GO-JEK INKS MARKETPLACE LENDER PARTNERSHIPS: Indonesian ride-hailing company Go-Jek will partner with three marketplace lenders — Findaya, Dana Cita, and Aktivaku — as it expands its financial services offerings. Go-Jek already partnered with Allianz to roll out insurance services and Bank Negara Indonesia to offer micro loans. Additionally, it recently backed an Indonesian insurtech, further illustrating its interest in new fintechs. The new deals will see Go-Jek Ride-hailing companies are increasingly moving into the finance industry via partnerships to offer their drivers better access to financial services. This seems like a lucrative option, especially in Southeast Asia, where only 27% of the population has a bank account. As such, there will likely be high demand from drivers to use Go-Jek’s financial offerings, including loans.
NEOBANK STARLING PARTNERS WITH INSURTECH: UK-based digital-only bank Starling has announced a partnership with insurtech Anorak. Per the agreement, Anorak will provide life insurance advice on the Starling Marketplace, the bank’s in-app portal through which its customers are offered a range of financial services and products. Through this portal, Starling’s customers can connect their accounts with Anorak’s services, allowing the insurtech to analyze their accounts to offer them tailored advice on life insurance coverage, including whether or not they need it. As well as Anorak, Starling has partnerships with other third-party financial service providers including digital investing service Wealthsimple, mortgage broker Habito, and travel insurance provider Kasko. The emergence of financial services marketplaces like the one offered by Starling is in large part driven by changing regulation in the UK (Open Banking) and the EU (Second Payments Services Directive or PSD2). These regulatory changes require lenders to provide third-party access to customers data, generally through open application programming interfaces (APIs), if customers request it. Given challenger banks like Starling have limited resources to develop the bulk of financial services in-house, these changes are very welcomed by them, offering an opportunity to grow user base and revenue streams through partnerships. This current partnership should further bolster Starling’s burgeoning ecosystem, enabling it to expand its suite of product offerings to consumers. Sigue leyendo
Fintech: en últimos dos años Perú ha dado un salto exponencial
Desde la plataforma Digital Bank señalan que este año se han presentado 50 postulantes con soluciones para la banca. Hace cuatro años solo postulaban siete fintech
El Perú se está consolidando dentro de la región como uno de los mercados más importantes para quienes ofrecen innovación financiera y durante los dos últimos dos años se ha dado un salto exponencial tanto en la oferta como en la demanda de fintech.
CHINESE FINTECH X FINANCIAL FILES FOR $250 MILLION IPO: Chinese peer-to-peer (P2P) lending platform X Financial is set for a public listing in New York. According to a prospectus filed with the Securities and Exchange Commission (SEC), the fintech intends to raise up to $250 million in the initial public offering (IPO). The Shenzhen-based firm is the largest supplier of credit card balance transfer loan products in China, per its outstanding loan balance, and as of June 30, it’s the third-largest fintech lender among those that offer unsecured high-credit limit loans, according to an Oliver Wyman report cited in the prospectus. Founded in 2014, the company reported total facilitated loans of $5.1 billion in 2017 and $2.97 billion in the first six months of 2018. X Financial has grown significantly since its launch — revenue for last year came in at $270 million, and it’s already surpassed that figure in 2018, with $279 million in revenue in the first half of the year. While China’s retail consumption is booming — it stood at $5.7 trillion in 2017 and is expected to surpass the US by the end of this year — there remains a significant population who lack access to financial services. This makes the Chinese consumer finance market a promising segment for fintechs, as X Financial’s considerable growth has shown.
UNITED OVERSEAS BANK PARTNERS WITH REGTECH TO FIGHT MONEY LAUNDERING: Singaporean multinational bank United Overseas Bank (UOB) is set to utilize machine learning technology across its anti-money laundering system. The bank will use an Anti-Money Laundering Suite (AMLS) algorithm developed by local regtech startup Tookitaki, which it partnered with for a six-month trial. As part of the partnership, the bank will enhance Tookitaki’s AMLS algorithm to allow it to analyze given data sets much more deeply and broadly, making it more accurate than other available systems. Currently, UOB uses the system to screen and monitor transactions, which are two of the four key procedures within its own anti-money laundering framework. Per year, financial crime — of which money laundering is a significant component — costs organizations upwards of $1.45 trillion globally, with $166 billion of that in APAC alone. As such, providing solutions is particularly pressing, and this current venture suggests that partnerships between incumbent banks and regtechs are a promising avenue for doing so.
Emisor de tarjetas para no bancarizados cierra acuerdo con Samsung
El emisor de tarjetas, Naranja, centrado en el público no bancarizado, anunció un acuerdo con Samsung.
Naranja surgió para atender segmentos medios y bajos en la Argentina. Actualmente, aunque su base incluye al sector no bancarizado, es más amplio.
FIRST DATA PARTNERS WITH ELLIE MAE: Major US payment processor First Data is partnering with California-based mortgage provider Ellie Mae to “integrate secure payments technology,” according to MarketWatch. The partnership will allow Ellie Mae customers to “accept payment for costs related to the lending process” through Software-as-a-Service (SaaS) offerings, point-of-sale (POS) applications, and mobile applications offered by First Data’s digital processing BluePay Gateway solution. For First Data, the move extends its integrated software vendor (ISV) business, which has been booming — through acquisitions like CardConnect, which encompasses BluePay, the firm “tripled” its ISV opportunities last year, which the Ellie Mae deal will also boost. And it will also help First Data continue to accelerate growth and build new volume and revenue opportunities — Ellie Mae processes roughly one-third of the total mortgage loan applications in the US — as it works to build out its business following some challenges in major segments.
STARLING ROLLS OUT LOANS FOR CUSTOMERS: UK-based neobank Starling has introduced its first loan product, which is accessible via its app and allows users to borrow up to £5,000 ($6,367) with an annual interest rate between 11% and 15%. The application process is said to only take minutes, and customers need to provide details about monthly income and spending. Once approved, the money will be transferred into the user’s account instantly, and customers can choose repayment days and the period of the loan themselves. Starling already rolled out overdrafts for its customers, but they are more expensive than the newly launched loan product. As such, customers who already have an overdraft with Starling can now convert this into a loan, which will save them money. Building loan services in-house is likely a lucrative option for neobanks, as Revolut, which currently offers loans via a partnership with Lending Works, has confirmed that it wants to roll out its own loan service. While many neobanks are looking to form marketplaces for consumer finances via partnerships, loans will likely be an offering they provide in-house, as these products are particularly high revenue generating.