AT Zuche is a Shanghai-based peer-to-peer car rental platform with over five million users and 200,000 vehicles; it has announced a $58 million Series C financing round from investors including Matrix Partners China; Matrix Partners China also recently invested in insurtech app Anxin Doctor which raised RMB200 million ($28 million) for a healthcare service focused on women and children; CreditEase Insurance Agency, a CreditEase affiliate, has also added new capital of RMB80 million ($11 million) for its insurance platform. Source
Afterpay and Touchcorp are merging to form NewCo which will provide an advanced solution for merchant network installment payments; Afterpay has steadily grown its merchant network which pays a 4% fee for the installment service; Touchcorp will help provide advancements in payments technology for Afterpay and the integrated services will allow for broader expansion. Source
Ant Financial has formed a strategic partnership with Kakao Pay which includes a $200 million investment and partnership to offer enhanced digital financial services in South Korea; services will include enhanced bill payment, remittance and payment transactions; according to Young-Joon Ryu, Kakao Pay's CEO-elect, "The combination of Ant Financial's global payment platform Alipay and numerous financial and commerce service networks and Kakao's platform capabilities will result in more effective and convenient financial solutions for both businesses and consumers." Source
A report from the Beijing Bureau of Financial Work says 90% of P2P platforms will struggle to stay in business in 2017; if their predictions are correct that would reduce the total number of P2P companies from 4,856 to approximately 500; companies will begin to undergo a review by regulators and it is expected that a run on deposits is likely to occur; regulators will be checking for a number of variables including two new requirements: the appointment of a custodian bank and full disclosure of the use of deposits; other factors under review will include risk management, business scale, IT infrastructure, investment sources and shareholders' credibility; firms will either be granted a P2P lending license or be required to liquidate; in 2016 the industry accounted for 800 billion yuan and according to the Beijing Bureau of Financial Work it is likely that 2017 will end drastically different for the industry overall. Source
New Zealand-based marketplace lender Harmoney has announced the launch of its services in Australia; the firm has opened an office in Brisbane and plans to begin with $200 million in capital to lend; the firm has also signed agreements for institutional funding for the next three years; rates will start at 8.99% and the firm will offer loans from $5,000 (USD$3,829) to $35,000 (USD$26,801). Source
Nuoyuan Technology is optimistic about financial innovation in China and globally; the firm is growing its business in China and through its subordinate business, Nuoyuan Online Platform, offers a service that connects borrowers with lenders; Nuoyuan Online has now helped to finance over 5 billion RMB and has over 600,000 users; in their featured blog post they discuss the global market for fintech innovation and their expectations for the future. Sponsored Blog Post
HNA Capital is a private Chinese company gaining market attention in recent weeks for its acquisition of Anthony Scaramucci's Skybridge Capital and interest in acquiring more asset management businesses including Old Mutual's asset management division; the company has been acquiring assets now worth $145 billion with revenue of $45 billion annually; HNA Capital sees a market opportunity for asset management businesses with market volatility expected during the Trump administration and more investors shifting to actively managed strategies. Source
Hexindai sees credit market opportunity in China worth 10 trillion RMB ($1.46 trillion); provides insight on the market in their featured blog post; with high net worth clients primarily served by traditional channels the firm is targeting the country's underserved population; says new and evolving technologies will be a factor helping emerging service platforms like P2P online lending gain market share. Sponsored Blog Post
Singapore software-as-a-service company Lenddo has announced a new data partnership with Experian to support financial inclusion in Indonesia and Vietnam; the partnership will provide data analytics technology for Experian's Consumer Financial Inclusion Indexing platform; through the combined services of Lenddo and Experian, underserved banking consumers will gain access to financial services including remittances, savings, credit and wealth management services. Source
SoftBank is a telecommunications and internet focused business with its headquarters in Japan; the firm has announced it will be acquiring asset manager Fortress Investment Group for $3.3 billion; SoftBank owns and invests in a range of internet and digital businesses; the acquisition follows a previous collaboration between SoftBank and Fortress on a new $100 billion Vision Fund; Fortress will be run independently from SoftBank after the acquisition and will be led by existing Fortress principals Pete Briger, Wes Edens and Randy Nardone with close collaboration on the Vision Fund. Source