysis shows that the credit outlook for SMEs in the UK is better than a surface level examination might indicate. Demand for credit increases, and SMEs are repaying loans quickly. Healthier banks and small businesses have made for a lot of activity, which should be considered a good thing.
SEC votes to allow equity crowdfunding for startups, small businesses,” Chicago Tribune
In the U.S., the Securities and Exchange Commission adopted new rules that allow individual investors to buy shares of startups and small businesses through crowdfunding platforms. Crowdfunding leaders praised the move as a step toward democratising investment. There are clear limits designed to protect investors based on an individual’s net worth and other factors.
“RebuildingSociety to support own auctions,” AltFi
Rebuildingsociety.com is in the news. Our new catalyst initiative, which promises that we will be the first to invest in all loans we post, has caught industry attention.