Category Archives: Fintech International

Ethereum Rises on Positive Comments by the SEC

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Crowdfund Insider | JD Alois | Jun 14, 2018

Ethereum rose dramatically today following the comments of William Hinman, Director of the Division of Corporate Finance at the Securities and Exchange Commission (SEC), who inserted a statement in a speech today that ended the question of Ethereum being a security. Hinman told an audience at Yahoo Finance in San Francisco;

“And putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions.”

The reassuring comments not only helped Ethereum, but other cryptocurrencies followed higher in its wake.

CoinList co-founder and President Andy Bromberg commented on the news from the SEC that it doesn’t consider Ether or Bitcoin – for that matter, a security:

“The SEC’s recent comments are a validation of the possibility of non-securities tokens and a big step towards more definitive guidance on how and when individual tokens can be defined as non-securities. The precedent they are indicating here is a powerful one that will enable new projects to continue to flourish in the space.”

Of course, the comments by the SEC does not mean that Ethereum based initial coin offerings (ERC20 – ICOs) are in the clear. Most all of these offerings are more than likely securities when looking at recent comments by SEC Chair Jay Clayton. But what is encouraging is the fact that the agency is willing, and interested, in enabling crypto-innovation. Echoing comments by other staff members of the SEC, Hinman encouraged blockchain entrepreneurs to reach out to them before proceeding.

“We are happy to help promoters and their counsel work through these issues. We stand prepared to provide more formal interpretive or no-action guidance about the proper characterization of a digital asset in a proposed use. In addition, we recognize that there are numerous implications under the federal securities laws of a particular asset being considered a security...

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Crowdfund Insider | JD Alois | Jun 14, 2018 Ethereum rose dramatically today following the comments of William Hinman, Director of the Division of Corporate Finance at the Securities and Exchange Commission (SEC), who inserted a statement in a speech today that ended the question of Ethereum being a security. Hinman told an audience at Yahoo Finance in San Francisco; “And putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions.” The reassuring comments not only helped Ethereum, but other cryptocurrencies followed higher in its wake. CoinList co-founder and President Andy Bromberg commented on the news from the SEC that it doesn’t consider Ether or Bitcoin – for that matter, a security: “The SEC’s recent comments are a validation of the possibility of non-securities tokens and a big step towards more definitive guidance on how and when individual tokens can be defined as non-securities. The precedent they are indicating here is a powerful one that will enable new projects to continue to flourish in the space.” Of course, the comments by the SEC ...
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Ethereum Rises on Positive Comments by the SEC
IT Business | Bret Conkin | June 12, 2018 Real estate and fintech have been integrating in exciting new ways in recent years. Real estate online investment or crowdfunding has been a sector that has attracted significant interest in the U.S. over the last several years, with more than 100 portals launched to serve rapidly growing developer and investor interest. In fact, industry research hub crowdsourcing.org estimates that the industry will be worth more than $300 billion USD by 2025. Why would developers consider an online and alternative financing route? A big reason, beyond the capital, is the significant marketing benefits that campaigns can generate, including community building. Check out:  GAME-CHANGERS: Crowdfunding real estate projects in the GTA To investigate where the Canadian market for real estate crowdfunding is going in the next 12 months, we interviewed the two leading portals in Canada, online investment platform NexusCrowd and private equity firm R2 (though R2 notes that they position themselves as an online marketplace or fintech in commercial real estate, not as “crowdfunders”). Learn more below. Bret Conkin: How many projects and capital were raised via your portal in 2017? To date in 2018? Amar Nijar, CEO of R2 Capital & ...
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Real estate crowdfunding in Canada: portal insights for 2017/18
Baer & Karrer | By Daniel Flühmann and Peter Hsu | May 23, 2018 The Fintech Landscape 1.1 Please describe the types of fintech businesses that are active in your jurisdiction and any notable fintech innovation trends of the past year within particular sub-sectors (e.g. payments, asset management, peer-to-peer lending or investment, insurance and blockchain applications). The Swiss fintech landscape has evolved significantly over the past few years and Switzerland continues to be an attractive base for innovators in the financial sector. Approximately 200 active companies in various sub-sectors form the core of the diverse Swiss fintech ecosystem. The total number of fintech-related businesses, however, is much higher. Many established financial institutions and other established financial market players have entered the fintech space in the recent past and, as a result, the distinction between fintech and traditional financial services has become increasingly blurred. Swiss-based fintech businesses include robo-advisory and social trading services, crowdfunding and crowdlending platforms as well as payment systems and businesses active in the area of collective investment schemes. One of the key focus areas in the past year has been driven by blockchain-based businesses, in particular in the areas of cryptocurrencies and decentralised transaction platforms (e.g. Ethereum ...
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Comprehensive Overview of Fintech in Switzerland H1 2018
CSA | Staff Notice 46-308 | June 11, 2018 Montréal – The Canadian Securities Administrators (CSA) today published CSA Staff Notice 46-308 Securities Law Implications for Offerings of Tokens, which provides additional guidance on the applicability of securities laws to offerings of coins or tokens, including ones that are commonly referred to as “utility tokens.” “Since publishing initial guidance, we have engaged with numerous businesses considering token offerings and have found that most of these offerings involve securities,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “Our notice sets out additional guidance based on situations we have seen to date and common inquiries we have received from businesses and their advisors.” CSA Staff Notice 46-308 outlines specific situations that may have an implication on the presence of one or more of the elements of an investment contract in the context of an offering of coins or tokens. This notice supplements the CSA’s August 2017 publication of CSA Staff Notice 46-307 Cryptocurrency Offerings, which outlines how securities law requirements may apply to initial coin offerings, initial token offerings, cryptocurrency investment funds and the cryptocurrency platforms trading these products. See:  State and Provincial Securities Regulators Conduct Coordinated International ...
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Canadian securities regulators provide additional guidance on securities law implications for offerings of tokens
Canadian Innovation Exchange | Peter Jones | June 8, 2018 NCFA Canada is a proud Community Partner of CIX, Canada's most curated startup investment conference. Invited attendees are founders of Canada's most innovative early- and growth-stage tech companies and global investors and corporates. CIX takes place over two days, Oct 22-23, 2018, in downtown Toronto. The 11th annual CIX Top 20 program is now open for submissions. The CIX Top 20 program is Canada's largest national showcase of the nation's hottest and most innovative tech companies. CIX Selection Committee evaluates all submissions and selects 20 to present at CIX, taking place on October 22 & 23 in Toronto. Register online and use code KICKOFFCIX by Friday, July 20th, or reach out to Joel Pinto at jpinto@brunico.com for further registration inquiries Visit the CIX website --> now The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding ...
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Conference Toronto (Oct 22-23):  11th Annual Canadian Innovation Exchange (CIX)
Race Tech Development Group | Dean Jessop | Jun 8, 2018 Nikola Tesla Unite is new to the cryptocurrency market, but cryptocurrency is not new in the minds of the founders. Working for many years to bring the concept and idea to market, NIKO Coin is set to be one of the major players in not only digital currency, but also business-to-business programs through their partnership with Alianza Motorsports. “This is a true partnership,” explained Alianza Motorsports’ Lorne Kelly. “We are working together both on and off the track. NIKO Coin promotion is being done on the side of our racecar, race hauler and with trackside functions and displays while we all work hand in hand to educate fellow teams, drivers and racing enthusiasts on the advantages and benefits of using digital currency. We have had several meetings with suppliers, other team partners, series and organizations on how we can help them get in on the ground floor of the digital currency market all with the help of NIKO Coin.” With a digital wallet offered by NIKO Coin and that can be downloaded from the Google Play Store, NIKO Coin can now connect with a wider demographic of users. See:  ...
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Nikola Tesla Unite to use Alianza Motorsports to Educate Race Fans on Crypto
Grow VC Group | Jouko Ahvenainen | Jun 2018 Data and AI started to come fundamental components for FinTech in 2017. There are several reasons for this development, for example, the development of machine learning and data analytics solutions, growth of FinTech services to have enough data, and new cloud based infrastructures that make it easier to use data. We can expect this development continues and accelerates in 2018. At the same time, blockchain, distributed finance models and increasing privacy concerns will change data requirements and models. Data is coming a fundamental enabling component in the finance services, and it will give also more power to customers. Data to enable customers Everyone today knows data has a lot of value. “We try to collect all possible data, and then we find a model to monetize it, maybe sell to advertisers,” is a common sentence in many business plans. “We help companies monetize their data,” is another typical value promise. “Let’s offer our solutions for free, if we can get the data,” is a ‘sales strategy’. Is it so simple that you offer software, apps, and services to consumers and companies, utilize their data and create a big business? It really ...
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The world's new oil and AI's imminent impact on the future of Fintech
VentureBeat | Khari Johnson | Jun 7, 2018 It’s no exaggeration to call Element AI one of the top startups in the world right now. With the help of deep learning pioneer Yoshua Bengio, the company is making AI-powered products for the enterprise. And from its beginning in October 2016, Element AI has broken the rules of what to expect from a startup. In December 2016, Element AI was the very first company to receive funding from Microsoft Ventures. Six months later, the company raised a $102 million series A round. Element AI has yet to release a single publicly available product, but the company is already working with customers, has opened offices in Singapore, South Korea, Toronto, and London, and already plays an advisory role to startups that receive funding from the Global AI Fund in South Korea. At the creative tech conference C2 in Montreal last month, VentureBeat sat down with CEO Jean-François Gagné to talk about challenges enterprise customers face in implementing AI, his company’s first publicly available products, and why he believes AI is allowing startups to challenge incumbent businesses in tech and finance. This interview has been edited for brevity and clarity. VentureBeat: Are there any ...
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Element AI: The market is still figuring out how to share data with enterprise AI startups
CNBC | Kate Rooney | Jun 6, 2018 The head of the Securities and Exchange Commission Chairman made it clear Wednesday that the agency won't be bending the rules for cryptocurrency when it comes to defining what is or what isn't a security. "We are not going to do any violence to the traditional definition of security that has worked for a long time," SEC Chairman Jay Clayton told CNBC Wednesday. The agency is also not adjusting rules for initial coin offerings, and Clayton underlined that tokens or digital assets used in that fundraising process are securities. The head of the Securities and Exchange Commission made it clear Wednesday that the agency won't bend the rules for cryptocurrency when it comes to defining what is or what isn't a security. "We are not going to do any violence to the traditional definition of a security that has worked for a long time," U.S. Securities and Exchange Commission Chairman Jay Clayton told CNBC Wednesday. "We've been doing this a long time, there's no need to change the definition." Clayton said the U.S. has built a $19 trillion securities market that's "the envy of the world" following the current rules. See:  Don ...
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SEC chief says agency won’t change securities laws to cater to cryptocurrencies
Yahoo Finance | By Shu Zhang and John Ruwitch | Jun 5, 2018 BEIJING/SHANGHAI (Reuters) - Ant Financial Services Group [ANTFIN.UL], the dominant Chinese fintech company, is shifting its main focus to technology services and away from payments and consumer finance as Beijing's crackdown on financial risk deepens, four sources with knowledge of the matter said. The company, which is controlled by the Chinese billionaire Jack Ma, plans to accelerate the shift within the next few years, the sources said. They said the move was propelled, in part, by growing regulatory pressure on Ant's core financial businesses, including payments, micro lending, credit rating and wealth management. Ant Financial was spun off from Alibaba Group Co Ltd,, which went public in 2014, and has played a major role in shaping the financial technology landscape in China. Its Alipay online payment app is one of the biggest players in an increasingly cashless society. But in five years, technology services will make up 65 percent of Ant Financial's revenue, compared with an estimated 34 percent in 2017, according to confidential company projections viewed by Reuters. That would involve helping banks and other institutions with services like online risk management and fraud prevention. Meanwhile, ...
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Exclusive: Ant Financial shifts focus from finance to tech services: sources

 


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org/">contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Exclusive: Ant Financial shifts focus from finance to tech services: sources

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Yahoo Finance | By Shu Zhang and John Ruwitch | Jun 5, 2018

BEIJING/SHANGHAI (Reuters) - Ant Financial Services Group [ANTFIN.UL], the dominant Chinese fintech company, is shifting its main focus to technology services and away from payments and consumer finance as Beijing's crackdown on financial risk deepens, four sources with knowledge of the matter said.

The company, which is controlled by the Chinese billionaire Jack Ma, plans to accelerate the shift within the next few years, the sources said. They said the move was propelled, in part, by growing regulatory pressure on Ant's core financial businesses, including payments, micro lending, credit rating and wealth management.

Ant Financial was spun off from Alibaba Group Co Ltd,, which went public in 2014, and has played a major role in shaping the financial technology landscape in China. Its Alipay online payment app is one of the biggest players in an increasingly cashless society.

But in five years, technology services will make up 65 percent of Ant Financial's revenue, compared with an estimated 34 percent in 2017, according to confidential company projections viewed by Reuters. That would involve helping banks and other institutions with services like online risk management and fraud prevention.

Meanwhile, revenue from financial services is projected to shrink to 6 percent from an estimated 11 percent, and the contribution from payments will be reduced to 28 percent from an estimated 54 percent in 2017, the figures show. Overall revenue is projected to grow at 40 percent annually from 2017 to 2021, the figures show. The shift better aligns Ant with the government's strategy for the financial sector while giving it room to grow and innovate, said Zennon Kapron, director at the Shanghai-based fintech consultancy Kapronasia.

"It makes a lot of sense for them to be focusing on the technology side because it plays to their strengths and it also fits within the government's view of the way that the financial industry would develop," he said.

Ant Financial is preparing for long-awaited initial public offerings – expected to be in mainland China and Hong Kong in 2019 and expects to soon close a funding round to raise $10 billion that would give the company a valuation of $150 billion.

The sprawling firm has amassed a range of financial licenses and has become a crucial part of China's massive and vulnerable financial system. That has concerned regulators, who want to make sure that the growing size of Ant and other private financial firms do not present systemic problems to the Chinese economy should they fail, the sources said.

Ant Financial was singled out by the People's Bank of China as the only online finance firm for a trial program to test stricter regulations on financial holding conglomerates, two of the sources said. "As a non-bank, non-state-owned institution in China, it's not allowed to independently grow too big to manage," said one of the sources.

"Every aspect of the technology we have developed will one by one be opened up to current and potential partners," a spokesman for Ant said.

For Ant and its investors, a successful transition is not guaranteed, as the company still has to figure out how to repurpose its advanced technology capabilities - which range from blockchain and artificial intelligence to security and cloud computing – for services tailored for customers like banks, the sources said. AWAY FROM FINANCIAL SERVICES

Ant has been feeling the pressure from regulators on a number of fronts.

Under pressure from the central bank, Ant Financial's subsidiary Sesame Credit stopped issuing individual credit ratings, two of the sources with direct knowledge said. From now on, Sesame Credit will only be used for non-financial purposes, like credit checks for bike rentals and visa approvals, they added. Alipay, meanwhile, has been hit by a central bank decision to raise the reserve funds ratio of such third-party payment firms to 50 percent, two of the sources close to Ant's payment unit said. With the expectation that the ratio will be raised to 100 percent eventually, Alipay could face a further squeeze on profits, they added.

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The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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University of Waterloo joins Ripple’s $64 million CAD blockchain research initiative

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Betakit | | Jun 6,2018

The University of Waterloo announced that it is one of 17 universities joining San Francisco-based Ripple’s University Blockchain Research Initiative.

The University Blockchain Research Initiative is a collaboration between Ripple, which specializes in digital payments and blockchain, and major universities from around the world to supportƒ academic research, technical development, and innovation in blockchain, cryptography, and digital payments systems. The University of Waterloo, which is the only Canadian university participating in the initiative, said participating institutions will determine their own research topics and areas of focus.

According to a blog post, Ripple is committing $64 million CAD ($50 million USD) to support the universities conducting the research. The company will also provide universities with strategic guidance and technical resources.

“We know from recent world events and the experience of many of our partners that blockchain technologies will increasingly disrupt the way the world does business.”

See:  Canadian governments must double-down to foster tech boom here, end brain drain to U.S.

“We know from recent world events and the experience of many of our partners that blockchain technologies will increasingly disrupt the way the world does business,” said Pearl Sullivan, dean of the faculty of engineering at Waterloo. “By increasing our ability to attract talent to Waterloo and work in conjunction with some of the world’s leading institutions, we will make a significant contribution to Canada and the world’s ability to address the challenges and opportunities that blockchain and cryptography technologies present.”

Ripple said participating universities will have the opportunity to partner with Ripple to collaborate on research and technical development to stimulate blockchain innovation, create a new curriculum to meet the demand for students to learn about FinTech, and to stimulate ideas and dialogue among students, faculties, and technologists.

“Academia has traditionally been a critical driver of technical innovation,” said Eric van Miltenburg, senior vice president of global operations at Ripple. “This project is an acknowledgment of the vital importance of the unique role universities will play in advancing our understanding and application of cryptography and blockchain technology. It also speaks to the reality that university graduates will fuel a continually evolving and maturing financial marketplace and workforce.”

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The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry.  Join Canada's Fintech & Funding Community today FREE!  Or become a contributing member and get perks. For more information, please visit:  www.ncfacanada.org

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Report: Crowdfunding Platform OurCrowd Reaffirms Expectation to Top $1 Billion this Year

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Crowdfund Insider | | May 6, 2018

OurCrowd is one of the largest crowdfunding platforms in the world and, perhaps, the largest early stage platform globally by now. The five year old firm has quickly gone from zero to nearly $1 billion in capital raised with the expectation to surpass the billion dollar mark at some point in 2018.

See:  Israeli crowdfunding co OurCrowd raises $72m

Recently, OurCrowd CEO and founder Jon Medved visited with SkyNews in Australia to update on their progress. Medved explained their approach of providing access to the venture capital access class to a far wider audience. You can’t pick up the phone and call Sequoia Capital if you are a smaller investor. Medved said the most exciting news is the fact OurCrowd now has had 20 exits from their portfolio companies. One of the more recent exits was with Jump, a company in the bike sharing space that was sold to Uber and Invertex that Nike bought. OurCrowd’s success means that it is adding about 500 global investors each month.

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The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry in Canada.  For more information, please visit:  www.ncfacanada.org

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Airline Industry And Deutsche Bank To Roll Out Electronic Payment System

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Pymts | May 7, 2018

The airline industry, in conjunction with Deutsche Bank, is trying to challenge credit card companies with a new digital payment system to purchase plane tickets.

According to a report in the Financial Times, the real-time electronic payment system is being designed to save the airline carriers billions of euros in transaction fees. The payment systems, which will enable travelers to purchase web-based tickets, will be rolled out in Europe starting toward the end of this year. The Financial Times reported that Germany will be the first market to get the service.

“We are developing an industry-wide payment solution that is an alternative to credit cards,”

Javier Orejas of the International Air Transport Association told the FT. The International Air Transport Association says the airline industry combined pays $8 billion a year in payment processing fees. Visa and Mastercard typically charge 1 percent to 3 percent in fees, noted the report.

The system that is being created by the International Air Transport Association and Deutsche Bank will have fees that are fixed and will be a “matter of cents,” the FT quoted Orejas as saying.

See:  Singapore consortium claims breakthrough in DLT payments project

The report noted that thanks to new regulations in the EU that require banks to share account access information with third parties, the new payment system is possible.  Under the new system, the customer would add their payment method and enter bank account information, which Deutsche Bank would check in real time to ensure there is enough money, collect the fee and transfer it to the airline.

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The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry in Canada.  For more information, please visit:  www.ncfacanada.org

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FinMason Launches in Canada

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FinMason Release | Apr 27, 2018

Canadian Dollar support within acclaimed investment analytics as a service platform marks the first step in international expansion

BOSTON, April 27, 2018 /PRNewswire/ -- FinMason, a rapidly growing FinTech company, today announced that they are rolling out a Canadian Dollar version of their acclaimed investment analytics as a service platform. This enhancement marks the first step in FinMason's international expansion plans.

The new production environment will allow Canadian financial services firms – and U.S.-based companies with operations in Canada – to leverage FinMason's robust investment analytics to enhance their offerings. U.S. firms interested in expanding to Canadian markets can also take advantage of FinMason's new capabilities to facilitate the process and accelerate their timelines.

"One of the pleasures of working with a completely modern tech platform is that we can put in place a system for rapidly rolling out new base currencies at scale," said Kendrick Wakeman, CEO of FinMason. "That allows us to support our clients and prospective clients across the globe."

This announcement comes on the heels of last month's appointment of 32-year industry veteran David Remstein as the firm's first president and COO, a role in which he will help drive FinMason's international expansion. Prior to FinMason, Remstein held several senior global analytics roles at JP Morgan, Citi and Riskcare, including global head and chief operating officer of analytics and consulting at JP Morgan.

See:  Google Chatbase Ushers in the Rise of Chatbot Analytics

"It is important that investors always look at analytics specific to their own base currency," commented Remstein. "To do it right, you need to do more than just translate the currency. You need to change the perspective. For example, a U.S.-based investor would want to consider Trade-Weighted US Dollar as a potential return driver, but a Canadian-based investor would want to see trade-weighted Canadian Dollar. FinMason's system does just that."

The new Canadian analytics product is scheduled to launch at the end April. Looking forward, the firm projects incorporating support for the Euro, Pound and Swiss Franc by the end of the summer, with many of the Asian currencies following in early 2019. The new base-currency analytics can be accessed by simply changing three letters in the API address, allowing for global firms to use the same code base across all currencies.

ABOUT FINMASON INC.

FinMason is the world's largest independent investment analytics engine for financial services platforms. The Boston-based financial technology firm provides access to more than 700 calculations on every publicly traded asset in the world delivered through one simple API. Developed by FinMason's team of seasoned data practitioners and nine Ph.D.s, the cutting-edge platform delivers institutional-grade analytics in milliseconds via two core products: FinRiver™ – a lightning-fast API that delivers any analytics anywhere in a financial services firm's platform with just a few keystrokes; and FinScope™ – a bulk processing platform that can analyze millions of portfolios every night for compliance screening and performance attribution. For more information, visit www.finmason.com and follow FinMason on TwitterLinkedIn and Facebook.

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The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry in Canada.  For more information, please visit:  www.ncfacanada.org

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U.S. regulator sues LendingClub over hidden fees

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Reuters |Anna Irrera | Apr 25, 2018

NEW YORK (Reuters) - A U.S. regulator sued online lender Lending Club Corp (LC.N) on Wednesday for allegedly overcharging consumers and misleading them on hidden fees.

The Federal Trade Commission said in a complaint filed in federal court in California that LendingClub deducted hidden fees from the loans it issued to borrowers, despite promising “no hidden fees.”

LendingClub also allegedly deducted payments automatically from consumers’ bank accounts even when they had paid off their loans, or had canceled automatic payments, according to the complaint. Some consumers were allegedly charged double payments, the complaint said.

LendingClub shares were down as much as 16 percent at $2.72 following the news.

The San Francisco-based start-up is one of the largest companies known as peer-to-peer lenders and runs a website where consumers can apply for loans that are either funded by individual investors or by institutions such as banks.

“We support the important role that the FTC plays in encouraging appropriate standards and best practices,” a spokesman for LendingClub said in a written statement. “In this case, we believe the FTC is wrong, and are very disappointed that it was not possible to resolve this matter constructively with the agency’s current leadership.”

LendingClub has been in recovery mode since May 2016, when it acknowledged issues, including the way it had sold loans to an investor, prompting the departure of its then chief executive.

Its shares have fallen more than 88 percent since its initial public offering in late 2014.

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The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry in Canada.  For more information, please visit:  www.ncfacanada.org

 

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