General News

March 20, 2020 @ 1:02 pm By JD Alois  |  

The New Business Preservation Act. Senator Amy Klobuchar, fresh off the Presidential campaign trail, has introduced legislation to help boost entrepreneurship and SMEs during a time when the economy is being pummeled by the Coronavirus pandemic (COVID-19). Senators Chris Coons and Tim Kaine have co-sponsored… Read More

March 20, 2020 @ 9:49 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has published new guidance for mortgage lenders and administrators and small business lenders. The guidance is in support of programs outlined by the Chancellor earlier this week. Under the plan, borrowers will be able to receive certain relief during… Read More

March 20, 2020 @ 8:29 am By Samantha Hurst  |  

Payments platform Stripe announced on Thursday it has officially shut down all its offices and all employees, as well as on-site contractors, are working from home. Prior to this announcement, Stripe announced it closed its San Francisco office, but kept the offices in Amsterdam, Berlin,… Read More

March 19, 2020 @ 7:52 pm By Omar Faridi  |  

Square Financial Services, the de novo industrial bank established by payment services firm Square, has received conditional approval from the Federal Deposit Insurance Corporation (FDIC) for its deposit insurance application. The approval gives Square permission to introduce banking services, which it’s reportedly planning to launch… Read More

March 19, 2020 @ 5:14 pm By JD Alois  |  

After less than a week of COVID-19 fueled lockdown, it seems like the world has been turned upside down as a new reality has set in due to “social distancing” and “shelter in place” demands. In the US, the National Guard is not yet patrolling… Read More

March 19, 2020 @ 4:38 pm By Omar Faridi  |  

Banking challenger Judo Bank has reportedly agreed to a three-year long, $350 million committed facility with giant multinational bank Citi. This should help Judo Bank provide funding to small businesses that may be struggling to meet expenses due to the coronavirus (COVID-19) outbreak. The commitment… Read More

March 19, 2020 @ 2:06 pm By Samantha Hurst  |  

Following the recent outbreak of COVID-19 in the UK, online lending platform LendInvest announced that its platform is still functioning and that it is still “Open for Business.” LendInvest reported that on Monday it instructed all London-based staff to work remotely, which followed the government’s… Read More

March 19, 2020 @ 12:26 pm By JD Alois  |  

The Canadian Securities Administrators (CSA) is the latest regulatory group to caution against the rise in Coronavirus, or COVID-19, scams. Nefarious actors and fraudsters are always looking for another angle to fleece the unsuspecting. The advent of the COVID-19 pandemic is no different. The CSA… Read More

March 19, 2020 @ 10:52 am By JD Alois  |  

LendIt Fintech USA, one of the most anticipated digital finance-focused events in the country, has postponed its annual event indefinitely. LendIt was originally scheduled to take place in New York City on May 13 -14. In an email authored by Peter Renton, Chairman and co-founder… Read More

March 19, 2020 @ 8:10 am By JD Alois  |  

The European Central Bank (ECB) Governing Council has announced a €750 billion bailout package to mitigate the economic impact of the Coronavirus or COVID-19. The ECB decided to: To launch a new temporary asset purchase programme of private and public sector securities to counter the… Read More

March 19, 2020 @ 7:36 am By Omar Faridi  |  

Chase, part of JP Morgan Chase – the largest bank in the US with over $2.6 trillion in total assets, is planning to shut down around 1,000 of its physical branch locations in order to prevent the further spread of the coronavirus (COVID-19). On March… Read More

March 18, 2020 @ 11:00 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has posted a page dedicated to the Coronavirus, or COVID-19, outlining actions the Commission has taken to mitigate the pandemic driven shock. The “dedicated website” highlights a slew of temporary relief letters the CFTC has published during this challenging… Read More

March 18, 2020 @ 4:57 pm By JD Alois  |  

The New York Stock Exchange (NYSE), operated by Intercontinental Exchange, Inc. (NYSE:ICE), said it will initiate its business continuity plan (BCP) and migrate to fully electronic trading on Monday, March 23. The decision was made due to the Coronavirus, or COVID-19, pandemic. Recently, the NYSE… Read More

March 18, 2020 @ 9:00 am By JD Alois  |  

Online lender Kabbage has launched a new website “www.helpsmallbusiness.com” designed to support SMEs during the Coronavirus crisis. According to a release distributed by the Fintech, the initiative is a “call to action” that enables anyone to purchase an online gift certificate from participating small businesses… Read More

March 17, 2020 @ 10:55 pm By JD Alois  |  

The Coronavirus is not only impacting the literal health of the world but it is poised to clobber startup funding – along with the rest of the global economy. According to a report by CBInsights, startup funding may tank more than 16% during Q1. You… Read More

March 17, 2020 @ 4:07 pm By JD Alois  |  

The North American Securities Administrators Association (NASAA), the entity that lobbies on behalf of state and provincial regulators, is “urging the Securities and Exchange Commission (SEC) not to move forward with its proposal to expand access to high-risk private securities offerings to individual investors.” NASAA… Read More

March 17, 2020 @ 3:23 pm By Omar Faridi  |  

Liv, the digital banking division of Emirates NBD, a Dubai government-owned banking institution and one of the largest financial institutions in the Middle East, is planning to provide customers instant access to their credit scores, with just a single click. The Al Etihad Credit Bureau… Read More

March 17, 2020 @ 11:51 am By JD Alois  |  

Funding London, an investment vehicle provided by the Mayor of London, has backed 26 female founders, according to a note from the fund. Founded in 2004 by Maggie Rodriguez Piza on behalf of the Mayor of London, since inception Funding London has backed 673 SMEs… Read More

March 17, 2020 @ 8:42 am By Samantha Hurst  |  

Independent financial advisory organization, deVere Group, announced on Tuesday it is now offering free financial advice on a remote basis during the coronavirus outbreak. CEO and Founder of the deVere Group, Nigel Green stated that he and his team are launching Contactless Advice for four reasons:… Read More

March 16, 2020 @ 6:55 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has charged Denis Georgiyevich Sotnikov and entities he controlled for allegedly participating in a scam to trap U.S. investors into buying fictitious Certificates of Deposit (CDs) via “spoofed” websites.  The SEC states that $26 million was stolen from investors…. Read More