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DMG Blockchain Announces Licensing Agreement with JCIS in Japan

DMG Blockchain Solutions Inc., a diversified blockchain and cryptocurrency company, has entered into a licensing agreement with Japan Credit Information Service Co. Ltd. (“JCIS”), a Japanese company engaged in fintech to market and sell DMG’s proprietary blockchain data analytics and forensics software tool – Bitscore into the Japanese market. The parties may in the future enter into a joint venture. ... Read More »

BIIA Welcomes the National Internet Finance Association (NIFA) as a Member

Established on 25 March 2016, the National Internet Finance Association of China (NIFA) is a national self-regulatory organization in the field of Internet Finance and is initiated by the People’s Bank of China in collaboration with relevant ministries and commissions including the CBRC (China Banking Regulatory Commission), the CSRC (China Securities Regulatory Commission), and the CIRC (China Insurance Regulatory Commission). ... Read More »

RentoMojo is Using Machine Learning to Improve and Modify Credit Scores

Bangalore-based RentoMojo, which runs an online rental marketplace for furniture, home appliances and bikes, is using machine learning to analyze the credit profiles of its customers.  It also uses predictive analysis for stock or inventory management. The company, which recently allowed users to own its rental products, considers itself more as a fintech lending startup than a direct e/commerce company. ... Read More »

Bankers are Assuming Control at Kreditech with the Appointment of David Chan as Chief Executive Officer

The German Fintech company Kreditech appears to be shifting from being a tech company to a more traditional on-line lender.  After significant financial losses bankers are taking over the leadership of the company. The company announced the appointment of David Chan as chief executive. Previously, Chan was the chief executive officer of Barclaycard Consumer Europe. Under his leadership the credit ... Read More »

Vietnam: Improve Policy Framework to Promote Consumer Finance

Consumer finance has significant room for growth in Việt Nam, however it is essential to improve the policy framework to ensure efficiency, transparency and sound operation of the financial system and the whole economy, heard a conference in Hà Nội recently. The International Conference on Consumer Finance in Việt Nam was organised by StoxPlus, a leading financial and business information ... Read More »

US-based Fintech Firm TALA Moves into India

California-based fintech company Tala said that it is bringing its lending app to India. This expansion was announced along with a new $50 million Series C funding led by Revolution Growth its operations in the country which is already in progress. The company said in its statement that it also recently raised an additional $15 million to power its loan ... 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 »

UK Banks Fall Behind In FinTech

The British Government might claim the UK is a world leader in technology, but UK banking customers are missing out on seamless online transactions enjoyed in other countries by a failure of banks, and even fintech, to fully embrace facial recognition, automated data capture and social media data analysis. According to an international study commissioned by identity data intelligence specialist GBG ... Read More »

Ant Financial Consumer Loans have reached $95B

Ant Financial has seen its consumer lending business reach 600 billion yuan ($95 billion) even as the company faces a stricter environment for securitizing loans in China. According to news from Bloomberg, citing people familiar with the matter, Ant Financial’s lending division, which provides loans to consumers through its Huabei and Jiebei units, has doubled since the start of 2017 ... Read More »

European Commission sets out 23-step ‘Fintech Action Plan’

The European Commission has set out details of a 23-step ‘Fintech Action Plan’ to promote the digital transformation of the financial services sector, including the establishment of an EU Fintech Laboratory, the creation of a best-practices blueprint for regulatory sandboxes and substantial crowdfunding reforms. The Commission has spent the past year gathering views on how best to harness the opportunities ... Read More »

Kreditech and PayU Launch Instant Cardless EMI with PayU Monedo in India

India’s leading online payment service provider PayU and Kreditech launches the beta phase of PayU Monedo in India. PayU Monedo will provide cardless EMIs (equated monthly installments) to finance the online purchases of consumers in India. The new offering follows the launch of a strategic partnership between PayU and Kreditech announced in May 2017 to deliver a joint proposition for cardless EMI.  The partnership ... Read More »

Kreditech Announces Strategy for 2018

Kreditech, the leading technology group for digital consumer lending using machine-learning based underwriting, has experienced a successful financial year in 2017 and has announced its plans for 2018. As part of its strategy, Kreditech will focus to expand its business via Lending-as-a-Service, prepare its organization and technology for the next stage of growth and take a clear step forward towards profitability. ... Read More »

What You Should Know about China’s Fintech Industry?

What’s Happening with China’s Fintech? As US-based card payment companies like American Express, MasterCard, and Visa strive to set up shop in China, Chinese consumers are increasingly using their mobile phones to buy goods and services. In effect, the country has leapfrogged from cash to mobile payments, bypassing the payment cards system.  Furthermore, mobile payments constitute just one of seven ... Read More »

UK Fintech Chalked Up Record-Breaking VC Investment in 2017

Venture capital investment in UK fintech firms more than doubled in 2017 to reach $1.8 billion, with 54% of the total coming from overseas VCs who appear largely untroubled by the UK’s imminent break from the European Union. The figures, compiled by Innovate Finance from PitchBook data, portray a healthy landscape for the UK fintech industry, with new regulations around ... Read More »

Yirendai Connects to NIFA’s Internet Finance Industry Credit Information Sharing Platform

Yirendai Ltd., a leading fintech company in China, announced today that it has connected to the Internet Finance Industry Credit Information Sharing Platform (“the Platform”) established by the National Internet Finance Association of China (“NIFA”). The Platform was established to serve as an industry wide credit data sharing database in aims of reducing credit risk, improving the credit environment and ... 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 »