Politics

13 New Restrictions for China P2P Lenders as Rules Sink In

Chinese Peer to Peer Lending

Announced earlier this week, China has finally revealed its regulatory approach to online lending. To put this into perspective, peer to peer lending is huge in China – the largest online lending market in the world. The rapid ascension of P2P lending was driven by… Read More

Monetary Authority of Singapore Announces Regulatory Framework for Payments

100 Singapore Dollars Money Asia

The Monetary Authority of Singapore (MAS) has published a consultation paper on a payments regulatory approach. Simultaneously MAS has created a “National Payments Council” to help foster digital payments and the ascension of Fintech. Noting that presently there are multiple regulatory environments and legislation action,… Read More

Financial Innovation Now: Big Tech Educates Policy Makers on Benefits of Fintech

Fintech Apple Google Amazon PayPal Intuit

Apple, Google, Amazon, PayPal & Intuit Provide the Firepower Behind Fintech Advocacy Group Financial Innovation Now. Back in the fall of 2015, an announcement was made regarding the creation of a new public policy coalition representing some of the largest names in tech: Apple, Google,… Read More

China P2P Lending Rules Said to Include Caps on Amount Borrowed

China Yuan Renmibi

A report in ChinaNews is saying The China Banking Regulatory Commission (CBRC), along with partner agencies, will release rules regarding online lending that will include lending caps. According to the report, individuals will be able to borrow up to 200,000 CNY (USD $30,000) from any… Read More

Government Minister: Fintech is a Critical Differentiator for Singapore

Singapore DBS Skyscrapers Asia

Last week S. Iswaran, Minister for Trade & Industry, made the statement; “FinTech is … a critical differentiator for Singapore to remain a leading financial hub in the region. Our finance and insurance sector has been a key growth contributor in recent years, and the… Read More

Will CFPB Move to Limit Arbitration Undermine Alternative Finance?

Broken Benjamin Money

The Consumer Financial Protection Bureau (CFPB)recently proposed banning arbitration regarding certain  consumer financial agreements and to allow the legal process to take hold in the case of a dispute. The CFPB posted the proposal this past May, outlined as follows: First, the proposed rule would… Read More

Is the FDIC Poised to Add Regulatory Burdens to Online Lenders?

Pendulum Ride Extreme

An article in WSJ.com today states the “regulatory advantage may be fleeting” for online lenders. The author pointed to an initiative by the Federal Deposit Insurance Corporation (FDIC) that may add new rules for banks working with online lenders that could add cost to these… Read More

Three Chinese Fintech Firms Incubate in Australia as Part of Fintech Asia Program

Australia Money

The Turnbull government announced in February of this year their intent to establish Australia as an Asia-Pacific hub for Fintech. The Hon. Scott Morrison MP said at that time; “FinTech will have an important role to play in Australia’s innovation future, that’s why the Turnbull Government… Read More

CFPB Announces Advisory Board/Council Members. Heavy on Banks. Light on Alternative Finance

Richard Cordray

The youngest financial regulatory agency of them all, the Consumer and Financial Protection Bureau (CFPB), has announced its new Advisory Board and Council Members. The CFPB, established under Dodd-Frank, was mandated to create these advisory boards and councils. While the various groups were represented by many… Read More

Reg D: Congress Must Act to Allow Sophisticated Investors Access to Private Placements

Should you be an accredited investor

Under Reg D more than a trillion dollars is raised each year for companies that are not publicly traded. This market is huge – far larger than the annual rate of IPOs. Yet these private placements are only available to “accredited investors”: Individuals who earn… Read More

India Official: Banking is Necessary. Banks are Not

Dinosaur Bank

In Mumbai this week there was an annual banking conference where Indian government officials presented or participated. The Hindu interviewed Reserve Bank of India Deputy Governor R Gandhi and he made several interesting statements. According to Gandhi; “Banking is necessary, but banks are not adding…… Read More

Apple, Google, Amazon: Current Regulatory Requirements Protect Incumbents from Fintech Competitors

Apple Will You Be My Bank

In November of 2015, a group of well-known tech names banded together to create a new lobbying entity to lobby Capitol Hill on Fintech and financial regulations. Financial Innovation Now is a unique alliance of Apple, Google, Amazon, Intuit and Paypal joining in one specific… Read More

Seedrs CEO: No Slowdown Here as “Soft” Brexit is Predicted

Brexit EU Referendum

Equity crowdfunding platform Seedrs has recently surveyed their customers on Brexit fallout and the results are encouraging. While the number of respondents were small (120), according to Seedrs, 52% of respondents believe London will maintain the title of global hub for international entrepreneurs even with… Read More

FCA Chief Told Parliament Committee Crowdfunding is Too Small to Be Systemically Important

Back to School Education Learning Teaching

Financial Conduct Authority (FCA) Chief Executive Andrew Bailey gave a Parliament Treasury Committee a crash course on Crowdfunding 101 this past June.  The letter by Bailey was recently posted on the Treasury Committee website, along with a statement from Andrew Tyrie MP, Chairman of the Committee,… Read More

CMA: What Happens Next for UK Banks? (Fact Sheet)

The Future of Banking

The Competition & Markets Authority announced sweeping changes to the UK banking industry today. The update to the retail banking sector was driven by an acknowledgement that little competition existed within the retail banking sector and thus consumers were coming up short in regards to… Read More

Final Report by CMA on Retail Banking Requires Banks to Implement Open Banking by 2018

UK Fintech Money iPhone

“CMA Sticks to its Guns” The Competition and Markets Authority (CMA) has published its final report on the UK retail banking sector. The government initiative has concluded that highstreet banks do not compete enough for customers’ business. Simultaneously, challenger banks find it difficult to compete… Read More

Sweden Update: Crowdfunding Committee is First of its Kind

Swedish Flag painted

Recently the Swedish government announced the creation of a Committee to review the regulatory environment for investment crowdfunding. The former Supreme Court Justice, Severin Blomstrand, was appointed to chair the ten person Committee and oversee the review. The initiative will look into such issues as… Read More

Bank of England Cuts Rates: Alternative Finance Leaders Respond

Queen Elizabeth Money-20-pounds

  The Bank of England (BoE) has cut its benchmark rate by 0.25% – the first time in 7 years. The pound quickly moved lower reacting to the announcement. The move was telegraphed several weeks back in reaction to Brexit fallout. The interest rate cut… Read More