Meniga, the global leader in digital banking solutions, has announced today that it has signed an agreement with the Spanish banking giant, IberCaja. (more…)
Fenergo, the industry standard for Client Lifecycle Management (CLM) solutions for Corporate & Institutional, Business & Commercial, and Private Banks, has today announced a signed deal with BNP Paribas. (more…)
By Hannah Murphy for Financial Times
Banking app Monzo is planning to launch one of the UK’s largest crowdfunding efforts next year to give customers in the fast-growing bank what it calls “a greater share of ownership”. Tom Blomfield, chief executive, said the start-up, which raised £71m in a private equity fundraising earlier this month, intends to make a further cash call of between £10m and £30m in 2018. (more…)
PayPal Holdings, Inc. (NASDAQ: PYPL) and Synchrony Financial (NYSE: SYF) today announced an agreement to significantly expand their strategic consumer credit relationship. Under the terms of the transaction, Synchrony Financial will acquire $6.8 billion in receivables, including PayPal’s U.S. consumer credit receivables portfolio, which totaled approximately $5.8 billion in receivables as of October 31, 2017, and approximately $1 billion in participation interests in receivables held by certain investors and a chartered financial institution. (more…)
On Wednesday, Switzerland-based CREALOGIX announced it is expanding business actives in the Asia and Pacific region. The company reported that with this expansion it will be able to cooperate with established local partnerships, including business and tech financial service provider, Cognizant. CREALOGIX noted that in addition to regional retail banks and rising financial services providers, it also supports European private banks in the implementation of software solutions specifically for the Asian market. (more…)
Current AML Techniques
In today’s world, we tend to combat money laundering efforts with regulation-based account surveillance and ordinary KYC systems, when in all honesty these techniques will not hold up in the ever-changing world of financial delinquency. For one, the Risk Based Approach (RBA) used by financial institutions for AML compliance purposes causes a high rate of false positives. (more…)
By Jon Russel for TechCrunch
Apple is once again the biggest selling producer of wearables after its third-generation Apple Watch, released in September, helped it pip China’s Xiaomi to the post. (more…)
Bitcoin is a virtual currency that uses Blockchain technology for secure payments and storing money electronically, without requiring a bank or a person’s name. Satoshi Nakamoto created this cryptocurrency back in 2009. The biggest advantage of Bitcoin is that it’s not under control of central authority, government or private company, so people are free from paying transaction fees. It can be used for booking a hotel or flight, or purchasing products online, as many online stores and companies accept Bitcoin now.
On Friday, SoFi announced it has completed a $727 million issuance of SoFi Consumer Loan Program 2017-6 (“SCLP 2017-6”) notes, making it the largest offering of securities backed by consumer loans and is SoFi’s 11th ABS transaction this year, bringing the lender’s total issuance for 2017 to $6.1 billion. (more…)
Digital challenger Revolut is seeking to become an official bank, applying for a licence from the European regulator. (more…)
In a round led by Old Mutual Global Investors and venture capital firm IVP, TransferWise has raised $280 million in new funding. The new capital, which takes the London-based fintech’s total financing to more than $396 million, will be used to help the money transfer innovator grow its services and expand its global presence – particularly in Asia. The Series D also will enable TransferWise to build on its newly-launched service that helps SMEs reduce or even avoid conversion fees by letting them hold money in different currencies. (more…)
Singapore’s Life.SREDA VC launches a $200 million venture capital fund, named Based on Blockchain or BB Fund. The Fund will invest in fintech and blockchain companies by acquiring and holding equity and/or tokens. The BB Fund is targeting a minimum of $50 million for the first closure in Q4 2017 from a limited number of accredited investors; with a hard cap of $200 million. (more…)
By David Penn for Finovate
Brazilian fintech Nubank announced this week that the company will begin offering digital accounts in addition to its credit card business. The move will provide access to billpay, account-to-account transfers, and the ability to earn more in interest than is available with a regular savings account. “Our real revolution begins today,” Nubank founder and CEO David Velez said. “Now we are offering services to 100 percent of Brazilians.” (more…)
Chinese fintech and Alibaba-affiliated Ant Financial revealed this week it is putting its Initial Public Offering (IPO) plans on hold and is now focused on investing in more startups and artificial intelligence (AI). The news of Ant Financial’s plans comes less than a year after the company announced its acquisition of MoneyGram (NASDAQ: MGI), a Dallas-based money transfer service, for $880 million. Ant Financial secured $4.5 billion from private investors in April 2016 and earlier this year, the company reportedly sought to raise $3 billion to help fuel its global expansion. (more…)
McKinsey recently published a report on the global banking industry. While stating the financial recovery has helped old finance regain their footing the future is not quite so clear. According to the authors; (more…)
SEATTLE–(BUSINESS WIRE)–Oct. 26, 2017– Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its third quarter ended September 30, 2017.
Operating cash flow increased 14% to $17.1 billion for the trailing twelve months, compared with $15.0 billion for the trailing twelve months ended September 30, 2016. Free cash flow decreased to $8.1 billion for the trailing twelve months, compared with $9.0 billion for the trailing twelve months ended September 30, 2016. Free cash flow less lease principal repayments decreased to $3.5 billion for the trailing twelve months, compared with $5.3 billion for the trailing twelve months ended September 30, 2016. Free cash flow less finance lease principal repayments and assets acquired under capital leases decreased to an outflow of $1.0 billion for the trailing twelve months, compared with an inflow of $3.8 billion for the trailing twelve months ended September 30, 2016. (more…)
Kabbage Inc., a global financial services, tech and data platform serving small businesses, and ING, a leading global bank, are expanding their strategic partnership into France and Italy to provide small businesses with real-time access to working capital. Building on ING’s successful launch in Spain with the Kabbage PlatformTM, this partnership will allow millions of small businesses throughout France and Italy to easily apply, qualify and access ongoing lines of credit up to €100,000 with ING in under 10 minutes. (more…)
By John Mannes for Techcrunch
The large number of new venture capital funds may hint at broader structural changes in the startup ecosystem, but for the young and eager partners at the helm of many of these funds, all the rush of money means is more competition. (more…)
By David Krejca for Seeking Alpha
JD.com is a rapidly growing Chinese e-commerce business which has underperformed compared to its peers.
This might change soon and the company is expected to turn profitable this year and trades at an extremely low price-to-sales multiple.
My valuation model suggests that JD’s shares could appreciate by as much as 70 percent annually over the next three years.