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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.

FintechNews RoundupUSA
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Head of Bank of America Says Dodd-Frank is Fine

Bank of America CEO Brian Moynihan says that the big bank point of view of Dodd-Frank is that the law is fine; he explained that none of the big banks are trying to touch the law and it has made the financial system safer; small banks have been pushing to roll back some of the regulations associated with Dodd-Frank because they feel it is too burdensome; the interview at the Economic Club of Washington also touches on fintech, blockchain and other bank related issues. Source.

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Asia/PacFintechNews Roundup
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Capital Float Starts Merchant Cash Advance Business

With demonetization in full swing, Capital Float has expanded their loan offerings to include businesses with card machines; the new program will allow vendors to take out a loan of up to 200% of their sales; loans will then be paid back based on a small fee from each transaction; the company expects a surge in loans based upon the new government program to remove large cash notes.  Source

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Asia/PacFintechNews Roundup
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Artificial Intelligence System Replacing Workers at Japanese Insurance Company

Japanese insurer Fukoku Mutual Life Insurance Co. has announced plans to replace 30% of its payment assessment department with an artificial intelligence system; the insurance company has partnered with IBM for use of IBM's Watson; the system will analyze and interpret medical documents for insurance payments; the company estimates it will save approximately 140 million yen ($1.19 million) per year by utilizing the new system; other insurance companies also exploring artificial intelligence for similar types of work include Dai-ichi Life Insurance Co., Japan Post Insurance Co. and Nippon Life Insurance Co.  Source

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FintechNews Roundup
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Charts: Bank Innovation Priorities

Traditional banks are increasingly investing in financial technology in a number of different ways; banks are developing innovation labs and partnering with fintech companies for new solutions; Digiday provides insight on factors influencing fintech investment at banks in five charts; the chart above shows the areas where banks are most interested in partnering for new developments.  Source

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FintechNews RoundupUSA
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Cyberattacks Cost U.S. Economy at least $56bn in 2016

A new report by the Council of Economic Advisers said cyberattacks cost the U.S. between $56bn and $109bn in 2016; the council's report represents between 0.31% and 0.58% of the 2016 U.S. gross domestic product being at risk; the financial sector had the biggest number of attacks seeing about 471 breaches in 2016; the report made an ominous statement on detecting threats saying, “Due to common vulnerabilities, instances of security breaches occur across firms and in patterns that are difficult to anticipate.” Source.

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News RoundupOnline LendingUSA
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Throwback Thursday: Renaud Laplanche is Back with a New Consumer Lending Platform Called Upgrade

Renaud Laplanche launched his new online lending firm at the beginning of April; Upgrade raised $60 million for its launch and is reportedly valued at $168 million; the company will compete directly with many unsecured consumer lenders offering loans from $2,000 to $50,000; a key part of the offering will be a mobile app to help borrowers manage their finances which has yet to be released. Source

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FintechNews Roundup
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Fast Company’s Five Fintech Startups to Watch in 2017

Fast Company looks forward to 2017 after a rough 2016 for fintechs; highlighted in their five fintechs to watch in 2017 is real estate technology firm Cadre which has closed more than $500 million in inventory; wealth management company Stash also made the top five; the company has gathered over 300,000 users and recently raised $25 million from a Series B funding round; Cross River Bank, a community bank which has close ties to the marketplace lending industry, also made the list; the company provides a banking infrastructure to many fintech firms and recently raised $28 million in new capital.  Source

 

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