FinTech in Focus
Welcome to FinTech in Focus, a compilation of must-read stories about the role technology plays in the delivery of financial products and services. As part of the Center for Financial Markets FinTech program, FinTech in Focus offers a sampling of the week’s top domestic and international headlines and stories about this innovative, fast-growing sector.
As we continue to build-out the service and grow our readership, we will begin to release the weekly headlines over e-mail. Subscribe to FinTech in Focus to receive these updates in your inbox.
The Swedes Are Coming (to the U.S.)! The Americans Are Coming (to Singapore & Canada)!
Klarna announced a partnership with U.S.-based Overtstock.com and introduced U.S. customers to Klarna Checkout, while Coinbase launched operations in Singapore and Canada in an effort to expand its digital currency footprint.
All About the PayPal
PayPal debuts PayPal.me, though not in Asia, allowing users to send and receive money via a permanent link, providing people with additional payment flexibility to repair torn relationships over IOUs. Separately, the company’s small business lending arm, PayPal Working Capital, is on target to lend $1 billion by year’s end.
Shakeup at the FCA
The UK’s Financial Conduct Authority board is in disarray, especially as current CEO Martin Wheatley departs this week. Whether this will change the FCA’s approach to financial innovation is anyone’s guess, but there are indications that Andrew Haldane could be tapped to succeed Wheatley, likely bringing “frisbee regulation” to the FCA.
FinTech Regulation in Asia
Asian regulators met at the biennial World Capital Markets Symposium in Kuala Lumpur last week to discuss the challenges and opportunities of finding the balance between innovation and regulation. Separately, Australian Securities and Investments Commission Chairman Greg Metcalf discussed a potential shift from disclosure-based regulation towards a new “product intervention” power.
Understanding Online Alternative Finance
The Federal Reserve Bank of Cleveland released a report detailing the extent to which small business owners understand online lenders and their product offerings. The report comes at a time when online lenders are signing up in support of the Small Businesses Borrowers’ Bill of Rights.
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