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Financial Inclusion

Experian Identity Theft Survey Results: Consumers Need more Education and Help

Experian launches IdentityWorks(SM), a comprehensive product to detect, protect and resolve identity theft and fraud; survey underscores consumer need News of data breaches and the risks of identity theft and fraud persist, but consumers’ vigilance and awareness haven’t kept pace.  A national survey by Experian, the world’s leading global information services company, revealed that not only is America’s collective guard down, ... Read More »

Avatec.ai (S) Pte Ltd Joint Venture Formed to Upgrade Credit Assessment in ASIA

UOB and PINTEC join forces to make it smarter and faster for companies to extend credit with next-generation digital credit assessment solution United Overseas Bank Limited (UOB) and Pintec Technology Holdings Limited (PINTEC) announced the launch of their joint venture, Avatec.ai (S) Pte Ltd (Avatec). Avatec aims to help banks and finance companies to be more efficient and more accurate ... Read More »

FICO at Lendit Fintech USA

FICO’s Dave Shellenberger attended LendIt Fintech USA, a leading event discussing financial services innovation.  Here are his comments: Some of the top thought leaders in banking, finance, artificial intelligence, machine learning, and credit risk came together in San Francisco to discuss the key trends and innovations in our industry.  The FICO team was excited to lead the Financial Inclusion track that focused on ... Read More »

Australia: Equifax Report Looks at Alternative Finance Lenders

Demand for new alternative finance increased 130 per cent in H2 2017[1], compared with the same period the previous year, according to newly released data from Equifax, the global information solutions company and the leading provider of credit information and analysis in Australia and New Zealand. Released recently, Equifax’s inaugural state of the nation report looks at Alternative Finance Lenders, ... Read More »

IFC and Mastercard Expand Partnership to Drive Greater Financial Inclusion in Emerging Markets

Mastercard and IFC, a member of the World Bank Group, today bolstered their partnership to drive financial inclusion, updating a $250 million global risk-sharing facility to expand access to electronic payments in emerging markets. Electronic payments help underserved people and small businesses more fully participate in the formal economy. Yet, financial institutions in emerging markets often have difficulty covering their ... Read More »

Baidu to Divest its Financial Services Business

Baidu, Inc. announced that it has entered into definitive agreements with certain investors relating to the divestiture of its financial service business, or Financial Services Group (“FSG”), which provides consumer credit, wealth management and other financial services. The investors are led by TPG and The Carlyle Group, with participation from Taikang Group, ABC International Holdings and others. Pursuant to the ... Read More »

Financial Inclusion:  PayPal Attracts Nonbanked Customers

PayPal Makes a Move Toward Traditional Banking by partnering with small banks to offer debit cards, direct deposit to withdraw cash at ATMs and the ability to add funds to accounts by taking a photo of a paper check or by having employers direct-deposit earnings there. PayPal Holdings Inc. is nudging its customers closer to mainstream banking services.  The San Jose, Calif.-based ... Read More »

Financial Inclusion: FICO Continues to Expand Access to Credit with New FICO® Score XD 2

FICO® Score XD 2 Helps Score over 26.5 Million Previously Unscorable Consumer Files FICO® Score XD 2 increases coverage and is able to score over 26.5 million previously unscorable consumer files 11.8 million of these consumers are without credit files and unscorable by any scoring system relying on traditional credit bureau data alone While the traditional FICO® Score is able ... Read More »

Amazon eyes underbanked customers with checking account partnership talks

Online mega-retailer Amazon could get into the checking account business, as the company reportedly sees underbanked markets — including millennials — as a prime opportunity. Amazon has held talks with the likes of JPMorgan Chase and Capital One for a “checking-account-like product” that would be accepted at its website and Whole Foods, according to The Wall Street Journal. The product would reportedly ... Read More »

Financial Inclusion:  UK Government Initiates Rent Recognition Challenge

In the Autumn Budget 2017, the UK government announced the Rent Recognition Challenge – a £2 million Prize Fund, open to all, challenging firms to develop new applications, or build on existing ones, to enable rental tenants to record and share their rental payment data with lenders and credit reference agencies. Why this initiative? Currently, a history of meeting rent payments ... Read More »

De-risking: Why Banks Are Ditching SMEs as weak as FinTech SMEs — Without Warning

Post-financial crisis regulations have forced banks to become more diligent and aggressive against financial fraud, including money laundering. In response to new rules, financial institutions in the U.K. have heightened their practice of de-risking — that is, withdrawing bank accounts or other financial services from customers deemed to be high-risk.  Financial institutions assure authorities that their increase of de-risking practices ... Read More »

USA Risk Climate:  Expectations for Small Business Growth in 2018 on the Rise

Small Businesses Report Greater Access to Bank Loans and Increased Hiring Small businesses (< $5M in revenue) are finishing 2017 strong, reporting both revenue increases and optimism for future growth according to the fourth quarter 2017 Private Capital Access (PCA) Index report from Dun & Bradstreet and Pepperdine Graziadio Business School.  Fifty-eight percent of small businesses, up from 52 percent in Q4 2016, reported ... Read More »

Banks to Pilot new Concept for Blockchain-based Supply Chain Finance

Three international banks, three large corporates and four fintech startups have announced a pioneering project that will explore how blockchain technology can be used to track physical supply chains while unlocking access to financing for sustainable sourcing.  The year-long project will kick off in January and involve Unilever, Sainsbury’s and Sappi together with Barclays, Standard Chartered and BNP Paribas, which will ... Read More »

US Credit Access and Inclusion Act is Taking Shape

The Credit Access and Inclusion Act Unanimously Passes Vote in the House Financial Services Committee The Credit Access and Inclusion Act (H.R. 435) unanimously passed the Committee on Financial Services of the House in a 60-0 vote today . We would like to thank Representatives Keith Ellison and Robert Pittinger, who sponsored H.R. 435 and the 28 Republican and Democrat ... Read More »

SME Access to Finance: Amazon Lending & Six Alternative Funding Options for Your Business

Amazon Lending & Six Alternative Funding Options for Your Business Amazon Lending is an invitation-only short-term business loan that helps Amazon sellers fund inventory purchases.  But it’s not something growing sellers can tap for other business needs like marketing, facilities, or staffing.  For these, sellers must turn to funding sources like Payability, savings, or credit solutions. Here’s what to expect ... Read More »

Is it Still Possible to Live with Bad Credit History?

Credit is a hugely important part of the global economy and also has a major effect on the quality of individual’s personal and professional lives – from making everyday purchases with credit cards to borrowing larger sums for investing in vehicles, homes or businesses. The world is governed by budgets and pay checks, and people frequently require credit to meet ... Read More »