With the huge amount of data available today is large scale borrower...
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.
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Uplift up until now been keeping a low profile in the lending...
Meta Financial Group formed a partnership to provide personal loans to customers of NY based Liberty Lending; Meta said they will look to originate between $500mn to $1bn of personal loans during the three year partnership; “We are excited to partner with a respected and growing brand in online lending, and look forward to working together to deliver best in class loan products to consumers,” Brent Turner, Meta's head of consumer lending, said in a press release reported by American Banker. Source.
Technology conglomerate IBM has launched a new set of developer tools for the financial services industry; the IBM Cloud for Financial Services platform will be directed by IBM InterConnect and will provide building blocks for financial services apps built on the IBM Cloud; the platform will target 100,000 individual and enterprise developers with APIs, data and content for financial services apps that can quickly scale to service fintechs, banks, wealth management firms and insurance companies; with the launch, IBM also announced a Singapore Fintech Hub, developed with support from the Singapore central bank, that will plug in to IBM's new Cloud for Financial Services platform and accelerate fintech growth in Singapore and Southeast Asia; across the world, IBM will integrate the new offerings of IBM Cloud for Financial Services at IBM's Business Partner Solution Hubs. Source
Online lending platform Marcus by Goldman Sachs is now open to all borrowers; the bank launched its lending platform in October 2016 for borrowers receiving an email code; like other marketplace lending platforms it offers low borrower interest rates; one of its leading advantages is that it offers no fees; Goldman Sachs will announce its fourth quarter earnings in January with insight expected on the new platform's business. Source
HSBC is looking to test the new app to help in preparation for the coming open banking regulations; the app will allow customers to look at all their accounts including loans from 21 different banks; Becky Moffat, head of personal banking and advice at HSBC, tells Banking Technology “Through our Beta app we want to give our customers a complete and joined-up view of their financial life.” Source.
A former SoFi employee has filed a California lawsuit; he is arguing that he was fired for reporting sexual harassment and has included in his court filing, allegations of impropriety in the handling of loans; source also reports that a broader class action lawsuit is being prepared on behalf of a group of mistreated employees. Source
There was some fanfare late last week when reports came out about...
Scott Sanborn took over as chief executive officer at Lending Club, facing the challenge of rebuilding confidence in an innovative business model that helped to introduce the concept of P2P lending to the US in 2006; bringing unique experiences from a career that began in advertising, Sanborn has been with Lending Club since 2010, beginning in a role as chief marketing officer for the firm; in the Q&A he provides details about the firm's strategy for evolving through challenging times and what the firm is doing to meet new goals for the future. Source