10 days break!

Hey FintechRanking readers! From tomorrow 16th of July, I’ll have a 10 days break and won’t be posting (much) new content, so we’ll all have a break. Disappointing, I know. But I’ll surely catch up afterwards and won’t make you uninformed of anything special in the industry! Au revoir!

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International RegTech Association Launches, Lists Executive Board Members

The non-profit International RegTech Association (IRTA), incorporated in Switzerland in May, has launched to provide a united community of individuals and organizations, with a shared vision to innovate, advance, and influence the future of Regulatory Technology (Regtech).  Regtech is a vital aspect of financial services. On one side, regulators may more easily access the information necessary to accomplish their goals. Correspondingly, platforms may significantly streamline the compliance with mandated rules.

The IRTA is described as existing to ease and accelerate the evolution of the global Regtech ecosystem, through integration, collaboration, and knowledge sharing.

The IRTA states its mission as fostering a collaborative, consultative, and innovative working environment.

The IRTA’s objectives include:

  • Operate in key markets and economies, internationally
  • Support the entire Regtech ecosystem
  • Represent the interests of Regtech providers and consumers globally – including
    technology firms, service providers, professional advisers, and financial institutions
  • Engage and liaises with the most influential financial regulators and academics
  • Promote the advancement of the Regtech profession, through Regtech research,
    innovation initiatives, and standards development
  • Support Regtech accelerators, and delivers professional education, and certification
  • Work in collaboration with existing industry Associations, Agencies and other
    international organizations

According to Subas Roy, newly appointed Global Chair at the IRTA;

“The IRTA believes in the globally integrated, hybrid ecosystem, and supports the premise that the whole is very much greater than the sum of the parts. The IRTA community is a combination of talented, agile and experienced minds, striving for innovation, and to establish Regtech as a profession for the years to come. We stand in one of the most exciting times, as the innovation and international collaboration for Regtech continue to expand. For the first time in over 40 years, innovation in Regtech is taking precedence over innovation in new Financial Services markets and products. This reflects the fundamental, enabling role of Regtech, and how it is already helping to shape and determine the future of Financial Services, including its competitive advantage.”

The IRTA inaugural Executive Board is as follows:

  • Chair – Subas Roy, Former Global Head of Regtech, EY
  • Bruno Abrioux, Former Japan Chief Administration Officer, FIS
  • Henri Arslanian, Fintech and Regtech Leader, China & Hong Kong, PwC
  • Janos Barberis, Founder, SuperCharger & PhD Candidate HKU Law
  • Jo Ann Barefoot, CEO, Barefoot Innovation Group & Senior Fellow, Harvard University
  • Patrick Barnert, CEO, Qumram
  • Steven Burman, Executive Board Member
  • John Byrne, CEO, Corlytics
  • Nicola Cowburn, CMO, Qumram
  • Matt Elton, CEO, FinnoLux & Regtech Canada
  • Julian Fenwick, Founder & Managing Director, GRC Solutions
  • Brad Giemza, CTO MUFG Americas, Union Bank & Co-founder, NeoRM
  • Michael Jünemann, Partner & Head of Banking & Finance Germany, Bird & Bird LLP
  • Michael Meyer, Co-founder & CEO, Regtech Lab
  • Scott Nelson, CEO, BIGcontrols
  • Diana Paredes, Co-founder & CEO, Suade Labs
  • Ben Richmond, Founder & CEO, CUBE

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China Rapid Finance: 20 Million in Cumulative Loans Facilitated Since Marketplace Lending Platform Inception

China Rapid Finance announced on Monday it has exceeded 20 million cumulative loans facilitated since its marketplace lending platform launch. According to the lender, this new milestone demonstrates accelerating the growth of its consumer marketplace due to the fact that the number of facilitated loans has nearly doubled within the past six months from 10.7 million cumulative loans as of the end of 2016.

Dr. Zane Wang, Chairman and CEO of China Rapid Finance, stated:

“We are well on track to continue expanding our platform as we serve the needs of our target Emerging Middle-class, Mobile Active consumers (EMMAs). They clearly enjoy our proprietary digital credit solutions. Our ‘low and grow’ strategy starts out new borrowers with smaller, shorter-term loans and then selectively offers larger, longer-term loans to repeat borrowers that demonstrate positive credit behavior. We are well-positioned to scale with a low borrower acquisition cost of retaining high-quality EMMAs as they build their credit histories on our platform, and have the potential to serve their lifetime credit needs. As a result, our ‘low and grow’ model creates high customer lifetime value and a source of sustainable growth for the Company.”

Wang then added:

“In addition, PRC regulators have launched efforts to maintain high standards in the fast-growing online lending industry, to eliminate non-compliant industry players and thus to build a stable, sustainable, and healthy environment in which compliant and responsible companies will be able to thrive and grow. We welcome these initiatives and believe they will benefit the industry leaders such as China Rapid Finance.”

China Rapid Finance noted that one a year-over-year basis, second facilitated loans have jumped by over 350% to more than 5 million, up from approximately 1.1 million cumulative loans in the same quarter of last year. The lender added it continues to achieve a high rate of customer retention, with approximately 73% of borrowers on its marketplace were repeated borrowers as of March 31st.

The news of the 20 million cumulative loan facilitated milestone comes less than two months after China Rapid Finance released its unaudited financial results for the first quarter of 2017, which revealed the following:

  • Total gross billings on transaction and service fees: Increased by 13.1% to US$16.8 million from US$14.8 million in the prior year period.
  • Gross billings from consumption loans: Increased by 336.8% to US$6.7 million in the first quarter of 2017 from US$1.5 million in the prior year period. Gross billings from consumption loans increased to 39.9% of total gross billings on transaction and service fees in the first quarter of 2017 from 10.3% in the prior year period.
  • Gross billings from lifestyle loans: Totaled to US$10.1 million in the first quarter of 2017, as compared with US$13.3 million in the prior year period. Gross billings from lifestyle loans were 60.1% of total gross billings on transaction and service fees in the first quarter of 2017, as compared with 89.7% in the prior year period.

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Thomson Reuters Launches Blockchain Startup Incubator

In a recent press releaseThomson Reuters, the behemoth news and information company, announced the formation of a new startup tech incubator designed to help facilitate up and coming technological innovation including Blockchain.

The new forum, termed Incubator Labs, offers startups in various fields access to free resources like office space, Amazon web services and mentorship at a number of locations.

The press release stated that “the Incubator will host early-stage entrepreneurs building next-generation products in big data, advanced analytics, distributed ledgers, artificial intelligence, machine learning and other transformational technologies.”

No surprise for Reuters

The inclusion of Blockchain technology should be no surprise to those who follow Reuters since the company has already shown substantial interest. CTO Mona Vernon said,

“Partnering with startups and other market disruptors is essential for us to be agile and responsive to our customers. The Incubator will become an essential part of our corporate strategy to drive organic growth through innovation.”

Two companies have already joined – Open Mineral and WealthArc – both startups with a tech twist. The application process is relatively complex, but other distributed ledger-based companies will no doubt join the Incubator in the coming months as the world begins to embrace the benefits of Blockchain technology.


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N26 to bring Apple Pay to Spanish customers

By n26

When we recently broke the news that we’ll be bringing Apple Pay to Italy, we received dozens of messages asking when we might introduce it to more countries.

Like we said last time, we’re always listening to your feedback and working hard behind the scenes to deliver on many of your most wanted requests.

Later this year, N26 will bring Apple Pay, which is transforming mobile payments with an easy, secure and private way to pay that’s fast and convenient, to customers in Spain. N26 is proud to bring Apple Pay to Spain. Supporting Apple Pay is another example of the innovation for which N26 is so well known.

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IZettle eyes IPO

Having doubled revenues and slashed losses last year, Swedish mPOS outfit iZettle says that it is preparing for a potential IPO.

Launched in 2011, iZettle quickly established itself as the Square of Europe, helping small businesses accept card payments through their mobile phones.

The firm has since moved deeper into the merchant value chain, offering tools to take payments, register and track sales and to get funding.

It now operates in 12 markets in Europe and Latin America, with 1000 small businesses signing up every day.

This rapid customer acquisition helped the company increase revenues to SEK643 million (EUR66.8 million) last year, up from SEK402 million (EUR41.7 million). Although the firm remains some way off turning a profit, losses decreased by 23% to SEK228 million (EUR23.7 million).

In January the company closed a EUR60 million financing round, taking its total funding to around EUR200 million. Now CEO Jacob de Geer is looking to list.

“We see a huge market potential as tens of millions of small businesses are still being underserved by traditional financial players. Going forward our focus continues to be building a world class company and preparing the company for a potential IPO,” says de Geer.

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