by Florin Oprea
Chinese consumer lending firm Lexinfintech will delay the pricing of its planned Nasdaq IPO to conduct more due diligence, a source with direct knowledge of the situation said – a move that comes after Beijing issued new rules to tighten control of the micro-loan sector.
FAO: Yip, a bit late at the party, some would say. Check our yesterday’s list of Chinese online lenders (in Lending Section) which managed to list (in time) on US exchanges.
Lucy White – City A.M.
Digital micro-lender Oakam which focuses on lending to people who struggle to access loans from high street banks, has grabbed a £35m debt investment from Victory Park Capital. Oakam has already distributed £320m in consumer loans, and plans to use the investment to increase its UK lending activity by more than 180% YoY.
Pranav Deshpande – TechCrunch
There’s an old trope in the West that India is like Indian trains — exotic, lurching and slow.
But tropes can be bad as a business strategy — and this trope is causing American companies to miss out on Indian moonshots and trillion-dollar opportunities.
FAO: NP. The Chinese are closer and they are very aware of these opportunities. An interesting article. You should definitely read it, no matter where you are…
Elizabeth Weise – USA Today
A payment processing company acquired by PayPal has revealed that as many as 1.6 million of its customers may have had personal information stolen in a data breach. TIO Networks announced it was suspending operations due to PayPal’s discovery of security vulnerabilities on the TIO platform.
FAO: Ahhh, ooops?
Julie Verhage, Selina Wang – Bloomberg (subscription)
Affirm is in advanced talks for a financing round that would earn it a place in the unicorn startup club.
FAO: One of the stars of the fintech world is going to be a unicorn. The company has managed to raise a total of $420m in equity in 3 funding rounds. It started a partnership with Wal-Mart in August and it recently said it wants to provide financial advice, beside lending. It’s full steam ahead for Affirm!
Jiang Xueqing – China Daily
China’s central bank and financial regulators issued draft regulations for comment, requiring financial institutions to receive regulatory approval for offering such services. The regulatory authorities said financial institutions should create rational investment strategies and algorithm models, as well as remind investors of the flaws and risks associated with algorithm-based robo-advisory models.
FAO: It’s really interesting to see how hard the world’s second economy, “a socialist state under the people’s democratic dictatorship” (China’s constitution), is working to maintain “control” of its economy. China, in fact the country’s government, steadily becomes a “victim” of its own success. Oh, you know what I mean…
Sarah Townsend – The National
A consortium of three Bahraini banks will establish a company dedicated to research & development in the sharia-compliant fintech sector as the Arabian Gulf state seeks to position itself as a leader in fintech. KFH Bahrain, a unit of the sharia-compliant Kuwait Finance House, Islamic lender Al Baraka Banking Group and Bahrain Development Bank said they will set up Algo Bahrain, which is yet to be fully incorporated.
FAO: Nice. Now all states in the Gulf want to become leaders in fintech?
Equinix announced that it intends to offer, subject to market and other conditions, €1.0 billion in aggregate principal amount of its senior notes due 2028.
Equinix intends to use the net proceeds of the Notes Offering, together with approximately $10 million cash on hand, to repay in full its existing €995 million term loan due 2024.
Sarah Dai, Celia Chen – SCMP
Online courses are finding a new source of demand from large technology companies like Ant Financial, which need to keep their employees updated on the latest knowledge but can’t pack their staff off to lengthy courses.
FAO: All 7000 of them are taking these courses? Hmmm…
Via Finextra – Yoyo appoints co-founder Michael Rolph as new CEO, as Alain Falys steps up to chairman.
Lee Mathews – Forbes
It’s holiday time, and shoppers around the globe are snapping up deals wherever they can be found online. That includes millions of PayPal users, who cybercriminals are targeting with a fresh round of email attacks.
FAO: Better keep an eye out! You never know…
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News