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GoBear raises $17 million for underbanked play

GoBear raises $17 million for underbanked play

Singaporean financial comparison site GoBear has raised $17 million in funding from returning investors Aegon and Walvis Participaties.

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Dutch National Bank to lead way in digital euro development

Dutch National Bank to lead way in digital euro development

FinextraTV @ Sibos2019 – The Big Themes #3: Regulation

FinextraTV @ Sibos2019 – The Big Themes #3: Regulation

Ant Financial injects $73.5 million into Myanmar's Wave Money

Ant Financial injects $73.5 million into Myanmar's Wave Money

Mastercard to open Israeli fintech-cyber innovation lab

Mastercard to open Israeli fintech-cyber innovation lab

Is it time to believe the blockchain hype?

Is it time to believe the blockchain hype?

Mastercard makes massive financial inclusion pledge

Mastercard makes massive financial inclusion pledge

Andreessen Horowitz raises $515m for crypto fund

Andreessen Horowitz raises $515m for crypto fund

Covid-19 is a call to action for regulators to boost financial inclusion

Covid-19 is a call to action for regulators to boost financial inclusion

Fintech to spur financial inclusion

Fintech to spur financial inclusion

Covid-19, cash, and the future of payments

Covid-19, cash, and the future of payments

More news
Financial inclusion blogs
Bigger than Technology  

The crisis forces the Puppet Master to cut loose the puppets

Hirander Misra

Hirander Misra - GMEX Group - London

Fintech  

Living with Covid-19 means it is time for a more inclusive way to transact

Justin Pike

Justin Pike - MYPINPAD - Wales

Fintech  

Fintech is keeping growing unemployment rates in the US on manageable levels

Konstantin Rabin

Konstantin Rabin - Kontomatik - Warsaw

 

What is crypto-anarchism and how it evolved?

Konstantin Rabin

Konstantin Rabin - Kontomatik - Warsaw

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Latest TV
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FinextraTV @ Sibos2019 – The Big Themes #3: Regulation

FinextraTV @ Sibos2019 – The Big Themes #3: Regulation

FinextraTV reports from Sibos 2019 in London on the impact of Regulation on the industry. In this, final episode, we learn about how Banks are adapting to the changing regulatory landscape, whether the cost of compliance outweighs the value of innovation, what success in this space demands and whether regulation will be able to keep up with the pace set by the tech giants. Standard Chartered, Deutsche Bank, Nordea, LHV, KPMG and Crown Agents Bank are among the many leading institutions to share their views exclusively with Finextra Research.

De-fragment payments innovation in Africa for financial inclusion

De-fragment payments innovation in Africa for financial inclusion

Guzide Koksal, Vice President of Product Management, Mastercard, and Chris Hamilton, CEO, BankservAfrica join to discuss milestones in the African payments landscape, how African financial institutions and technology providers are generating innovation, and the key benefits of collaboration and partnership in B2B payments.
P27 tackling the fragmented payments landscape in the Nordics

P27 tackling the fragmented payments landscape in the Nordics

Lars Sjögren, CEO, P27, speaks with Finextra about the aims and objectives of the P27 initiative, the benefits of their real-time payments support platform, and how the platform is prioritising transparency to effectively communicate across banks, vendors and customers.
Tackling capacity, currency and compliance in emerging markets

Tackling capacity, currency and compliance in emerging markets

Albert Maasland, Group CEO, Crown Agents Bank, speaks with FinextraTV about why Crown Agents Bank operates in such hard to reach markets, the challenges of moving money into these markets, why clients choose to partner with smaller banks over larger players in the industry and how Crown Agents Bank sees increased adoption of Fintech in emerging markets.
The long read
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Madhvi Mavadiya

Cutting through the hype of personal identity

Madhvi Mavadiya - Finextra Research
Discussion
3 reasons why lending companies should use open banking
Ketharaman Swaminathan

Ketharaman Swaminathan

  What about Klarna, then? The Swedish lender has been doing virtually a carbon copy in EU of what BML was doing in the US. Memory serves, it's at least 10 years old and has been working without Open Banking. 

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3 reasons why lending companies should use open banking
Lisa Terziman

Lisa Terziman

  Hi Ketharaman! That's great that there are other alternative ways of providing instant credit in the US and India. However, this article is explaining the main benefits of using open banking in EU, where we have the PSD2 legislation. Here a good part of lenders are relying on financial bank data in one way or another, but most of the processes are still manual (e.g. collecting bank statements). Using open banking, lenders can significantly improve their existing flows and get more insights on the end-customers for a more precise analysis.

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3 reasons why lending companies should use open banking
Ketharaman Swaminathan

Ketharaman Swaminathan

  Nonbank Lenders like BillMeLater and Affirm (USA), ZestMoney and LazyPay (India) have been providing Instant Credit for 5-10 years without accessing bank accounts. While this post explains how Open Banking can be used by Lenders, I didn't find a compelling reason for why Open Banking is required by Lenders in the first place. 

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Goldman Sachs on its way to dominating the fintech market
Ketharaman Swaminathan

Ketharaman Swaminathan

  For all its name and fame, Goldman Sachs was not a retail bank. Its forays like Marcus, Apple Card are ways by which GS is trying to get a foothold in retail banking. Only time will tell how this goes.  Sorry but you've misread the lending market in India. It's not that "Bank has largely failed to adapt to the needs and the reality of its surroundings". It's that banks have learned from past lessons and created this reality. Loan recovery is a huge challenge in India. Many banks and NBFCs went aggressive in consumer loans 10-20 years ago and burned their fingers - even shut down - when delinquent outstandings went through the roof, and they had little or no hope of collecting on them e.g. Citi, Barclays, Fullerton. That's why, this time, they choose to lend wholesale to fintechs. Only time will tell how Fintechs will fare when it comes to recovery. At least, if they fail, taxpayer's money won't be used for bailouts. So, by staying away from subprime loans, which form the bulk of fintech's portfolio, banks are behaving responsibly. That said, when it comes to lending to prime borrowers, many banks match the CX of fintechs.

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Featured
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Quona closes $203m financial inclusion fintech fund

Quona closes $203m financial inclusion fintech fund

Nova Credit raises $50m to help immigrants access credit

Nova Credit raises $50m to help immigrants access credit

Visa takes 'access to cash' programme industry-wide

Visa takes 'access to cash' programme industry-wide

Finextra's year in review

Finextra's year in review

Financial Inclusion Analysis
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The impact of fintech on cross-border payments
/research

The impact of fintech on cross-border payments

In a new staff discussion note, the IMF examines the fintech revolution, with a focus on the use of DLT in cross-border payments.

Elsewhere...

  1. Vice

    New York is proposing the creation of a 'public Venmo'

  2. The Hill

    Bernie Sanders blasts Amazon over new credit card for people with bad credit

  3. Reuters

    Mexico pushes mobile payments to help unbanked consumers ditch cash

  4. Reuters

    Mobile payment firms struggle to dethrone cash in Southeast Asia

  5. The Guardian

    'Being cash-free puts us at risk of attack': Swedes turn against cashlessness