The top five stories in fintech this week as featured on the Fintech Nexus 5 are from CFPB, JPMorgan and Mastercard, The State of New York, The Federal Reserve and Plaid
News Roundup
This page contains an archive of the Global Newsletter summaries and the weekly fintech news roundups.
Every day the Fintech Nexus news team scours the globe for the most important stories of the day to include in our daily newsletter.
Then every Saturday we bring you our weekly news roundup of the top 10 fintech stories of the week with commentary from Peter Renton.
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Late last Friday the SBA and Treasury issued more guidance for the...
Bitcoin looks to be headed towards $10,000 and the overall market cap for digital coins has surpassed $300bn; Ethereum, bitcoin gold and bitcoin cash have all reached all time highs as the appetite for these currencies continues to rise unabated; while concerns of a bubble persist the prices continue showing more strength by the day. Source.
Unison offers funds for a down payment in exchange for a home ownership stake; in the case of one California homebuyer, the company matched their 10% down payment and required no monthly payments; instead the borrower must repay Unison with the sale of their house plus 35% of any real estate gains incurred from the sale; a handful of companies are offering similar real estate products including Point which offers cash-for-equity arrangements for existing homeowners. Source
HNA Capital is a private Chinese company gaining market attention in recent weeks for its acquisition of Anthony Scaramucci's Skybridge Capital and interest in acquiring more asset management businesses including Old Mutual's asset management division; the company has been acquiring assets now worth $145 billion with revenue of $45 billion annually; HNA Capital sees a market opportunity for asset management businesses with market volatility expected during the Trump administration and more investors shifting to actively managed strategies. Source
R3 is making its blockchain code base publicly available, in an effort to drive standards for the technology; its "Corda" platform code will be stored starting November 30th as part of the Hyperledger open-source project, which is run by the non-profit Linux Foundation to encourage cross-industry experimentation and adoption of blockchain; R3's Chief Engineer, James Carlyle, explained, "If we have one platform with lots of products on top, then we get something that's more like the internet, where we still get innovation but we can still communicate with each other."; in related news, R3 and 12 of its bank members recently trialed Ripple's Digital Asset XRP platform for interbank cross-border payments. Source
It was back in 2013, when LendIt was just getting under way,...
Max Levchin spoke with CNBC and provided some updates on the company;...
According to the WSJ, clients have been withdrawing more money than expected from the hedge fund; Pine River was best known for its profits after rebounding government-backed mortgages following the financial crisis; Pine River manages roughly half of the $15 billion it managed in 2015. Source