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Financial Inclusion

Asian Development Survey Suggests Fintech, Digitization Still Not Significantly Impacting Trade Finance Gap

Banks and companies in the trade finance sector are increasingly using digital solutions to address companies’ significant and unmet financing needs. Yet the global trade finance gap—estimated at $1.5 trillion, with approximately 40% originating in Asia and the Pacific—persists in a stable state, with emerging economies and small- and mid-size enterprises (SME) bearing the brunt of financing shortfalls. More than ... Read More »

TransUnion Hong Kong Debunks Common Credit Card Myths

A recent survey by TransUnion (NYSE: TRU) revealed most Hong Kongers act responsibly when it comes to credit card repayment habits, yet are still confused about credit basics.  The survey found Hong Kongers act responsibly when it comes to managing their credit cards and understand how those accounts affect their credit. In fact, more than two-thirds (67 percent) correctly reported ... Read More »

SME Lending: Credibly Continues Growth with $500M Origination Milestone, BizFi Portfolio

Credibly’s products rely on data science and machine learning Leading “fin-data” SMB lender Credibly will now be servicing the portfolio of competitor lender BizFi, adding BizFi’s $250 million portfolio and 5,200 merchants to its platform.  Along with the BizFi decision, Credibly also announced today that it has hit $500 million in originations to tens of thousand of SMBs, a milestone for the company ... Read More »

India’s Supreme Court Rules that Privacy is a Fundamental Right for Citizens

India’s universal identification program — Aadhaar — suffered a setback today after the country’s Supreme Court voted unanimously in favor of individual privacy. Given the prevalence of data in today’s digital age, and the trend towards ‘smart living’ based on data, the ruling has the potential to be hugely impactful in India both now and in the future. The landmark ... Read More »

US Credit Climate: Small-Business Optimism Heads for Record Levels

A surge in capital spending and high sales expectations have caused a streak of historically high performances dating back to November to continue in the Index of Small Business Optimism from the National Federation of Independent Business (NFIB).  The percentage of small-business owners who plan to make capital expenditures in the near term is at its highest level since 2006. ... Read More »

Creditinfo Registr – Next Generation Credit Bureau in the Czech Republic

Thousands of credit records have started to flow into the Creditinfo Registr – CRKI, a new next generation credit bureau in the Czech Republic, led by Tesa Vitelj, Managing Director Recently 14 microfinance institutions joined Creditinfo Registr as Early Adopters and the bureau holds records on more than 50 000 contracts and 40 000 individuals.  This number is rapidly increasing, as more ... Read More »

Equifax India, IFC Partner to Provide Credit Data on SHGs

Credit information company Equifax India signed an agreement with International Financial Corporation (IFC) to deepen coverage of self-help group (SHG) member data in credit bureaus. The agreement will promote financial inclusion and access to funds for women from lower income groups by facilitating integration of SHG borrower data with credit bureaus. “The initiative will increase the number of borrower profiles ... Read More »

ID Analytics’ Study Finds Use of Alternative Credit Scoring Can Increase Financial Inclusion

Study Finds Lenders Using Only Traditional Credit Scores Are Turning Away Credit-Worthy Consumers A new study released today by ID Analytics LLC, a leader in consumer risk management, finds that using alternative credit scores for safe lending can dramatically increase the number of individuals that are considered eligible for credit. Through the use of alternative scores, lenders are able to ... Read More »

Credit Myths, Busted: TransUnion Tackles Credit Confusion in Annual Survey

TransUnion® released its third annual credit literacy survey, exploring the state of U.S. consumer credit knowledge. The 2017 Myths vs. Facts Survey revealed consumers remain misinformed about many fundamental aspects of credit scoring, reporting and building, and lack basic information about the factors that impact a credit score. With the average VantageScore hovering at 645 in the United States, according to data from TransUnion’s ... Read More »

Financial Inclusion at its Best: Nova Credit Launching from Y Combinator to Give Immigrants Access to U.S. Credit

Meet the World’s First Cross-border Consumer Credit Reporting Agency. Access to credit and establishing a credit history aren’t a luxury for people living in the US, they’re a necessity. A credit score is required to rent most apartments, get credit cards, and essentially make a way in the modern American world But for millions of immigrants (roughly 15 million) landing ... Read More »

Equifax and Junior Achievement Americas Expand Financial Inclusion Program in Latin America, Reaching Thousands of Adolescents and Parents with Positive Message About Credit

‘EduACCIÓN Financiera’ program available in six countries in Latin America with a focus on having a deep impact on the financial future of families and students Equifax announced plans to expand its unique, regional financial inclusion and financial education program, ‘EduACCIÓN Financiera’ in tandem with Junior Achievement Americas, the world’s largest organization dedicated to educating students about workforce readiness, entrepreneurship ... Read More »

BIIA in Action: B20 Publishes Summit Report

BIIA is an active member of B20 activities (the Business Part of the G20) such as the Digitation Task Force and the Cross-thematic Group on SMEs as previously reported by in recent BIIA Newsletters.   B20 Summit Report On May 2nd and 3rd, 2017 the B20 Summit was held in Berlin. Over 700 guests from the G20 countries and beyond ... Read More »

Did Dodd–Frank Wall Street Reform and Consumer Protection Act Kill Financial Inclusion?

Banking and Blockchain: Why We Need an AML/KYC Safe Harbor Steven Hopkins is chief operating officer and general counsel of Medici Ventures, an Overstock subsidiary focused on the advancement of blockchain technology. In this opinion piece, Hopkins discusses issues with the global AML and KYC requirements placed on banks, concluding that, while this is encouraging blockchain innovation, more legal clarity is ... Read More »

CEO Of Chinese Fintech Firm Creditease On the Future Of P2P Lending In China

Bridging the gap between China’s shadow banking and traditional banking sectors, CreditEase is an online lending and investment platform that represents the increasing importance of the Chinese fintech industry. The firm was started in 2006 by CEO Ning Tang, who attended the prestigious Tsinghua University in Beijing and worked on Wall Street prior to founding his company. Sara Hsu met ... Read More »

US Risk Climate: Small Business Owners Remain Optimistic

A surge in small business optimism that started last November was continued in March, according to the National Federation of Independent Business’ (NFIB) Small Business Optimism Index. Though the index slipped slightly, it still posted a strong reading, with gains in actual earnings, capital expenditure plans and job-creation plans. Sales expectations, however, dropped eight points, signaling that the index could ... Read More »