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Credit Karma Names Susannah Wright its First General Counsel

Former prosecutor and SolarCity and Tesla counsel joins rapidly expanding financial technology company Credit Karma, the top venture-backed personal finance company in the world, today announced it has named Susannah Wright its first general counsel. Previously head of compliance at SolarCity and Tesla, Wright also joins Credit Karma’s executive committee. As general counsel, Wright oversees all legal matters at Credit ... Read More »

Banks Signal the Death of Traditional Trade Finance

Banks around the world are sounding the death knell for traditional trade finance instruments, with the vast majority expecting a sharp decline in their usage over the coming year. The annual Rethinking Trade Finance report from the International Chamber of Commerce (ICC)’s Banking Commission found that “the long-anticipated disappearance of the documentary letter of credit” is in sight, with 80% of those ... Read More »

China’s Regulators Strive to Keep up with Fast-growing ‘Fintech’

If regulators stay out of the financial technology explosion, the popularity of non-conventional financial services may make the state-backed financial system irrelevant. That can create huge risks, as was the case in 2015’s stock market rout.  But if regulators step in too deep, intervention can easily kill new services and wipe out the advantages China enjoys as a global Fintech ... Read More »

Experian and Orchard Platform Collaborate to Help Institutional Investors and Online Lenders Navigate Big Data Challenges

Experian® and Orchard Platform, the leading provider of data, technology and software to the online lending industry, have joined together to announce a strategic collaboration that will give institutional investors access to Experian’s depersonalized consumer credit data. Orchard’s institutional clients can use depersonalized credit data for ongoing monitoring of borrower creditworthiness for loans in existing portfolios. Experian also will provide ... Read More »

China’s Central Bank Vows to Push for Blockchain in Five-Year Plan

The People’s Bank of China (PBoC) is releasing new details about a forthcoming five-year development plan focused on its strategy for advancing technology use in the country’s domestic financial industry. According to the announcement by the central bank, the PBoC intends to actively push forward the development of new technologies such as blockchain and AI. It also plans to strengthen its research on applications of fintech ... Read More »

Fintech Company Klarna Becomes a Bank

Klarna is the First Major European Fintech to Receive a Full Banking License When Klarna’s three founders presented their digital invoicing idea to the cream of Swedish industry and the country’s king in 2005, they suffered rejection.   “Look, this is never going to work; the banks are going to do this,” Klarna’s chief executive, Sebastian Siemiatkowski, remembers as the message of ... Read More »

Why Amazon’s Growth in Small Business Lending Threatens the Banking System

Amazon could strangle the competition in small business finance, but also all other third parties who are part of traditional supply chains. Amazon has recently announced that it had surpassed $1 billion in small-business loans to more than 20,000 merchants involved in its Amazon Marketplace in the U.S. UK, and Japan during the past year. In fact, since Amazon Lending began in 2011, it ... Read More »

Encompass Corporation in the News: Fintech Firm Swaps Bondi for Broomielaw

Encompass’s search for excellence brought it half-way round the world to Glasgow. It perhaps wouldn’t be the most obvious switch, but BIIA member Encompass have made the move from Sydney, Australia, to Glasgow, Scotland. One of the principle reasons for the move has been the support and assistance offered to encompass by Scotland’s Economic Development International. It is two years since ... Read More »

Ant Financial Appears to Becoming the World’s Top Consumer Bank – If Foreign Regulators Let It Happen

The biggest obstacle for the Alibaba affiliate are strict regulations abroad In a world that embraces disruptive technology, China’s most prominent financial technology company, Ant Financial Services Group, would probably have no problems morphing into a bank, even without licenses. Beginning as an online payment processor called Alipay supporting Alibaba Group Holding’s flagship e-commerce platform Taobao, Ant Financial has expanded ... Read More »

China Sees Rise of Fintech E-payment Tech Firms

The rise of electronic payments providers in China is facilitating more online consumption and “omni-channel retailing” and may serve as a source of competition to traditional retailers and banking operations going forward. “The rise in the usage of e-payments is positive for internet companies and most service and consumer-related companies, although it could also be negative for some companies in ... Read More »

Credit Karma Announces Largest Proactive Effort to Help Return More Than $40 Billion in Unclaimed Money to Consumers

Completely Free Monitoring and Proactive Notifications Now Available for 40% of U.S.; More Coverage Coming Soon Credit Karma today announced the launch of Credit Karma Unclaimed Money, a completely free feature to help Americans find tens of billions of unclaimed money that is rightfully owed to them.  Credit Karma searches for unclaimed money in California, Georgia, New Jersey, New York, ... Read More »

TransUnion: Five Questions on FinTech with Ibrahim Dusi of Payoff

As part of TransUnion’s “Five questions on FinTech” blog series, John Wirth sat down with Ibrahim Dusi, Chief Risk Officer at Payoff, to get his insights on the future of the FinTech industry, the importance of differentiation and innovation, and how they are saying yes to more consumers Q1: What do you see as critical milestones for the FinTech industry as it matures? ID: The ... Read More »

Blockchain Based SME Lending Platform Bitbond Receives €5 Million Debt Commitment

Global SME marketplace lender Bitbond today announced that it received a commitment from Obotritia Capital to fund loans worth €5 million through its platform. Additionally, Obotritia invested an undisclosed amount of equity to acquire a stake in Bitbond. Bitbond was founded in 2013 and shortly after its start the young company was able to win investors like Point Nine Capital. In 2015 we ... Read More »

PayU and Kreditech in Global Partnership

Kreditech, a leading technology group for digital consumer credit using machine-learning based underwriting, has closed a EUR 110 million investment from global online payment service provider PayU.  The landmark investment is the largest ever equity investment in a German fintech company and builds on a successful 12-month pilot programme in Poland. As part of the deal, Kreditech and PayU agree ... Read More »

Do ‘Digital-Only Banks’ Have a Future in Asia?

Imagine a scenario where banks offer their services digitally; not as an ad hoc feature but as a fully integrated mobile experience. A digital-only bank that allows customers to do everything on their smartphones, from opening a new account to making payments, settling credit card bills to resolving disputes, all without having to go to a physical branch. If this ... Read More »