Friday March 1, 2019 –
Here are the new and noteworthy stories we have been following this week.
SoFi Plans to Launch the First No-Fee ETFs
SoFi, is starting two new ETFs that will not charge a management fee, following in the heels of Fidelity that launched fee free funds last year.
JPMorgan Sees a $250 Billion Opportunity in New Credit Card Loan Features
JPMorgan Chase is targeting its credit card customers to build and grow a personal installment lending business.
Challenger bank N26 plans to expand to Brazil
N26 announced that Brazil would be its next international market after the US (which is scheduled for launch in 2019.)
https://techcrunch.com/2019/02/27/challenger-bank-n26-plans-to-expand-to-brazil/
Figure Technologies Raises $65M in Series B Funding
Figure, a blockchain based home equity lending company has raised $65 million in Series B funding.
http://www.finsmes.com/2019/02/figure-technologies-raises-65m-in-series-b-funding.html
Square falls after reporting weak Q1 earnings guidance
Square reported Adjusted Revenue of $464 million in Q4 2018, up 64% year over year and $1.6 billion for the full year, an increase of 61% year over year.
https://www.cnbc.com/2019/02/27/square-earnings-q4-2018.html
Korean banks ordered to open up payment systems to fintech firms
Korea’s Financial Service Commission is introducing new rules to force banks to open their payment systems to third party fintech firms.
Affirm and Walmart Announce Omnichannel Partnership
Affirm will be providing POS installment financing at Walmart’s physical stores as well as online at Walmart.com.
Facebook and Telegram Are Hoping to Succeed Where Bitcoin Failed
Facebook, Telegram and Signal, are planning to roll out new cryptocurrencies over the next year that are meant to allow users to send money to contacts on their messaging systems.
https://www.nytimes.com/2019/02/28/technology/cryptocurrency-facebook-telegram.html
Massachusetts Secretary Galvin Forms FinTech Working Group
William Galvin, Secretary of the Commonwealth of Massachusetts, has directed the state’s Securities Division to form a FinTech Advisory Working Group.
https://www.planadviser.com/massachusetts-secretary-galvin-forms-fintech-working-group/
The Problem for Small-Town Banks: People Want High-Tech Services
As big banks increasingly focus on large cities and urban cores, small community banks in rural areas are facing challenges.
