News > FinTech

Asian regulators to embrace fintech in 2016
FinTech
As fintech innovation from both startups and major technology players continue to disrupt the finance sector in 2016, the big issue for next year will be how regulators will get to keeps with a whole slew of financial products coming onto the market, says Deloitte Australia. The new report -- titled Asia Regulatory Themes for 2016 -- explains that services and
Secretive startup raises $2M from big name backers
FinTech
You don't need to know what they do, just trust them. Fintech startup Curve has closed a $2 million seed round despite its clandestine approach to business, reports TechCrunch. Curve, which is currently in a closed beta run, hasn't said publicly what it does. All anyone knows is that Curve wants to be the one touchpoint between people and their
Venmo keeps users engaged when they're not paying
FinTech
Split your brunch bill. Send $20 to your friend for last night's bar tab. Pay your brother for your portion of the parents' Christmas present. And check out what your friends are spending money on. The beauty, and appeal, of payments app Venmo is that it allows users to complete their transactions and then check their social feed to see
Get an 'A' and get a microloan. Is that really so smart?
FinTech
A new microloan platform for  those debt-laden millennials has teamed up with Dwolla to power its money transfer platform. Dwolla is, of course, one of the original banking disruptors. It offers white label services to other startups like Lenny to provide a secure way to make payments. Lenny, which hasn't launched yet, takes into account student GPAs when calculating creditworthiness. The
Can you explain blockchain in a sentence?
FinTech
It is difficult to tell who has it hardest, the people trying to get to grips with the concept of blockchain - the technology behind bitcoin - or the people trying to explain it. Often described as digital decentralized ledger, blockchain is a big concept that's hard to pin down in a sentence, though plenty have tried. But in the effort to
Goldman Sach's zeal for blockchain
FinTech
Goldman Sachs is very serious about blockchain. Last week, the U.S. bank filed a patent for a virtual currency settlement system called SETLcoin that uses blockchain technology. If Goldman Sachs had its way, “SETLcoin” could ultimately be as much a part of the financial services lexicon as dollar, euros or yen, writes the Financial Times. (paywall) Of course, other top
Alleged Bitcoin founder Craig Wright erases himself
FinTech
Australian Craig Wright, who on Wednesday became that latest man to be credited with the invention of Bitcoin, now seems to have erased of all digital trace of himself, taking down his Amazon profile, his blog, and his twitter account, as well as profiles on YouTube, Google, and Quora. According to Gizmodo -- which, alongside Wired Magazine, first named Wright
Screw FICO: How social underwriting could expand access to credit
FinTech
With Kiva Zip, Kiva is growing its U.S. operations to provide loans to entrepreneurs who can't get money from banks. Financial institutions normally decide loan eligibility based on factors like your credit score, cash flow, and the amount of collateral you have. On Kiva Zip—the micro-lender's platform for U.S. entrepreneurs—it's different. What matters is whether you're trusted by the community,
Goldman Sachs files virtual currency patent
FinTech
Goldman Sachs CEO Lloyd Blankfein likes to point out that his investment bank is actually a tech firm. Indeed, according to some reports, Goldman employs more programmers and engineers than Facebook. So, I guess this is what they're up to: Goldman Sachs has made a patent application for a cryptocurrency settlement system in a move that underlines bank hopes that
Is Fintech putting half of all finance jobs under threat?
FinTech
<p>This week ex-Barclays boss Anthony Jenkins became the latest voice to describe banking industry’s “Uber moment”, predicting that fintech innovation could wipe out as many as half of all finance jobs by 2025. He is not the only one offering such a glum outlook.</p> <p>In a speech at The Royal Institute of International Affairs in London, Jenkins said that today’s large big banks risk becoming mere “capital providing utilities”, he added:<br /> “We will see massive pressure on incumbent banks, which will struggle to implement new technologies at the same pace as their new rivals. That will make it increasingly challenging for them to deliver the returns and profitability that their shareholders demand.</p> <p>“Ultimately, those forces will compel large banks to significantly automate their business. I predict that the number of branches and people employed in the financial services sector may decline by as much as 50% over the next 10 years, and even in a less harsh scenario I expect a decline of at least 20%.”<br /> His prediction follows a report by the Financial Times that highlights a recent McKinsey study predicting technological competition will slice 60% of profits from non-mortgage retail lending -- such as credit cards and car loans -- over the next decade.</p> <p>But the FT does not blame fintech for the job cull, instead it looks to regulation. Fintech companies, it maintains, are essentially more competitive because they are able to shift the responsibility of traditional bank functions -- such as due diligence, filtering and vetting – on to third parties, or to an algorithm, much like Uber does with its taxi app platform.</p> <p>Unable to follow suit, traditional banks are burdened with the costs of the current regulatory environment. They  have little choice but to cut labor costs.<br /> Photo: flazingo photos<br /> &nbsp;</p>