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Jack Ma’s Digital Bank Offers Three-Minute Loans To SMBs

PYMNTS

Jack Ma ’s MYbank is aiming to change the way China lends to small businesses. The 4-year-old bank uses real-time payments data and a risk-management system that analyzes more than 3,000 variables to allow borrowers to apply for a loan on a smartphone and receive cash almost instantly if approved.

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Arguing with a banker …

Chris Skinner

A banker and I were talking about the function of a bank. He gave me the classic view: “A bank is there to take people’s money and lend it out at a profit, whilst ensuring the risk of non-payment is minimised” No it isn’t, I said. I pushed the view that the bank is there as a trusted store of value.

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How Banks Can Guide FinTechs Through Their First Economic Downturn

PYMNTS

While alternative and digital lending FinTechs can be a more agile option for borrowers, the way these FinTechs manage their own loan portfolios can become a particularly burdensome process that Diehl said threatens to take these companies’ focus away from their goal of enhancing borrower experiences, and toward back-office logistics.

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Why community banks should partner with fintechs

Independent Banker

A recent report by Cornerstone Advisors found that bankers are either strongly interested in or already working with fintechs in three main areas: digital account opening (71%), mobile wallets (41%) and fraud/risk management (47%). Digital account opening. Fraud and risk management.

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CEO Davies Exits Revolut After One Year

PYMNTS

Banking veteran Richard Davies is leaving his role as CEO of banking at digital-banking shop Revolut , one year after coming aboard to bring his seasoned skills to the startup, the Financial Times reported. Davies’ exit comes just four days after the London-based operation announced $80 million in new funding.

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Canadian Fintech Market Map

CB Insights

The 2019 Canadian fintech market map. The startups selected for inclusion in the market map below are all Canada-headquartered, VC-backed fintech companies that have at least US $1M in equity funding, and have obtained equity funding since the start of 2015. Navigating the Canadian fintech market map. Capital markets.

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How to Establish Quality Fintech Partnerships

Abrigo

Digital Banking Report. For the employees resistant to change or feel that there is no reason to change their processes, management must explain the benefits of implementing new software. Lending & Credit Risk. Portfolio Risk & CECL. Lending & Credit Risk. Credit Risk Management.

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