China Rapid Finance to triple number of users on its consumer lending platform
China Rapid Finance (CRF), the mainland’s largest online consumer lending platform in terms of the number of loans transacted, is looking to triple the number of users this year as it looks to create a business on par with a major commercial bank’s credit-card division. Zane Wang Zhengyu, founder and chief executive of CRF, told the South China Morning Post that the company would be impervious to the challenges facing other peer-to-peer (P2P) operators on the mainland, and would continue to bolster its online consumer lending businesses in accordance with Beijing’s financial reforms. “We have been trying to nurture the growth of the online consumer lending business in China,” he […]
The world is on the brink of having its first ever entirely cashless day
by Sebastian Siemiatkowski – CEO of Klarna How soon will we reach the first cashless day, when all your purchases will be made without a note or coin changing hands? In Sweden, it’s any day now. In 2010, 40 per cent of Swedish retail transactions were made using cash; by 2014 it was down to 20 per cent and it’s still falling. And e-commerce is growing. At Klarna, we make a payment to the retailer immediately – not just online, but in-store too – and customers settle up later, so you can buy anything without using cash. The question is: what’s next? There are three big changes coming in the […]
Canadian fintech companies shine as VC investment nears record
Venture capital-backed investment in Canadian financial-technology companies hit its highest level in almost two decades last year, even as the flow of funds into major fintech markets such as the United States declined, according to sector data. Fintechs, or companies that use innovative technology to revamp everything from banking to fraud security, globally draw billions in investment annually. In Canada, fintech is revitalizing the startup scene and has attracted a new crop of Canadian venture-capital funds looking to invest specifically in young fintech companies. According to PitchBook, used by the U.S.-based National Venture Capital Association, venture-capital financing in Canadian fintech was $137.7-million (U.S.) in 2016, up more than 35 per […]
China launches $1.5bn fintech fund
A consortium of Chinese state-owned companies and private enterprises has created a $1.44 billion investment fund dedicated to fintech mergers and acquisitions. The fund, Asia FinTech Merger and Acquisition Fund of Funds, is led by Hong Kong-listed Credit China FinTech Holdings along with a number of other Chinese companies such as Shanghai Xinhua Distribution Group, China Huarong International and eight other corporate partners. Investments will focus on fintech fields such as big data, artificial intelligence, mobile payments, supply chain financing, and blockchain technology. The investment fund is another signal of China’s growing status in the global fintech market. According to estimates from Credit China FinTech, China’s investment in fintech ventures […]
Value of digital currency Bitcoin surges past $US1000
The value of Bitcoin has surged above $1000 as the digital unit continues a dizzying rise that made it the best-performing currency of 2016. Its value has more than doubled in the last year and it was trading at around $US1,024 in afternoon European trading yesterday, after breaking through the $US1000 mark on Sunday. It is now within reach of its historic high of more than $US1200 reached in 2013. Some analysts believe the rise in Bitcoin is due to some investors treating it as a safe-haven, like gold, at a time of global uncertainty. Others believe buying is being driven by speculative demand, with investors anticipating future rises and […]
China is behind the latest Bitcoin craze
Bitcoin had a great 2016. The cryptocurrency rallied 120% to $952, and is threatening to break the $1,000 mark for the first time. While Bitcoin has seen a consistent bid throughout the year, its 57% gain (in US dollar terms) over the past three months has been particularly impressive.So what’s behind the move? China. In his latest edition of “Greed & Fear,” CLSA’s Christopher Wood notes, “Daily turnover in Shanghai-based BTC China, the world’s largest bitcoin exchange by volume, has risen from around Rmb1bn in late September to a peak of Rmb27.8bn on 22 December and Rmb16.4bn on Wednesday (see Figure 11) while the Bitcoin price has risen by 70% […]
Qumram celebrates RegTech award success
Qumram, the leading global provider of RegTech, digital compliance and risk management solutions for the financial services industry, has been declared winner of the prestigious 2016 Private Banking International (PBI) award for Outstanding Front-End Digital Solutions Provider. Qumram has also been shortlisted as finalist for the WealthBriefing Swiss Awards 2017 in two categories: Best Compliance Solution and Most Innovative FinTech Solution. The inaugural PBI Switzerland Awards ceremony was held in conjunction with the Private Banking: Switzerland Conference in Zurich on 8th December. These awards are dedicated to celebrating excellence and achievement in private banking across Switzerland. Qumram won the PBI award against fellow finalists Avaloq, Hearsay Social, Profile Software and […]
As India braces for digital payments future, how secure are banks from cyber attacks?
As the government presses ahead with a cash to less cash to cashless economy, the success of the transition will depend on how the battle between bankers and hackers plays out. Bankers must upgrade and fortify their cyber defences as hackers attempt to pinch funds from banks or steal credit/debit card details of retail customers daily. If suddenly the easiest way to buy anything from soft drinks to cars is to use the mobile wallet, a few clicks of the mouse are all that is required to rob a bank. True, in a country with 98% cash in circulation, electronic payments replacing cash will not be easy and will take […]
