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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In October, CFPB Director Richard Cordray warned banks not to limit access to financial data by third parties working on behalf of the customer; now the bureau he leads is opening an inquiry into a data sharing dispute between banks and fintech companies; the inquiry is focused on consumer choice, security and control; the CFPB believes this will help banks and fintech companies better understand what the customer needs, how to accurately give the customer choice and security, and who ultimately owns the customer's data.  Source

 

The New York Business Journal reports on CB Insights' venture capital data by state noting that fintech investment in New York companies decreased by 35% from the previous quarter to $253 million while deals increased to 24 from 19; three New York City companies, Namely, Trumid and Payfone, were among the top 10 US fintech deals; Namely was second in top fundraisings with $50 million. Source

Goldman Sachs appears to be planning for a robo advisory service offering; the firm is advertising a job posting for a GSAM Technology digital experience developer that would build an automated robo advisory platform complementing the firm's asset management business; the bank's private wealth management business focuses on client's with approximately $50 million in investable assets; it has been broadening its client demographic recently by including business and retail products for investors with $1 million or less; a robo advisory service would add to other recent product expansions including the acquisition of GE Capital's online bank, Marcus and Honest Dollar.  Source