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Asia/Pac Fintech USA

·Jul. 8, 2020

Money Transfer Firms Upended By Pandemic, TransferWise Included

According to the World Bank global remittances are set to fall by 20 percent this year as the pandemic wreaks...

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Asia/Pac News Roundup Online Lending

·Apr. 10, 2017

P2P Finance Association Established in China

The National Internet Finance Association has announced the establishment of a P2P Finance Association; the Association will be led by the People's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and the China Insurance Regulatory Commission; the Association will seek to improve the industry and promote its development. Source

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Asia/Pac News Roundup Online Lending

·Mar. 3, 2017

Online Lending Activity in China

Crowdfund Insider provides a roundup of news occurring in China's alternative finance market; the China Banking Regulatory Commission has released more details on its guidance for online lending partnerships with custody banks; also noteworthy is the potential initial public offering in the US by China Rapid Finance. Source

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Asia/Pac Fintech News Roundup

·Mar. 31, 2017

Singapore Exchange Announces Fintech Deals with Crowdo and PwC

The Singapore Exchange has closed a deal with online debt and equity crowdfunding platform Crowdo with terms of the deal including support for raising small and medium enterprise (SME) awareness or capital funding availability in Singapore, information sharing and cross-referral of clients; similar deal terms were included in the Singapore Exchange and PwC deal with promotion of the Singapore startup ecosystem a central component of the deal. Source

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Asia/Pac Fintech News Roundup

·Aug. 7, 2017

China Disrupted – How Fintech is Changing the Way That 1.5 Billion People Bank

At LendIt USA 2017, Lang Di CEO Gabriel Hai hosted a panel themed how fintechs are changing the way that Chinese people bank; one approach is to use big data technology to reach the individual credit market; panelists agree that China's fintech platforms are more willing to cooperate with traditional banks, as the banks have a more friendly regulatory environment and sufficient cheap money, whilst platforms are at advantages of bringing new technologies to the cooperation; however, Zhou Xinming, CEO of Hexindai, pointed out that China's fintech companies' customer base is more of individual investors rather than institutional investors, and the former are still not financially sophisticated. Source

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Asia/Pac News Roundup Online Lending

·Mar. 31, 2017

Online Lender Jinxing Investment on Trial in China

Fifteen employees of Jinxing Investment are on trial in Shanghai for fraudulent lending of 1.5 billion yuan (US$220 million); the employees are charged with illegally raising funds and taking investments from the public that were not used for their intended use; Ji Jianhua, the company's chief financial officer, told the court that the investments were fake and that funds were directed to personal or related accounts of president Wang Mian; the company shut down in June 2016 and Wang Mian escaped and has not been found. Source

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Asia/Pac Fintech News Roundup

·Mar. 10, 2017

PayPal Joins in $48mn Fundraising Round for Korean Payment App Toss

Viva Republica is the operator of Toss; firm has announced a $48 million funding round for the payment app from PayPal, Goodwater Capital, Bessemer Venture Partners, Altos Ventures and Partech Ventures; Toss has reported significant market share in Korea with over six million app downloads and payment transactions of over $3 billion; Viva Republica has also partnered with 18 of Korea's 19 major banks and now provides payment services to 98% of Korea's banking customers; for PayPal the investment builds out its payment services portfolio which includes mobile payment processor Venmo. Source

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Asia/Pac Fintech News Roundup

·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

·Jan. 23, 2017

CreditEase CEO on Recent Market Trends and Opportunities in China

Ning Tang, founder of CreditEase speaks about 2016 headwinds faced by Yirendai, the company's P2P lending arm; in August, 2016 the stock declined after new rules were put in place by Chinese authorities on P2P lenders; according to Ning Tang, "We need to do more in terms of investor education and communication as most of the international investors do not have a clear understanding of China's credit market and financial innovation."; 2016 transaction volume was 20 billion yuan ($2.92 billion) in 2016; Tang eyes 100 billion yuan ($14.59 billion) by 2020; looking forward, the company plans to form closer relationships with traditional banks to reach offline customers. Source

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Asia/Pac Fintech News Roundup Online Lending

·Mar. 14, 2017

Jack Lee of FnConn Talks with CoinDesk about Chained Finance

FnConn launched Chained Finance at LendIt USA 2017; the platform is built with blockchain technology and is intended to provide alternative loans for supply chain companies; Jack Lee, CEO of FnConn, says the platform has the potential to help improve supply chain finance in a number of ways specifically through greater cost efficiency from the use of blockchain; Chained Finance will be fueled through the support of FnConn's financial subsidiary Foxconn and P2P lender Dianrong. Source

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