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Financial Inclusion

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 »

Taking Care of Your ‘Digital Footprints’

Customers without credit scores can take the digital journey to get loans Rajiv Raj and Abhishek Agarwal co-founders of CreditVidya comment why fintech companies and P2P lending platforms are looking at alternative data, and how you should take care of your digital footprints Rajiv Raj (left) and Abhishek Agarwal, co-founders of CreditVidya. Mumbai-based CreditVidya, a fintech start-up, uses alternative data ... Read More »

Let’s Expand Credit Access Responsibly

On December 12, 2017 FICO took out a full-page ad in the Wall Street Journal.  FICO stated: This is the start of an initiative to clarify and bring transparency to credit scoring standards in the mortgage market. With calls by VantageScore, a credit scoring company owned by the three major credit bureaus, to retool the entire mortgage ecosystem to adopt new ... Read More »

New Q3 2017 TransUnion Industry Insights Report Reveals Latest Consumer Credit Trends

As Black Friday Nears, a Record 196 Million Consumers Now Have Access to Various Forms of Credit Cards and Other Revolving Lines of Credit New Q3 2017 TransUnion Industry Insights Report reveals latest consumer credit trends With the holiday shopping season officially kicking off during Black Friday next week, TransUnion’s (NYSE: TRU) just released Q3 2017 Industry Insights Report found that ... Read More »

Ant Financial, Ayala Corp. to Invest in Globe Telecom’s Mynt

Alipay’s technology to upgrade payment experience for local users of Mynt’s GCash The Philippine mobile operator Globe Telecom announced that Ant Financial Services Group, one of the world’s leading digital financial services providers, has entered into a strategic partnership with Globe Fintech Innovations, Inc. (Mynt), a wholly-owned subsidiary of Globe Capital Venture Holdings (GCVHI) under Globe Telecom, and Ayala Corporation, one ... Read More »

TransUnion Expands Credit Access to More Americans with Acquisition of FactorTrust

TransUnion (NYSE: TRU) announced the acquisition of FactorTrust, a provider of alternative credit data, analytics and risk scoring information that empowers lenders to make more informed decisions, and increases financial inclusion to a wider population of consumers. The acquisition reinforces TransUnion’s position as a provider of consumer reporting models that capture a wide range of positive payment behaviors. The addition ... Read More »

The US$5.2 Trillion MSME Finance Gap

The International Finance Corporation (World Bank Group) has published its latest assessment of the shortfalls and opportunities in financing micro, small and medium enterprises in emerging markets.  According to this assessment the potential demand for MSME Finance is US$8.9 Trillion compared to the current credit supply of US$3.7 Trillion.  This leaves a finance gap of US$5.2 Trillion.  The report can ... Read More »

Cambodia: CBC’s Commercial Credit Reporting to be Ready by 2018

The Credit Bureau Cambodia (CBC) – a provider of credit information and other credit reporting services – is developing commercial credit reporting to allow CBC members access to the credit history of commercial enterprises. To date, the CBC has only produced consumer credit reports, which give the personal credit history of individual borrowers.  The new product will make it easier ... Read More »